What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Local Address: $3 Billion in Refinancing Savings
It is no secret that as interest rates creeped to their lowest point on record during the past year, homeowners started to refinance their mortgages in droves. However, what is staggering is the total savings that those folks will reap.
In her Local Address blog, the Washington Post’s Elizabeth Razzi points to data released earlier this week by Freddie Mac, which shows that people who refinanced between July and September “cut their interest rates by an average of 1.1 percentage points, and they stand to save $3 billion.” It is important to note that the $3 million savings came just during a three-month span.
The blog post also offers a couple of other nice nuggets of information, but none was more telling than this one:
“The median appreciation of the refinanced property was 0 percent during the third quarter. Zero. In the third quarter last year the median appreciation was 16 percent. And it was as high as 34 percent back in 2006.”
This article originally published at https://dc.urbanturf.com/articles/blog/local_address_3_billion_in_refinancing_savings/1474.
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 residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
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