San Francisco Mortgage Rates Survey – Week of May 21, 2012

Written by: BetterFinancePath Staff

According to a recent survey of San Francisco mortgage rates offered by the largest area banks & credit unions, three San Francisco institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the St. Louis area for well-qualified borrowers. The Bank of the West (, U.S. Bank ( and Mechanics Bank ( offered rates at 3.88%.

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 5/21/2012 3.88% 3.94% 3.13% 3.23% 2.63% 3.18%
U.S. Bank 5/21/2012 3.88% 3.94% 3.13% 3.23% 2.75% 3.54%
Mechanics Bank 5/21/2012 3.88% 3.95% 3.06% 3.20% 2.67% 3.20%


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.


San Francisco Mortgage Rates Survey – Week of...

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