Mortgage rates in Los Angeles moved north this week. And a popular celebrity is jumping on the real estate train, giving an unhealthy neighborhood in the City of Angels a makeover.
The benchmark 30-year fixed-rate mortgage in Los Angeles rose to 4.58 percent from 4.47 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.58 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.55 percent.
Will.i.am, the musician and philanthropist, is giving his hometown neighborhood a little help. The Estrada Courts housing project in Boyle Heights currently has lead paint and lead pipes, according to the Hollywood Reporter. It's also surrounded by freeways and factories.
While Will.i.am can't do anything about the location, he'll be working with a wellness program to bring better air, water and surface coatings to the 1,200-plus residents of Estrada Courts, notes the Hollywood Reporter.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, rose to 4.48 percent from 4.29 percent. The benchmark 15-year fixed-rate mortgage rose to 3.67 percent from 3.52 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.83 percent from 3.78 percent.
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Weekly mortgage survey
|Results from Bankrate's Dec. 4 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:||4.58%||3.67%||3.83%||4.48%|
|Change from last week:||+0.11||+0.15||+0.05||+0.19|
|Change from last week:||+$10.87||+$12.28||+$4.71||+$70.92|