Today’s Refinance Rates in the District of Columbia
Updated: January 18, 2024
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Current Refinance Rates in the District of Columbia
To help you choose the best loan option for you, MoneyGeek listed the latest refinance rates in the District of Columbia for different mortgage types in the table below.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in the District of Columbia?
Currently, refinance rates in the District of Columbia are 4.05% for a 15-year fixed-rate mortgage (FRM), 4.85% for a 30-year FRM and 3.88% for a 5/1 adjustable-rate mortgage (ARM). According to the Federal Reserve Bank of St. Louis, these are below the national averages of 4.45%, 5.3% and 4.19%, respectively.
Keep in mind that a “good” interest rate is subjective and relies on certain factors such as loan term, loan amount and credit score. That’s why it’s important to shop around and compare quotes from different lenders to get the best deal possible.
Don’t waste the opportunity once you find a desirable rate for your situation. Since interest rates are often changing, you won’t know when low rates will come your way again.
Estimate Your New Monthly Mortgage Payment
Use MoneyGeek’s mortgage calculator below to get a ballpark figure for your new monthly mortgage payment. Start by providing your mortgage information and use the District of Columbia’s refinance rates in this guide. Note that the actual rate you’ll receive will differ from our estimate due to personal factors like credit score and debt-to-income ratio.
Frequently Asked Questions About Refinance Rates in the District of Columbia
MoneyGeek answered some frequently asked questions about mortgage refinance rates in the District of Columbia to help you form a wise financial decision about refinancing your home.
A good refinance rate is subjective and relies on personal factors such as your debt-to-income ratio and credit score.
A refinance rate may be considered bad if it’s higher than your current mortgage rate. Refinancing should save you money on your monthly payments, not increase them.
The current refinance rate in the District of Columbia for a 30-year FRM is 4.85%. Any rate that beats this average can be considered a good deal.
For a 15-year FRM, the average refinance rate in the District of Columbia is currently 4.05%. If you can get a lower rate, it’s a strong bargain.
Right now, the District of Columbia’s average refinance rate for a 5/1 ARM is 3.88%. A lower rate would be quite favorable.
sources
- FRED. "Mortgage Rates." Accessed July 12, 2022.