Mortgage rates in Los Angeles mostly remained the same this week. And a new report shows that condo prices in the city hit "pause" in August.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles rose to 4.31 percent from 4.3 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.51 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.33 percent.
Condo prices level off in Los Angeles
The price of a newly built condo in downtown Los Angeles was $693 per square foot in August, the same as the previous month, according to a new report from The Mark Company, an urban residential marketing and sales firm.
Alan Mark, president of The Mark Company, says that for the past several years, condo prices in downtown Los Angeles have increased during the spring and early summer and leveled off during the late summer and fall.
"While recent appreciation has been very strong in Downtown Los Angeles due to a severe lack of inventory, the pattern of a seasonal slowdown during the second half of the year is still evident," he says.
Mark notes that appreciation is likely to resume in early 2015.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.38 percent from 4.44 percent. The benchmark 15-year fixed-rate mortgage remained at 3.53 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.31 percent from 3.2 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Sept. 17 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:||4.31%||3.53%||3.31%||4.38%|
|Change from last week:||+0.01||N/C||+0.11||-0.06|
|Change from last week:||+$0.97||N/C||+$10.04||-$22.10|