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Washington Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Edited by

Suzanne De Vita

Edited by

Suzanne De Vita

On Monday, January 27, 2025, the national average 30-year fixed mortgage APR is 7.09%. The national average 30-year fixed refinance APR is 7.10%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Washington

As of Monday, January 27, 2025, current interest rates in Washington are 7.13% for a 30-year fixed mortgage and 6.38% for a 15-year fixed mortgage.

In line with national trends, mortgage rates in Washington have been steadily increasing, and could stay elevated in 2025.

Refinance rates in Washington

Refinance rates in Washington State have been higher in recent weeks. The right time to refinance depends on prevailing rates and your individual needs. If you’ve been a homeowner for some time and looking for a way to pay for a major purchase, a cash-out refinance could help you achieve your goals.

Washington mortgage rate trends

Mortgage rates are difficult to predict, which makes it tougher to pinpoint when to buy a home or refinance. The median home sale price in Washington was $600,000 as of October 2024, according to ATTOM.

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.04%	7.09%
15-Year Fixed Rate	6.32%	6.39%
5-1 ARM	6.47%	7.09%
30-Year Fixed Rate FHA	6.95%	7.00%
30-Year Fixed Rate VA	6.83%	6.87%
30-Year Fixed Rate Jumbo	7.07%	7.12%

Rates as of Monday, January 27, 2025 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.06%	7.10%
15-Year Fixed Rate	6.35%	6.42%
5-1 ARM	6.35%	6.93%
30-Year Fixed Rate FHA	6.97%	7.02%
30-Year Fixed Rate VA	6.52%	6.56%
30-Year Fixed Rate Jumbo	7.03%	7.08%

Rates as of Monday, January 27, 2025 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.
Established in 1976 as the “Bank Rate Monitor,” a print publication for the banking sector, Bankrate has been a leading authority in personal finance for decades. For over 30 years, it has surveyed and gathered mortgage rate data from the nation’s largest lenders. Renowned publications like The New York Times, The Wall Street Journal, CNBC, and many others rely on Bankrate as a trusted financial resource, ensuring you receive reliable and credible information.

Mortgage statistics for Washington

Washington’s housing market is dominated by the pricey properties in the Seattle region, but homes in the eastern part of the state are less expensive. Here are some statistics about mortgages and the housing market in The Evergreen State:

Median home sales price, Oct. 2024: $600,000
Median down payment, Oct. 2024: $122,000
Median days on market, Dec. 2024: 38

Sources: ATTOM, Redfin

Mortgage options in Washington

If you’re looking to get a mortgage in Washington, there are several options:

Washington conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
Washington FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this loan type with a credit score as low as 580.
Washington VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.

Learn more: Types of home loans

First-time homebuyer programs in Washington

In Washington, qualifying first-time homebuyers have access to a variety of programs and educational opportunities, including:

Home Advantage Program and down payment assistance: This state program is for new homebuyers — either first-time homebuyers or those who have owned in the past but do not currently. Through this program, qualifying buyers can receive up to 4 percent of the first mortgage price in down payment assistance. The borrower must attend a free five-hour homebuyer education course to qualify, among other criteria.
House Key Opportunity Program: Designed exclusively for first-time homebuyers, this state bond program requires borrowers to complete a homebuyer education course and work with a state-approved lender. The program is only available to those using certain down payment assistance programs, and there are exceptions for those purchasing a new construction or a home in a community land trust.
EnergySpark: If you qualify for a Home Advantage loan and want to buy an eco-friendly home, the Washington State Housing Finance Commission’s (WSHFC) EnergySpark program can give you an interest rate reduction. To qualify, you must be buying a new home that exceeds Washington state energy standards by 15 percent, or buying an existing home that’s been renovated to exceed standards by 10 percent.

Learn more: Washington first-time homebuyer assistance programs

How to find the best mortgage rate in Washington for you

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies to get the best deal.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Additional Washington mortgage resources

Washington loan limits by county: Learn the conforming loan limit for your city or town.
Washington mortgage lenders: Explore mortgage lenders in your state.
Washington housing market overview: Know what to expect as a homebuyer or seller in Washington.
Homeowners insurance in Washington: Compare policies from a variety of providers.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.