Local Rates

San Francisco Mortgage Rates Survey – Week of February 27, 2012

According to a recent Primerates.com survey of San Francisco mortgage rates offered by the largest area banks & credit unions, two San Francisco institutions offered rates above 4.000% on 30-year fixed-rate conforming loans in the San Francisco area for well-qualified borrowers. The Bank of the West (www.bankofthewest.com) offered rates at 4.00% while the U.S. Bank (www.usbank.com) offered one of the rates in the country with 4.50%.

While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top San Francisco  Area Banks and Credit Unions

As of

30 Yr-Rate

30 Yr- APR

15 Yr- Rate

15 Yr- APR

5/1 ARM-IR

5/1 ARM-APR

Bank of the West 02/27/2012 4.00% 4.06% 3.38% 3.49% 2.88% 3.26%
U.S. Bank 02/27/2012 4.50% 4.56% 3.75% 3.86% 2.75% 3.54%

 

Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.

Have You Seen This...

Oops! CFTC Makes a $55 Trillion Mistake

See it Now! x