Several benchmark mortgage rates were higher in the San Francisco area this week.

Benchmark 30-year rate rises in San Francisco

The average rate on the benchmark 30-year fixed-rate mortgage rate for the San Francisco area rose to 4.03 percent, according to Bankrate’s national survey of large lenders. While the local rate was up 2 basis points from last week, it still sat below the national average rate of 4.09 percent. A basis point is one-hundredth of 1 percentage point.

In this week’s survey, the mortgages had an average of 0.74 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find it pricier to borrow.

The increase in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $790.59, a difference of $1.91 from last week.

No clear direction for other San Francisco mortgage types

Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages fell this week, rolling down 2 basis points to 4.13 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 $636,150.

The average rate for 15-year fixed-rate mortgages stood pat, at 3.44 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining unchanged at $1,174.70.

The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates remaining the same doesn’t mean much either way for refinancers thinking about locking soon.

The popular 5/1 adjustable-rate mortgage rate increased to 3.71 percent this week, a rise of 1 basis point. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners 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 $636,150 in the San Francisco area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 4.03% 3.44% 3.71% 4.13%
Change from last week: +0.02 N/C +0.01 -0.02
Monthly payment: $790.59 $1,174.70 $760.40 $3,084.95
Change from last week: +$1.91 N/C +$0.93 -$7.39

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.”