As expected, the average mortgage rate for a conforming 30-year mortgage fell 18 basis points last week to 4.32 percent, its lowest level since July and 0.26 points below the two-year high of 4.58 percent recorded last month.
The average 30-year fixed mortgage rate was 3.40 percent at this time last year having averaged 6.75 percent since 1990.
While the advertised rate for a conforming 30-year loan at Wells Fargo has fallen to 4.375 percent, their rate for a Jumbo 30-year loan of over $625,500 in San Francisco remains at 4.125 percent, unchanged from the week before.
If you are interested in learning more about mortgage rates, or would like to see available San Francisco Real Estate, please contact Jane Hopkins today!