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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, August 27, 2015
Posted: 8 am ET

Mortgage rates decreased this week in Washington, D.C. Meanwhile, all-cash buyers are scarce in the District, the Washington Business Journal reports.

Real estate firm CoreLogic Inc. found that in May, all-cash sales made up 14.2%, of total housing sales in D.C., a 3% decrease from last year. Nationally, all-cash sales accounted for 31.9% of all sales in May, so the Washington region had less than half the national average. Cash sales have been decreasing since hitting a peak of 46.5% in January 2011. May was the 29th month in a row with falling cash sales. West Palm Beach, Florida, had the highest amount of all-cash sales, at 58.1%, in May.

According to real estate broker Redfin, Georgetown is an exception to this, as more than 47% of homes bought in March, April and May were cash sales.

This week's rates

The benchmark 30-year fixed-rate mortgage in Washington, D.C., inched down to 4.04% from 4.05%, according to the Bankrate.com 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 4.03%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, sunk to 3.79% from 3.92%. The benchmark 15-year fixed-rate mortgage fell to 3.22% from 3.34%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.36% from 3.49%.

Weekly mortgage survey

Results from Bankrate's Aug. 26 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: 4.04% 3.22% 3.36% 3.79%
Change from last week: -0.01 -0.12 -0.13 -0.13
Monthly payment: $791.54 $1,157 $728.09 $2,911
Change from last week: -$0.95 -$9.59 -$11.81 -$46.07
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