Compare Washington mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Washington.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Washington. Plus, shopping lenders is free and there is no obligation.
January 22, 2022
Below we offer valuable insights on the housing market and real estate prices in Washington. Understand how much you need to make to buy a house in Washington, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Washington is affordable for you. We provide this helpful information to help you decide if living in Washington is right for you.
The median home value for Washington is $550,905
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Washington is $90,264
With this income, you could qualify for a $495,815 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Washington is $2,090
The median household income for Washington is $87,557
Based on this income, you can afford a home valued at approximately $534,384
The home price you can afford to buy based on household income in Washington is 97% of the median home value which means housing prices are very expensive. Washington ranks 47 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Washington is very expensive