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Washington Mortgage and Refinance Rates

On Friday, March 24, 2023, the national average 30-year fixed mortgage APR is 6.81%. The national average 30-year fixed refinance APR is 6.92%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Washington mortgage overview

As of Friday, March 24, 2023, current interest rates in Washington are 6.75% for a 30-year fixed mortgage and 6.01% for a 15-year fixed mortgage.

The Evergreen State is home to approximately 7.5 million residents, with an average home value of $602,324 as of December 2022, according to Zillow.

To help individuals and families purchase a home in the state, resources include the Washington Homeownership Resource Center, a nonprofit offering assistance to 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), which sponsors homebuyer education programs.

Top 5 Bankrate mortgage lenders in Washington

  • Accelin Loans
  • Fairway Independent Mortgage Corporation
  • Cake Mortgage
  • Cherry Creek Mortgage


Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Founded in 1998, has funded over $31 billion in mortgages to over 90,000 homeowners. Known for cost efficiency, guarantees closing costs as shown at the time of application and rate lock, and guarantees the fees of third-party service providers, as well.

Strengths: strives to eliminate the most expensive components of the mortgage process, and offers transparent costs and an efficient application process.

Weaknesses: This lender doesn’t offer FHA or USDA loans, and doesn’t accept credit scores below 620 in most cases.

Read Bankrate's user reviews.

Accelin Loans

Accelin Loans offers jumbo loans as large as $2.5 million with reduced lender fees. Plus, it’s a mortgage broker, so you’ll be able to compare multiple options to determine the best fit for your finances.

Strengths: The broker helps collect multiple loan options for your review and offers a convenient online application process.

Weaknesses: Its interest rates and lender fees are not available on its website.

Read Bankrate's Accelin Loans mortgage review.

Fairway Independent Mortgage Corporation

A low credit score might make you think homebuying isn’t in your future, but Fairway Independent Mortgage Corporation prides itself on working with low- and moderate-income borrowers, particularly those who are purchasing in a rural part of Washington. The USDA, which backs USDA mortgages for borrowers in rural areas, named it its top lender in 2021.

Strengths: The FairwayNOW mobile app makes tracking your application and communicating with a loan officer easy, and the lender has loads of helpful online calculators and resources to educate you on the ins and outs of buying a home. There are also more than 50 branches throughout Washington.

Weaknesses: Fairway doesn’t list mortgage rates or fees online and doesn’t offer home equity lines of credit (HELOCs).

Read Bankrate's Fairway Independent Mortgage Corporation review.

Cake Mortgage

Cake Mortgage has funded over $3.5 billion in loans since its founding in 2018. The Chatsworth, California-based lender offers a 10-minute online application and often closes in as little as 28 days.

Strengths: Cake Mortgage is transparent about its rates.

Weaknesses: Cake Mortgage isn’t available in all states.

Read Bankrate's Cake Mortgage user reviews.

Cherry Creek Mortgage

Cherry Creek Mortgage has originated more than $78 billion in loans since launching in 1987. Today, the lender has several dozen branches and an online division, Blue Spot Home Loans, that can issue same-day preapprovals, with the average closing time between 22 and 27 days.

Strengths: Cherry Creek offers a wide range of loan programs, including low-down payment options; helpful calculators to estimate homeownership costs; and regularly updated and published rates.

Weaknesses: This lender is not available in every state, and has stricter FHA credit score requirements compared to other lenders.

Read Bankrate's Cherry Creek Mortgage review.

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:

  • 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 $647,200. Since the program is geared toward low- to moderate-income borrowers, there are county-specific household income limits. 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. With rates rising, it’s important to evaluate whether refinancing will actually provide you with savings at this time.

Washington mortgage resources