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Mortgage rates in Washington, DC

By Claes Bell · Bankrate.com
Wednesday, August 24, 2016
Posted: 6 pm ET

Mortgage rates fell in the DC Metro area this week.

Key 30-year rate falls in DC Metro

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the DC Metro area declined to 3.67%. While the local rate topped the national average rate of 3.57%, it was down 3 basis points from last week. A basis point is one-hundredth of 1 percentage point.

The average mortgage in our survey this week had 0.16 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage slid to $756.67, decreasing $2.79 from last week.

Other DC Metro mortgage types mixed

Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits start at $417,000 and can range up to $625,500, depending on the location.

The average rate for 15-year fixed-rate mortgages held tight at 3.03%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,141.84.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn't help or hurt for refinancers thinking about locking soon," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate rose to 3.37% this week, a rise of 2 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular variety of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's Aug. 24 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 DC Metro.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.67% 3.03% 3.37% 3.53%
Change from last week: -0.03 N/C +0.02 -0.03
Monthly payment: $756.67 $1,141.84 $729 $2,819.26
Change from last week: -$2.79 N/C +$1.83 -$10.49
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6 Comments
Elden Raring
August 27, 2016 at 2:14 am

Real estate prices tend to be higher in the nation's capitol compared to the national median. The average median price for a home was $345,000 in February in Washington, DC, well above the national average which is about $186,000. A comparison of nearby states, When purchasing real estate in the DC's area you have the option of a conventional loan or a jumbo loan. If you are considering homes for which you'd be borrowing over $400,000, it may be a good idea to find our more about jumbo loans and be prepared to discuss them with your lender.

Bryant Beier
September 04, 2015 at 11:39 am

Lenders offer different rates for mortgages depending on how the property will be used. For example, a loan for a rental property is more expensive than a loan for a primary residence because lenders believe investors are more likely to stop paying their mo 15e7 rtgage and walk away from a rental property than they are from their own home.

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