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Mortgage rates in San Francisco, California

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 10 am ET

Mortgage rates showed no clear direction in the San Francisco area this week.

Benchmark 30-year rate stays flat in San Francisco

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 stood at 3.49%.

For mortgages in this week's survey, there were an average of 0.24 discount and origination points.

"With the most popular mortgage rate doing a whole lot of nothing, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also consistent, remaining at $740.00.

No clear direction for other San Francisco mortgage types

On the other hand, the average rate for 30-year jumbo mortgages, used fell this week, down 3 basis points to 3.65%. 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 rose to 2.83%, up 2 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates upward, up $1.58 to $1,126.02.

"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 fell to 3.28% this week, a drop of 10 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. 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: 3.49% 2.83% 3.28% 3.65%
Change from last week: N/C +0.02 -0.10 -0.03
Monthly payment: $740.00 $1,126.02 $720.81 $2,861.41
Change from last week: N/C +$1.58 -$9.04 -$10.57
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Bennett Dobbins
August 24, 2016 at 12:38 am

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