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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, May 21, 2015
Posted: 6 am ET

Mortgage rates mostly fell this week in Washington, D.C. Meanwhile, home sales in the District were up in April, the Washington Business Journal reports.

According to monthly data from Long & Foster Real Estate Inc., sales were up 10 percent from a year ago. The median price of a house or condo was $521,500, a 4 percent uptick from last year. Additionally, homes are selling in 30 days on average, and sellers are receiving their asking price.

Chevy Chase and Georgetown were the most expensive markets, with a median selling price of $1.01 million and $856,000, respectively, according to the report.

The benchmark 30-year fixed-rate mortgage in Washington, D.C., decreased to 3.96 percent from 4 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.08 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, dropped to 4 percent from 4.04 percent. The benchmark 15-year fixed-rate mortgage dipped to 3.21 percent from 3.24 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.47 percent from 3.43 percent.

Weekly mortgage survey

Results from Bankrate's May 20 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: 3.96% 3.21% 3.47% 4%
Change from last week: -0.04 -0.03 +0.04 -0.04
Monthly payment: $783.94 $1,156.20 $738.16 $2,986.23
Change from last week: -$3.79 -$2.40 +$3.68 -$14.41
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