Current Washington, D.C., Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Current 30 year-fixed mortgage rates are averaging: 6.92% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.28% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare D.C. mortgage rates today

Refinance rates in Washington, D.C.

• Rate-and-term refinances allow you to change your interest rate, loan term or both. Choosing a longer loan term or lower interest rate can help reduce your monthly mortgage payment. In Washington, D.C., today, refinance rates may be slightly higher than purchase mortgage rates.
• Cash-out refinances are a great opportunity to replace your current home loan with a new one and, at the same time, access a portion of your home equity. You’re almost always going to have to pay a higher interest rate, though, compared to a refinance that doesn’t involve tapping your equity.
• Conventional refinances aren’t a part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
• FHA refinances are insured by the Federal Housing Administration (FHA), so you get a little more flexibility with qualifying requirements than you will with conventional loans. FHA refinance rates are also usually lower than conventional refinance rates.
• VA refinances usually offer the lowest VA rates available. That’s because they’re backed by the U.S. Department of Veterans Affairs (VA). Their main downside is that you have to be a qualified military borrower to take advantage of them.

Current 30 year-fixed mortgage refinance rates are averaging: 7.15% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.68% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

See whether refinancing makes sense for you using our mortgage refinance calculator.

On this page

• Mortgage rate trends
• How to get the best mortgage rate for a Washington, D.C., home loan
• 2024 Washington, D.C., home loan programs
• Learn about different types of D.C. mortgage loans
• Featured resources

What is the current mortgage rates forecast for 2024?

The current mortgage interest rates forecast is for rates to continue moving closer to 6% as the year progresses. If the Federal Reserve cuts rates in the latter half of the year — as many market-watchers expect — we could even see rates dip below that 6% threshold.

Inflation has certainly come down over the last year but, as of this writing, it remains stubbornly above the Fed’s desired level of 2%. This means it’s likely that rate cuts aren’t right around the corner. Fed officials have been adamant about the need for caution, since if the Fed cuts rates too soon, it could quickly undo the progress that the economy has made so far.

How do I get the best mortgage rate for my Washington, D.C., home loan?

A winning strategy for homebuyers is to ignore the factors determining mortgage rates that are out of your control, and focus on the ones that’ll get you results.

Here are a few steps you can take right now to get the best mortgage rate:

1. Boost your credit. It’s crucial to understand your credit score, as it’s the single biggest factor influencing the mortgage rates lenders offer you. To check your credit score and learn which factors are most important in your unique case, sign up for LendingTree Spring.
2. Lower your debt-to-income (DTI) ratio. Lenders lean on your DTI ratio when evaluating how heavy your debt load is, and whether you can take on more. You can lower your DTI and get better rate offers by increasing your income, paying off some debts or getting a cosigner.
3. Buy a single-family, site-built home. Lenders view other home types — like manufactured homes, properties with multiple units, vacation homes and investment properties — as more risky, so they charge higher interest rates when financing them.
4. Pay for mortgage points.Mortgage points allow you to reduce your interest rate — for a fee. One point typically costs 1% of your loan amount and reduces your rate by up to 0.25 percentage points. However, before you pull the trigger on points, it’s wise to compare this strategy to simply paying down your mortgage’s principal balance by that same amount.
5. Compare offers from multiple lenders. Take the time to gather loan estimates from three to five lenders. Compare the rates you’re quoted and choose the lowest one — it can save you thousands in interest fees over the life of your loan, according to LendingTree data.

When should I lock in my mortgage rate?

If you have a loan estimate in hand and you’re ready to move forward, you should request that the lender give you a mortgage rate lock. This will hold the rate quoted in that loan estimate for you — if you don’t get a lock, your rate could increase before you make it to closing.

2024 Washington, D.C., home loan programs

DHCD Home Purchase Assistance Program

This program from the Department of Housing and Community Development (DHCD) offers up to $202,000 through a second mortgage that can be used to cover your entire down payment, as well as up to $4,000 to be used for closing costs. Moderate-income households will begin making monthly, interest-free payments after five years of ownership, and must fully repay the loans within 40 years. Low- and very low-income households won’t have to make any payments. However, if you sell, refinance or move out of the home, you’ll have to repay the assistance immediately.

Who qualifies?

Be a first-time homebuyer
Be the head of the household
Earn within the program’s income limits
Contribute $500 or 50% of your liquid assets over $3,000 (whichever is greater)
Have “good” credit, which is usually defined as a FICO Score of 670 and above

Who qualifies as a first-time homebuyer?

People who have never owned a home
People who haven’t owned residential real estate in the last three years

DC Open Doors Down Payment Assistance Program

DC Open Doors can help you purchase a home by joining the buying power of a low-interest-rate mortgage with a second loan that covers the entire down payment amount. Both first-time homebuyers and repeat buyers can qualify, and you aren’t required to be a current D.C. resident.

Who qualifies?

Have a minimum 640 credit score
Earn no more than $199,200 per year
Purchase a home with a first mortgage for no more than $766,550

DC4ME

DC4ME is a special first-time homebuyer program for government employees (and their co-borrowers) who want to purchase a home in the District of Columbia. The program provides a purchase mortgage with a low interest rate and, optionally, another loan for down payment funds up to 3%.

Who qualifies?

Earn no more than 120% of the area median income (maximum of $199,200)
Purchase a home for no more than $766,550
Have a 640 minimum credit score
Take a homebuyer education course

Get the full details about each program at the DC Housing Finance Agency’s website.

Learn about different types of D.C. mortgage loans

→ Washington, D.C., conventional loans. If you have strong credit, your first consideration should be a conventional loan. They typically offer good value for borrowers who can qualify for them, but you’ll need to meet the minimum requirements set by Fannie Mae and Freddie Mac — including a 620 minimum credit score.

→ Washington, D.C., FHA loans. If conventional loan requirements aren’t within reach, your next stop should be an FHA loan. They’re far more forgiving and allow borrowers to qualify with credit scores as low as 500. You’ll have to make a 10% down payment if your score is between 500 and 579 — but if you have at least a 580 score, you’re able to put down only 3.5%.

→ Washington, D.C., VA loans. VA loan requirements offer even more flexibility than FHA loans, but they’re only available to qualified military borrowers. For those with full VA entitlement, there’s the option to purchase or refinance a home with 0% down.

→ Washington, D.C., streamline refinances only apply if you’re looking at an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). These loan programs let you refinance from an FHA loan into an FHA loan, or from a VA loan into another VA loan. They get their “streamline” name from the fact that borrowers typically spend less time chasing down paperwork or jumping through additional hurdles, compared to other refinance types.

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