Mortgage rates fell this week in Washington, D.C., and the local housing market picked up in October, Washington Business Journal reported.
According to a monthly RealEstate Business Intelligence Report from listing service MRIS, the median price of a closed sale in October was up 2.6 percent to $400,000 from September. This notes the highest rate since 2005. It is also the highest year-over-year percent increase in eight months.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., sunk to 4.11 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.07 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.13 percent.
The report further showed that the number of new listings was down 12.7 percent from September, while pending sales were up 4.6 percent. Falls Church, Virginia, leads the area in median price for a home at $615,000 -- an increase of 4.2 percent from last year.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, dropped to 4.16 percent from 4.22 percent. The benchmark 15-year fixed-rate mortgage slumped to 3.36 percent from 3.48 percent. The benchmark 5/1 adjustable-rate mortgage tumbled to 3.51 percent from 3.67 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 12 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:||4.11%||3.36%||3.51%||4.16%|
|Change from last week:||-0.12||-0.12||-0.16||-0.06|
|Change from last week:||-$11.45||-$9.64||-$14.67||-$21.81|