Mortgage rates fell this week in San Francisco. Meanwhile, the housing market in the Bay Area slowed considerably in July, marking the lowest annual price gain in almost two years, according to the San Jose Mercury News.
Real estate information company Corelogic DataQuick reported single-family home sales dropped and prices hit a plateau in July with a 7.8 percent yearly gain, the first single-digit year-over-year gain since August 2012.
The benchmark 30-year fixed-rate mortgage in San Francisco decreased to 4.15 percent from 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 0.26 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.
Several factors may account for the slowdown, including a tight mortgage market and a decline in affordability, stated Corelogic. The Contra Costa Association of Realtors reported that inventory of homes for sale was at its highest level in two years. Meanwhile, sales were off by 6.7 percent in the nine-county Bay Area. Additionally, cash buyers were at their lowest level since November 2008, the News noted.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, inched down to 4.28 percent from 4.3 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.28 percent from 3.31 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.3 percent from 3.34 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 20 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:||4.15%||3.28%||3.30%||4.28%|
|Change from last week:||-0.04||-0.03||-0.04||-0.02|
|Change from last week:||-$3.84||-$2.41||-$3.63||-$7.33|