MATIASGUARRO

If you’re getting ready to buy a new home or refinance your mortgage in District of Columbia, understanding current rates is key. That said, these rates aren’t set in stone, and they change based on factors like economic conditions, Federal Reserve policy and inflation.

Our team found the current District of Columbia mortgage and refinance rates to help you understand these fluctuations and better navigate the District of Columbia housing market. We also evaluated mortgage rate trends and compiled guidance for buying a home and getting the best mortgage rates in District of Columbia. Regardless of whether you want to buy your dream home or refinance your current mortgage, keeping an eye on current rates can help you save.

Today’s Mortgage Rates in District of Columbia

District of Columbia’s average APR on a 30-year mortgage increased 0.077 points to 6.477% over the past week, according to data from the Mortgage Research Center. The rate is down 0.238 points over the last 90 days and down 0.018 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage increased 0.116 points to 5.592% over the past week. Over the last 90 days, the rate is down 0.069 points; it’s up 0.053 points over the last 30 days.

The average APR for a 30-year jumbo mortgage climbed 0.034 points to 6.837% since last week. It’s down 0.157 points over the last 90 days and down 0.05 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.477%.
• Last week. 6.4%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.592%.
• Last week. 5.476%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.837%.
• Last week. 6.803%.

Today’s Refinance Rates in District of Columbia

District of Columbia’s average APR for the benchmark 30-year fixed refinance mortgage climbed 0.029 points to 6.535% compared to a week ago. The rate is down 0.233 points over the last 90 days and down 0.058 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage climbed 0.101 points to 5.565% weekly. Over the last 90 days, the rate is down 0.092 points over the last 90 days; it’s up 0.068 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR increased 0.015 points to 6.9% week-to-week. It’s down 0.158 points over the last 90 days and down 0.045 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.535%.
• Last week. 6.506%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.565%.
• Last week. 5.464%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.9%.
• Last week. 6.885%.

District of Columbia Mortgage Rate Trends

Understanding mortgage rate trends can help you make more informed decisions about the best time to purchase a home, refinance your current home loan or shop for a second mortgage. Depending on your credit score and other qualifications, analyzing District of Columbia mortgage rate trends may lead to a lower interest rate and savings 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

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

Today’s average mortgage rate in District of Columbia is 6.477%, while the national average rate is 6.335%. That’s 0.142 percentage points higher than the national average.

District of Columbia’s mortgage refinance rate today is 6.535% versus the national average of 6.389% – 0.146 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.