Mortgage rates moved in different directions in the Los Angeles area this week.
Benchmark 30-year rate rises in Los Angeles
The average rate on the benchmark 30-year fixed-rate mortgage for the Los Angeles area rose to 4.36 percent, according to Bankrate's national survey of large lenders. Not only did the local rate end up above the national average rate of 4.15 percent, it was up 6 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The mortgages in the survey for this week had an average of 0.09 discount and origination points.
"With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have gone up," says Holden Lewis, Bankrate's senior mortgage analyst.
The climb in the mortgage rate elevated 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $822.36, an addition of $5.84 from last week.
Other Los Angeles mortgage types mixed
The rate for 30-year jumbo mortgages also rose this week, ticking up 10 points to 4.33 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Los Angeles area, that limit is $625,500.
The average rate for 15-year fixed-rate mortgages stayed constant at 3.75 percent. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, remaining unchanged at $1,199.92.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates standing still doesn't help or hurt for refinancers thinking about locking soon," Lewis says.
The benchmark 5/1 adjustable-rate mortgage held at 3.64 percent. The most common type of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first five years, and the rate adjusts once per year every year after.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 12/7/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the Los Angeles area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.36%||3.75%||3.64%||4.33%|
|Change from last week:||+0.06||N/C||N/C||+0.10|
|Change from last week:||+$5.84||N/C||N/C||+$36.90|