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Mortgage rates in San Francisco

By Claes Bell · Bankrate.com
Wednesday, December 7, 2016
Posted: 5 pm ET

A number of benchmark mortgage rates climbed in the San Francisco area this week.

Benchmark 30-year rate up in San Francisco

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage for the San Francisco area increased to 3.81 percent. While it was still below the national average rate of 4.15 percent, the local rate was up 5 basis points from last week. A basis point is one-hundredth of 1 percentage point.

Mortgages in this week's survey had an average of 0.21 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find it more expensive to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.

The increase in the mortgage rate punched up 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $769.77, an addition of $4.71 from last week.

No clear direction for other San Francisco mortgage types

The rate for 30-year jumbo mortgages also trended up this week, rising 5 points to 4.20 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the San Francisco area, that limit is $625,500.

The average rate for 15-year fixed-rate mortgages grew to 3.11 percent, up 1 basis point from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, climbing $0.80 to $1,148.21.

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

The benchmark 5/1 adjustable-rate mortgage held at 3.56 percent this week. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first five years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 12/7/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the San Francisco area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.81% 3.11% 3.56% 4.20%
Change from last week: +0.05 +0.01 N/C +0.05
Monthly payment: $769.77 $1,148.21 $746.46 $3,058.80
Change from last week: +$4.71 +$0.80 N/C +$18.28
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August 24, 2016 at 12:38 am

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