Mortgage rates in Los Angeles fell this week. Meanwhile, home sales are declining in the area while prices rise.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 3.84 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 0.57 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.9 percent.
Home prices up, home sales down
Home prices are up in Los Angeles and home sales are down. According to new CoreLogic DataQuick data, the number of home sales in Los Angeles fell by 3.6 percent in January 2015 from a year prior.
The median home price in the area hit $460,000, rising 12.2 percent year-over-year in January 2015.
But Andrew LePage, data analyst for CoreLogic DataQuick, noted in a press release that January and February numbers are not a good indication of the future market. Traditional homebuyers and sellers typically drop out of the market during those months.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4 percent from 4.21 percent. The benchmark 15-year fixed-rate mortgage fell to 3.25 percent from 3.28 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.11 percent from 3.2 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 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:||3.84%||3.25%||3.11%||4%|
|Change from last week:||-0.04||-0.03||-0.09||-0.21|
|Change from last week:||-$3.76||-$2.40||-$8.05||-$75.23|