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Mortgage rates in Washington

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Washington home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Washington by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 3.875% 3.875% 3.750% 3.750%
640-659 3.750% 3.750% 3.625% 3.625%
660-679 3.625% 3.625% 3.500% 3.500%
680-699 3.375% 3.313% 3.250% 3.250%
700-719 3.250% 3.250% 3.188% 3.250%
720-739 3.125% 3.125% 3.125% 3.125%
740-759 3.125% 3.125% 3.125% 3.125%
760-779 3.125% 3.125% 3.125% 3.125%
780-799 3.125% 3.125% 3.125% 3.125%
800+ 3.125% 3.125% 3.125% 3.125%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Washington home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.375% 2.375% 2.375% 2.375%
30-year conventional 3.250% 3.250% 3.188% 3.250%
15-year FHA 2.500% 2.500% Not elegible Not elegible
30-year FHA 3.125% 3.063% Not elegible Not elegible
15-year VA 2.813% 2.750% 2.625% 2.563%
30-year VA 3.250% 3.250% 3.125% 3.125%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

Here are a few methods to help you get a better rate on your next mortgage.

  1. Look at a few loan programs. There are many different loans with varying rates and qualifying criteria. Research these different options to understand what you may qualify for.
  2. Bring your credit up to speed. Borrowers with good to excellent credit typically receive the best rates from lenders. To qualify for a better rate, try paying down any existing obligations and increasing your credit score.
  3. Weigh closing costs. Some lenders charge lower mortgage rates at the price of higher closing costs. Average closing costs in Washington can run you between 0.89% and 2.93% of the home sale price. Calculate what these costs could end up adding to the overall cost of your loan.

Home values in Washington are forecast to increase

Washington State’s rising home prices and values in 2021 are expected to continue into 2022, according to Zillow. All but two of the major cities may see home value increases of more than 10%, with Spokane leading at 18% expected growth and Seattle and Port Angeles seeing growth over 15%.

Pullman and Othello are predicted to see the smallest rise, but an 8% increase will still contribute to the state’s housing shortage that’s forcing many renters and homeowners alike to spend well over a third of their income on housing each month.

4 fast facts about the Washington housing market

With a market as expensive as Washington’s, you’ll want to know as much about the state as possible before starting your search.

  1. It’s expensive to live in Washington state, and housing is a big part of that. The median home cost is over $150,000 more than the national average at $381,300.
  2. Washington’s .98% property tax rate ranks it 22nd in the US.
  3. Competition for houses in Seattle is especially fierce, where over 4,500 homes in 2021 sold for $100,000 or more over the listed asking price.
  4. The Washington State Housing Finance Commission offers both city-specific and statewide programs to help with borrowers’ down payments and closing costs.

Bottom line

Mortgage rates in Washington vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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