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Mortgage rates in Washington, DC

By Clare Mallen · Bankrate.com
Thursday, February 4, 2016
Posted: 7 am ET

Mortgage rates fell this week in Washington, D.C. Meanwhile, more homes were sold last year than in any year since 2006, The Washington Post reports.

There were 50,528 homes that sold in the D.C. market in 2015, according to RealEstate Business Intelligence. The median price of a home in the region also rose in 2015 by 1.1%, to $410,000. Additionally, homes sold more quickly, with half of the homes selling in just over 3 weeks. More homes came on the market in 2015 than in any year since 2008, the Post notes.

This week's rates

The benchmark 30-year fixed-rate mortgage in Washington, D.C., decreased to 3.79% from 3.9%, according to Bankrate.com's weekly national survey of large lenders. The mortgages in this week's survey had an average total of 0.13 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.88%.

More rates

The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, dropped to 3.59% from 3.69%. The benchmark 15-year fixed-rate mortgage dipped to 3.2% from 3.23%. The benchmark 5/1 adjustable-rate mortgage sunk to 3.37% from 3.48%.

Weekly mortgage survey

Results from Bankrate's Feb. 3 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: 3.79% 3.2% 3.37% 3.59%
Change from last week: -0.11 -0.03 -0.11 -0.1
Monthly payment: $767.89 $1,155.40 $729 $2,840.29
Change from last week: -$10.29 -$2.40 -$10.01 -$35.01
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Bryant Beier
September 04, 2015 at 11:39 am

Lenders offer different rates for mortgages depending on how the property will be used. For example, a loan for a rental property is more expensive than a loan for a primary residence because lenders believe investors are more likely to stop paying their mo 15e7 rtgage and walk away from a rental property than they are from their own home.

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