What are average mortgage rates in Washington in 2026?

Mortgage rates in Washington generally track national averages. As of 2026, expect 30-year fixed rates from 5.5% to 7.5% for good credit borrowers. Use CalcDeck's Washington mortgage calculator to model your payment at current rates.

How much are closing costs in Washington?

Closing costs in Washington typically range from 2% to 5% of purchase price, including lender fees, title insurance, and prepaid items. Use CalcDeck's Washington mortgage calculator to include closing costs in your calculation.

What are property tax rates in Washington?

Property tax rates in Washington range from 0.3% to 2.5% of assessed value. CalcDeck's Washington calculator includes property tax in your PITI payment.

What first-time homebuyer programs exist in Washington?

Washington offers down payment assistance, favorable-rate mortgages, and tax credits through state agencies. Use CalcDeck's Washington calculator to see how programs affect your payment.

How do I use the CalcDeck Washington mortgage calculator?

Enter home price, down payment, interest rate, and loan term. Adjust property tax and insurance to match Washington averages. Get instant monthly payment, total interest, and amortization schedule.

Washington Mortgage Calculator

Median home prices, property taxes, and monthly payment estimates for Washington homeowners.

Washington at a Glance

Median Home Price: $565,000
Property Tax Rate: 0.84%
Median Household Income: $90,990
Annual Property Tax: $4,746

Sources: Zillow ZHVI (2024), Tax Foundation (2023), US Census ACS (2023)

Monthly Mortgage Payment in Washington

Based on the Washington median home price of $565,000 at 6.7% interest (30-year fixed):

Payment Breakdown	20% Down	5% Down
Loan Amount	$452,000	$536,750
Principal and Interest	$2,917	$3,464
Property Tax (WA)	$396	$396
Homeowners Insurance	$125	$125
PMI	$0	$224
Total Monthly	$3,437	$4,208

How Much House Can You Afford in Washington?

Using the 28/36 rule (housing costs under 28% of gross income):

With 20% down, you need ~$147,307/year to afford Washington's median home
With 5% down, you need ~$180,329/year
Washington's median household income is $90,990

Washington insight: Washington's property tax rate of 0.84% is near the national average.

Washington Housing Market Overview

Washington's housing market is among the nation's most expensive, driven by tech sector wealth. The statewide median of $565,000 reflects Seattle at $815,000, Bellevue $1.1 million, Tacoma $485,000, and Spokane $385,000. Inventory is critically low at 1.8 months. The median household income of $90,990 yields a price-to-income ratio of 6.2. The effective property tax rate of 0.84% is moderate, but high values push annual taxes to $4,746 on a median home. Washington has no state income tax, which attracts high earners, but the state's affordability crisis has pushed many to Oregon and Idaho.

First-Time Homebuyer Programs in Washington

The Washington State Housing Finance Commission (WSHFC) offers the Home Advantage program, providing 30-year fixed-rate mortgages with down payment assistance up to $15,000 as a 0% deferred second mortgage. The House Key Opportunity program offers below-market rates for buyers in targeted areas. WSHFC also administers the Mortgage Credit Certificate (MCC) program, providing a 20% federal tax credit on mortgage interest. Local programs include Seattle's Office of Housing program ($55,000 grants for income-qualified buyers) and Tacoma's Homeownership Assistance Program ($20,000). Income limits: King County caps at $112,000 for a two-person household; rural counties cap at $78,000.

Tips for Homebuyers in Washington

1) Washington's 0.84% property tax means ~$396/month on a median home, but Seattle values push this much higher. 2) The Seattle/Bellevue market is hyper-competitive; expect cash offers and waived contingencies under $800,000. 3) Spokane and eastern WA offer much better value with strong outdoor recreation access. 4) Buy in fall/winter for less competition, but inventory is always tight. 5) Earthquake risk is real in western WA; older homes may need retrofitting—budget $3,000–$8,000. 6) Radon is elevated in eastern Washington; always test and budget $800–$1,200 for mitigation.

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Washington Mortgage FAQ

What is the median home price in Washington?

The median home price in Washington is approximately $565,000 as of 2024 (Zillow ZHVI). Your actual price will vary by city and neighborhood.

What is the property tax rate in Washington?

The effective property tax rate in Washington is approximately 0.84% (Tax Foundation). On a $565,000 home, that is about $4,746/year in property taxes.

How much income do I need to buy a home in Washington?

Using the 28/36 rule with 20% down at 6.7%, you would need about $147,307/year to afford the median Washington home at $565,000. With 5% down (including PMI), about $180,329.

What will my monthly mortgage payment be in Washington?

On Washington's median home price of $565,000 with 20% down at 6.7%, your total monthly payment (P and I plus tax plus insurance) is approximately $3,437. With 5% down including PMI, about $4,208.

Data sources: Zillow ZHVI typical home values (2024), Tax Foundation effective property tax rates (2023), US Census Bureau ACS median household income (2023). Mortgage rate assumption: 6.7% APR 30-year fixed. This is an estimate — use our calculator for personalized numbers.