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.
Today’s Refinance Rates in Washington
Homeowners refinance their mortgages to lower their interest rates or modify loan terms. Washingtonians have an outstanding mortgage of $263,681 and pay an average of $1,459 monthly — $300 more than the national average.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
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Katherine Kurtz, PhD
Managing Editor
Katherine Kurtz, Ph.D., is the Managing Editor at MoneyGeek, with 15 years of experience in academic and content editing. She holds a doctorate in philosophy from Villanova University, where she also worked as an adjunct professor and the managing editor of *Hypatia*, a peer-reviewed feminist philosophy journal. Kurtz believes in "education as a practice of freedom" (bell hooks) and seeks to empower herself and others by openly sharing financial knowledge and resources.
Updated: January 18, 2024
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Current Refinance Rates in Washington
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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.
By Mandy Sleight, Licensed Insurance Agent
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.
Read More on Mortgages
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.