Mortgage rates varied this week in San Francisco. Meanwhile, a new program aims to protect residents who are at risk of being displaced from their apartment buildings, according to the San Francisco Business Times.
The mayor presented the Small Sites program, which will provide loans to nonprofit housing groups from Housing Trust Fund revenues and affordable housing fees paid by developers in the city, the Times stated.
The benchmark 30-year fixed-rate mortgage in San Francisco remained at 4.19 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.
The nonprofit groups are required to buy apartment buildings that have between five and 25 units. They must allow current tenants to stay in the building. This counters the Ellis Act, which allows landlords to evict tenants from rental apartments in order to fix them up and resell them. The median price of a house in the city is $1 million; therefore, this program fills a pressing need for affordable, stable housing, the Times noted.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, sunk to 4.3 percent from 4.45 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.31 percent from 3.3 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.34 percent from 3.45 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 13 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:||4.19%||3.31%||3.34%||4.30%|
|Change from last week:||N/C||+0.01||-0.11||-0.15|
|Change from last week:||N/C||+$0.80||-$9.99||-$54.84|