Mortgage rates in Los Angeles mostly fell this week. And new construction condo prices are on the rise again downtown.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4.09 percent from 4.22 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.46 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.12 percent.
New condo prices rise
The price of a new construction condo is on the rise in downtown Los Angeles. In fact, prices increased 3 percent in June from May, according to the latest report from The Mark Company, an urban residential marketing and sales firm. That's the first increase new condo prices have seen in three months.
In June, it would have cost around $760 per square foot for a new construction condo, or 14 percent more than a year prior.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, rose to 4.25 percent from 4.21 percent. The benchmark 15-year fixed-rate mortgage fell to 3.34 percent from 3.44 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.44 percent from 3.53 percent.
Weekly mortgage survey
|Results from Bankrate's July 22 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:||4.09%||3.34%||3.44%||4.25%|
|Change from last week:||-0.13||-0.1||-0.09||+0.04|
|Change from last week:||-$12.39||-$8.03||-$8.23||+$14.67|