Mortgage rates mostly rose this week in Washington, D.C. Meanwhile, housing sales are down in the region, the Washington Business Journal reported.
In the month of August, sales were down 23 percent in Loudoun and Arlington counties and down 12 percent in the District, according to monthly numbers from Long & Foster Real Estate Inc. This drop in sales did not correlate to a drop in price.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., grew to 4.35 percent from 4.32 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.09 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.3 percent.
In D.C., the median sales price was up 2 percent in August, from a year ago, to $472,000. And in Arlington, one of the most expensive areas for housing in the D.C. metro area, median price in August was up 3 percent, to $520,000, with the number of listings up 41 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, fell to 4.38 percent from 4.47 percent. The benchmark 15-year fixed-rate mortgage spiked to 3.56 percent from 3.41 percent. The benchmark 5/1 adjustable-rate mortgage surged to 3.63 percent from 3.53 percent.
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Weekly mortgage survey
|Results from Bankrate's Sept. 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:||4.35%||3.56%||3.63%||4.38%|
|Change from last week:||+0.03||+0.15||+0.10||-0.09|
|Change from last week:||+$2.92||+$12.22||+$9.32||-$33.13|