Washington DC Mortgage Rates Survey – Week of January 16, 2012

According to a recent Primerates.com survey of Washington DC mortgage rates offered by the largest area banks & credit unions in the DC area Capital One (www.capitalone.com), SunTrust Bank (www.suntrust.com) and Wells Fargo (www.wellsfargo.com) all offered rates at 3.88% on 30-year fixed -rate conforming loans for well-qualified borrowers.  Most other lenders rates have fallen in the past few weeks with the exception of Branch Banking and Trust (www.bbt.com) which remains at 4.31%.

While going through the loan process, borrowers will be hit with quite a bit of mortgage jargon.  A good lender will be prepared to define and explain all the terms, and be able to tell the borrower just what to expect.  But being prepared is the number one key to negotiation, so knowing some of the terms ahead of time will lead to lower fees and costs.  A big thing comes the borrower’s way is the Good Faith Estimate (GFE).  It is included in every loan and must be given to the borrower within three days of applying for the loan.  Part of the Real Estate Settlement Procedures Act (RESPA), the GFE must include all of the fees, costs, and payments associated with the loan.  This means, taxes, insurance, appraisals, inspections, etc.  Keep in mind though, it is just an estimate, but even so the charges cannot increase more than 10% than what is listed on the GFE.

Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.