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Washington, DC Mortgage and Refinance Rates

Written by

Andrew Dehan

Edited by

Laurie Richards

Edited by

Laurie Richards

On Thursday, January 30, 2025, the national average 30-year fixed mortgage APR is 7.04%. The national average 30-year fixed refinance APR is 7.07%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Washington, D.C.

As of Thursday, January 30, 2025, current mortgage interest rates in Washington, DC are 6.97% for a 30-year fixed mortgage and 6.41% for a 15-year fixed mortgage.

Refinance rates in Washington, D.C.

Over the last several years, refinance rates in Washington, D.C. have seen a notable increase, reducing the benefit of refinancing for some residents of the capital. While the current rate environment can make refinancing unappealing for many with a mortgage rate well below 6 percent, for those who got a mortgage within the last year or two, 2025 might present an opportunity to refinance to a lower rate. Use our mortgage refinance calculator to assess refinancing in Washington, D.C. and determine if it aligns with your financial goals.

Washington, D.C., borrowers who saw their home equity rise during the pandemic may be interested in refinancing their mortgage as a way to tap those funds.

Learn more: Why and how to do a cash-out refinance

Washington, D.C. mortgage rate trends

Mortgage rates in D.C. usually follow national trends. After rates peaked near 8 percent in late 2023, they spent most of 2024 bouncing between 6 and 7 percent. While 2025 started with rates above 7 percent, many housing experts predict that rates will keep in the 6s for much of the year, and it's unlikely we'll see them dip much below that threshold.

Elevated mortgage rates and high home prices strain many aspiring homebuyers, especially first-timers. In Washington, D.C., the median home sales price as of December 2024 was $630,000, according to Redfin data. This represents over a 5 percent increase from the year prior.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	6.99%	7.04%
15-Year Fixed Rate	6.26%	6.34%
5-1 ARM	6.30%	6.80%
30-Year Fixed Rate FHA	7.15%	7.20%
30-Year Fixed Rate VA	7.15%	7.19%
30-Year Fixed Rate Jumbo	6.96%	7.02%

Rates as of Thursday, January 30, 2025 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.02%	7.07%
15-Year Fixed Rate	6.29%	6.36%
5-1 ARM	6.25%	6.78%
30-Year Fixed Rate FHA	7.17%	7.20%
30-Year Fixed Rate VA	7.82%	7.84%
30-Year Fixed Rate Jumbo	7.03%	7.08%

Rates as of Thursday, January 30, 2025 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

Mortgage options in Washington, D.C.

If you’re looking to get a mortgage in Washington, D.C., there are several options you could potentially qualify for:

Washington, D.C. conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
Washington, D.C. FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
Washington, D.C. VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 to 2.15 percent for the first use.

Learn more: Types of home loans

How to find the best mortgage rate in Washington, D.C.

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Mortgage statistics for Washington, D.C.

If you’re interested in buying in Washington, D.C., here are some stats about the housing market to guide your search:

Average home value (as of Dec. 2024): $603,762 (Zillow)
Homeownership rate (as of Q3 2024): 39.1% (Census Bureau)
Median down payment (as of Oct. 2024): $180,180 (ATTOM)
Homes with price drops (as of Dec. 2024): 18.4% (Redfin)

First-time homebuyer programs in Washington, D.C.

D.C. offers programs that first-time homebuyers can take advantage of. These programs include:

DCHFA Open Doors mortgage: The Open Doors program through D.C.’s housing finance agency (DCHFA) offers both down payment assistance and a low-interest primary loan for qualifying borrowers. To qualify, you must have a credit score of at least 640 and have a maximum income of $216,580, among other requirements.
DCHFA DC4ME program: The DC4ME program offers a reduced interest rate mortgage for qualifying government employees. To qualify, you must be a first-time homebuyer, and at least one applicant must be employed full-time by the District.
DHCD Home Purchase Assistance Program (HPAP): The Department of Housing and Community Development (DHCD) offers interest-free loans and closing cost assistance through a program known as HPAP. Currently, all funds are allocated for this program, but the program may open again in the future.

Learn more: Washington, D.C. first-time homebuyer programs

Additional Washington, D.C. mortgage resources

Washington, D.C. loan limits: Learn the FHA and conventional loan limits for Washington, D.C.
Washington, D.C. mortgage lenders: Review an extensive list of D.C. mortgage lenders.
Washington, D.C. housing market: Read up on everything you need to know about the D.C. housing market.

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.