Updated: January 9, 2025
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The current mortgage refinance rates in Washington stand at 5.89% for a 15-year fixed loan and 6.48% for a 30-year fixed loan. In comparison, the national averages are 6.12% and 7.08%, respectively.
We provide insights into today's refinance mortgage rates in Washington, as well as trends and practical tips on refinancing efficiently, whether you're considering it or exploring different loan types.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Washington is 6.48%. According to Experian, the average mortgage debt in Washington is $344,397 as of September 2023. If your current mortgage rate is higher, refinancing your mortgage could help you manage debt by reducing monthly payments and the total interest paid over the life of the loan.
If you're paying a higher mortgage rate than the current refinance rates, refinancing could significantly reduce your monthly expenses and save you money in the long run. Below are the current refinance rates in Washington to consider for your financial strategy.
| 15-Year Fixed | 5.76% | 5.89% |
| 30-Year Fixed | 6.40% | 6.48% |
In November, refinance rate trends in Washington showed increases in both 15-year and 30-year refinance rates from the previous month.
These changes may impact decisions for those considering refinancing their mortgages. It's essential to stay informed about these trends to better understand potential future rate movements.
Interest rates rise due to various factors, including the US Federal Reserve's monetary policy. Economic growth and inflation also play roles. Understanding these influences can clarify refinance rate trends in Washington, helping you stay informed about the financial landscape.
Refinancing your mortgage in Washington can be a smart move to reduce your interest rate or monthly payments. Let's explore the steps to help you make informed decisions and possibly save money.
Credit scores affect the rates you qualify for. This score can influence your refinancing options and potentially save you money in the long run. Washington's average is 735. If your score is below ideal, improve by paying debt.
Evaluate your current mortgage terms and compare them with market rates. Washington's 30-year fixed rate is 6.48%, and 15-year is 5.89%. If these are lower than your current rate, consider refinancing. Your home's tenure also affects potential savings.
Organizing documents like tax returns, pay stubs and bank statements helps streamline refinancing. Having these ready makes it easier for lenders to assess your application and avoid delays in processing your original mortgage.
Explore different lenders to find the best refinancing deal. Consider interest rates, lender fees and customer service. Comparing options ensures you get the most favorable terms and avoid unnecessary costs.
Be aware of closing costs like appraisal fees and title insurance. According to the National Association of Realtors, Washington's average closing costs are $6,966. Understanding these helps you budget and avoid surprises.
Submit your application with all required documents. Keep communication open with your lender to expedite the process. Pre-approval can make this step easier by giving you a clear understanding of your borrowing capacity.
Secure your rate against market fluctuations. A mortgage rate lock ensures your rate stays constant. Monitoring market trends can help you choose the optimal time to lock in your rate.
Finalize your loan by signing documents and paying any remaining fees. Scheduling your closing at a convenient time can ease the process. Ensure all paperwork is in order to avoid unnecessary delays.
Begin payments as scheduled to avoid penalties. Setting up automatic payments can help you stay on track and ensure timely payments to maintain your credit score and financial health.
Periodically reassess your mortgage terms and market conditions. Changes in interest rates or financial situations may present new opportunities and help you decide if refinancing again could be beneficial.
How soon you can refinance a mortgage in Washington depends on your loan type. For conventional loans, refinancing can occur immediately, but a cash-out refinance often requires a six-month seasoning period. USDA loans generally require a 12-month waiting period to ensure the property still meets USDA guidelines.
The average refinance rate in Washington decreased to 5.84% in September, making it a good example of when to refinance as rates are lower. However, refinancing comes with additional closing costs that can take years to recover. While you could refinance a mortgage within a year, it's typically not worth it unless there's a drastic reduction in interest rates.
Refinancing your mortgage in Washington could reduce your monthly payments by lowering interest rates. But watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in Washington ensures you make a financially sound decision. Let's delve into scenarios where refinancing could be a smart choice.
Refinancing when interest rates are lower can reduce monthly payments and overall interest costs. To find the best rates, consult with local lenders who understand Washington's market dynamics and can offer competitive options.
Refinancing when your home's value increases can boost home equity. Enhancing curb appeal or renovating can raise value, especially in Washington, where the average home value is $600,843.
A better credit score can qualify you for lower interest rates. Paying bills on time and reducing debt can improve your score, making refinancing more favorable.
Refinancing to a shorter loan term can save on interest and pay off your mortgage faster. A 15-year term often has lower rates, reducing long-term costs.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can provide financial stability. Fixed rates protect against market fluctuations, ensuring consistent payments.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score influences the rates you qualify for in Washington. For example, the current average refinance rate in Washington for a 30-year fixed loan with a loan-to-value ratio of 80% or lower equates to 6.85% for scores between 680 and 740, compared to 6.48% for scores above 740. Explore the table below for more details.
| 5.84% | 6.35% |
Loan type affects the rates you qualify for in Washington. For example, Washington's current average refinance rate for a 30-year conventional fixed loan is 6.48%. The table below shows average APRs for various loan types in Washington.
| 5.83% | 6.02% |
We've gathered and answered the most common questions homeowners have about refinance rates in Washington, aiming to provide clarity on the topic.
Refinancing your mortgage can be smart if it lowers your interest rate or monthly payments, but it’s essential to consider the closing costs and how long you plan to stay in your home.
Focus on improving your financial profile to get the best mortgage refinance rate. You can improve your credit score and consider paying down your mortgage to reduce your loan-to-value ratio.
The pros of refinancing include potentially lower interest rates and monthly payments, while the cons may involve closing costs and extending the loan term.
Refinancing a mortgage typically costs between 2% and 5% of the loan amount, including appraisal, origination and closing fees.
The current average refinance rates in Washington are 5.89% for a 15-year fixed loan and 6.48% for a 30-year fixed loan. Rates in Seattle are likely to mirror these state averages, but the rates you qualify for may vary depending on factors like your credit score and loan-to-value ratio.
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.
