FAQs
What are the current refinance rates in Washington state? ›
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 5.971% | 6.044% |
| 20-year fixed-rate | 5.694% | 5.782% |
| 15-year fixed-rate | 5.038% | 5.138% |
| 10-year fixed-rate | 5.273% | 5.411% |
Today's rate
Today's mortgage rates in Seattle, WA are 5.936% for a 30-year fixed, 5.024% for a 15-year fixed, and 7.430% for a 5-year adjustable-rate mortgage (ARM).
| 30 year fixed refinance | 6.40% |
|---|---|
| 15 year fixed refinance | 5.79% |
| 10 year fixed refinance | 5.82% |
| 5/1 ARM refinance | 5.91% |
It costs lenders more to lock the interest rate on refinance loans than on purchase loans. Usually, differences in lock risk are not important enough to cause a difference in pricing, but that also changed during the refinance boom.
How do I get the best rate for refinancing? ›Pay your bills on time, reduce your credit card balances, and avoid applying for new credit before refinancing. Shop around and compare lenders: Don't settle for the first refinance offer you receive. Compare the best refinance mortgage rates from multiple lenders to find the lowest refinance rates available.
Will interest rates go down in Washington state? ›Washington mortgage rate trends
Many economists predict that rates will continue that downward trend through the end of the year and into 2025. The number of homes sold in Washington as of June 2024 was down 11.3 percent compared to the year prior, according to ATTOM.
- year fixed. PROVIDER. Neo Financial. INSURED. 5.84. DETAILS. Comparison Only. ...
- year fixed. PROVIDER. True North Mortgage. INSURED. 4.89. DETAILS. Comparison Only. ...
- year fixed. PROVIDER. Pine. INSURED. 4.44. DETAILS. ...
- year fixed. PROVIDER. Pine. INSURED. 4.54. DETAILS. ...
- year fixed.
| Loan Type | Purchase | Refinance |
|---|---|---|
| 30-Year Fixed | 6.03% | 6.30% |
| FHA 30-Year Fixed | 5.39% | 6.20% |
| VA 30-Year Fixed | 5.44% | 5.27% |
| 20-Year Fixed | 5.78% | 5.90% |
The mortgage rates in Washington are 5.875% for a 30-year fixed mortgage and 4.875% for a 15-year fixed mortgage. These rates are effective as of September 10 2024 12:30pm EST. Latest revision - September 10 2024 12:30pm EST.
Which bank is best for refinancing? ›- Navy Federal Credit Union: Best for Rate-Match Guarantee.
- Northpointe Bank: Best for Borrowers With Adverse Credit.
- Rocket Mortgage: Best for Flexible Mortgage Terms.
- SoFi: Best for a Seamless Application Process.
- Truist: Best for Applying Online.
- LowRates.com: Best for 24-Hour Service.
Which bank has the lowest mortgage rates? ›
- JP Morgan Chase: 4.81%
- DHI Mortgage Company: 5.58%
- State Employees' Credit Union (SECU): 5.79%
- Navy Federal Credit Union*: 6.08%
- Wells Fargo Bank: 6.12%
- Citibank: 6.20%
- Pennymac: 6.29%
- Cornerstone Home Lending: 6.29%
Fed watchers now see at least two rate cuts before the end of the year, but some are betting on three, with more to come in the spring. Some economists say the benchmark rate could be as low as 3 to 3.5 percent by the second half of 2025. Lower inflation is cutting borrowing costs across the board.
When should you not refinance? ›Moving into a longer-term loan: If you're already at least halfway through the loan term, it's unlikely you'll save money refinancing. You've already reached the point where more of your payment is going to loan principal than interest; refinancing now means you'll restart the clock and pay more toward interest again.
Is it ever worth it to refinance at a higher interest rate? ›If you have a lot of high-interest debt, getting a cash out refinance at a higher interest rate than your current mortgage rate might make sense.
How much do mortgage rates need to drop to refinance? ›Refinancing for a Lower Interest Rate. One of the best and most common reasons to refinance is to lower your loan's interest rate. Historically, the rule of thumb has been that refinancing is a good idea if you can reduce your interest rate by at least 2%.
What interest rate is worth refinancing? ›Historically, the rule of thumb has been that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.
What are current 10 year fixed mortgage refinance rates? ›| Product | Interest Rate | APR |
|---|---|---|
| 10-Year Fixed | 5.87% | 5.95% |
| 15-Year Fixed | 5.59% | 5.67% |
| 20-Year Fixed | 6.17% | 6.22% |
| 30-Year Fixed | 6.29% | 6.34% |
Refinance closing costs commonly run between 2% and 6% of the loan principal. For example, if you're refinancing a $225,000 mortgage balance, you can expect to pay between $4,500 and $13,500. Like purchase loans, mortgage refinancing carries standard fees, such as origination fees and multiple third-party charges.