Mortgage rates in Los Angeles fell this week. And many extremely low-income families in the area are facing a scary housing situation.
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4.45 percent from 4.53 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.48 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.47 percent.
There are 376,000 more extremely low-income families in Los Angeles County than there are affordable apartments, according to a report by the California Housing Partnership Corp.
That's causing many to live in dangerous situations, like offices that have been improperly converted into homes, notes the Los Angeles Times. In fact, the Los Angeles Department of Building and Safety gets around 2,500 to 3,000 complaints about illegal housing conversions annually.
Some low-income Los Angeles renters even live in converted garages or commercial buildings, notes the Times.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.33 percent from 4.38 percent. The benchmark 15-year fixed-rate mortgage fell to 3.58 percent from 3.63 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.84 percent from 3.89 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's April 9 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in Los Angeles.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.45%||3.58%||3.84%||4.33%|
|Change from last week:||-0.08||-0.05||-0.05||-0.05|
|Change from last week:||-$7.80||-$4.06||-$4.70||-$18.37|