Rates Blog

Finance Blogs » Rates » Mortgage rates in San Francisco, California

Mortgage rates in San Francisco, California

By Clare Mallen · Bankrate.com
Thursday, September 18, 2014
Posted: 12 pm ET


Mortgage rates increased this week in San Francisco. In the meantime, the housing market in the area is experiencing a slow down after a red-hot start to the year, according to the San Jose Mercury News.

According to real estate information service CoreLogic Data Quick, price gains in the Bay Area began leveling out in June and have continued through July and August. February saw the highest gain with a 30 percent increase in single-family home prices; March noted a 28.7 percent uptick and April a 17 percent rise.

The benchmark 30-year fixed-rate mortgage in San Francisco grew to 4.23 percent from 4.16 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.33 percent.

The August 2014 median sale price of a single-family home in the Bay Area was $650,000 -- a 10.5 percent increase from a year prior. Whereas, August 2013 had a 35.2 percent increase from the previous year. Home sales generally slow in August, the News noted, and the City by the Bay is no exception.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, remained at 4.4 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.35 percent from 3.33 percent. The benchmark 5/1 adjustable-rate mortgage surged to 3.5 percent from 3.39 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Sept. 17 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: 4.23% 3.35% 3.50% 4.40%
Change from last week: +0.07 +0.02 +0.11 N/C
Monthly payment: $809.77 $1,167.44 $740.92 $3,132.26
Change from last week: +$6.77 +$1.61 +$10.17 N/C
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
2 Comments
Add a comment

(Comments may take 5-10 minutes to appear)