Mortgage rates moved in different directions in the San Diego area this week.

Benchmark 30-year rate ticks up in San Diego

According to Bankrate’s national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the San Diego area climbed to 4.02 percent. While it was still less than the national average rate of 4.09 percent, the local rate was up 2 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In this week’s survey, the mortgages had an average of 0.21 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have grown.

The increase in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $789.64, an uptick of $1.91 from last week.

Other San Diego mortgage types mixed

Conversely, the average rate for 30-year jumbo mortgages, used for financing of $625,500 and up, didn’t do much of anything this week, remaining at 4.08 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the San Diego area, that limit is $612,950.

The average rate for 15-year fixed-rate mortgages ticked downwards 4 basis points, slipping to 3.50 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates down, slipping $3.24 to $1,179.56.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more beneficial to some homeowners.

The popular 5/1 adjustable-rate mortgage rate slid an impressive 44 basis points this week, falling to 3.35 percent. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners 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 survey of mortgage lenders conducted December 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $612,950 in the San Diego area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.02% 3.50% 3.35% 4.08%
Change from last week: +0.02 -0.04 -0.44 N/C
Monthly payment: $789.64 $1,179.56 $727.18 $2,954.66
Change from last week: +$1.91 -$3.24 -$39.51 N/C

Methodology: The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”