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Spokane

Current Mortgage Rates in Spokane, Washington

Compare mortgage rates and fees for leading lenders in Spokane, WA. 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 lender offering the best mortgage rates in Spokane.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Spokane. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Spokane, WA as of February 20, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Spokane, WA Mortgage Rates Compare?

February 20, 2020

The current average rate for a 30 year fixed rate mortgage in Spokane is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Spokane, WA Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Spokane, Washington?

Below we provide helpful information on the real estate market, home prices and housing affordability in Spokane. Understand how much you need to earn to afford a home in Spokane, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Spokane fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Spokane is right for you.

The median home value for Spokane, WA is $288,707

Based on current mortgage rates and a 10% down payment, you need to make $51,960 per year to buy the median priced home in Spokane

With this income, you could qualify for a $259,836 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 Spokane is $1,203

The median household income for Spokane, WA is $55,009

Based on this income, you can afford a home valued at approximately $305,650

The home price you can afford to buy based on household income in Spokane is 106% of the median home value which means housing prices are average. Spokane ranks 25 out of 39 counties in Washington and 2,955 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Spokane, WA is average

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Loan Limits for Spokane, Washington

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Spokane below.

Conforming loan limits for Spokane, WA

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Spokane, WA

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Spokane, WA

1 unit: $510,400

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