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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, September 11, 2014
Posted: 12 pm ET

Mortgage rates grew this week in Washington, D.C. Meanwhile, a home in Georgetown recently sold for $510,000 over its listing price, the Washington Business Journal reported.

Homes in Georgetown are generally among the priciest in the District, according to the Journal; however, selling for $510,000 over the asking price within four days of being listed is highly unusual. According to TTR Sotheby's, the median sales price in the neighborhood is up 4.5 percent.

The benchmark 30-year fixed-rate mortgage in Washington, D.C., jumped to 4.34 percent from 4.26 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.12 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.

The realty agent told the Journal he believes this is a sign of Georgetown's recovering housing market, as he hasn't seen this type of escalation over list price since 2005 or 2006.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, surged to 4.41 percent from 4.31 percent. The benchmark 15-year fixed-rate mortgage rose to 3.44 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage increased to 3.56 percent from 3.53 percent.

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Weekly mortgage survey

Results from Bankrate's Sept. 10 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: 4.34% 3.44% 3.56% 4.41%
Change from last week: +0.08 +0.06 +0.03 +0.10
Monthly payment: $820.42 $1,174.70 $746.46 $3,135.96
Change from last week: +$7.79 +$4.86 +$2.78 +$37.08
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