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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, July 24, 2014
Posted: 12 pm ET

Mortgage rates fell this week in Washington, D.C. Meanwhile, MGM Resorts International got the go-ahead from Prince George's County to build a $925 million gambling complex at National Harbor, according to The Washington Post.

The resort will be situated on 23 acres overlooking the Potomac River, with 3,600 slot machines, 140 gambling tables and a 300-room, 21-story hotel. Luxury shopping, restaurants and a concert theater are also planned, the paper reported.

The benchmark 30-year fixed-rate mortgage in Washington, D.C., decreased to 4.25 percent from 4.29 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.

The project is expected to bring 4,000 new jobs to the county, as well as an estimated $40 million to $45 million in tax revenue. County leaders expect the 1 million-square-foot facility will become a top gambling destination outside of Las Vegas, the Post reported.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, tumbled to 4.22 percent from 4.34 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.37 percent from 3.4 percent. The benchmark 5/1 adjustable-rate mortgage inched down to 3.59 percent from 3.61 percent.

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Weekly mortgage survey

Results from Bankrate's July 23 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: 4.25% 3.37% 3.59% 4.22%
Change from last week: -0.04 -0.03 -0.02 -0.12
Monthly payment: $811.70 $1,169.05 $749.24 $3,066.11
Change from last week: -$3.86 -$2.42 -$1.85 -$43.70
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