Mortgage rates showed no clear direction in the DC Metro area this week.
Key 30-year rate flat in DC Metro
The average rate on the benchmark 30-year fixed-rate mortgage rate for the DC Metro area held at 3.71%, according to Bankrate's national survey of large lenders. The local rate was above the national rate of 3.64%.
Mortgages in this week's survey had an average of 0.20 discount and origination points.
"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, staying at $760.40.
Other DC Metro mortgage types slide
On the other hand, the average rate for 30-year jumbo mortgages, used fell this week, down 3 basis points to 3.63%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the DC Metro area, that limit is $625,500.
The average rate for 15-year fixed-rate mortgages dropped 2 basis points as well, reaching 3.07%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, slipping $1.59 to $1,145.02.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more beneficial to some homeowners," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate slid to 3.34% this week, a drop of 1 basis point. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the DC Metro area.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.71%||3.07%||3.34%||3.63%|
|Change from last week:||N/C||-0.02||-0.01||-0.03|
|Change from last week:||N/C||-$1.59||-$0.91||-$10.55|