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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, June 30, 2016
Posted: 7 am ET

Mortgage rates mostly fell this week in Washington, D.C. Meanwhile, incomes are not keeping up with the rising costs of rents in the city, Curbed Washington DC reports.

According to a report by Apartment List, the Capital city saw a 33% increase in median rental income between 1980 and 2014 and an 86% rise in median rent.

Nationally, household incomes increased 18%, while rents grew 64%, Curbed notes.

This week's rates

The benchmark 30-year fixed-rate mortgage in Washington, D.C. dropped to 3.68% from 3.80%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.61%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, decreased to 3.50% from 3.59%. The benchmark 15-year fixed-rate mortgage sunk to 2.89% from 3.02%. The benchmark 5/1 adjustable-rate mortgage inched up to 3.31% from 3.29%.

Weekly mortgage survey

Results from Bankrate's June 29 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: 3.68% 2.89% 3.31% 3.50%
Change from last week: -0.12 -0.13 +0.02 -0.09
Monthly payment: $757.60 $1,130.75 $723.54 $2,808.77
Change from last week: -$11.14 -$10.24 +$1.82 -$31.33
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5 Comments
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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