Current Washington Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30 year-fixed mortgage rates are averaging: 6.92% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Current 15-year fixed mortgage rates are averaging: 6.28% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare WA mortgage rates today

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  Refinance rates in Washington

If you live in the Evergreen State and are thinking about refinancing your mortgage in the near future, here’s an overview of your available options.

  • Rate-and-term refinance: At its core, a rate-and-term refinance allows you to replace your existing mortgage with a new home loan, typically one that has a better interest rate, a different loan term or both. You can lower your monthly mortgage payment by locking in a lower interest rate or choosing a longer loan term. Meanwhile, selecting a shorter loan term can help you pay back your mortgage faster while saving on interest charges. In either case, though, refinance rates in Washington tend to trend higher than purchase rates.
  • Cash-out refinance: A cash-out refinance lets you tap the home equity you’ve built in your property by borrowing more money than you currently owe on your existing mortgage. You can use those funds to cover large expenses, like tuition or home improvement projects. However, cash-out rates tend to be higher than rate-and-term refinance rates.
  • Conventional refinance: Conventional refinances aren’t backed by any particular government refinance program. As a result, you can expect these refinance rates to be higher than you might find with a federally insured program.
  • FHA refinance: In contrast, FHA refinances are backed by the Federal Housing Administration (FHA). These loans traditionally have more lenient qualifications than conventional loans and, as an added bonus, FHA rates are usually much more affordable than conventional rates. (In Washington, you’ll typically see more than a full percentage point in savings.) Still, in exchange for these benefits, you’ll probably face stricter requirements during the underwriting process, like having to meet more stringent FHA appraisal guidelines than you might with a conventional loan.
  • VA refinance: Guaranteed by the U.S. Department of Veterans Affairs (VA), VA refinances tend to be one of the most lucrative benefits available to eligible military members. VA rates generally have the lowest rates out of any refinance program. In Washington, you could stand to save nearly 1.5 percentage points over conventional refinance rates.

Current 30 year-fixed mortgage refinance rates are averaging: 7.15% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

The current average rate for a 15-year fixed mortgage refinance is: 6.68% Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners over the past seven days for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

See whether refinancing makes sense for you using our mortgage refinance calculator.

  What is the current mortgage rates forecast for 2024?

Washingtonians might be pleased to find out that this year’s mortgage rate forecast shows rates falling steadily. After climbing to an unexpected high of 7.79% in October 2023, rates eventually started to drop. They ended the year more than a full percentage point lower than the peak.

What’s more, our 2024 housing market predictions project that this trend will continue well into the new year. In particular, mortgage rates are expected to continue their downward movement based on a series of anticipated rate cuts from the Federal Reserve.

How do I get the best mortgage rate for my Washington home loan?

Market conditions are only one of the factors that determine mortgage rates. In addition, there are things that you can do financially to ensure that you’re given the best mortgage rate possible by your lender, including:

  1. Shaping up your credit score: Your credit score will have a substantial impact on the interest rate you’re offered for your home loan. Traditionally, borrowers with excellent credit scores are given the most affordable rates — so if your score is on the lower end, it may be worth trying to improve your score before applying for a mortgage.
  2. Lowering your debt-to-income (DTI) ratio: In lending, a borrower’s DTI ratio measures what percentage of their income goes to managing debt. Put simply, it helps lenders gauge whether you can comfortably handle taking on a new mortgage payment. As a rule of thumb, lenders traditionally expect to see a maximum 43% DTI ratio. However, if your current ratio is higher, you can bring it down by either increasing your income or paying down your debts.
  3. Investing in a single-family home: Typically, single-family homes are given the lowest interest rates out of any property type. Their rates tend to be lower than those given to manufactured homes, multifamily homes, vacation homes or investment properties.
  4. Buying mortgage points: This method lets you reduce your interest rate by paying for a portion of your total interest charges upfront. On average, you can usually reduce your rate by up to 0.25 percentage points or more by adding a few mortgage points to your closing costs.
  5. Shopping around for a loan: Gathering loan estimates from multiple lenders is nearly always a smart move. LendingTree data holds that shopping around for a home loan can save you thousands of dollars over the life of the loan.
  Read more about our picks for the best mortgage lenders.
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When should I lock in my mortgage rate?

Once you apply for a loan and your application has been approved, it’s time to ask your lender about a mortgage rate lock. Locking in your rate guarantees that it’ll stay the same from the time you agree to hold firm until you’re ready to sit at the closing table.

2024 Washington home loan programs

Fortunately for Washington’s first-time homebuyers and repeat buyers alike, the Washington State Housing Finance Commission offers a variety of programs aimed at making purchasing a home more affordable.

Home Advantage Program

Low-to-moderate income borrowers who are thinking of buying a single-family home, townhome, condo or manufactured home may benefit from the state’s Home Advantage Program. This program combines low-interest, 30-year fixed-rate loans with up to 4% in down payment assistance funds.

 Who qualifies?

Borrowers must:

 Complete a qualifying homebuyer education seminar
 Must not exceed the $180,000 maximum annual income limit
 Work with a participating lender

House Key Opportunity Program

First-time homebuyers and repeat buyers — who are willing to purchase in specific target areas — can combine the state’s low-interest mortgage offerings with a second mortgage they can use to help cover the upfront costs of buying a home.

 Who qualifies?

Borrowers must:

 Meet certain income and purchase price limits
 Complete a homebuyer education seminar
 Be enrolled in a participating down payment assistance program

HomeChoice Program

Low-to-moderate income borrowers who have a disability or who live with a family member who has a disability may qualify for a low-interest, payment-deferred second mortgage. The second mortgage, which must be combined with a Home Advantage or House Key loan, has a 1.00% interest rate and is worth up to $15,000 in down payment assistance funds.

 Who qualifies?

Borrowers must:

 Be disabled or live with a family member who has a disability
 Be a first-time homebuyer or purchase within a designated target area
 Meet certain income limits

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Learn about different types of WA mortgage loans

 Washington conventional loans: If you have a strong financial profile — particularly a higher credit score and low DTI ratio — you may want to consider applying for a conventional loan. These loans are typically thought to be the most sought-after mortgages because they meet the minimum requirements set by Fannie Mae and Freddie Mac.

 Washington FHA loans: In contrast, FHA qualifying requirements are usually less stringent than the eligibility requirements for conventional loans. For example, you’ll only need to make a 3.5% down payment if you have at least a 580 credit score. That said, you can qualify with a credit score as low as 500, as long as you’re prepared to make a 10% down payment.

 Washington VA loans: Eligible military borrowers in Washington State might want to take advantage of the benefits provided by VA loans. For instance, these loans don’t impose down payment or mortgage insurance requirements. However, it’s important to be aware that individual lenders may still ask you to meet their own unique eligibility criteria.

 Washington streamline refinances: Borrowers with an existing FHA or VA loan can take advantage of a simplified refinance process, provided that they intend to keep that same loan type. Both the FHA streamline refinance and VA interest rate reduction refinance loan (IRRRL) give you the chance to refinance your home loan while meeting fewer requirements and filling out less paperwork.

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