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Mortgage rates in Los Angeles

By Claes Bell · Bankrate.com
Thursday, May 25, 2017
Posted: 9 am ET

Multiple closely-watched mortgage rates remained steady in the Los Angeles area this week.

Benchmark 30-year rate flat in Los Angeles

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Los Angeles area remained constant at 4.22 percent. The local rate was more than the national rate of 4.13 percent.

The mortgages in this week's survey averaged 0.12 discount and origination points.

"With the most popular mortgage rate frozen in place, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, staying at $808.81.

Other Los Angeles mortgage types mixed

The average rate for 30-year jumbo mortgages also didn't budge this week, remaining at 4.00 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Los Angeles area, that limit is $636,150.

The average rate for 15-year fixed-rate mortgages held steady as well, remaining at 3.41 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,172.28.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn't mean much either way for refinancers thinking about locking soon," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate held at 3.56 percent this week. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted May 24, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $636,150 in the Los Angeles area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 4.22% 3.41% 3.56% 4.00%
Change from last week: N/C N/C N/C N/C
Monthly payment: $808.81 $1,172.28 $746.46 $3,037.08
Change from last week: N/C N/C N/C N/C

Methodology: The "Bankrate.com National Average," or "national survey of large lenders," is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see "Understanding Bankrate's Rate Averages."

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