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Mortgage Rates in Washington

January 15, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

You might face some high prices when buying a home in Washington, but there are ways to make it more affordable. Make sure you lock in one of the best mortgage rates so you can save on interest costs. Start your research by checking out today's mortgage rates in Washington and speaking with lenders.

Current Mortgage and Refinance Rates in Washington

Rates As of Jan 15, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.889% 0.395
Fixed 15 Year 2.330% 0.028
Fixed 30 Year - FHA 2.981% 0.637
Fixed 30 Year - VA 2.738% 0.414
Fixed 30 Year - Jumbo 3.016% -0.233
Fixed 30 Year 2.955% 0.439
Fixed 20 Year 2.859% 0.457
Fixed 15 Year 2.383% 0.308
Fixed 30 Year - FHA 2.867% 0.713
Fixed 30 Year - VA 2.588% 0.418
Fixed 30 Year - Jumbo 2.861% -0.178
The Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in Washington

Here are a few affordable areas where you might want to focus your home search.

1. Aberdeen

With its proximity to Olympic National park, Aberdeen is located in Grays Harbor County, famously known as the birthplace of grunge -- it's the hometown of Kurt Cobain and Krist Novoselic, of the band Nirvana. According to Niche, the media home value is $124,200, a good bit lower than the national average of $184,700. Meanwhile, property taxes are 0.9% of a home's assessed fair market value, in line with the state's average of 0.92%, according to Tax-Rates.org.

2. Pasco

Pasco is a suburb of Kennewick, and is part of the Tri-Cities region of Washington. It has seen a boom in the retail and tourism sectors in the past 30 years. Pasco has a median home value at a relatively affordable $186,900, and 70% of residents own their homes. On the other hand, property taxes in Franklin County are among the highest in the state at 1.15%.

3. Moses Lake

Moses Lake is in Grant County, in the middle of Washington. It's known for its parks, including the Japanese Peace Garden and Blue Heron Park. This city attracts lots of young professionals and families. Although Moses Lake's economy has historically been based on agriculture, it has grown to incorporate manufacturing and technology. Property taxes average 0.98% of a home's assessed value, and the median home value in Moses Lake is $162,300, much lower than that of its more urban counterparts.

4. Kennewick

Kennewick is on the southwest bank of the Columbia River, just across from Pasco. Its population of 80,204 makes it the largest of the Tri-Cities. Kennewick has a lot to offer: a more urban setting with amenities such as restaurants and coffee shops, plus access to nature. The median home value is slightly higher than the national median at $196,100, but it's still much more affordable than other parts of the state. Property taxes average 1.07% in Benton County.

5. West Richland

West Richland is a suburb of Richland and, like Kennewick, is in Benton County. Niche rates it the top suburb for home buyers in Washington. Schools are rated above average, and the area attracts many families. Much of the economy is based on the tech, health care, and retail trade industries. There's also access to parks, wineries, and restaurants. The median home value is the highest on our list at $244,700, and property taxes are 1.07%. Still, 83% of residents are homeowners.

Shopping around with mortgage lenders will give you an idea of rates you may be able to qualify for. Since lenders often have different interest charges and fees, it's a good idea to check rates, but do so within a short period of time so that it won't affect your credit score too much. Then you can confidently find a house you love that's within your budget.

Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

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