What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
At 4.58%, Mortgage Rates Set Another Record
The average rate for a 30-year fixed-rate mortgage sunk to 4.58 percent this week, according to Freddie Mac. That beats last week’s already-historic 4.69 percent, which was the lowest on record since Freddie Mac started keep tracking in 1971.
Despite the eye-popping rate, the national housing market remains in what experts have called the “post-tax credit hangover.” The Feds’ homebuyer tax credit that expired at the end of April pulled housing demand forward, meaning some people that would have bought throughout the summer months hurried to buy before April 30th, leaving a gap in demand now. Exacerbating the weak demand are tighter lending standards, which exclude some would-be buyers from qualifying for a mortgage.
The market will probably remain slow through the summer, which is real estate’s low season anyway. Going into the fall, there will be a lot of anticipation about whether the market will pick back up.
See other articles related to: dc area market trends, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/at_4.58_mortgage_rates_set_another_record/2230.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
A new hotel has been pitched for a development site in Mount Vernon Triangle that has... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro