Mortgage rates in Los Angeles were mixed this week. Meanwhile, Los Angeles home prices shot up.
This week's rates
The benchmark 30-year fixed-rate mortgage in Los Angeles fell to 4 percent from 4.06 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.33 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4 percent.
Home prices rise in Los Angeles
Los Angeles is seeing a nice rise in home prices. In fact, home prices in the city rose by 5.5 percent in March from the year prior, according to the latest Standard & Poor/Case-Shiller Home Price Index.
The national average home price gain in March was 4.1 percent.
And month-over-month, home prices in the City of Angels rose by 0.8 percent.
The benchmark 30-year jumbo mortgages, for loans of $625,500 and up, fell to 4.04 percent from 4.25 percent. The benchmark 15-year fixed-rate mortgage remained at 3.31 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.38 percent from 3.34 percent.
Weekly mortgage survey
|Results from Bankrate's May 27 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%||3.31%||3.38%||4.04%|
|Change from last week:||-0.06||N/C||+0.04||-0.21|
|Change from last week:||-$5.70||N/C||+$3.66||-$75.42|