Today’s Refinance Rates in Washington

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Edited byKatherine Kurtz

Updated: January 18, 2024

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Current Refinance Rates in Washington

MoneyGeek searched and compiled refinance rates in Washington to guide you in choosing a loan type that suits your situation. The table below shows Washington's most recent average rates for various mortgage types and terms.


Mortgage Refinance Rates From Top Lenders


What Is a Good Refinance Rate in Washington?

Based on economic data from the Federal Reserve Bank of St. Louis, Washington has an average interest rate of 4.45% for a 15-year fixed-rate mortgage (FRM), which is lower than the national average of 4.67%. On a 30-year FRM, the average Washington rate of 5.18% is likewise lower than the 5.51% nationwide rate. However, a 5/1 adjustable-rate mortgage (ARM) in this state has an average interest rate of 4.41%, slightly higher than the 4.35% national average.

A “good” interest rate is subjective and is affected by the loan amount, credit score, loan terms, income and debts. Mortgage rates fluctuate almost daily, so don’t be surprised if your preferred lender frequently provides you with changing rates.

Remember to compare quotes and ask other lenders about the current refinance rates in Washington to find the best deal for your profile.

Estimate Your New Monthly Mortgage Payment

MoneyGeek’s mortgage calculator estimates your new monthly mortgage refinance payment. Put in your mortgage information and use Washington’s average rates to determine your estimated payment. Remember that interest rates change daily and are affected by different personal factors, including credit score, mortgage term, loan amount and debt-to-income (DTI) ratio.


Frequently Asked Questions About Refinance Rates in Washington

Below, MoneyGeek answers the most frequently asked questions about the Evergreen State’s mortgage refinancing rates. This information should help you make an educated decision about refinancing your mortgage in Washington.

A “good” refinance rate will depend on your situation and the current market. In general, a good rate is one that saves you money or shortens the term of your current mortgage.

Mortgage refinancing allows you to save money on your monthly mortgage payments. With this in mind, a “bad” mortgage refinance rate is one that exceeds your current rate.

Washington’s average interest rate on a 30-year FRM is 5.18%. Rates less than or equal to this number can be considered “good” rates.

The average 15-year FRM rate in Washington is 4.39%. Any rate that matches or beats this rate is a solid bargain.

A 5/1 ARM in Washington has an average interest rate of 4.41%, so a lower rate is quite advantageous for you as a homeowner.