Mortgage rates fell this week in Washington, D.C. Meanwhile, the Potomac waterfront, one of the city's most undeveloped assets, is being recreated as a mixed-use community, The New York Times reported.
The mile-long stretch along the Washington Channel, called the Wharf, is being transformed at a cost of $2 billion to include hotels, office space, rental apartments, condos, restaurants, shops and three new public piers, the Times noted.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., dropped to 4.03 percent from 4.07 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.03 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.08 percent.
The Times reported that the first phase, scheduled for completion in 2017, will provide two office buildings, three hotels and three rental apartment buildings, along with 207 subsidized, below-market apartments. Additionally, the waterfront location is close to the National Mall -- a green space between the Capitol and the Lincoln Memorial, visited by over 30 million people each year. Therefore, the Wharf is poised to become a new tourist destination.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, tumbled to 4.19 percent from 4.25 percent. The benchmark 15-year fixed-rate mortgage fell to 3.3 percent from 3.37 percent. The benchmark 5/1 adjustable-rate mortgage inched down to 3.51 percent from 3.53 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 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 D.C. Metro.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||4.03%||3.30%||3.51%||4.19%|
|Change from last week:||-0.04||-0.07||-0.02||-0.06|
|Change from last week:||-$3.81||-$5.62||-$1.84||-$21.85|