Bothell is located in King County and is regarded as one of the best places to live in Washington. It offers its residents great parks and recreation opportunities, excellent schools, and a variety of dining options. We understand that purchasing a home needs careful consideration and extensive research. To make the process easier for you, we will go over the housing market in the city while explaining the Bothell mortgage rates to help you decide whether Bothell is the place for you.
To give you a little background information, Bothell, Washington is a city located in King and Snohomish counties, about 16 miles northeast of Seattle. It is well-known for its stunning natural surroundings, notably the North Creek Trail, which provides picturesque vistas as well as chances for hiking, bicycling, and running. The city also has a thriving downtown area with a wide range of stores, restaurants, and entertainment opportunities. Bothell is home to the University of Washington’s Bothell campus, which contributes to the city’s educational and cultural advantages.
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Advantages Of Moving To Bothell Washington
- Proximity to Seattle: Commuting to Seattle is very simple as the city is well-served by major motorways and public transit. It allows inhabitants to enjoy all that Seattle has to offer, including world-renowned restaurants, museums, and cultural events, without having to cope with the city’s exorbitant cost of living.
- Natural Surroundings: Bothell is surrounded by beautiful woods, parks, and hiking trails, so there is no shortage of outdoor activities. The North Creek Trail is a popular hiking, bicycling, and jogging trail, while the Sammamish River Trail provides stunning vistas and is a fantastic area to stroll or cycle. Bothell’s natural splendor makes it an ideal location for those who enjoy nature and outdoor activities.
- Education and Cultural Resources: Bothell offers a wide range of public and private schools, many of which have a great academic reputation. The University of Washington’s Bothell campus contributes to the city’s educational and cultural resources. This makes it an excellent location for students, instructors, and researchers.
- Family-Friendly Community: Bothell Landing Park, which is wonderful for picnics, fishing, and kayaking, and Country Village Park, which has playgrounds, sports fields, and a community garden, are two of the city’s many parks. The family-friendly environment makes it an ideal area to live and raise a family.
- Lower cost of living: Bothell has a cheaper cost of living than Seattle, making it a fantastic option for folks who want to experience everything the Pacific Northwest has to offer without breaking the bank.
Real Estate and Housing Affordability in Bothell
As per Redfin,
- The housing market in Bothell is quite competitive. Homes receive two offers on average and sell in around 22 days.
- Last month, the average sale price of a property in Bothell was $798K, a 13.1% decrease from the previous year. Bothell’s average sale price per square foot is $459, a 5.2% decrease from the previous year.
- Bothell houses sell after 24 days on the market on average, compared to 7 days last year.
- In December of this year, 65 properties were sold, down from 77 in December of the prior year.
- Between October and December of this year, 18% of Bothell homebuyers sought to relocate out of the city, while 82% looked to stay in the metropolitan region.
According to Realtor.com,
- In December 2022, homes in Bothell, WA sold for 1.17% less than the asking price on average.
- Bothell, WA was a seller’s market in December 2022, which means that more individuals want to buy than there are available properties.
Current Mortgage Rates in Bothell WA
Mortgage rates in Bothell, Washington, tend to follow the state and national trends, though they may vary by lender and loan terms. As of 2026, mortgage rates in the area are as follows:
- For a 30-year fixed-rate mortgage: 6.12% – 6.16%
- For a 15-year fixed-rate mortgage: 5.31% – 5.36%
- For a 5-year adjustable-rate mortgage, commonly known as ARM: 5.94% – 6.10%
For Washington, mortgage rates are close to those mentioned above, with a 30-year fixed-rate mortgage averaging 5.99% and a 15-year fixed-rate mortgage averaging 5.5% as of early 2026.
For the nation as a whole, mortgage rates tend to average around 6.1% for a 30-year fixed-rate mortgage and about 5.5% for a 15-year fixed-rate mortgage.
The most recent mortgage rates for Bothell, Washington are listed below. Zillow has updated these prices as of Monday, January 16, 2023. If you want to learn more about the most inexpensive mortgage programs and mortgage rates based on your credit history, contact Reliance Financial today.
- The current average 30-year fixed mortgage rate in Washington has dropped 3 basis points, from 5.86% to 5.83%. Washington mortgage rates are now 1 basis point lower than the national average rate of 5.84%.
- The Washington mortgage interest rate for January 16, 2023, is down 3 basis points from last week’s average Washington rate of 5.86%.
- Furthermore, the current average 15-year fixed mortgage rate in Washington has declined 4 basis points from 5.00% to 4.96%, while the current average 5-year ARM mortgage rate has increased 5 basis points from 5.46% to 5.51%.
Note: Mortgage rates fluctuate regularly and without notification. The mortgage rates listed above are indicative of market circumstances and individual requirements and will vary depending on your lock-in term, loan type, credit score, purpose, and loan-to-value ratio.
Understanding Discount Points
Discount points, a subtype of mortgage points, are one-time, up-front closing charges for mortgages that provide borrowers with access to reduced interest rates over the life of the loan. Each discount point generally costs 1% of the loan amount and reduces the interest rate by 1/8 to 1/4 of a percentage point. The points are usually up for debate. The general rule of finance is that you pay more interest on a loan the longer it is outstanding.
Points are thus best suited for fixed-rate, long-term loans (20 to 30 years) that are unlikely to be refinanced anytime soon. You determine how many points you wish to buy. However, you can negotiate a reduced interest rate throughout the loan rather than the points themselves. The financial institution effectively determines the terms of the points or the price of each point, as well as how much it reduces the annual percentage rate (APR).
They may match it if you’ve shopped around and discovered a better deal elsewhere, especially if you have a strong credit history and appear to be a trustworthy, appealing customer.
Types of Mortgage Loans Available in Bothell
Homebuyers in Bothell can apply for different types of mortgage loans based on their financial status and credit score.
Fixed Rate Mortgages
Fixed-rate mortgages are the oldest and most widely used type of mortgage loan. In a fixed-rate loan, the interest rate remains the same for the entire term of the loan..
The most common fixed rate options include:
- 30-year fixed mortgage
- 15-year fixed mortgage
A 30-year fixed mortgage provides a lower monthly payment option for buyers who need more flexibility in their budgets. A 15-year mortgage helps homeowners pay off their mortgage faster while saving on interest charges.
Adjustable Rate Mortgages (ARMs)
Adjustable-rate mortgages are characterized by offering a lower initial interest rate compared to other types of mortgages. They are commonly structured in the following ways:
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
The figures in the above arrangements indicate the number of years the interest rate remains fixed and how frequently it is adjusted thereafter.
Government-Backed Loans
Government-backed loans are designed to help certain types of borrowers qualify for home financing.
Some examples are:
- FHA Loans – best option for first-time home buyers with poor credit scores
- VA Loans – exclusively for veterans and serving military personnel
- USDA Loans – for homes located in rural areas
Jumbo Loans
It is possible that home prices in the area can be quite high, and some homebuyers may need to obtain jumbo loans. Jumbo loans are those that go beyond the maximum conforming loan amounts set by the federal housing agencies. Jumbo loans require higher credit ratings and larger down payments.
Conclusion
In conclusion, Bothell is an outstanding place to raise your family with good schools, parks, and recreational options. This is a wonderful city to live in because of its natural beauty, cultural and educational facilities, and welcoming community. Bothell is an ideal destination for families and people who wish to experience everything that the Pacific Northwest has to offer while living in an affordable neighborhood.
If you want to save money on your house purchase, we recommend shopping around for a mortgage loan. Contact Reliance Financial to learn more about purchasing your ideal home in Bothell. Our staff is commit to always improving their goods and services. We have a rich history of success and are dedicate to doing what is best for the individuals we serve.
For the past 18 years, Reliance Financial has led the mortgage sector with extensive knowledge and competence. Reliance Financial typically provides the most accurate and up-to-date information. You may discover more about the best mortgage program and the current mortgage rate in Bothell by visiting a nearby Reliance Financial location. To learn more about purchasing a house in Bothell, please contact us at sales@reliancefinancial.com.
FAQs about Bothell Mortgage Rates
What are the factors that affect the mortgage rates in Bothell?
Mortgage rates in Bothell are influenced by factors such as credit score, down payment, loan amount, and debt-to-income ratio, as well as broader economic conditions like inflation and Federal Reserve policies.
Is a fixed-rate mortgage more advantageous than an adjustable-rate mortgage in Bothell?
A fixed-rate mortgage has the advantage of having the same mortgage payments throughout the loan term. On the other hand, an ARM has a lower initial interest rate but changes after a certain time period. It all depends on your personal needs and the number of years you plan to stay in the home.
How do I get the lowest mortgage rates in Bothell?
To get the lowest mortgage rates in Bothell, you need to improve your credit score, save enough money for a down payment, and maintain a low debt-income ratio.
Are mortgage rates in Bothell higher than the national average?
Mortgage rates in Bothell are similar to the national average, although they may vary slightly due to local market conditions and competition among lenders.
When is the best time to lock a mortgage rate in Bothell?
The best time to lock a mortgage rate in Bothell is when interest rates are steady or when they are expected to rise, as well as when you have finalized your loan application with your lender.
Can I refinance my mortgage in Bothell to get a lower rate?
Yes, homeowners in Bothell can refinance their mortgage loans to acquire a lower interest rate or make lower monthly mortgage payments or change the mortgage term. Refinancing a mortgage is usually beneficial when interest rates on your mortgage loan are lower than your current interest rate.
