A number of closely-watched mortgage rates floated higher in the Los Angeles area this week.

Benchmark 30-year rate rises in Los Angeles

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Los Angeles area advanced to 4.13 percent, according to Bankrate’s national survey of large lenders. Not only did the local rate climb 7 basis points from last week, but it exceeded the national average rate of 4.09 percent. A basis point is one-hundredth of 1 percentage point.

This week, the mortgages averaged 0.23 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find it more costly to borrow.

The increase in the mortgage rate raised 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $800.15, an addition of $6.73 from last week.

No clear direction for other Los Angeles mortgage types

Breaking ranks with the 30-year conventional mortgage, the average rate for 30-year jumbo mortgages was flat this week, remaining at 4.16 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 climbed to 3.53 percent, growing 12 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, climbing $9.76 to $1,181.99.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate increased to 3.97 percent this week, a rise of 9 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted November 15, 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: 4.13% 3.53% 3.97% 4.16%
Change from last week: +0.07 +0.12 +0.09 N/C
Monthly payment: $800.15 $1,181.99 $784.88 $3,096.05
Change from last week: +$6.73 +$9.76 +$8.57 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.”