Interest Rate
Average home price

If you’re looking at homes in Washington, you’ll want to be certain you get an optimal mortgage before you purchase your home. Your rates will vary depending on several factors, such as your credit score, the amount of income you bring in, your debt-to-income ratio (how much debt you have compared to your income), and how much down payment you plan on making.

If you want to get the best mortgage rate in Washington, it’s imperative you prepare ahead of time. Make certain that you check your credit before you apply for a loan, gather all of the (many) documents you’ll need, and speak to a professional mortgage lender so that you can bring loan preapproval to the table.

Here’s a quick look at current Washington mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.505% 6.592% -0.06%
Conventional 15 year fixed 5.64% 5.791% -0.04%
Conventional 5 year ARM 6.558% 7.618% +0.06%
FHA 30 year fixed 5.875% 6.648% Unchanged
VA 30 year fixed 5.843% 6.092% Unchanged
VA 15 year fixed 5.511% 6.011% Unchanged
VA 5 year ARM 6.1% 6.99% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Washington

Do you think it’s time to buy a home in Washington? The Evergreen State may be calling your name. Before you know it, you may just stumble onto your dream home. Here’s what you need to know about Washington:

Washington state has a decent, if geographically diverse, population of nearly 7 million residents, and slightly more than one in ten of these live in the five largest cities or the state capital of Olympia.

  • Seattle
  • Spokane
  • Tacoma
  • Vancouver
  • Bellevue

Be certain you know exactly how much home your budget allows you to consider. Washington ranks 14th in US homes for sale at average price, and 20th for homes over $1,000,000. Before you begin house hunting, loan preapproval can help you plan your budget ahead of time.

First-time Homebuyers

First-time homebuyers may qualify for a program administered by the Washington State Housing Finance Commission (WSHFC), which has two well-regarded first-time homebuyer mortgage programs.

WSHFC Home Advantage helps first-time homebuyers qualify for a low interest rate. The WSHFC House Key Opportunity offers up to $10,000 in assistance for down payment and closing costs, provided as an interest-free loan which is forgivable in increments over a 5 year period.

The requirements are fairly easy to achieve:

  • A 620 minimum credit score
  • Maximum 50% debt-to-income ratio
  • Annual income under $145,000

Refinancing in Washington

If it’s time for you to refinance your home in Washington because you just must take advantage of favorable Washington mortgage rates, here are a few things you can think about:

  • Refinance your loan and extend its term (which often lowers your monthly payment)
  • Refinance to eliminate private mortgage insurance (PMI)
  • Refinance and withdraw cash from the home equity you’ve earned
  • Refinance to a better (usually lower) interest rate

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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