Mortgage rates were nearly stagnant in San Francisco this week. Meanwhile, homes are selling faster in the Bay Area than anywhere else in the country, SFGate reports.
Online real estate site, Trulia, announced that the San Francisco, San Jose and Oakland metro areas are the fastest moving markets in the nation. Furthermore, among the 100 largest U.S. metro areas, eight of the 10 fastest-moving housing markets are in California.
Only 30 percent of Bay Area homes listed in February 2015 remain on the market in April. Conversely, 70 percent of homes in Long Island and Albany, NY metro areas remain for sale, the report noted.
The benchmark 30-year fixed-rate mortgage in San Francisco rose to 3.77 percent from 3.75 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, remained at 3.88 percent. The benchmark 15-year fixed-rate mortgage remained at 2.98 percent. The benchmark 5/1 adjustable-rate mortgage inched up to 3.09 percent from 3.08 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 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:||3.77%||2.98%||3.09%||3.88%|
|Change from last week:||+0.02||N/C||+0.01||N/C|
|Change from last week:||+$1.88||N/C||+$0.90||N/C|