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How much can you expect to pay in mortgage payments when you buy a home in Seattle? In this article, we’ll go over the current home prices in the state and what the average mortgage payment is relative to average home prices.
Based on the current median home price of a home in Seattle, Washington as of October 2024, after a 20% down payment at average mortgage rates for a 30-year fixed home loan, the average principal and interest payment mortgage in Seattle is approximately $4,234. But there are several variables that will affect your monthly payments.
Average mortgage payments in Seattle, Washington have fluctuated over the past couple of years as average home prices have dipped and risen again. From mid-2018 to mid-2019, prices declined from a peak of $778,000 down to $734,000. But prices have been climbing back up since then and now sit at about $850,272 as of October 2024, according to Zillow.
Mortgage rates are relatively high following months of increases, though they are lower today than where they were the same time last year. It’s anticipated that mortgage rates will remain around 6.4% to 6.5% by the end of this year and into next year.
There is no official source for average mortgage payment data. So we have taken some current information relating to home prices and interest rates, and plugged it into a standard amortization calculator. The resulting figure gives us some insight into the average mortgage payment in Seattle in 2024.
For home price data, we turned to the real estate information company Zillow. By their estimation, the median home price in Seattle, Washington was around $850,272 as of October 2024. This reflects the median home values provided by other sources as well, so it’s a pretty good number to use for calculating the average monthly mortgage payment in Seattle.
For this calculation, we will use the average mortgage rate for a 30-year fixed home loan, simply because it’s the most popular type of loan used by borrowers in the Seattle area. According to the latest data, the average rate for a 30-year loan is currently hovering around 6.44%.
Granted, this is just a basic calculation that leaves out some variables for the sake of simplicity. In reality, there are many factors that can affect monthly mortgage payments, including property taxes, down payment amount, discount points and more.
This is not meant to be a precise measurement of average mortgage payments in Seattle, but merely a ballpark figure based on current housing costs.
Home prices in the Seattle area are expected to continue rising throughout the remainder of 2024 and into 2025. At the same time, mortgage rates are still relatively high. These factors will affect affordability in the Seattle area.
Are you in the market for a mortgage loan in the Seattle area? If so, we can give you a specific quote based on your current financial situation and the type of loan you need. This will help you determine what your monthly mortgage payments will be going forward, so you can plan accordingly.
If you’re planning to buy a home in Seattle, we recommend that you get pre-approved for a loan before entering the market. Being pre-approved for a mortgage can increase your chance for success. For one thing, sellers will be more inclined to accept your offer if you have a pre-approval letter. This is particularly important in real estate markets like Seattle.
Contact our loan experts today to get started.
Disclaimer: This article approximates the average monthly mortgage payment in Seattle using home price information and mortgage rate data from third-party sources. Your monthly payments will obviously vary based on the size of your loan and the mortgage rate you receive. Please use the Instant Rate Quote tool to get real-time accurate Seattle mortgage rates and costs in seconds.
Will you need mortgage financing to buy a home in Seattle, WA? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest since 1992, including Washington, Oregon, Colorado & Idaho. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Visit our website to get an instant rate quote or contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.