Several important mortgage rates remained steady in the Los Angeles area this week.
Key 30-year rate remains unchanged in Los Angeles
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage for the Los Angeles area stood at 4.44 percent. The local rate eclipsed the national rate of 4.18 percent.
The mortgages in the survey for the current week had an average of 0.25 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 unchanged, holding at $830.16.
No clear direction for other Los Angeles mortgage types
Conversely, the average rate for 30-year jumbo mortgages, fell this week, down 8 basis points to 4.17 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 ticked downwards to 3.72 percent, dipping 3 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, falling $2.45 to $1,197.46.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more advantageous to some homeowners," says Lewis.
The benchmark 5/1 adjustable-rate mortgage held at 3.75 percent this week. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first five years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 1/18/2017. 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:||4.44%||3.72%||3.75%||4.17%|
|Change from last week:||N/C||-0.03||N/C||-0.08|
|Change from last week:||N/C||-$2.45||N/C||-$29.58|
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."