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Washington, DC Mortgage and Refinance Rates

On Friday, April 12, 2024, the national average 30-year fixed mortgage APR is 7.06%. The national average 30-year fixed refinance APR is 7.07%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Washington, D.C.

As of Friday, April 12, 2024, current mortgage interest rates in Washington, DC are 7.15% for a 30-year fixed mortgage and 6.50% for a 15-year fixed mortgage.

While D.C. mortgage rates remain close to the historical norms, the D.C. housing market has seen home prices decline, bucking the national trend. The median sales price in Washington, D.C. was $589,900 in Feb. 2024, down 4.1 percent year-over-year, according to Redfin.

Refinance rates in Washington, D.C.

Over the last two years, refinance rates in Washington, D.C. have seen a notable increase, reducing the benefit of refinancing for residents of the capital. The current environment of high rates makes refinancing difficult, yet you could see significant savings if rates drop and you secure a more favorable rate. Use our mortgage refinance calculator to assess refinancing in Washington, D.C. and determine if it aligns with your financial goals.

Washington, D.C., borrowers who saw their home equity rise during the pandemic may be interested in refinancing their mortgage as a way to tap those funds. 

Washington, D.C. mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Washington, D.C. Because the Federal Reserve may cut rates this year, many economists expect mortgage rates to dip in 2024 and into 2025.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.01% 7.06%
15-Year Fixed Rate 6.46% 6.54%
5-1 ARM 6.33% 7.69%
30-Year Fixed Rate FHA 6.88% 6.93%
30-Year Fixed Rate VA 7.12% 7.16%
30-Year Fixed Rate Jumbo 7.15% 7.20%

Rates as of Friday, April 12, 2024 at 6:30 AM

 

 

Mortgage statistics for Washington, D.C.

The nation’s capital has seen its median home sales prices peak in 2022, cresting above $700,000. Since then, prices have come down. If you’re buying in Washington, D.C., here are some interesting stats to know: 

  • Average home value (as of Feb. 2024): $610,180 (Zillow)
  • Homeownership rate (as of Q4 2023): 38.2% (U.S. Census Bureau)
  • Number of homes for sale (as of Feb. 2024): 1,620 (Zillow)
  • Homes with price drops (as of Feb. 2024): 22.1% (Redfin)

Mortgage options in Washington, D.C.

If you’re looking to get a mortgage in Washington, D.C., there are several options you could potentially qualify for:

  • Washington, D.C. conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Washington, D.C. FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Washington, D.C. VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 2.15 percent for homebuyers.

First-time homebuyer programs in Washington, D.C.

D.C. offers programs that first-time homebuyers can take advantage of. These programs include:

  • DCHFA Open Doors mortgage: The Open Doors program through D.C.’s housing finance agency (DCHFA) offers both down payment assistance and a low-interest primary loan for qualifying borrowers. To qualify, you must have a credit score of at least 640 and have a maximum income of $199,200, among other requirements.
  • DCHFA DC4ME program: The DC4ME program offers a reduced interest rate mortgage for qualifying government employees. To qualify, you must be a first-time homebuyer, and at least one applicant must be employed full-time by the District.
  • DHCD Home Purchase Assistance Program (HPAP): The Department of Housing and Community Development (DHCD) offers interest-free loans and closing cost assistance through a program known as HPAP. Currently, all funds are allocated for this program, but the program may open again in the future.

How to find the best mortgage rate in Washington, D.C.

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Rating: 3.6 stars out of 5
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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

4.5

Rating: 4.5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1062reviews

Additional Washington, D.C. mortgage resources