Washington Mortgage and Refinance Rates
As of Sunday, June 13, 2021, current rates in Washington are 3.12% for a 30-year fixed, 2.40% for a 15-year fixed, and 3.60% for a 5/1 adjustable-rate mortgage (ARM).
Bankrate has offers for Washington mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
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Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
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Washington mortgage overview
By Dhara Singh
The Evergreen State is home to approximately 7.5 million residents. The state had a homeownership rate of 63.8 percent in 2019, according to data from the Federal Reserve Bank of St. Louis. With a median home price of $362,100 as of 2018, Washington homes are slightly higher than the national average as of Q1 2020, $327,100.
To help individuals and families purchase a home, resources include the Washington Homeownership Resource Center, a nonprofit with a website, hotline and portal with resources for first-time homebuyers, current owners and those who may be facing foreclosure or other hardships; the Washington State Department of Financial Institutions, designed to protect homeowners and buyers and offering free counseling services; and the Washington State Housing Finance Commission (WSHFC), founded in 1983, which sponsors homebuyer education programs.
First-time homebuyer programs in Washington
In Washington, qualifying homebuyers may have access to a variety of homebuyer programs and educational opportunities to help them through the buying process, including the:
- Home Advantage Program: This state program is for new homebuyers — either first-time homebuyers or those who have owned in the past but do not currently. Through it, qualifying buyers can receive up to 4 percent of the first mortgage price in down payment assistance. The borrower is required to attend a free five-hour homebuyer education course in order to qualify.
- House Key Opportunity Program: Designed exclusively for first-time homebuyers, this state bond program requires borrowers to complete a homebuyer education course and work with a state-approved lender. There are county-specific home value limits, with the statewide limit set at $510,400. Since the program is designed for low- to moderate-income borrowers, there are county-specific household income limits. For instance, in Pierce County, a one- or two-person household must earn an annual income of $85,000 or less. The program is available to those using certain down payment assistance programs, including Opportunity, HomeChoice, Veterans, Seattle, Tacoma, ARCH East King County, Bellingham and Pierce County. There are exceptions for those purchasing new construction or a home in a community land trust.
Washington mortgage refinancing
If you’re looking to refinance a home in Washington, private lenders, banks and mortgage brokers are options, as the Washington State Housing Finance Commission doesn’t offer any programs specifically for refinancing.
Regardless of the lending institution, it’s important to note that you don’t have to refinance with the same lender who holds your current mortgage. It’s smart to identify your goals in refinancing (such as a lower monthly mortgage payment or a shorter term), do your research and shop around and make sure you’re getting the best possible rate and terms.