Updated: January 9, 2025
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Washington is 6.39%, lower than the national average of 6.83%. Washington homebuyers benefit from programs like the Home Advantage Program and the House Key Opportunity Program, which help lower mortgage costs.
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 December 2024.
In December 2024, the average APR for a 30-year fixed mortgage in Washington is 6.39%, down from 6.68% in November. This rate drop means a potential savings of around $5,724 in total interest for a $250,000 loan with a 20% down payment, excluding property taxes and HOA fees.
Mortgage rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Washington's current rates to calculate your potential monthly payments and budget effectively.
Today's mortgage interest rates in Washington benefit new homebuyers and existing homeowners looking to refinance amid shifts in the housing market:
First-time homebuyers in Washington benefit from knowing rates as they compare different lenders' offerings and assess their competitiveness.
Homeowners can use knowledge of Washington's current mortgage rates to evaluate if a mortgage refinance could lower costs.
Mortgage rates in Washington vary for home purchases and refinancing. The current rate for a new 30-year fixed mortgage is 6.39%, while refinancing has a slightly higher rate of 6.48%.
A 30-year fixed-rate mortgage typically has a higher interest rate than a 15-year loan. Due to the extended time frame, longer loan terms are riskier for lenders, increasing the likelihood of rate fluctuations or missed payments.
Explore various mortgage types in Washington to find the best option for your finances. A mortgage calculator can help you estimate monthly payments and total interest, giving you a clearer picture of the costs involved.
| 5.78% | 5.95% |
The interest rate represents the annual cost of borrowing money on a mortgage. Washington's average mortgage interest rate for a 30-year fixed mortgage is 6.32%.
The APR (annual percentage rate) includes the interest rate and other costs, such as mortgage points and fees. In Washington, the average APR for a 30-year fixed-rate mortgage is 6.39%, reflecting the total yearly mortgage cost.
In Washington, your credit score plays a key role in the mortgage rates you qualify for. If your credit score is 740 or higher and you plan to put down 5% to 20%, the average APR for a 30-year fixed mortgage is 6.80%. If your score is below 680, the average APR increases to 7.80%.
Use the interactive table below to see the rates you might qualify for based on your credit score and down payment.
| 10-year Fixed | 5.09% |
| 15-year Fixed | 6.03% |
| 20-year Fixed | 6.58% |
| 30-year Fixed | 6.80% |
| 5-year ARM | 7.67% |
| 7-year ARM | 7.57% |
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Washington at 6.28%. Knowing your options can help you decide on a mortgage that suits you. Take a look at the various mortgage types in Washington.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Washington |
|---|---|---|---|
Conventional loans | A conventional loan isn't insured by the federal government. | Rates depend on personal credit and loan amount. | 6.39% |
FHA loans | FHA loans are backed by the Federal Housing Administration and allow lower credit scores. | Rates are often lower with more flexible qualification criteria due to FHA's backing. | 7.83% |
VA loans | VA loans are for veterans, offering competitive rates without a down payment. | Rates are competitive due to VA backing. | 6.28% |
USDA loans | USDA loans cater to rural homebuyers with mostly zero down payment requirements. | Rates can be lower for eligible rural and suburban homebuyers due to government backing. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to the higher loan amounts and the risk involved. | 6.66% |
Mortgage rates can be fixed or adjustable.
As of December 2024, the average APRs in Washington are 6.39% for a 30-year fixed-rate loan and 7.18% for a seven-year ARM.
Lower, LoanDepot and Bank of America are good mortgage options in Washington due to their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, exploring other lenders may also be beneficial.
Rates vary depending on the lender, as each offers different loan options and terms. To find the best deal, compare multiple lenders in Washington.
Lower offers various mortgage products, including conventional and FHA loans, with a minimum credit score of 580. While the minimum down payment isn’t specified, FHA loans typically require as little as 3.5% down.
Customer service is available via phone or text Monday through Friday, 9 a.m. to 5 p.m. ET. Known as a top HELOC lender in many states, Lower provides valuable support, such as the Buy Before You Sell program, which helps homeowners manage the transition between selling and buying homes.
Pros
Cons
LoanDepot provides mortgage options both online and in-person, including fixed-rate and adjustable-rate loans. For FHA loans, a minimum credit score of 580 is required, and the down payment is 3.5%. For conventional loans, the minimum down payment is 5%, but it increases to 10% if the credit score is below 580.
Phone and email support is available Monday through Friday from 10 a.m. to 9 p.m. ET. LoanDepot also offers programs like Loss Mitigation Assistance, which helps homeowners facing difficulties with mortgage payments.
Pros
Cons
Bank of America offers fixed-rate, adjustable-rate, jumbo, FHA, VA and doctor loans. VA loans don't require a down payment.
The bank provides both online and in-person services. 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 via phone, virtual and in-person channels. For homeowners, it offers assistance through programs like America’s Home Grant®.
Pros
Cons
Getting a home is more than monthly payments; watch out for hidden costs. Homebuyers can find support from the Washington State Housing Finance Commission, which offers mortgage programs.
Program | Description |
|---|---|
Helps simplify the homebuying process. To qualify, you must attend a homebuyer education seminar and get a loan approval certificate. You'll work with a specialized loan officer to review loan types and income criteria, with a maximum annual income of $180,000. | |
Offers reduced mortgage rates through tax-exempt revenue bonds to first-time homebuyers. You can enhance its benefits by combining it with down payment assistance options. To begin, attend a homebuyer seminar to earn a certificate. A trained loan officer will assist in determining your eligibility based on first-time buyer status, income and price limits. | |
Works with the Home Advantage or House Key Opportunity programs to address the down payment challenge. To qualify, your household income must be below $180,000, and you need a minimum credit score of 620. Typically, you could receive around $10,000 at interest rates ranging from 0% to 4%. This loan is included in your mortgage, requiring one payment, and repayment is deferred until the primary mortgage is paid off, or the property is sold or refinanced. |
We addressed common questions about today's mortgage rates in Washington to help you make mortgage decisions that suit your needs.
Current average APRs in Washington vary by loan type. As of December 2024, a seven-year adjustable-rate mortgage (ARM) has an average APR of 7.18%, while it's 6.39% for a 30-year fixed loan.
Washington's mortgage rates sometimes differ from national averages. In December 2024, the state average rate for a five-year ARM was 7.21%, below the national average of 7.79%. Washington's average for a 30-year fixed-rate mortgage is 6.39%, also lower than 6.83% nationally.
Your credit score is crucial in determining the rates you're eligible for. Typically, a higher credit score secures lower mortgage rates.
Washington offers several mortgage programs to assist homebuyers, such as the Home Advantage Program, House Key Opportunity Program, and Downpayment Assistance.
To get the best mortgage rate in Washington, consider shopping around for the best deal, maintaining a strong credit score, opting for a shorter loan term and making a larger down payment.
Today's refinance rates in Washington average 6.48% for a 30-year fixed and 5.89% for a 15-year fixed loan.
To calculate your mortgage payments, use a mortgage calculator for Washington. This tool factors in your loan amount, interest rate and repayment term to estimate your monthly payment.
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.
