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Mortgage rates in Washington, DC

By Claes Bell · Bankrate.com
Thursday, October 20, 2016
Posted: 10 am ET

Mortgage rates showed no clear direction in the DC Metro area this week.

Key 30-year rate flat in DC Metro

The average rate on the benchmark 30-year fixed-rate mortgage rate for the DC Metro area held at 3.71%, according to Bankrate's national survey of large lenders. The local rate was above the national rate of 3.64%.

Mortgages in this week's survey had an average of 0.20 discount and origination points.

"With the most popular mortgage rate standing still, it's neither good news nor bad news for potential borrowers who were waiting to lock a mortgage rate," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 30-year fixed-rate mortgage were also steady, staying at $760.40.

Other DC Metro mortgage types slide

On the other hand, the average rate for 30-year jumbo mortgages, used fell this week, down 3 basis points to 3.63%. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the DC Metro area, that limit is $625,500.

The average rate for 15-year fixed-rate mortgages dropped 2 basis points as well, reaching 3.07%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates ticking downwards, slipping $1.59 to $1,145.02.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this downward trend in the 15-year fixed, a refinance will be more beneficial to some homeowners," says Lewis.

The benchmark 5/1 adjustable-rate mortgage rate slid to 3.34% this week, a drop of 1 basis point. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most common variety of variable-rate mortgage.

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Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted 10/19/2016. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $625,500 in the DC Metro area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week's rate: 3.71% 3.07% 3.34% 3.63%
Change from last week: N/C -0.02 -0.01 -0.03
Monthly payment: $760.40 $1,145.02 $726.27 $2,854.36
Change from last week: N/C -$1.59 -$0.91 -$10.55
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Elden Raring
August 27, 2016 at 2:14 am

Real estate prices tend to be higher in the nation's capitol compared to the national median. The average median price for a home was $345,000 in February in Washington, DC, well above the national average which is about $186,000. A comparison of nearby states, When purchasing real estate in the DC's area you have the option of a conventional loan or a jumbo loan. If you are considering homes for which you'd be borrowing over $400,000, it may be a good idea to find our more about jumbo loans and be prepared to discuss them with your lender.

Bryant Beier
September 04, 2015 at 11:39 am

Lenders offer different rates for mortgages depending on how the property will be used. For example, a loan for a rental property is more expensive than a loan for a primary residence because lenders believe investors are more likely to stop paying their mo 15e7 rtgage and walk away from a rental property than they are from their own home.

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