- Live Rates
- Contact Us
Summary: 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.
According to Experian’s recent State of Credit report, Washington state ranks 6th in the nation for average credit scores among home loan applicants at 700, which is considered a good credit score. Minnesota came in first with average scores of 711, while Mississippi came in last at just 651. The national credit score average of all loans tracked was 680.
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.
Lenders were previously fearful of another housing crisis, similar to that of 2008; however, 2020 and 2021 have yet to see such a crisis. Despite the uncertainty during the onset of the pandemic, things are definitely looking up for 2021. 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.
Thanks to a decrease in jobless claims and lower than average home mortgage rates, now is the perfect 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.
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. Please contact us if you have any questions or are ready to apply for a home loan.
Analysts discuss the latest readings on public and private sector jobs, the national unemployment rate, plus weekly readings on mortgage rates and jobless claims.
One of the most important factors to consider when applying for a mortgage is the interest rate that you’ll be charged. Your rate will have a direct impact on your monthly mortgage payments, as well as how much you’ll end up spending on your mortgage overall. For this reason, it’s helpful to understand home mortgage rates and the factors that affect them.