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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||5.512%||5.624%||-0.05%|
|Conventional 20 year fixed||5.333%||5.443%||Unchanged|
|Conventional 15 year fixed||4.624%||4.803%||+0.06%|
|Conventional 10 year fixed||4.562%||4.788%||Unchanged|
|Conventional 7 year ARM||5.708%||6.459%||Unchanged|
|Conventional 5 year ARM||5.667%||6.593%||+0.14%|
|FHA 15 year fixed||4.862%||5.623%||+0.1%|
|FHA 30 year fixed||5.058%||5.841%||-0.05%|
|VA 30 year fixed||5.05%||5.223%||+0.01%|
|VA 15 year fixed||4.554%||4.789%||-0.34%|
|VA 5 year ARM||5.261%||6.246%||Unchanged|
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.
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.
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:
You may be able to get a streamlined refinance if you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.