Washington is often referred to as “the land of jets, coffee, and rain.” It is the 13th most populated state in country, with approximately 6.5 million people living across 39 counties. Washington is the only state named after a U.S. president, and it is well-known for Puget Sound (an extensive system of inland marine waterways), the Grand Coulee Dam (the largest concrete structure in the nation), and the Space Needle (the world’s first revolving restaurant, in Seattle).
Located in the Pacific Northwest, Washington offers a vastly diverse landscape of rainforests, mountain ranges, glacial ice, and semi-deserts. It is home to major industries including jet aircraft manufacturing (Boeing), computer software development (Microsoft, Amazon.com, and Nintendo), hydroelectric power generation, and other successful companies such as Starbucks and Costco. Washington is also a leading agricultural state, producing apples, red raspberries, peas, and hops. Homebuyers and homeowners in the Evergreen State should be aware of current housing market conditions and stay informed about Washington mortgage rates.
Washington mortgage rates, like national mortgage rates, have been on the decline since the real estate meltdown that began several years ago. Prospective homebuyers may find that Washington mortgage rates are the lowest they’ve been in a long time. Also, current homeowners may be able to take advantage of low Washington mortgage rates by refinancing their mortgage loans.
The Washington mortgage rate that you obtain will be influenced by a number of factors ― including your credit history, income, debt, assets, and employment. Washington mortgage rates may be fixed or adjustable, depending on the type of loan you get. Note that your loan may come with additional costs, such as mortgage application fees and closing costs.
The decline in Washington mortgage rates has inspired many homeowners to contemplate mortgage refinancing. For a successful refinance, you will need to show proof of stable income, good credit, and home equity. If your loan exceeds 80% of the home’s value (determined by a property appraisal), the mortgage lender may require that you pay for mortgage insurance.
While low Washington mortgage rates have prompted many homeowners to refinance their loans, you need to be sure that this is the right move for you. It’s usually advised that you refinance only if the Washington mortgage rate offered is at least 1% lower than your current mortgage rate. Otherwise, considering the price of lender fees and closing costs, a refinance may not be worthwhile.
The rate table below provides Washington mortgage rates for refinancing. It is recommended that you shop around and compare offers from different lenders to find the program that works best for you. Since Washington mortgage rates are constantly changing, it is in your best interest to stay informed.