Mortgage rates mostly dropped this week in San Francisco. Meanwhile, Bloomberg News reported Google is expanding its office space in the city with two new deals.
The company purchased 188 The Embarcadero for $65 million and leased 250,000 square feet at the 41-story Spear Tower, according to Bloomberg. The Embarcadero has 88,000 square feet in its 8-story building and is situated just two blocks away from Google's main offices at Hills Plaza, the San Francisco Business Times reported. And the company will occupy the second through 16th floors of the Spear Tower.
The benchmark 30-year fixed-rate mortgage in San Francisco inched down to 4.35 percent from 4.36 percent, 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 4.26 percent.
According to brokerage firm Cushman & Wakefield Inc., office rental rates in San Francisco rose 9.6 percent in the second quarter from a year earlier. The average rate per square foot is now $60.07 in the city. According to the Times, tech companies are creating up to 85 percent of demand for new office space in the City by the Bay.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, fell to 4.4 percent from 4.45 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.41 percent from 3.43 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.4 percent from 3.35 percent.
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Weekly mortgage survey
|Results from Bankrate's July 23 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:||4.35%||3.41%||3.40%||4.40%|
|Change from last week:||-0.01||-0.02||+0.05||-0.05|
|Change from last week:||-$0.97||-$1.61||+$4.58||-$18.45|