The May statistics (the latest available) for LA County, shows a median sales price of $560,500 for a single-family residence. This is a 6.8% increase from May of 2016.
The rate of sales in the LA Metro area is up about 7% from the prior year. This means the real estate purchase market is still healthy.
Mortgage rates have bounced in a range from 4.25% to 4.83%. Right now 30-year fixed-rates are averaging 4.25% — for a loan between $424,000 and $636,000 – assuming 20% equity/downpayment, and a good credit score.
Refinances: Rates have come down from their highs earlier in the year. While most homeowners have taken advantage of the lower rates in past years, there are still some sensible reasons to refinance:
- eliminate mortgage insurance
- take cash out of your property for renovations or to pay off higher rate credit cards
- lower your rate with a 15-yr loan
There are several options available depending on your circumstances. Give me a call and we can see what would work for your particular situation.