Summary: Where are mortgage rates expected to go for the rest of the year and into 2020? Click here to find out.
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 June 20, 2019, 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:
During the week of June 20, 2019, the average rate for a 30-year fixed mortgage rose slightly to 3.84% from the previous week’s average of 3.82%. But the other two loan categories tracked by Freddie Mac were down a bit last week. The average rate for both a 15-year fixed mortgage and a five-year ARM loan dipped slightly last week compared to the previous week.
Rates Are Down Since the Start of 2019
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 2019, the average rate for a 30 year fixed home loan was hovering around 4.51%. 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 2019 are actually on par with 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 to 5.1 percent in 2019. But As you can see from the rate chart above, this is on par with what has been happening this year.
Granted, there is still roughly half of the year left. So maybe we will see if there will be 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 January, 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 2019.
They predict that 30-year loans will have an average rate of 4.8% by the fourth quarter of the year. Looking further, the group expects rates to rise to 4.9% by 2020.
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.
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