Mortgage rates fell this week in San Francisco. Meanwhile, the San Francisco Business Times reported that office rents in the city, especially for Class A offices, continue to skyrocket.
Class A or "trophy" buildings that make up the city's skyline are experiencing high competition as tenants fight over the best spaces, according to a report by Jones Lang LaSalle. This intense interest in these trophy buildings could push rents to $100 per square foot, the report noted.
The benchmark 30-year fixed-rate mortgage in San Francisco dipped to 4.43 percent from 4.45 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.33 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
This skyline market in San Francisco is made up of 50 buildings including the Transamerica Tower, the Bank of America tower and the Embarcadero Center. According to the report, the San Francisco skyline had the highest rental growth in the country with a 9.6 percent jump from last year and an astounding 80.7 increase in rents over the past three years.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, fell to 4.48 percent from 4.53 percent. The benchmark 15-year fixed-rate mortgage reduced to 3.46 percent from 3.49 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.29 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.43%||3.46%||3.29%||4.48%|
|Change from last week:||-0.02||-0.03||N/C||-0.05|
|Change from last week:||-$1.95||-$2.43||N/C||-$18.53|