Seattle Mortgage Rates Keep Inching Up in 2022

December 23, 2016
Last updated:
April 6, 2022
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Mortgage rates in Seattle – and across the nation – are still relatively low in early 2022, but they’re expected to inch up throughout the remainder of the year. That said, with prices in Seattle starting to increase, now may be a great time for home buyers to get into the market before prices and rates continue to climb.

Back in November 2018, mortgage rates started a downward descent that peaked at the beginning of 2021. Seattle mortgage rates are now at 3.56% for a 30-year fixed-rate mortgage

Despite the rising rates, it appears that Seattle home buyers may still have a perfect opportunity to get into the housing market. Buyers may want to consider getting into the market today before prices take off and while interest rates remain relatively low.

Seattle Mortgage Trends in 2022

As of early 2022, Freddie Mac anticipates the annual average interest rate for 2022 to be 3.7%. And the Mortgage Bankers Association predicts the rate to hit 4% by the end of 2022.

The Federal Reserve plans to increase interest rates at least three times this year. While Fed policy doesn’t influence Seattle mortgage rates directly, it can have an indirect effect.

Related: Top 3 Seattle real estate predictions

Today’s Seattle Mortgage Rates

Mortgage Rates Remain Low

As of this writing, the interest rate for a 30-year fixed-rate mortgage is currently 3.56%, though it’s expected to increase from that point. Bear in mind this is an average of rates assigned by lenders across the industry. Individual rates vary widely based on the type of loan being used, the borrower’s credit score, and other factors.

Mortgage rates have been on a relatively steady increase over the past year. 

According to Freddie Mac’s economists:

“We forecast rates to average 3.6% in 2022 and 3.9% in 2023. The demand for housing continues to remain stable, mainly due to low mortgage rates coupled with first-time homebuyers and other demographic tailwinds helping to support stability in the housing market this year.”

The average rate for a 15-year fixed home loan currently sits at 2.8%, and the 5/1 adjustable mortgage (ARM) rate currently sits at 2.7%.

Seattle home prices have increased over recent months. Over the course of 2021, prices in Seattle increased 12.1%. The median home value in the city is $900,084 as of January 2022.

The message to home buyers is clear: Now may present an ideal time to get into the market as home prices in Seattle and rates are continuing their ascent.

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Need a Home Loan in Seattle?

Will you need mortgage financing to buy a home in Seattle? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest since 1992. We offer a wide variety of mortgage programs with flexible qualification criteria in Washington, Idaho, Colorado, and Oregon. Please contact us today with any financing-related questions you have.

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