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Mortgage rates in Los Angeles, California

By Claes Bell · Bankrate.com
Thursday, September 22, 2016
Posted: 10 am ET

Mortgage rates diverged in the Los Angeles area this week.

Benchmark 30-year rate stays 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 held at 3.70%. The local rate topped the national rate of 3.62%.

The mortgages in this week's survey averaged 0.21 discount and origination points.

"With the most popular mortgage rate doing a whole lot of nothing, 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 consistent, holding at $759.47.

Other Los Angeles mortgage types mixed

On the other hand, the average rate for 30-year jumbo mortgages trended upward this week, rising 8 basis points to 3.77%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency -- for the Los Angeles area, that limit is $625,500.

The average rate for 15-year fixed-rate mortgages increased to 3.19%, climbing 5 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage ticked up along with rates, rising $4.00 to $1,154.60.

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

The benchmark 5/1 adjustable-rate mortgage rate ticked downwards to 3.20% this week, a drop of 3 basis points. The most common variety of variable-rate mortgage, 5/1 ARMs allow property owners to pay a fixed rate for the first 5 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 9/21/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the Los Angeles area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.70% 3.19% 3.20% 3.77%
Change from last week: N/C +0.05% -0.03% +0.08%
Monthly payment: $759.47 $1,154.60 $713.57 $2,903.89
Change from last week: N/C +$4 -$2.70 +$28.50
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