Mortgage rates fell in the DC Metro area this week.
Key 30-year rate falls in DC Metro
According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the DC Metro area declined to 3.67%. While the local rate topped the national average rate of 3.57%, it was down 3 basis points from last week. A basis point is one-hundredth of 1 percentage point.
The average mortgage in our survey this week had 0.16 discount and origination points.
"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.
Monthly payments on a hypothetical $165,000 mortgage slid to $756.67, decreasing $2.79 from last week.
Other DC Metro mortgage types mixed
Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency. Those limits start at $417,000 and can range up to $625,500, depending on the location.
The average rate for 15-year fixed-rate mortgages held tight at 3.03%. Monthly payments on a hypothetical $165,000 15-year fixed-rate mortgage held, staying at $1,141.84.
"The 15-year fixed is a popular mortgage for homeowners who want to refinance. Rates staying put doesn't help or hurt for refinancers thinking about locking soon," says Lewis.
The benchmark 5/1 adjustable-rate mortgage rate rose to 3.37% this week, a rise of 2 basis points. 5/1 adjustable-rate mortgages allow property owners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular variety of variable-rate mortgage.
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Weekly mortgage survey
|Results from Bankrate's Aug. 24 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:||3.67%||3.03%||3.37%||3.53%|
|Change from last week:||-0.03||N/C||+0.02||-0.03|
|Change from last week:||-$2.79||N/C||+$1.83||-$10.49|