Mortgage rates fell in Los Angeles this week. In addition, the City of Angels is looking to grow even larger by adding 42 acres to its boundaries, according to L.A. Biz.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles dipped to 4.28 percent from 4.31 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.48 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.
Los Angeles redevelopment plan
The second largest city in the nation, Los Angeles, is considering adding the land as part of its $1 billion redevelopment plan for the Watts neighborhood at the edge of the city. The parcel would become part of the Jordan Downs Urban Village Specific Plan, which will transform the blighted area. The city plans to tear down public housing and replace it with new, affordable units along with 2,500 square feet of commercial, office and retail space.
Additionally, the area will provide nine acres of open space with community gardens, a soccer field and a park. The plan will require the approval of the city and the county, the Los Angeles Register noted.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, sunk to 4.29 percent from 4.38 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.52 percent from 3.51 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.25 percent from 3.31 percent.
Shop mortgage rates in your area.
Weekly mortgage survey
|Results from Bankrate's Sept. 24 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:||4.28%||3.52%||3.25%||4.29%|
|Change from last week:||-0.03||-0.01||-0.06||-0.09|
|Change from last week:||-$2.90||-$0.81||-$5.42||-$32.95|