Mortgage rates were higher in the San Francisco area this week.
Benchmark 30-year rate higher in San Francisco
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the San Francisco area ticked upward to 3.44%. While the local rate was up 2 basis points from last week, it was below the national average rate of 3.57%. A basis point is one-hundredth of 1 percentage point.
This week, the mortgages averaged 0.19 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.
The increase in the mortgage rate punched up 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $735.41, an increase of $1.84 from last week.
Other San Francisco mortgage types mixed
On the other hand, the average rate for 30-year jumbo mortgages, fell this week, down 3 basis points to 3.53%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits can range from $417,000 to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages increased to 2.78%, growing 5 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage increased along with rates, rising $3.94 to $1,122.08.
"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less lucrative than it would have been before the rate rise," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate slid 4 basis points this week, dipping to 3.23%. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.
RATE SEARCH: Compare mortgage rates in your area now.
Weekly mortgage survey
|Results from Bankrate's Aug. 24 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in San Francisco.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.44%||2.78%||3.23%||3.53%|
|Change from last week:||+0.02||+0.05||-0.04||-0.03|
|Change from last week:||+$1.84||+$3.94||-$3.61||-$10.49|