Interest Rate
4.747%
APR*
4.833%
Average home price
$626.911

If you are thinking about buying a home in Washington DC, you’ll want to be sure that you are getting the best mortgage rate possible. Your mortgage rate will depend on numerous factors including your credit score, current income level, debt-to-income ratio, and the amount you can give for a down payment.

You can help yourself dig up the best mortgage rate in Washington DC by double-checking your credit for errors and submitting your documentation to a reputable mortgage lender to be pre-approved on time.

Here’s a quick look at current Washington DC mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.747% 4.833% +0.01%
Conventional 20 year fixed 4.553% 4.651% Unchanged
Conventional 15 year fixed 3.957% 4.132% +0.02%
Conventional 10 year fixed 3.762% 3.996% -0.12%
Conventional 5 year ARM 4.361% 3.769% Unchanged
FHA 30 year fixed 3.951% 4.717% -0.06%
VA 30 year fixed 4.125% 4.394% Unchanged
VA 15 year fixed 3.923% 4.472% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Washington DC

Preparing to buy a home in Washington DC? This could be the optimal time to find your dream home in the Federal City. Here’s all you need to know:

Have you identified a spot to live? Washington DC, the U.S. capital, is a compact city on the Potomac River, between Maryland and Virginia. It is commonly called the DMV, as it divides the two states.

The median sales price of a home in D.C. is over $1 million dollars. Washington D.C. is home to nearly 700,000 people, as many as several smaller New England states.

The next step is to determine how much of a home you can buy. Being pre-approved helps you gain relevant information on your budget before you house hunt.

First-time Homebuyers

Are you a first-time home buyer in DC? First-time home buyer loan programs are administrated by the District of Columbia’s Housing Finance Agency, or DCHFA.

DC Open Doors program offers mortgages at below-market interest rates , and may include down payment assistance in the form of a deferred, non-amortizing zero-interest loan with no repayment required until 30 years have passed, or the home is sold, refinanced, or the owner moves out.

The Home Purchase Assistance Program (HPAP) provides eligible first-time home buyers with up to $84,000 to use as down payment and closing cost assistance. These funds are a no-interest loan, with no payments required for the first five years unless the borrower stops using the property as their primary residence or sells or refinances the home.

Refinancing in Washington DC

Wondering how you can refinance your home in Washington DC to take advantage of favorable Washington DC mortgage rates? You can do any of the following:

  • Refinance to attain a lower interest rate
  • Refinance to gain a longer term
  • Refinance to collect cash-out equity
  • Refinance to throw out a private mortgage insurance (PMI) requirement

You may be able to get a streamlined refinance if you have the right type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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