Home Equity Loan Rates in Washington (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Washington's home equity loan rates are higher than national averages — 8.0% APR for 10-year and 8.1% for 15-year terms, compared to 7.7% and 7.9% nationally. We've compiled detailed insights on current home equity loan rates in Washington, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Washington is 8.1%, though several factors might affect what lenders offer. For instance, a higher credit score typically leads to a lower APR, while a larger loan amount might increase it. Repayment terms are another factor to consider. Check the table below to compare the average APRs of home equity loans in Washington across different loan terms.

Interest rates for a home equity loan change daily. Keeping track of these rates can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For instance, a 15-year home equity loan with an 8.1% APR has a monthly payment of $481 and a total interest of $36,529. In contrast, a 10-year loan with an 8.0% APR has a monthly of $607 and a total interest of $22,797.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio presents a greater risk to lenders, resulting in higher rates. In Washington, the average APR of a 15-year equity loan with an LTV ratio of 80% is 8.1%, compared to 8.3% for an LTV ratio of 90%. Check the table below to see what rates you might qualify for based on your LTV ratio and explore how average home equity loan rates vary.

Average APRs vary between cities in Washington. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Conversely, cities with higher living costs may see slightly higher rates as lenders face increased operational expenses.

In Washington, Long Beach has an average APR of 6.4%, while Newcastle's is 11.9%. Below is a table showing the cities in Washington and their average APRs for home equity loans with different terms.

Home equity loan rates in Washington can vary widely between lenders, influenced by their policies and assessments. For instance, Washington Trust Bank offers the lowest average APR at 4.8%, while KeyBank National Association has the highest at 11.9%.

Comparing rates and terms from different lenders is essential to securing the lowest home equity loan rates. Explore the interactive table below to see which lenders offer the best rates in your city.

Getting the best home equity interest rates can lower your monthly payments and borrowing costs, freeing up funds for other goals. Imagine saving hundreds monthly by securing a low rate. To achieve the best home equity loan rates in Washington, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for Washington homeowners. We provide clear, reliable information to help you understand these rates and navigate your financial options confidently.