Mortgage rates in Los Angeles mostly remained the same this week. Meanwhile, new condo prices dropped for the first time in months.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles remained at 3.75 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.79 percent.
New construction condo prices drop
It's a good time for those looking for a new construction condo in downtown Los Angeles. New construction condo prices fell by 5 percent in March from February, according to a new report from the Mark Company, an urban residential marketing and sales firm.
In March, the average price per square foot of a new construction condo was $755. Of course, that's still 15 percent higher than it was in March of last year.
But there's more inventory to choose from now.
There were 305 new condos available in downtown Los Angeles in March, with the majority located in the Metropolis condo complex next to the Staples Center, notes the Mark Company.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, remained at 3.83 percent. The benchmark 15-year fixed-rate mortgage remained at 3.09 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.22 percent from 3.16 percent.
Weekly mortgage survey
|Results from Bankrate's April 22 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in Los Angeles.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.75%||3.09%||3.22%||3.83%|
|Change from last week:||N/C||N/C||+0.06||N/C|
|Change from last week:||N/C||N/C||+$5.43||N/C|