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If you’re thinking of buying a mortgage using an FHA loan, now may be a great time to buy and lock in at a great rate, as rates are still relatively low, though they are increasing.
Not only are FHA loans easier to qualify for, they’re also affordable thanks to continued low interest rates. FHA 30-year fixed mortgage rates in Washington State are currently sitting at 4.125%, as of March 2022.
This is good news for Washington home buyers who are thinking of using an FHA loan to buy a house. Locking in a low rate now could shield you from likely interest hikes down the road.
The latest mortgage rate results point to a prime opportunity to buy or refinance. Mortgage rates are lower today than they were years ago, prompting plenty of refinancing among homeowners and presenting a great opportunity for buyers to get into the market. However, they are on the rise.
Today’s 30-year fixed-rate mortgage for FHA loans is now sitting at 4.125%, continuing on an upward trend.
Here are the averages for conventional and FHA loan rates across Washington State and the U.S., for the last week of March 2022:
According to Freddie Mac, borrowers who locked in these rates paid an average of 0.8 points at closing (for 30- and 15-year fixed-rate mortgages). To learn more about this particular survey, you can visit FreddieMac.com.
The average mortgage rate for an FHA loan in Washington State has been hovering below 4% for a couple of years. But since early 2021, rates have been on the increase.
The 30-year rate average was 2.65% at the beginning of January 2021.
Granted, these are average mortgage rates we’re talking about. The rate you receive on a home loan may differ from the averages reported above, due to a number of factors such as loan features and credit qualifications.
But the overall trend here is undeniable. Apparently, there hasn’t been very much upward pressure on Washington mortgage rates in recent months.
The economic team at Freddie Mac said as much in their latest survey report:
“The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019. The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.”
So that’s where Washington State FHA loan rates are right now.
Home prices in Washington State have soared in recent years, and they are expected to continue rising throughout 2022. But the FHA loan program is still a viable option for many home buyers in the state, despite rising house values.
In many counties across the state, FHA loan limits are lower than median home prices. This means that home buyers who use the program may need to look harder to find a home within those limits.
FHA loan limits have gone up for 2022, as well as conforming limits. That’s because they are based on median home values, and those values have risen steadily over the last year.
FHA loans are particularly popular among first-time home buyers in Washington State, though they’re certainly not limited to this group. In many cases, first-time buyers lack the funds for a large down payment. So the 3.5% down payment that’s allowed under the FHA loan program can be very appealing to these borrowers.
Are you planning to use an FHA loan to buy a home in Washington State? If so, we can provide you with an instant rate quote to help you move forward. We can also answer any questions you have about this mortgage program, and how it might benefit you as a borrower.
Disclaimer: This article contains FHA loan rate trends for Washington State and across the nation. The averages reported above are based on the weekly survey conducted by Freddie Mac. Mortgage rates vary based on several factors, including geography, loan features, and borrower credit history. Please contact us if you would like to receive a quote.
If you’re thinking of getting a mortgage in Washington State, we can help. Sammamish Mortgage has been proudly serving borrowers across Washington State, Oregon, Idaho, and Colorado since 1992, and we welcome the opportunity to help you as well. We have a variety of mortgage programs to offer. Get in touch with us today to get a quote rate!
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.