Mortgage rates varied this week in Washington, D.C. Additionally, the nation's capital boasts the highest proportion of first-time homebuyers in the nation, according to digital media site InTheCapital.
A recent report from the Federal Housing Finance Agency showed the District had the highest share of first-time homebuyers in the country, at 68 percent. Rhode Island came in second with 67 percent and New York third with 65 percent in 2013.
The benchmark 30-year fixed-rate mortgage in Washington, D.C., dipped to 4.2 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 0.14 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.23 percent.
InTheCapital pointed out that certain advantages place the D.C. real estate market high in national rankings, including ample inventory, low closing costs and high-paying jobs in the city. These factors attract numerous first-time homebuyers to the area.
The benchmark 30-year jumbo mortgage, for loans of $625,500 and more, remained at 4.25 percent. The benchmark 15-year fixed-rate mortgage inched up to 3.33 percent from 3.32 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.48 percent from 3.47 percent.
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Weekly mortgage survey
|Results from Bankrate's Aug. 27 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:||4.20%||3.33%||3.48%||4.25%|
|Change from last week:||-0.03||+0.01||+0.01||N/C|
|Change from last week:||-$2.89||+$0.80||+$0.92||N/C|