While mortgage rates varied this week in Washington, D.C., rents in the capital city are among the fastest rising in the nation, the Washington Business Journal reported.
According to personal finance site, NerdWallet, residential rental rates in the District showed the nation's third-fastest growth between 2007 and 2012. McKinney, Texas, saw the highest increase with 42 percent; El Paso, Texas, noted a 33.5 percent hike; and D.C. came in third with a 33 percent swell.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., inched up to 4.46 percent from 4.45 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.28 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.43 percent.
U.S. Census data was used by NerdWallet to determine median rental rates. In 2007, the average rental price in D.C. paid per individual was $871 a month and by 2012 that expense had climbed to $1,158. Apartmentlist.com, an online rental comparison site, shows median rental rate for a two-bedroom in the Washington area is currently at $3,110. This discrepancy arises from the fact that the Census data includes individuals who share rental costs with roommates, thus the rate is lower than average rental rates in the city.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, fell to 4.41 percent from 4.47 percent. The benchmark 15-year fixed-rate mortgage rose to 3.54 percent from 3.51 percent. The benchmark 5/1 adjustable-rate mortgage dipped to 3.43 percent from 3.45 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.46%||3.54%||3.43%||4.41%|
|Change from last week:||+0.01||+0.03||-0.02||-0.06|
|Change from last week:||+$0.98||+$2.44||-$1.83||-$22.14|