Mortgage rates dropped this week in Washington, D.C., while the housing market remains unchanged -- with prices neither spiking nor plummeting -- according to The Washington Post.
Data released by RealEstate Business Intelligence found that pending sales and prices in the District are flat. For the 11th time in the past 12 months, September saw sales decline year-over-year. Pending sales had their 10th consecutive month of year-over-year decline. Also, sales volume is down 4.3 percent in 2014 compared with last year.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., sunk to 4.01 percent from 4.15 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.05 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.01 percent.
The median price for a home in the D.C. region increased slightly in September to $390,000, from $387,000 in September 2013. This marked the highest median price for the month since 2007. Homes are staying on the market longer, with the median number of days on the market at 26 -- nine days more than in September 2013, the Post reported.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, decreased to 4.13 percent from 4.22 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.34 percent from 3.36 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.48 percent from 3.54 percent.
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Weekly mortgage survey
|Results from Bankrate's Oct. 15 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:||4.01%||3.34%||3.48%||4.13%|
|Change from last week:||-0.14||-0.02||-0.06||-0.09|
|Change from last week:||-$13.27||-$1.61||-$5.51||-$32.63|