District of Columbia Mortgage And Refinance Rates – Forbes Advisor

Understanding current mortgage rates and refinance rates in District of Columbia is essential if you’re planning to buy a home or refinance your existing mortgage. These rates directly impact monthly payments and long-term borrowing costs, but they fluctuate based on numerous factors, including market trends, economic conditions and federal policies. 

We evaluated the current District of Columbia mortgage and refinance rates to help you understand these fluctuations and navigate the District of Columbia housing market. Our team also looked at mortgage rate trends and tips for buying a home and finding the best mortgage rates in District of Columbia. Keeping an eye on current rates can help you save money on your mortgage and stay within your budget.

Today’s Mortgage Rates in District of Columbia

District of Columbia’s average APR on a 30-year mortgage decreased 0.044 points to 6.443% over the past week, according to data from the Mortgage Research Center. The rate is down 0.289 points over the last 90 days and down 0.121 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage decreased 0.012 points to 5.579% over the past week. Over the last 90 days, the rate is down 0.091 points; it’s down 0.026 points over the last 30 days.

The average APR for a 30-year jumbo mortgage held steady at 6.901% since last week. It’s down 0.09 points over the last 90 days and basically flat over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.443%. 
• Last week. 6.487%. 

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.579%. 
• Last week. 5.591%. 

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.901%. 
• Last week. 6.892%. 

Today’s Refinance Rates in District of Columbia

District of Columbia’s average APR for the benchmark 30-year fixed refinance mortgage slipped 0.019 points to 6.537% compared to a week ago. The rate is down 0.224 points over the last 90 days and down 0.108 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage held steady at 5.56% weekly. Over the last 90 days, the rate is down 0.107 points over the last 90 days; it’s down 0.025 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR climbed 0.04 points to 6.93% week-to-week. It’s down 0.128 points over the last 90 days and down 0.023 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.537%. 
• Last week. 6.556%. 

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.56%. 
• Last week. 5.555%. 

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.93%. 
• Last week. 6.89%. 

District of Columbia Mortgage Rate Trends

Following mortgage rate trends can help you track patterns and changes in the District of Columbia housing market over time. By understanding these trends, you can make more informed decisions about when to purchase a home, refinance or lock in a rate for a second mortgage. If you’re well-qualified, analyzing District of Columbia mortgage rate trends may help you save money over the life of the loan.

District of Columbia’s mortgage rates have trended downward over the last three months, as have national rates.

District of Columbia Mortgage Rates vs. National Mortgage Rates

Although state mortgage rates generally move in line with the national average, there are state-level differences. 

Today’s average mortgage rate in District of Columbia is 6.443%, while the national average rate is 6.315%. That’s 0.128 percentage points higher than the national average.

District of Columbia’s mortgage refinance rate today is 6.537% versus the national average of 6.409% – 0.128 percentage points higher than the national average.

Use the chart below to explore the differences between states. 

Buying a House in District of Columbia

Whether you’re relocating to Washington, D.C. or simply moving to a new neighborhood in the nation’s capital, the District has a wide range of options to suit every lifestyle. From the historic charm of Georgetown to the tree-lined streets of Chevy Chase, understanding the nuances of the local real estate market is key. A local real estate agent can help you identify the ideal home that aligns with your needs and budget. Staying up to date on local real estate market conditions and local rules can make it easier to navigate the home-buying process with confidence.

How to Get the Best Mortgage Rates in District of Columbia

You’ll need to do a bit of planning and research to get the best mortgage rates in District of Columbia. Current interest rates and trends can vary widely across different regions, so start by understanding what to expect in your area. Then, shop around to compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

You may also qualify for more favorable rates if you maintain a strong credit score, provide a substantial down payment and demonstrate a stable financial history. Consult with a local mortgage broker or financial advisor who’s familiar with the District of Columbia housing market to gain valuable insights and navigate the process more efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.