Fair Interest Rates on DC Home Mortgage

[Marielle Walter]

I was just pre-approved to purchase a home in the Fort Totten area, and I was given a 5.2% interest rate on the mortgage. This is higher than on my current primary residence. I plan for the new home to become my primary residence. I am curious if this is a fair rate, or if it is possible to shop around? 

[Russell Brazil]

20% down with a low dti and high credit score would get you about 4.75 to 4.875 right now, so yes 5 and a quarter is the right ballpark. Try reaching out to @Upen Patel at the Federal Savings Bank to get another quote.