Mortgage rates in Los Angeles fell this week. Meanwhile, new construction condo prices are quickly rising in the City of Angels.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4.17 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.5 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.
Condo prices keep rising
People looking for a new-construction condo in downtown Los Angeles will have to pay a premium. In July, the price of a new construction condo was $695 per square foot, according to a new report from The Mark Company, an urban residential marketing and sales firm.
That's up 4 percent from June, and it's a 12 percent increase from a year prior.
“While prices in other major West Coast markets weakened in a typical seasonal pattern for this time of year, condominium prices in Downtown Los Angeles are continuing steeply upward," says Erin Kennelly, senior director of research at The Mark Company.
And the pace of rising condo prices downtown might not slow anytime soon.
"With new construction inventory virtually nonexistent, prices are likely to continue to rise for the rest of the year,” Kennelly says.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.13 percent from 4.17 percent. The benchmark 15-year fixed-rate mortgage fell to 3.39 percent from 3.41 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.78 percent from 3.89 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Aug. 20 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:||4.17%||3.39%||3.78%||4.13%|
|Change from last week:||-0.06||-0.02||-0.11||-0.04|
|Change from last week:||-$5.76||-$1.61||-$10.28||-$14.52|