Mortgage rates decreased this week in Washington, D.C. Meanwhile, the housing market in the District continues to improve, The Washington Post reported.
January is usually one of the slowest months for real estate, yet the D.C. area had steady gains in sales, inventory and prices, according to a report by analytics firm RealEstate Business Intelligence, or RBI. Sales increased 6.2 percent from 12 months before, and the median sales price rose 17.9 percent.
The Washington area's market was mainly flat last year until December, which saw the only year-over-year sales gain in 2014. Gains in December and January point toward a better year for buyers and sellers, the Post noted. The median sales price increased to $385,000 during the 12-month period ending in January, a 4.1 percent boost. Pending sales are also up, with 216 more than the prior year.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., slumped to 3.84 percent from 3.96 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.9 percent.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, sunk to 3.96 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.09 percent from 3.13 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.49 percent from 3.53 percent.
Weekly mortgage survey
|Results from Bankrate's Feb. 25 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:||3.84%||3.09%||3.49%||3.96%|
|Change from last week:||-0.12||-0.04||-0.04||-0.17|
|Change from last week:||-$11.26||-$3.18||-$3.68||-$60.82|