Rates Blog

Finance Blogs » Rates » Mortgage rates in Washington, DC

Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, August 28, 2014
Posted: 12 pm ET


Mortgage rates varied this week in Washington, D.C. Additionally, the nation's capital boasts the highest proportion of first-time homebuyers in the nation, according to digital media site InTheCapital.

A recent report from the Federal Housing Finance Agency showed the District had the highest share of first-time homebuyers in the country, at 68 percent. Rhode Island came in second with 67 percent and New York third with 65 percent in 2013.

The benchmark 30-year fixed-rate mortgage in Washington, D.C., dipped to 4.2 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.14 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.23 percent.

InTheCapital pointed out that certain advantages place the D.C. real estate market high in national rankings, including ample inventory, low closing costs and high-paying jobs in the city. These factors attract numerous first-time homebuyers to the area.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, remained at 4.25 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.33 percent from 3.32 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.48 percent from 3.47 percent.

Shop mortgage rates in your area.

Weekly mortgage survey

Results from Bankrate's Aug. 27 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: 4.20% 3.33% 3.48% 4.25%
Change from last week: -0.03 +0.01 +0.01 N/C
Monthly payment: $806.88 $1,165.83 $739.08 $3,077.08
Change from last week: -$2.89 +$0.80 +$0.92 N/C
«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
3 Comments
Add a comment

(Comments may take 5-10 minutes to appear)