Mortgage rates decreased this week in Washington, D.C. Meanwhile, all-cash buyers are scarce in the District, the Washington Business Journal reports.
Real estate firm CoreLogic Inc. found that in May, all-cash sales made up 14.2%, of total housing sales in D.C., a 3% decrease from last year. Nationally, all-cash sales accounted for 31.9% of all sales in May, so the Washington region had less than half the national average. Cash sales have been decreasing since hitting a peak of 46.5% in January 2011. May was the 29th month in a row with falling cash sales. West Palm Beach, Florida, had the highest amount of all-cash sales, at 58.1%, in May.
According to real estate broker Redfin, Georgetown is an exception to this, as more than 47% of homes bought in March, April and May were cash sales.
This week's rates
The benchmark 30-year fixed-rate mortgage in Washington, D.C., inched down to 4.04% from 4.05%, 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%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, sunk to 3.79% from 3.92%. The benchmark 15-year fixed-rate mortgage fell to 3.22% from 3.34%. The benchmark 5/1 adjustable-rate mortgage dropped to 3.36% from 3.49%.
Weekly mortgage survey
|Results from Bankrate's Aug. 26 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:||4.04%||3.22%||3.36%||3.79%|
|Change from last week:||-0.01||-0.12||-0.13||-0.13|
|Change from last week:||-$0.95||-$9.59||-$11.81||-$46.07|