Washington Mortgage Rates
Comparing
In order to help you see how Washington mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
Shopping for Best Mortgage Rates in Washington
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
Qualifying for a Mortgage in Washington
In order to qualify for the best mortgage rates in Washington it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Mortgage Resources for Washington
Washington is the ninth most populous US state. According to the US census, as of 2017, there is an estimated population of over 10.1 million residents, which represents 2.8% of the US population. According to a Fortune survey Washington is home to four of the most 20 admired companies in the US: Amazon.com, Starbucks, Microsoft, and Costco. The aviation giant, Boeing, is also located in the Seattle area.
- FHA loan amounts in Washington: (note:set the table to Washington). There are 39 counties in the state of Washington of which none of the single family units meet the Highest loan limit, currently at $636,150. 62% of the counties are at the Standard loan limit, currently at $275,665. The remaining 38% are between those two limits.
- FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Washington and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 90% of the counties that fit this category. None of the counties have the Highest Loan limit of $636,150. The remaining 10% are between those two limits.
- Washington First Home Buyer Programs: The Washington State Housing Finance Commission (WSHFC) offers various down payment assistance, mortgage credit and housing loan programs, including the FIRST MORTGAGE LOAN PROGRAM. There are income, credit, and property value restrictions.
- Check out the Hud’s website for more information about homeowner programs and homeowner education programs.
Mortgage Trends and Statistics for Washington
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed
Check out some differences in One MSA area in Washington:
- Mortgage Rates for Conventional Loans in One MSA in Washington
- Mortgage Fees in One MSA in Washington
- Loan Amount in Washington for One MSA
- LTV over 90% in One MSA in Washington
Mortgage Rates for Conventional Loans in One MSA in Washington
Mortgage Fees in One MSA in Washington
Loan Amount in Washington for One MSA
LTV over 90% in One MSA in Washington for One MSA