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 | 6.858% | 6.943% | +0.12% |
| Conventional 20 year fixed | 6.71% | 6.82% | -0.01% |
| Conventional 15 year fixed | 6.273% | 6.408% | +0.11% |
| Conventional 10 year fixed | 6.03% | 6.218% | Unchanged |
| Conventional 7 year ARM | 7.367% | 7.899% | Unchanged |
| Conventional 5 year ARM | 6.517% | 7.625% | +0.07% |
| FHA 15 year fixed | 6.625% | 7.326% | Unchanged |
| FHA 30 year fixed | 6.375% | 7.13% | +0.07% |
| VA 30 year fixed | 6.25% | 6.559% | -0.06% |
| VA 15 year fixed | 6.087% | 6.571% | +0.37% |
| VA 5 year ARM | 6.284% | 7.106% | -0.09% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
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.
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 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:
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:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.
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