District of Columbia
Mortgage Rates;
The District of Columbia housing market is stuck in slow motion and will remain sluggish for the rest of 2007. The average time on the market for a property is 20-30 days and that trend is increasing. Inventory levels are not as high as in other parts of the country so there is a healthy balance between supply and demand. As with the rest of the nation, potential buyers are waiting to see where the market eventually ends up and also, the tightening of lending standards is making it slightly more difficult for buyers to secure the right mortgages.
Average home prices have dropped slightly compared to 2006 but seem to be holding up. Sellers are getting approximately 95% of the asking price and good homes are moving off the market. District of Columbia remains an attractive place to live and people are keen to move into the area. The market hasn’t experienced a dramatic slump and prices will bump along the bottom for the rest of the year. It is still a good time to buy and property in the area represents a sound investment. Below are examples of current rates:
For loans up to $417,000
30 Yr Fixed: rates from 6.1% to 6.4%
15 Yr Fixed : rates from 6% to 6.25%
1 yr ARM : rates from 5.45% to 5.8%
3/1 ARM : rates from 6% to 6.2%
5/1 ARM : rates from 6.1% to 6.5%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 6% to 6.575%
15 Yr Fixed Jumbo : rates from 6.15% to 6.75%
1 Yr ARM Jumbo : rates from 5.65% to 5.9%
3/1 ARM Jumbo : rates from 6.25% to 6.5%
5/1 ARM Jumbo : rates from 6.19% to 6.35%
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Major District of Columbia
Cities;
Washington
Washington DC
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