Today's Mortgage Rates

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The state of Washington is known for its gorgeous landscapes and forward-thinking attitude. It's also the place where homeowners, both current and potential, can find affordable home financing. If you're new to the world of mortgages, locating and evaluating those low rate mortgages and refinance mortgages might be challenging.

You may already know that a mortgage with a low payment doesn't necessarily have a low interest rate, or that your total interest costs are heavily dependent on how the payments are applied to the debt balance over time. Or that the annual percentage rate (APR) helps you compare mortgages that have different closing costs. But this is only a tiny selection of the issues that could lead to unpleasant surprises after closing. That's why has tools and tips to assist you in your mortgage search. The resources available to you include a Washington broker directory, a glossary of financial terms, and dozens of mortgage calculators.


In Washington, there is a large selection of adjustable-rate mortgages (ARMs) available for purchases and refinances. All types of ARMs share these important features:

  • The loan begins with a low rate and payment, which remains in effect for one to 10 years, as specified in the loan agreement.
  • After the initial rate period expires, the rate becomes variable. This rate tracks with a specified index and is adjusted at regular intervals.

Lenders will suggest ARMs to buyers who need a low payment initially, but expect to experience higher income levels in the future.

Home Equity Loans

A home equity loan is a fully amortizing second mortgage with a fixed interest rate. The amount you would be able to borrow under the loan is based on the value of the equity in the home. Home equity loans often have low closing costs and, depending on the amount borrowed, can be paid off more rapidly than first mortgage debt. Relative to refinance mortgages, home equity loans generally have higher interest rates.


The process of comparing Washington mortgages begins with developing your own knowledge base. You don't need to be an expert, but you should have the basics down. Familiarize yourself with the types of loans and how their rates compare. You'll have an easier time finding the best rate when you know that second mortgages carry higher rates than refinances, and that 15-year mortgages have lower rates than 30-year mortgages.

The free mortgage calculator should also be a well-used tool in your search. You can use mortgage calculators to refine your budget, learn more about amortization, compare fixed-rate mortgages (FRMs) to ARMs, and more. Since has more than 100 different mortgage calculators, you're sure to find one that addresses your main concerns.

Be diligent about submitting several loan applications-it's the only way to know that you're getting a great deal. Use's broker directory to find qualified lenders near you.

Additional Local Rates Pages

See Seattle Mortgage Rates.