Mortgage rates in Los Angeles were mixed this week. And, a new report says that condo inventory is low and prices are high in the City of Angels.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 3.64 percent from 3.69 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.56 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.81 percent.
Condo prices go up, inventory falls
The price per square foot of a new construction condo in downtown Los Angeles was $758 in December 2014, a 24 percent increase from the year prior, according to a report from The Mark Company, an urban residential marketing and sales firm.
Resale condos were less expensive, costing $563 per square foot in December, up 20 percent year over year.
But it'll be tough to find a new construction or resale condo in Los Angeles. Inventory is low across the board. Only one new condominium building, Metropolis, is currently under construction. And there's only two months of resale condo inventory, notes the report.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and up, rose to 4.21 percent from 4 percent. The benchmark 15-year fixed-rate mortgage rose to 3.11 percent from 3.09 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.89 percent from 2.95 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 21 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:||3.64%||3.11%||2.89%||4.21%|
|Change from last week:||-0.05||+0.02||-0.06||+0.21|
|Change from last week:||-$4.64||+$1.60||-$5.29||+$77.20|