Mortgage rates in Los Angeles took a big dive this week. Meanwhile, condo price increases are finally slowing a bit in the City of Angels.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles tumbled to 4.03 percent from 4.17 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.44 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
New condo prices stagnate
The price of a newly constructed condo in Los Angeles remained flat month-over-month, according to a report from The Mark Co., an urban residential marketing and sales firm. That's surely offering prospective buyers in the condo market some relief.
Of course, those looking for a new condo will still pay a decent amount more than they would a year ago. The price of a new condo in the City of Angels was $692 per square foot in September, a 14 percent increase from a year prior.
Those in the market for a resale condo may fare better. It cost $534 per square foot for a resale condo in September, down 1 percent from a year prior, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage dropped to 3.33 percent from 3.42 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.91 percent from 3.2 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||4.03%||3.33%||2.91%||4.00%|
|Change from last week:||-0.14||-0.09||-0.29||-0.13|
|Change from last week:||-$13.28||-$7.23||-$25.37||-$46.69|