Updated: November 12, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Washington is 6.68%, lower than the national average rate of 7.15% for the same type of mortgage. In Washington, homebuyers benefit from programs like the Home Advantage Program and the House Key Opportunity Program, which can help lower the overall cost of a mortgage.
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Washington. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
The current mortgage rate in Washington for a 30-year fixed mortgage is 6.7% as of November 2024, up from 5.8% the previous month. This increase of almost 90 basis points can amount to additional expenses of around $43,282 over the life of a loan based on a $250,000 loan with a 20% down payment — and this doesn't even touch on other costs like property taxes or HOA fees.
The line chart below illustrates rate trends for several loan options over recent months; this can directly affect your financial planning.
Staying informed on the current mortgage rates in Washington can help you budget because these rates adjust frequently due to economic changes and the Federal Reserve's actions.
Today's mortgage interest rates in Washington benefit both new homebuyers and existing homeowners looking to refinance in light of shifts in the housing market:
First-time homebuyers
First-time homebuyers in Washington benefit from knowing rates as they compare different lenders' offerings and assess their competitiveness.
Homeowners with mortgages
Homeowners can use knowledge of Washington's current mortgage rates to evaluate if a mortgage refinance could lower costs.
Mortgage rates in Washington for home purchases and refinancing are not consistent. Currently, for a new 30-year fixed mortgage, the rate stands at 6.68% — the rate drops slightly to 6.53% if you're refinancing the same type of loan. As you navigate your home buying or mortgage adjustment plans, it's important to consider these figures, as they will affect your monthly payments.
If you're interested in a 30-year fixed-rate mortgage in Washington, expect to pay a higher interest rate than if you opt for a 15-year fixed-rate mortgage. Longer loan terms come with more uncertainty for lenders — more time means more chances for fluctuations and possible non-payment.
Exploring mortgage loan types in Washington can reveal which options align with your finances. If you want an estimate of monthly payments or total interest, a mortgage calculator can be a useful tool to help you understand the numbers.
| 5.70% | 5.89% |
An interest rate represents the annual cost of borrowing money for a mortgage. If you're in Washington, expect the average mortgage interest rate for a 30-year fixed mortgage to be around 6.60%.
The APR offers a broader picture, encompassing the interest rate and other costs, such as mortgage points and fees. In Washington, the average APR for a 30-year fixed-rate mortgage hovers at about 6.68%, reflecting the total yearly cost of your mortgage.
If you have a solid credit score of 740 or higher and are planning to put down a 5% to 20% payment, the average APR for a 30-year fixed mortgage in Washington is currently 7.26%. If your score is below 680, expect the average APR to be at 7.92%.
Your credit score directly impacts the mortgage rates you may qualify for in Washington. Our interactive table shows the rates you might get based on your credit score and down payment.
| 10-year Fixed | 5.41% |
| 15-year Fixed | 6.00% |
| 20-year Fixed | 6.86% |
| 30-year Fixed | 6.86% |
| 5-year ARM | 7.51% |
| 7-year ARM | 7.39% |
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.29%. Knowing your options can help you decide on a mortgage that suits you. Take a look at the various mortgage loan types available in Washington.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Washington |
|---|---|---|---|
Conventional Loans | In Washington, a conventional loan is not insured by the federal government. | Mortgage rates for conventional loans are influenced by credit score and down payment size. | 6.68% |
FHA Loans | FHA loans in Washington are backed by the Federal Housing Administration. | FHA loans often have lower credit requirements, which may lead to slightly higher rates. | 8.00% |
VA Loans | The Department of Veterans Affairs guarantees VA loans in Washington. | VA loans offer competitive rates due to government backing, often regardless of credit score. | 6.29% |
USDA Loans | The US Department of Agriculture supports USDA loans in Washington. | USDA loans can offer lower rates due to government backing and aim to aid rural homebuyers. | currently unavailable |
Jumbo Loans | A jumbo loan in Washington exceeds the conforming loan limits set by FHFA. | Jumbo loans typically have higher rates due to larger loan amounts and increased lender risk. | 6.69% |
Mortgage rates in Washington are split between fixed and adjustable.
As of November 2024, the average annual percentage rate (APR) in Washington is 6.68% for a 30-year fixed-rate loan and 7.30% for a seven-year adjustable-rate mortgage.
Lower, Bank of America and Loan Depot stand out as solid options for securing a mortgage in Washington. These lenders meet key factors — state availability, Better Business Bureau accreditation and homeowner assistance programs. This list isn't exhaustive; exploring other lender options could benefit you.
Mortgage rates in Washington can change based on which lender you choose, as they offer varying mortgage options and terms. You can find the best possible mortgage deal by comparing multiple lenders in the state.
Lower offers a range of mortgage products for Washington borrowers, accessible exclusively online. Options include conventional and FHA loans, with a minimum credit score of 580 to qualify. While Lower hasn't disclosed the minimum down payment for these mortgages, FHA loans typically require as little as 3.5% down for those eligible.
Lower's customer service hours are Monday through Friday, 9 a.m. to 5 p.m. ET, through phone or text. Lower appears as the top HELOC lender for most states, a testament to its diverse home loan solutions. Lower assists homeowners through programs like Buy Before You Sell, offering a strategic advantage to those looking to purchase a new home before selling their current one. Such support geared towards homeownership transitions can be a significant help for many.
Pros
Cons
Loan Depot is a mortgage lender that assists borrowers in Washington both online and with in-person services. It offers a selection of mortgage options, including fixed-rate and adjustable-rate loans. If you're considering an FHA Loan with it, the minimum credit score required is 580. Regarding down payments, 5% is the minimum for conventional loans, whereas, for an FHA loan, it's 3.5% - but that increases to 10% if your credit score falls below 580.
Loan Depot provides customer service Monday through Friday from 10 a.m. to 9 p.m. ET. You can reach it via phone or email. For homeowners seeking assistance, it offers programs such as Loss Mitigation Assistance. This helps homeowners who might be struggling with their mortgage payments.
Pros
Cons
Bank of America offers a variety of mortgage products for those shopping for a new home or considering refinancing in Washington. It provides both online and in-person services. The mortgage options include fixed-rate and adjustable-rate mortgages, where the specifics of minimum credit scores remain undisclosed. It also offers other types of loans, such as jumbo, FHA, VA and doctor loans.
Customer service is available Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturdays from 8 a.m. to 6:30 p.m. ET through phone, virtual or in-person channels, which aligns with modern connectivity needs. For homeowners seeking assistance, it provides programs like America’s Home Grant®. VA loans don't require a down payment.
Pros
Cons
Getting a home is more than monthly payments; watch out for hidden costs. In Washington, you'll find support from the Washington State Housing Finance Commission — they offer mortgage programs that might benefit you.
Program | Description |
|---|---|
Home Advantage Program | The Home Advantage Program streamlines the path to securing a home in Washington. Commit to a homebuyer education seminar for pivotal insights and a needed loan approval certificate. Work with a specialized loan officer to review loan types and income specifications. Your income should be under $180,000 annually to qualify. Funds for this program are always accessible, facilitating a measured approach to finding your ideal home. |
House Key Opportunity Program | The House Key Opportunity Program is helpful for first-time homebuyers; it offers reduced mortgage rates through tax-exempt revenue bonds. Gain an edge by combining it with down payment assistance options. You start by earning a certificate at a homebuyer seminar. A trained loan officer aids in determining your eligibility based on first-time buyer status or income and price limits. This program is best utilized with an intent for long-term homeownership. |
Downpayment Assistance | The Downpayment Assistance initiative works alongside Home Advantage or House Key Opportunity programs to tackle the down payment barrier. Eligibility hinges on an annual household income of less than $180,000 and a minimum credit score of 620. Beneficiaries often get around $10,000 at interest rates between 0% and 4%. This loan lumps into your mortgage, requiring a single payment and typically defers repayment till the primary mortgage concludes or upon property sale or refinancing. |
We've addressed common questions about today's mortgage rates in Washington to help ensure you're informed and prepared to make mortgage decisions that suit your needs.
Current average APRs in Washington vary by loan type. A 30-year fixed conforming loan has an average APR of 6.68%, while seven-year ARMs for conforming and jumbo loans are 7.30% and 7.22%, respectively.
Washington's average APRs for mortgages can differ from the national rates. A 30-year fixed-rate mortgage in Washington has an average APR of 6.68%, whereas the national average is 7.15% as of November 2024.
Your credit score significantly impacts the low mortgage rates you can secure in Washington. A higher credit score often results in lower APRs, while a lower score may lead to higher rates.
Yes, there are several special mortgage programs in Washington, including the Home Advantage Program, House Key Opportunity Program and Downpayment Assistance programs.
To secure the best mortgage rate in Washington, consider making a larger down payment, improving your credit score and comparing rates from multiple lenders.
Today's refinance rates in Washington feature an average APR of 5.92% for 15-year fixed loans and 6.53% for 30-year fixed loans.
You can calculate your mortgage payments using a mortgage calculator for Washington, which takes into account your loan amount, interest rate and term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
