Mortgage rates in Los Angeles fell this week. Meanwhile, tech-industry moguls are flocking to the City of Angels for the property.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 3.75 percent from 3.88 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The tech industry loves LA real estate
There are more and more techies from Silicon Valley buying up residential real estate in Los Angeles, according to the Los Angeles Times.
That's largely because the home prices in Los Angeles are lower. But the weather is warmer and the lifestyle is a little more laid back as well, notes the Times.
Some very notable tech industry people are buying.
Just last month, Markus Persson, the creator of "Minecraft," bought a custom mansion in Beverly Hills for $70 million, according to the Times.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, fell to 3.88 percent from 3.92 percent. The benchmark 15-year fixed-rate mortgage fell to 3.09 percent from 3.22 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.41 percent.
Weekly mortgage survey
|Results from Bankrate's March 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:||3.75%||3.09%||3.41%||3.88%|
|Change from last week:||-0.13||-0.13||N/C||-0.04|
|Change from last week:||-$12.12||-$10.33||N/C||-$14.30|