Mortgage rates in Los Angeles rose this week. Meanwhile, the high cost of living in the Los Angeles area is causing Angelenos to leave the city.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles rose to 4% from 3.83%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.82%.
The high cost of living in Los Angeles
With a median home price of $657,000 and a 4.8% unemployment rate, many Angelenos are fleeing the city for more affordable areas, according to a new report from Realtor.com.
In fact, Los Angeles is ranked 5th on Realtor.com's list of cities losing the most residents.
Those fleeing Los Angeles are headed mostly to Las Vegas, where the median home costs just $260,000, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, rose to 4.21% from 4.17%. The benchmark 15-year fixed-rate mortgage rose to 3.22% from 3.13%. The benchmark 5/1 adjustable-rate mortgage rose to 3.66% from 3.48%.
Weekly mortgage survey
|Results from Bankrate's May 25 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%||3.22%||3.66%||4.21%|
|Change from last week:||+0.17||+0.09||+0.18||+0.04|
|Change from last week:||+$16.26||+$7.22||+$16.85||+$14.63|