Mortgage rates in Los Angeles mostly fell this week. At the same time, a new report says L.A. was one of three major cities where home price gains reached more than 20 percent in 2013.
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4.47 percent from 4.52 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.64 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
Home prices in Los Angeles jumped by 20.3 percent in December 2013 from a year prior, according to the latest Standard & Poor's/Case-Shiller Home Price Index. Las Vegas and San Francisco were the only other cities in the index to post gains higher than 20 percent last year.
Yet that's a lower annual rate increase than the City of Angels saw in November, when home prices increased by 22.1 percent from a year prior. It seems home price gains are losing steam in the area, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, rose to 4.4 percent from 4.38 percent. The benchmark 15-year fixed-rate mortgage fell to 3.55 percent from 3.56 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.73 percent from 3.75 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.47%||3.55%||3.73%||4.40%|
|Change from last week:||-0.05||-0.01||-0.02||+0.02|
|Change from last week:||-$4.89||-$0.81||-$1.87||+$7.39|