While mortgage rates varied this week in Washington, D.C., a 500-unit residential building is planned as part of the $2 billion Wharf redevelopment project in Southwest. It will include 180 affordable micro-units, according to a report in UrbanTurf.
Public funds were provided to the project, necessitating that one third of the units will be affordable, according to the report. The micro-units will measure between 330 and 360 square feet with 9-foot ceilings. They are being built on modules that could be converted into one-bedroom units if the micro-unit trend fails, according to the project's developer.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., inched down to 4.45 percent from 4.46 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.3 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
The micro-units will be dispersed throughout the building with rental rates of $1,500 to $2,000 per month. One fascinating feature of the micro-unit is a sliding barn door to cover the bathroom to avoid a traditional door swinging out and taking up more visual space, UrbanTurf reported.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, grew to 4.44 percent from 4.39 percent. The benchmark 15-year fixed-rate mortgage slumped to 3.39 percent from 3.53 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.58 percent from 3.53 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.45%||3.39%||3.58%||4.44%|
|Change from last week:||-0.01||-0.14||+0.05||+0.05|
|Change from last week:||-$0.98||-$11.26||+$4.64||+$18.54|