Today's Mortgage Rates in Washington

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Washington is 6.94%, slightly varying from the national average for the same loan type, which is 6.90%. 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.

We'll help you understand the current average mortgage rates in Washington, how they're determined and what they mean for you, whether you're buying a home for the first time or refinancing your current place. You'll also learn about the mortgage types available to you and how lenders might affect your rate.

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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Washington

The current mortgage rate in Washington for a 30-year fixed mortgage is at 6.94% in July 2024. It rose from 6.62% the previous month, an uptick of 32 basis points. On a $250,000 loan with a 20% down payment, this rate increase means you could pay an extra $15,330 over the life of your loan — evidence that even slight movements in mortgage rates can significantly impact total loan cost, not accounting for additional expenses 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.

Current Mortgage Rates in Washington (Jan to May)

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.

Who Needs to Know Current Mortgage Rates in Washington?

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:

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    First-time homebuyers

    First-time homebuyers in Washington benefit by comparing current mortgage rates to understand what rates might be offered and assess their competitiveness.

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    Homeowners with mortgages

    Homeowners can use knowledge of Washington's current mortgage rates to evaluate if a mortgage refinance could lower their costs.

Purchase rates and refinance rates for mortgages in Washington show a distinct difference. If you're looking at the current mortgage rate for a new 30-year fixed mortgage, you'll see it stands at 6.94% — less than the 7.26% average APR for refinancing the same loan type. Keep these numbers in mind, as they can influence your decision and monthly payments.

Current Mortgage Rates in Washington by Loan Type

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.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.98%APR6.24%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

An interest rate represents the annual cost to borrow money for a mortgage. If you're in Washington, expect the average mortgage interest rate for a 30-year fixed mortgage to be around 6.86%.

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 6.94%, reflecting the total yearly cost of your mortgage.

Current Mortgage Rates in Washington by Credit Score

If you've got 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 7.70%. If your score is below 680, expect the average APR to be at 8.18%.

Your credit score has a direct impact on the mortgage rates you may qualify for in Washington. Our interactive table provides a glimpse of the rates you might get based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.85%
15-year FixedAPR6.24%
20-year FixedAPR6.89%
30-year FixedAPR7.13%
5-year ARMAPR7.80%
7-year ARMAPR7.64%

Mortgage Types in Washington

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.22%. 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 Option
Definition
Impact on Rates
Current 30-Year APRs in Washington

Conventional Loans

A conventional loan in Washington is a mortgage not insured by the government.

Mortgage rates for conventional loans depend on credit score, down payment and loan term.

6.94%

FHA Loans

An FHA loan in Washington is backed by the Federal Housing Administration for low-to-moderate-income borrowers.

FHA loans typically offer lower rates for borrowers with lower credit scores or smaller down payments.

6.86%

VA Loans

A VA loan in Washington is a mortgage guaranteed by the Department of Veterans Affairs for eligible veterans and service members.

VA loans often have competitive rates due to government backing, making them affordable for veterans.

6.22%

USDA Loans

USDA loans in Washington are mortgages for rural homebuyers, backed by the Department of Agriculture.

USDA loans can offer lower rates due to department backing, aimed at promoting rural community development.

currently unavailable

Jumbo Loans

A jumbo loan in Washington exceeds conforming loan limits, not covered by Fannie Mae or Freddie Mac.

Jumbo loans may have higher rates as they involve greater risk to the lender due to their size.

6.93%

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MORTGAGE RATE STRUCTURES IN WASHINGTON

Mortgage rates in Washington are split between fixed and adjustable.

  • Fixed mortgage rates lock in your rate, which means your monthly mortgage payments remain steady. This makes budgeting easier and more predictable.
  • Adjustable mortgage rates may start lower than fixed rates and can fluctuate leading to potential savings if rates drop.

As of July 2024, the average annual percentage rate (APR) in Washington is 6.94% for a 30-year fixed-rate loan and 7.40% for a 7-year adjustable rate mortgage.

Mortgage Lenders in Washington

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, and 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. By comparing multiple lenders in the state, you can find the best possible mortgage deal.


  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    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

    • Online pre-qualification available
    • BBB A+ accredited lender
    • Extensive FAQ for financial products

    Cons

    • No unique mortgage products
    • Requires phone call to finish application
    • Online only, no face-to-face support
    Lower.com

  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    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

    • Interactive mortgage calculator available
    • Allows online prequalification
    • BBB A+ accredited institution

    Cons

    • No unique mortgage products
    • No customer support on weekends
    Loan Depot

  • Bank of America
    • 6Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours

    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, such as jumbo loans, FHA loans, VA loans 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

    • Unique mortgage programs available
    • Client assistance program for payment deferments
    • Online financial calculators for homebuying

    Cons

    • Must create online profile to prequalify
    • Minimum credit requirement undisclosed
    • No additional cons listed
    Bank of America

Mortgage Programs in Washington

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.

FAQ: Mortgage Rates in Washington

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.

What are the current mortgage rates in Washington?
How do mortgage rates in Washington compare to national rates?
How does my credit score impact the mortgage rates I get in Washington?
Are there any special mortgage programs in Washington to help homebuyers?
How can I get the best possible mortgage rate in Washington?
What are today's mortgage refinance rates in Washington?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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