Average mortgage rates in Washington State have remained fairly steady for the last few weeks, despite a slight uptick that was reported last week. Those are just a few of the trends identified in the latest mortgage rates chart for Washington State and the nation as a whole.
U.S. and Washington Mortgage Rate Chart
On July 6, 2017, the government-sponsored mortgage corporation Freddie Mac released the results of its latest nationwide survey of mortgage rates. This particular survey goes out to more than 120 lenders nationwide, including some in Washington State. The mortgage rate chart below shows the results of their survey over the last year or so, for three different products.
The Freddie Mac survey includes the following loan types:
- 30-year fixed-rate mortgage
- 15-year fixed rate mortgage
- 5/1 adjustable (ARM) loan
During the week of July 6, 2017, the average rate for a 30-year fixed mortgage rose to 3.96%. That was a slight increase over the previous week’s average of 3.88%. The other two loan categories tracked by Freddie Mac were also up a bit last week. The average rate for both a 15-year fixed mortgage and a five-year ARM loan rose slightly last week compared to the previous week.
Rates Are Down Since the Start of 2017
The mortgage rate chart for Washington and the rest of the nation shows how rates have actually dropped since the start of this year. During the first week of January 2017, the average rate for a 30 year fixed home loan was hovering around 4.2%. It has dropped more or less steadily since then, despite the increase we saw last week.
The mortgage rate trends we have seen so far in 2017 are actually the opposite of what economists and housing analysts were predicting at the end of last year. Back then, the general consensus was that U.S. and Washington mortgage rates would rise more or less steadily throughout 2017. But as you can see from the rate chart above, this clearly has not happened.
Granted, there is still roughly half of the year left. So maybe we will see an increase in rates going forward. There is no way to know for sure.
Forecast Predicts Higher Borrowing Costs
And speaking of mortgage rate forecasts, a key industry group recently updated its long-range forecast for mortgage rates in Washington and across the country.
In June, the Mortgage Bankers Association published an update to its long-range finance forecast. This forecast includes a variety of economic indicators, mostly those that relate to the housing market. According to their forecast, MBA analysts expect the average rate for a 30-year fixed mortgage to increase gradually between now and the end of 2017.
They predict that 30-year loans will have an average rate of 4.4% by the fourth quarter of the year. Looking further, the group expects rates to rise above 5% by the second half of 2018.
Disclaimer: This article contains forecasts and predictions relating to housing conditions in Washington State and across the nation. Data and projections were provided by third parties not associated with our company. We have compiled this information as an educational service to our readers.
Get a rate quote for your Washington mortgage loan! Sammamish Mortgage has proudly served the Pacific Northwest for more than 20 years. We are a family-owned company offering highly competitive rates on a variety of loan products. Please contact us if you would like a mortgage rate quote for buying or refinancing a home in Washington.