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Mortgage rates in San Francisco, California

By Clare Mallen · Bankrate.com
Thursday, May 26, 2016
Posted: 4 pm ET

Mortgage rates rose in San Francisco this week. Meanwhile, a large percentage of homes are selling for over their asking price, SF Gate reports.

According to OpenHouse -- which tracks real-time market trends, for-sale and sold data -- in the 30 days from April 14 to May 14, 69% of all buyers paid over the asking price for the home they bought. The current median sale price of a home in the San Francisco area is $1.28 million with a median list price of $1.15 million. Also, homes are staying on the market fewer days, while the average number of offers on a home for sale is 5, SF Gate notes.

This week's rates

The benchmark 30-year fixed-rate mortgage in San Francisco inched up to 3.69% from 3.66%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.82%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, jumped to 3.78% from 3.69%. The benchmark 15-year fixed-rate mortgage surged to 3.03% from 2.88%. The benchmark 5/1 adjustable-rate mortgage increased to 3.36% from 3.31%.


Weekly mortgage survey

Results from Bankrate's May 25 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: 3.69% 3.03% 3.36% 3.78%
Change from last week: +0.03 +0.15 +0.05 +0.09
Monthly payment: $758.53 $1,141.84 $728.09 $2,907.45
Change from last week: +$2.80 +$11.96 +$4.57 +$32.10
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