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Mortgage rates in San Francisco, California

By Claes Bell · Bankrate.com
Thursday, July 28, 2016
Posted: 7 am ET

Mortgage rates rose in the San Francisco area this week.

Key 30-year rate ticks up

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the San Francisco area increased to 3.47%. While it was lower than the national average rate of 3.63%, the local rate was up 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.

The mortgages in the survey for this week had an average of 0.25 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have gone up," says Holden Lewis, Bankrate's senior mortgage analyst.

The climb in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $738.16, an addition of $1.84 from last week.

Other mortgage types mixed

Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages remained unchanged this week, remaining at 3.66%. Jumbo loans are used for mortgages that exceed limits set by the Federal Housing Finance Agency that can range from $417,000 all the way up to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages climbed 1 basis point, up to 2.78%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, rising $0.79 to $1,122.08.

"Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less beneficial than it would have been before the rate rise," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate rose to 3.27% this week, a rise of 4 basis points. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate's July 27 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: 3.47% 2.78% 3.27% 3.66%
Change from last week: +0.02 +0.01 +0.04 N/C
Monthly payment: $738.16 $1,122.08 $719.90 $2,864.94
Change from last week: +$1.84 +$0.79 +$3.63 N/Cc
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