Washington State Mortgage Applicants Among Nation’s Best

May 1, 2012
Last updated:
February 10, 2022
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Your credit score plays a key role in your ability to secure a mortgage. So, where are Washington credit scores at these days? And how do they compare to the national average.

Washington residents have many reasons to be proud of their state, from its natural splendor to its unique northwestern culture, and it looks as if citizens have gotten more serious about purchasing a home here.

Home Mortgage – Washington Credit Scores 4th in the Nation

According to Experian’s recent State of Credit report, Washington state ranks 4th in the nation for average credit scores among home loan applicants at 717, which is considered a good credit score. Minnesota came in first with average scores of 726, while Mississippi came in last at just 666. The national credit score average of all loans tracked was 695.

Average Credit Scores Now vs. 10 Years Ago

At the beginning of 2011, the average credit score in America was roughly 12 points higher. Today, that number is roughly 680, as already mentioned. People today understand more than ever what it takes to pursue their dreams of homeownership, and first on that list is a good credit score. However, in the wake of an ongoing pandemic having stellar credit is somewhat challenging, to say the least.

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Lenders were previously fearful of another housing crisis, similar to that of 2008; however, 2022 has yet to see such a crisis. Despite the uncertainty during the economic climate and inflation, it remains to be seen what exactly will transpire in 2022. That said, banks today still look for the best loan applications when deciding which home loans to fund and which home loans to decline. The easiest way to rise to the top of the funding list is with a sterling credit rating.

Home Affordability in Washington

Thanks to a decrease in jobless claims and relatively low home mortgage rates, now is still a good time to secure a home mortgage in Washington. With the hope of a rebounded economy, individuals are getting more serious about their personal portfolios, from credit scores to debt levels.

Moreover, lending institutions have also responded to the changing market by continuing to offer home loan rates that make now a great time to buy a home. That said, if you are in the market for a new home or ready to start planning your path to homeownership, reach out to your WA State mortgage loan experts and realize your dreams of homeownership today.

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Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria and have been doing so since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

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