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Based on current home prices and mortgage rates, the average monthly mortgage payment for Washington State home buyers would come to around $1,663, as of December 2020. That number could even be slightly higher, if you add in property taxes and insurance.
Of course, there is a lot of variables that can influence the amount you might pay. And we can give you a detailed breakdown of what your monthly payments might be. But as for the average, here’s how we came up with that figure:
To approximate the average monthly mortgage payment for Washington State home buyers in 2021, we used the current statewide median home price of $458,313 along with average mortgage rates.
Factoring in a down payment of 10%, and choosing the popular 30-year fixed-rate home loan option that currently has a rate of 2.67%, this came to a monthly payment of $1,663.
We’ve excluded property taxes and home insurance for the sake of simplicity. When adding those costs, the average monthly mortgage payment for Washington State would be slightly higher than the figure we arrived at.
This is just a hypothetical scenario to give you some sense of what the monthly payments would be for a median-priced home financed at average rates. As you can see, there are a lot of variables that determine housing costs. Actual payments will vary based on the amount being borrowed, the type of loan, the term length and mortgage rate, discount points, and other factors.
The average monthly mortgage payment for newly originated home loans in Washington has increased over the last couple of years. This is mainly the result of rising home values.
According to the housing analysts at Zillow, the median home value in the state rose by 12.1% over the last 12 months. Right now, the real estate market in Washington State is hot, so prices are expected to continue at a similar rate of increase.
As a result, the average monthly mortgage payment for Washington State will likely rise as well into 2021. That said, if mortgage rates continue to stay low or decrease even further, mortgage payments might not stray too far from where they are right now. Clearly, a case could be made for buying a home today.
Looking for a mortgage rate quote for a potential home loan on a home purchase in Washington? Sammamish Mortgage can help. We have been offering many mortgage programs since 1992 and can give you a specific rate quote based on the type of loan you need. We can also estimate how much your monthly payments will be, as well as your closing costs. Please contact us with any financing questions you have, or to receive a rate quote.
Summary: The national response to the COVID-19 outbreak has driven mortgage interest rates to record lows. States are making every effort to keep the real estate transactions moving along. Home owners should refinance if the savings are significant and their…
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