Mortgage rates mostly grew this week in Washington, D.C. Meanwhile, the median price of a home sold in April was higher than any time in the past 10 years, The Washington Post reports.
According to data based on listing activity from MRIS, the region's multiple-listing service, the region's median price climbed to $419,250 in April. That is the first year-over-year increase since September. Inventory is below peak levels with 11,113 homes for sale last month -- way above the 7,123 homes listed in April 2013, but below the 25,847 listed in April 2008. New home listings increased from 8,713 in April 2015 to 8,809 this April. Homes are selling quickly, with half on the market 2 weeks or less, the Post notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Washington, D.C. jumped to 3.87% from 3.77%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.08 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.82%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, surged to 3.81% from 3.63%. The benchmark 15-year fixed-rate mortgage inched up to 3.13% from 3.12%. The benchmark 5/1 adjustable-rate mortgage remained at 3.39%.
Weekly mortgage survey
|Results from Bankrate's May 25 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:||3.87%||3.13%||3.39%||3.81%|
|Change from last week:||+0.10||+0.01||N/C||+0.18|
|Change from last week:||+$9.46||+$0.80||N/C||+$64.50|