Mortgage rates in Los Angeles were mixed this week. And a new report says it's difficult to find a brand-new condo downtown.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles remained at 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.55 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
New-construction inventory shrinks
Inventory of newly built condos in downtown Los Angeles is running low. According to a report from The Mark Company, there were only four new condos available in June. That's down by 94 percent from a year prior.
Prices are also rising. The value of a new condo downtown was $667 per square foot in June, up 8 percent from the previous year.
But resale condos are a different story. There was nearly three-and-a-half months of resale inventory on the market in June. And it was priced at an average $534 per square foot, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.13 percent from 4.21 percent. The benchmark 15-year fixed-rate mortgage remained at 3.41 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.97 percent from 3.89 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's July 23 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:||4.22%||3.41%||3.97%||4.13%|
|Change from last week:||N/C||N/C||+0.08||-0.08|
|Change from last week:||N/C||N/C||+$7.61||-$29.01|