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Washington Mortgage and Refinance Rates

On Sunday, May 19, 2024, the national average 30-year fixed mortgage APR is 7.09%. The national average 30-year fixed refinance APR is 7.11%, according to ... Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Washington

As of Sunday, May 19, 2024, current interest rates in Washington are 7.13% for a 30-year fixed mortgage and 6.29% for a 15-year fixed mortgage.

The median home sale price in the state was up 3.8 percent year-over-year as of December 2023, according to ATTOM. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.

Refinance rates in Washington

While mortgage refinance rates have more than doubled since the pandemic, many Washington homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

Washington mortgage rate trends

While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Washington State.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.04% 7.09%
15-Year Fixed Rate 6.47% 6.55%
5-1 ARM 6.63% 7.88%
30-Year Fixed Rate FHA 6.91% 6.96%
30-Year Fixed Rate VA 7.03% 7.07%
30-Year Fixed Rate Jumbo 7.13% 7.19%

Rates as of Sunday, May 19, 2024 at 6:30 AM



Mortgage statistics for Washington

Washington’s housing market is dominated by the pricey properties in the Seattle region, but homes in the eastern part of the state are less expensive. Here are some statistics about mortgages and the housing market in The Evergreen State:

  • Most affordable counties, Jan. 2024: Adams, Columbia, Ferry, Garfield, Lincoln
  • Median home sales price, Dec. 2023: $540,000
  • Median down payment, Dec. 2023: $100,000 
  • Homeownership rate, Q4 2023: 66.4% 

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Washington

If you’re looking to get a mortgage in Washington, there are several options:

  • Washington conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • Washington FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • Washington VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.

Learn more: Types of home loans

First-time homebuyer programs in Washington

In Washington, qualifying first-time homebuyers have access to a variety of programs and educational opportunities, including:

  • Home Advantage Program and down payment assistance: 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. The program is only available to those using certain down payment assistance programs, and there are exceptions for those purchasing new construction or a home in a community land trust.

Learn more: Washington first-time homebuyer assistance programs

How to find the best mortgage rate in Washington for you

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Washington mortgage resources

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita