Mortgage rates decreased in San Francisco this week. Meanwhile, the employment rate in the city is climbing, the San Jose Mercury News reports.
According to a report from the state's Employment Development Department, or the EDD, the Bay Area added 24,700 jobs in July. The San Francisco-San Mateo region added 7,300 jobs, after adjustments for seasonal changes were applied. The state gained 80,600 jobs in July with an unemployment rate of 6.2%. The unemployment rate was 3.4% in San Francisco-San Mateo.
The tech sector added 7,600 jobs in July, which equates to 31% of all the jobs added in the Bay Area, according to an analysis of the EDD data by Beacon Economics. The Analysis noted that not all the job gains were tech related, as health care gained 700 jobs, real estate added 900 and construction 1,100.
This week's rates
The benchmark 30-year fixed-rate mortgage in San Francisco inched down to 3.98% from 4%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.16 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, dipped to 3.78% from 3.81%. The benchmark 15-year fixed-rate mortgage dropped to 3.16% from 3.23%. The benchmark 5/1 adjustable-rate mortgage fell to 3.27% from 3.33%.
Weekly mortgage survey
|Results from Bankrate's Aug. 26 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:||3.98%||3.16%||3.27%||3.78%|
|Change from last week:||-0.02||-0.07||-0.06||-0.03|
|Change from last week:||-$1.90||-$5.58||-$5.43||-$10.66|