Washington Mortgage Rates for September 2019

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In Washington state, an average 30-year fixed-rate mortgage is currently 3.91%. The average 15-year fixed-rate mortgage rate is 3.45%, while the typical 5/1 adjustable-rate mortgage (ARM) has an average rate of 3.67%.

Loan typeAverage rateWeekly change3-month change
30-year fixed3.91%–0.01%–0.32%
15-year fixed3.45%–0.01%–0.27%
5/1 ARM3.67%–0.02%–0.19%
Rates for a $200,000 loan with 20% down payment

Most homebuyers pay for their homes by borrowing a majority of the purchase price from a mortgage lender. This makes it important to find financing at a fair and affordable interest rate. We keep track of mortgage rates in the Evergreen State so that you'll know what numbers to expect as you compare different lending options.

Best Mortgage Rates in Washington State

Currently, the best rate for a 30-year mortgage in Washington state is 3.25%. For other popular loan types, rates can be as low as 2.75% on 15-year home loans and 2.75% on 5/1 ARMs. To see how your own quotes compare to Washington's best rates, try completing the form above.

Rates for a 30-year mortgage in Washington vary by a spread of 175 basis points, so it makes sense to shop around and see what you can find. The difference of a dozen percentage points on your interest rate often translates into thousands of dollars or more, depending on how much you borrow and how long you stay in your home.

Current Mortgage Rate Forecast for Washington

Washingtonians who were anticipating rising interest rates may have to revise their expectations. The Federal Open Market Committee (FOMC), which sets policy that influences interest rates throughout the nation, has indicated that it plans to watch and wait for further data before pushing any further rate hikes.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

After setting the target federal funds rate to 2.25%-2.50% in December 2018, the committee altered its course in January by announcing a policy of "patience" with regards to economic conditions. While the effective federal funds rate isn't a direct predictor of the average mortgage rate, the two numbers tend to move together when viewed in the long run.

Rising rates mean rising costs for homeowners in Washington state, but historically speaking rates continue to be very low following the near-zero rates that were implemented in 2008. If you're thinking about buying a home in the near future, the lending environment is likely to be a lesser worry than the short supply of real estate. Buyers may find it harder to find the right property than to secure mortgage financing.

Rates at Washington's Most Popular Mortgage Lenders

Though they've lost ground to online direct lenders like Quicken, traditional banks remain a major source of mortgage financing for homeowners in Washington state. We started our examination of local mortgage rates with a survey of 30-year home loans at the state's five largest brick-and-mortar banks.

Column graph comparing 30-year mortgage rates at major Washington banks

The considerable separation between the highest and lowest rates show that it may be worth shopping around for the best possible quote. Because these banks are the most accessible group of lenders in Washington, they're a logical place to start applying for mortgages and a benchmark to measure offers from smaller lenders. It's also important to account for your credit history and current debt, both of which lenders will examine when offering you a mortgage rate.

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Comparing Home Loan Rates by City

Besides looking at mortgage rates by bank, we checked on interest rate averages in different parts of Washington state. We found only slight differences in rate across the state's major urban areas, but property values did show a great amount of local variation.

MSAAverage mortgage rateMedian home value
Seattle-Tacoma-Bellevue4.53%$399,366
Spokane-Spokane Valley4.56%$219,255
Olympia-Tumwater4.48%$273,594
Bremerton-Silverdale4.51%$303,153
Average rate is for a 30-year mortgage with a 20% down payment.

In most places, Washingtonians have access to more or less similar mortgage rates. When a lender is determining what rates to quote, your personal financial history will likely play a bigger role than the location of your property. However, the strong relationship between location and housing values means that the monthly cost of your mortgage will still depend on where you live. Beyond that, you may be able to control your mortgage rate through your choice of loan type.

Evaluating Your Mortgage Options: An Example in Spokane

Mortgage lenders offer a variety of loans, each structured to a different set of borrower needs. While most homeowners find the standard 30-year fixed-rate mortgage perfectly acceptable, you may be interested in the savings opportunities offered by other loan types. To understand how to choose the right loan for your scenario, we can apply our data on today's rates to a hypothetical home purchase in Spokane.

Assume you're considering a $200,000 property with a 20% down payment. At Spokane's current average of 4.56%, a 30-year mortgage would cost you at least $817 per month. At the end of 30 years, the interest on this loan would total $133,908. However, few homeowners actually stay in one place for three decades.

For those who plan to move within several years, ARM loans can offer better rates for the short term. These mortgages offer low fixed rates in their initial period, then convert into variable rate loans for the rest of their terms. In Washington, the average 5/1 ARM rate is 3.67% during the first five years. That leads to minimum monthly costs of $734—lower than the 30-year fixed rate loan above.

However, staying in an ARM loan beyond the fixed period can actually result in higher interest costs as the rate changes. If your goal is to minimize lifetime interest, a 15-year mortgage is more effective. While compressing your repayment schedule into half as many installments inevitably increases your monthly bill, the final amount of interest is greatly reduced. In our example, the monthly cost on a 15-year home loan would be $1,140 and the lifetime interest would be $45,180.

In Washington state, an average 30-year fixed-rate mortgage is currently 3.91%. The average 15-year fixed-rate mortgage rate is 3.45%, while the typical 5/1 adjustable-rate mortgage (ARM) has an average rate of 3.67%.

Loan typeAverage rateWeekly change3-month change
30-year fixed3.91%–0.01%–0.32%
15-year fixed3.45%–0.01%–0.27%
5/1 ARM3.67%–0.02%–0.19%
Rates for a $200,000 loan with 20% down payment

Most homebuyers pay for their homes by borrowing a majority of the purchase price from a mortgage lender. This makes it important to find financing at a fair and affordable interest rate. We keep track of mortgage rates in the Evergreen State so that you'll know what numbers to expect as you compare different lending options.

Currently, the best rate for a 30-year mortgage in Washington state is 3.25%. For other popular loan types, rates can be as low as 2.75% on 15-year home loans and 2.75% on 5/1 ARMs. To see how your own quotes compare to Washington's best rates, try completing the form above.

Rates for a 30-year mortgage in Washington vary by a spread of 175 basis points, so it makes sense to shop around and see what you can find. The difference of a dozen percentage points on your interest rate often translates into thousands of dollars or more, depending on how much you borrow and how long you stay in your home.

Washingtonians who were anticipating rising interest rates may have to revise their expectations. The Federal Open Market Committee (FOMC), which sets policy that influences interest rates throughout the nation, has indicated that it plans to watch and wait for further data before pushing any further rate hikes.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

After setting the target federal funds rate to 2.25%-2.50% in December 2018, the committee altered its course in January by announcing a policy of "patience" with regards to economic conditions. While the effective federal funds rate isn't a direct predictor of the average mortgage rate, the two numbers tend to move together when viewed in the long run.

Rising rates mean rising costs for homeowners in Washington state, but historically speaking rates continue to be very low following the near-zero rates that were implemented in 2008. If you're thinking about buying a home in the near future, the lending environment is likely to be a lesser worry than the short supply of real estate. Buyers may find it harder to find the right property than to secure mortgage financing.

Though they've lost ground to online direct lenders like Quicken, traditional banks remain a major source of mortgage financing for homeowners in Washington state. We started our examination of local mortgage rates with a survey of 30-year home loans at the state's five largest brick-and-mortar banks.

Column graph comparing 30-year mortgage rates at major Washington banks

The considerable separation between the highest and lowest rates show that it may be worth shopping around for the best possible quote. Because these banks are the most accessible group of lenders in Washington, they're a logical place to start applying for mortgages and a benchmark to measure offers from smaller lenders. It's also important to account for your credit history and current debt, both of which lenders will examine when offering you a mortgage rate.

Get Multiple Mortgage Offers at Once
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LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
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Besides looking at mortgage rates by bank, we checked on interest rate averages in different parts of Washington state. We found only slight differences in rate across the state's major urban areas, but property values did show a great amount of local variation.

MSAAverage mortgage rateMedian home value
Seattle-Tacoma-Bellevue4.53%$399,366
Spokane-Spokane Valley4.56%$219,255
Olympia-Tumwater4.48%$273,594
Bremerton-Silverdale4.51%$303,153
Average rate is for a 30-year mortgage with a 20% down payment.

In most places, Washingtonians have access to more or less similar mortgage rates. When a lender is determining what rates to quote, your personal financial history will likely play a bigger role than the location of your property. However, the strong relationship between location and housing values means that the monthly cost of your mortgage will still depend on where you live. Beyond that, you may be able to control your mortgage rate through your choice of loan type.

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Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company