Interest rates continue to remain at historic lows but some metro areas are seeing larger declines than others in their APR's.
LendingTree recently ranked the nation’s 50 largest metros by their annual declines in both purchase and refinance APRs. The Annual Percentage Rate reflects the true cost of borrowing by including the interest rate, points, and fees charged by a lender. As such, it is higher than the quoted interest rate when obtaining a mortgage.
It looks like 6 California metro areas are in the top 50 and San Jose tops the list. With the cost of housing so high, it's nice to see some positive news!
Ranking City Avg APR 2019 (April) Avg APR 2020 (April) % of change Apr 2019 to Apr 2020 #1 San Jose 4.75% 3.70% 22.04% #4 San Francisco 4.65% 3.69% 20.64% #6 San Diego 4.74% 3.77% 20.48% #11 Los Angeles 4.63% 3.72% 19.71% #20 Sacramento 4.70% 3.84% 18.30% #31 Riverside 4.71% 3.90% 17.20%
Lending Tree.com & Realtor Magazine