A number of closely-watched mortgage rates were higher in the Los Angeles area this week.
Benchmark 30-year rate higher in Los Angeles
The average rate on the benchmark 30-year fixed-rate mortgage rate for the Los Angeles area rose to 4.56 percent, according to Bankrate's national survey of large lenders. Not only did the local rate top the national average rate of 4.35 percent, it was up 9 basis points from last week. A basis point is one-hundredth of 1 percentage point.
For mortgages in this week's survey, there were an average of 0.32 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have increased," says Holden Lewis, Bankrate's senior mortgage analyst.
The increase in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $841.92, a difference of $8.88 from last week.
No clear direction for other Los Angeles mortgage types
The rate for 30-year jumbo mortgages also rose this week, climbing a striking 21 basis points to 4.46 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 constant, at 3.75 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining at $1,199.92.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put won't help or hurt for refinancers thinking about locking soon," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.69 percent this week, a rise of 3 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 popular type of variable-rate mortgage.
RATE SEARCH: Compare mortgage rates in your area now.
Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 2/15/2017. 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:||4.56%||3.75%||3.69%||4.46%|
|Change from last week:||+0.09||N/C||+0.03||+0.21|
|Change from last week:||+$8.88||N/C||+$2.80||+$79.68|
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."