Mortgage rates in Los Angeles fell this week. Meanwhile, home price gains in the area remained stagnant, and Google purchased some real estate in the area.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4.02 percent from 4.05 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.42 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07 percent.
Flat home price gains in Los Angeles
Home price gains in Los Angeles were flat in September from August of this year, according to the latest Standard & Poor's/Case-Shiller Home Price Index. Price gains were flat in August from July as well.
Year-over-year home prices rose by 5.7 percent in September, which was better than the national average rise of 4.8 percent.
In other real estate news, Google purchased 12 vacant acres for nearly $120 million in the Playa Vista area of Los Angeles. According to The Los Angeles Times, the space could eventually be home to 6,000 workers.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.08 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage fell to 3.31 percent from 3.33 percent. The benchmark 5/1 adjustable-rate mortgage remained at 2.97 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Dec. 3 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:||4.02%||3.31%||2.97%||4.08%|
|Change from last week:||-0.03||-0.02||N/C||-0.05|
|Change from last week:||-$2.85||-$1.61||N/C||-$18.09|