The short holiday week brought a flurry of economic reports last week. Highlights included pending home sales, the S&P Case-Shiller Housing Market Indices and the FHFA home price index. No reports were released on Thursday and Friday in observance of the Thanksgiving holiday.
Washington State Mortgage Rates – What You Can Expect To Pay
When discussing mortgage rates of a particular market, the rates being referred to are the interest rates in a specific area. Washington state mortgage rates and more specifically Seattle mortgage rates can fluctuate annually and it is important to keep that in mind when shopping for a mortgage lender. When looking at the interest rates for loans in your area keep in mind that there are different types of loans and each type will have different parameters for determining the interest rate.
Based on several factors (cost of living, crime index, hosing statistics, transportation, et al), Seattle is listed as having an 81/100 rating for livability. The housing statistics in Seattle are some of the best in the country due to the value of the homes there and low foreclosure rates mean that more residents can afford to keep their homes. Because the foreclosure rate is relatively low, banks may be more susceptible to lending and with more loans they can usually afford lower interest rates.
Mortgages that are set up to have low payments do not always have low interest rates. Sometimes the lower the payment is, the higher the interest rate can be. The rate will also depend on the length of the loan period because the longer you take to pay off the loan the more the bank will charge you in the long run with the interest rates imposed. The interest rates will also be dependent on your credit score and the value of the property your loan is for.
The interest rates for fixed rate mortgages and adjustable rate mortgages will always vary. Adjustable rate mortgages (ARMs) will often have a much lower introductory rate than a fixed rate mortgage (FRM). In Washington State, the most competitive introductory rate for an ARM today is 3.04% and usually the introductory rate will remain the same for 6 months. For a 30 year FRM the Seattle mortgage rate is anywhere between 3.92% APR and 4.60% APR.
Take some time to investigate the market for Washington State mortgage rates so you can be well informed when deciding which lender to choose. The housing market in Washington is one of the better ones in the country so keep that in mind when looking for property. Use an online mortgage payment calculator to find what you might expect to pay each month for your home loan. Shop around and make an informed decision so you can find the best possible rates for you and your family.