Current Mortgage Rates Washington State – Washington is one of the nation’s hottest housing markets due to a solid local economy, constant employment growth, an abundance of affordable housing, and a variety of natural wonders. If you are one of the numerous homebuyers vying to buy a property in this state, you must become acquainted with not just the state but also the current mortgage rates in Washington State.
One of the most ethnically and geographically diversified populations can be found in Washington, the only state in the United States named after a president. This state offers something for everyone, from its stunning beaches along the Pacific coastline to its snow-capped volcanic highlands. Because some of its most important businesses include aerospace, agriculture, clean technology, and global health, this state is also at the forefront of technological advancement.
Washington State’s economy is expected to stay steady, thanks to a diverse collection of businesses like manufacturing, technology, health care, education, and commercial services. Although the state has recently seen an increase in property rates, the housing market in Washington is likely to stay solid for the foreseeable future. This post aims to educate you about the benefits of living in Washington state and its real estate trends and mortgage rates.
Things To Know About Washington State
- Washington is one of nine states without a state income tax in the U.S. This means you won’t have to pay taxes on income generated in or from Washington State, allowing you to keep a bit more money from each paycheck than in other jurisdictions.
- Because Washington State is home to numerous large corporations such as Microsoft, Costco, Starbucks, Boeing, and Amazon, there is an abundance of career opportunities with good compensation. This state’s job markets, particularly in the technology industry, are among the finest in the country.
- Washington State is also internationally famous for its scenic natural wonders, such as Mount Rainier and the Olympic Hot Springs. The state is well-known for the thousands of beaches along its shore, as well as the snowy mountains and glaciers that dot the landscape. Due to the multitude of activities and breathtaking landscapes, visitors to the Evergreen State frequently wish they could remain there forever.
- Home to world-renowned universities such as Washington State University and Seattle University, Washington is known for its high quality of education. . The state excels in public education and is home to some of the finest school districts in the nation. According to a survey, Washington State has the 12th biggest school system in the United States, which attracts students from all over the world, making its schools more diversified and approachable to international students.
- Washington has a population of almost seven million people, and it is continually increasing. With so many people comes a mingling of cultures. When compared to other states, Washington is very diversified. The state has a good mix of diverse cultures and communities, which makes it a more dynamic place to live.
Real Estate Trends In Washington
To help you make an informed decision about buying a property in this state, we have provided you with the real estate trends in Washington. However, it is important to note that these numbers change frequently, so it is advisable to do additional research to stay up to date with the most current trends.
- Home prices in Washington fell 1.3% in December 2022 from the previous year, with a median price of $553,100.
- The average number of homes sold was down 46.5% from 2021, with 5,721 properties sold in December this year, compared to 10,691 in December last year.
- The median number of days on the market was 37, an increase of 24 from the previous year.
- In December 2022, 19.3% of properties in Washington sold for less than the asking price, a 30.0-point decrease each year. This can indicate that the market is not very competitive and you can get good deals on the properties.
- Only 24.7% of properties saw price declines, up from 14.0% in December of the previous year.
- The sale-to-list price ratio was 98.1%, a 4.2-point decrease year over year.
Current Mortgage Rates In Washington State
Here are the current mortgage rates in Washington State, as published by Zillow on January 15, 2023. These rates are subject to fluctuation based on market and financing situations. Furthermore, your credit history, loan amount, mortgage period duration, and many other factors are used to determine the mortgage rates that you are qualified for. Visit Reliance Financial today to learn more about low mortgage rates and what your rate could look like.
- The current average 30-year fixed mortgage rate in Washington is 5.86%, down one basis point from 5.87%. Today’s mortgage rates in Washington are 5 basis points lower than the national average rate of 5.91%.
- On January 15, 2023, the Washington mortgage interest rate was down 31 basis points from the previous week’s average Washington rate of 6.17%.
- Furthermore, the current average 15-year fixed mortgage rate in Washington fell 3 basis points from 5.00% to 4.97%, while the current average 5-year ARM (Adjustable Rate Mortgage) mortgage rate was down 4 basis points from 5.52% to 5.48%.
Knowing the most recent mortgage rates in Washington State will help you decide whether it is appropriate to move forward with your home purchase. You might save thousands of dollars over the life of your loan by studying these rates and knowing the influence they can have on your mortgage rates.
Natural beauty, a thriving arts scene, and a strong economy combine to make Washington State an appealing location to live. Living in Washington is the finest option anybody can make for career possibilities, access to magnificent outdoor places, the absence of income taxes, and the moderate climate all year.
Furthermore, with mortgage rates seeing a slight decrease, now is the best time to find and acquire a property in order to save as much money as possible. If you are willing to buy a home in this great state, it is strongly advise that you contact a reputable mortgage lender as soon as possible to purchase a property at a reasonable price.
Reliance Financial can help you get started on the home-buying process. There is no doubt that this organization is the most trustworthy and promising mortgage lender for properties in Washington, providing you with tailored counsel for your specific needs, as well as online resources, mortgage calculators, and rate information to ease the entire home-buying process. Contact us today for a free quotation and go one step closer to living in your dream home.