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Purpose: State: Loan Amount: Loan Type: Points:
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Institution Payments Rates Apr Points Fees Last Update   Phone – A Direct Lender $1122.61 3.500% 3.703% 1.697% $1950.00 10/07/2011 – A Direct Lender $1140.13 3.625% 3.754% 0.789% $1950.00 10/07/2011 – A Direct Lender $1157.79 3.750% 3.814% 0.000% $1950.00 10/07/2011
Data provided by Informa Research Services click here for details

Current Mortgage Rates

The national mortgage market may be doing poorly, but the D.C. market is humming along. Houses are still selling at a good pace and prices are even edging slightly upwards. Washington D.C. was one of only two metro areas in the nation that saw month-to-month gains in housing prices for May, as prices went up by 1.1%. They’ve increased by 4.3% over the past year. D.C. mortgage rates are currently running about 4.351%, which compares well with national fixed mortgage interest rates, which currently average 4.50%.

What is behind the booming housing market in D.C.? A stable job market, for one thing. The largest employer in D.C. and the surrounding area is the federal government, and layoffs for federal workers and government contractors have been few and far between during the recession and subsequent recovery. Business Week and Forbes both named D.C. as the nation’s strongest job market last year.

There are other factors behind the area’s steady economic growth, however. D.C. also has some of the highest rated public schools in the country, which has more families flocking to the district who want to give their kids a good education.

Parenting Magazine recently listed D.C. as the best city in America to raise a family, based in part on the job market and the educational system. Other factors it considered were crime rates, parks and the affordability of housing. The ranking is sure to attract even more young families to D.C. and its suburbs.

This will only cause housing prices to rise even more. Currently, the median asking price for a single family home inside the district limits is $309,900. This is down from the peak of $490,354 that was reached in May 2006. Housing prices in the D.C. suburbs are still considerably less.

As more people flock to D.C. and the economy continues to improve, housing prices will continue to increase. Mortgage rates will also rise. Already they have started inching higher. Prior to last week, fixed mortgage interest rates had declined for more than two months, but last week they rose from 4.49% to 4.50%. This has not yet translated into a rise in D.C. mortgage rates, and it is unclear if the rise is a one-time event or the start of a trend. Prospective home buyers in the D.C. area should consider purchasing a home now, while they can still take advantage of these low mortgage rates.

4.25% 30 Year Fixed Rate
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