The average mortgage rate in Washington is currently 6.37% for the 30-year fixed loan term.
Here are the interest rates offered to Washington residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 6.37%
- 30-year fixed refi: 6.37%
- 15-year fixed purchase: 5.83%
- 15-year fixed refi: 6.38%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
The Washington State Housing Finance Commission provides several down payment assistance programs to make purchasing a home in the state more affordable.
- Available to: Eligible Washington homebuyers with a WSHFC Home Advantage first mortgage loan.
- Income limit: $160,000.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: This second mortgage has a 0% interest rate. Payment is due when the home is sold, the loan is refinanced or after 30 years. Eligible homebuyers can borrow up to 4% of the total loan amount or up to 5% using the state’s Home Advantage conventional or FHA loans.
- Available to: Eligible Washington homebuyers with a WSHFC Home Advantage first mortgage loan.
- Income limits: $115,700 in King and Snohomish counties and $91,600 in all other counties.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: This second mortgage of up to $10,000 has a 1% interest rate. Payment is due when the home is sold, the loan is refinanced or after 30 years. Eligibility is based on need, but veterans are not required to show evidence of financial need to qualify.
- Available to: Eligible Washington homebuyers with a WSHFC Opportunity first mortgage loan.
- Income limits: Varies by county.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: This second mortgage of up to $15,000 has a 1% interest rate. Payment is due when the home is sold, the loan is refinanced or after 30 years. Eligibility is based on need, but veterans are not required to show evidence of financial need to qualify.
- Available to: Eligible Washington veterans and their dependents with a WSHFC Home Advantage or House Key first mortgage loan.
- Income limits: $115,700 in King and Snohomish counties and $91,600 in all other counties.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: This second mortgage of up to $10,000 has a 3% interest rate. Payment is due when the home is sold, the loan is refinanced or after 30 years.
- Available to: Eligible Washington homebuyers with a disability or who have a family member with a disability living with them and have a WSHFC Home Advantage or House Key first mortgage loan.
- Income limits: $115,700 in King and Snohomish counties and $91,600 in all other counties.
- First-time homebuyers only? No.
- Down payment and closing cost assistance: This second mortgage of up to $15,000 has a 1% interest rate. Payment is due when the home is sold, the loan is refinanced or after 30 years.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
