Mortgage rates mostly fell this week in Washington, D.C. Meanwhile, incomes are not keeping up with the rising costs of rents in the city, Curbed Washington DC reports.
According to a report by Apartment List, the Capital city saw a 33% increase in median rental income between 1980 and 2014 and an 86% rise in median rent.
Nationally, household incomes increased 18%, while rents grew 64%, Curbed notes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Washington, D.C. dropped to 3.68% from 3.80%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.61%.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, decreased to 3.50% from 3.59%. The benchmark 15-year fixed-rate mortgage sunk to 2.89% from 3.02%. The benchmark 5/1 adjustable-rate mortgage inched up to 3.31% from 3.29%.
Weekly mortgage survey
|Results from Bankrate's June 29 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:||3.68%||2.89%||3.31%||3.50%|
|Change from last week:||-0.12||-0.13||+0.02||-0.09|
|Change from last week:||-$11.14||-$10.24||+$1.82||-$31.33|