Washington Mortgage Rates & Closing Costs

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    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Washington averaged 6.67% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 6.9% and one month ago for the week of 2023-02-09, the average rate was 6.49%.

    Washington's average rate one year ago was 3.82%.

    For refis of the same type during the week of 2023-03-16, the average rate was 6.84%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Washington 30 Year Fixed Rate 2023-03-16 6.67%
    Washington 30 Year Fixed Rate Refi 2023-03-16 6.84%
    Washington 15 Year Fixed Rate 2023-03-16 6.7%
    Washington 15 Year Fixed Rate Refi 2023-03-16 7.08%
    Washington 30 Year FHA 2023-03-16 6.27%
    Washington 30 Year FHA Refi 2023-03-16 6.17%
    Washington 30 Year USDA 2023-03-16 6.48%
    Washington 30 Year USDA Refi 2023-03-16 5.69%
    Washington 30 Year VA 2023-03-16 6.08%
    Washington 30 Year VA Refi 2023-03-16 5.81%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Washington, IN.

    Washington Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Washington, IN market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    First Federal Savings Bank 25 5.52% $1,931
    CRANE 23 4.39% $1,666
    German American Bank 17 5.50% $2,568
    First Savings Bank 17 4.40% $2,718
    EVANSVILLE TEACHERS 14 5.18% $2,251
    Old National Bank 6 5.08% $2,035
    UNITED WHOLESALE MORTGAGE, LLC 6 5.51% $2,257
    QUICKEN LOANS, LLC 5 5.10% $6,001
    MORTGAGE MASTERS OF INDIANA, INC. 4 4.38% $2,645
    PLAZA HOME MORTGAGE, INC. 4 5.78% $3,985
    First Financial Bank 3 6.04% $2,733
    JPMorgan Chase Bank 3 3.50% $2,973
    RUOFF MORTGAGE COMPANY, INC. 3 5.04% $1,644
    LOANDEPOT.COM, LLC 3 5.12% $4,981
    Heritage Federal Credit Union 2 6.06% $2,626
    Armed Forces Bank 2 3.56% $2,034
    Farm Credit Mid-America, ACA 2 6.38% $5,761
    PENNYMAC LOAN SERVICES, LLC 2 4.38% $6,375
    FORUM Credit Union 1 5.50% $1,414
    AMERICAN FINANCING CORPORATION 1 3.88% $3,503
    HOME POINT FINANCIAL CORPORATION 1 5.25% $5,539
    HOMESIDE FINANCIAL, LLC 1 6.13% $2,989
    Jackson County Bank 1 6.00% $5,334
    FAIR WAY LENDING LLC 1 3.63% $2,748
    Equity Prime Mortgage LLC 1 4.00% $2,764
    MEMBER FIRST MORTGAGE, LLC 1 6.38% $2,873
    Discover Bank 1 7.24% $0
    Mr. Cooper ( Nationstar Mortgage ) 1 6.99% $5,639
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $2,103
    Paramount Residential Mortgage Group, Inc. 1 5.99% $5,626
    AMERICAN MORTGAGE SERVICE COMPANY 1 5.50% $2,890
    BROKER SOLUTIONS, INC. 1 6.25% $7,481
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.99% $8,001
    Arvest Bank 1 4.88% $4,665
    ROYAL UNITED MORTGAGE LLC 1 6.88% $5,173
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.49% $2,624
    The Farmers National Bank of Canfield 1 3.38% $2,718
    UNION HOME MORTGAGE CORP. 1 4.88% $8,814
    FREEDOM MORTGAGE CORPORATION 1 5.75% $5,106

    Washington Average Closing Costs & Other Stats

    Washington, IN's 39 lenders originated 655 loans during 2022. The total origination value was $86,165,000, with an average loan value of $131,550.

    Washington's average closing costs are $3,405.

    The top Washington lender as defined by loan originations is First Federal Savings Bank, with 25 loans originated. Their average total fees are $1,931, which is $265 higher than the next largest lender, CRANE.

    The lowest fee Washington lenders (with over 10 loans originated) are CRANE ($1,666), First Federal Savings Bank ($1,931), EVANSVILLE TEACHERS ($2,251), German American Bank ($2,568) and First Savings Bank ($2,718).

    The lowest rate Washington lenders (with over 10 loans originated) are CRANE (4.39%), First Savings Bank (4.40%), EVANSVILLE TEACHERS (5.18%), German American Bank (5.50%) and First Federal Savings Bank (5.52%).

    Washington, IN Mortgage Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    German American Bank $28,845,000 $17,405,000 -39.7% 20.2%
    First Federal Savings Bank $8,415,000 $7,595,000 -9.7% 8.8%
    EVANSVILLE TEACHERS $15,535,000 $6,535,000 -57.9% 7.6%
    CRANE $9,095,000 $6,190,000 -31.9% 7.2%
    First Savings Bank $4,625,000 $5,330,000 15.2% 6.2%
    Old National Bank $5,775,000 $4,230,000 -26.8% 4.9%
    PLAZA HOME MORTGAGE, INC. $3,190,000 $3,615,000 13.3% 4.2%
    UNITED WHOLESALE MORTGAGE, LLC $1,095,000 $3,325,000 203.7% 3.9%
    HOME POINT FINANCIAL CORPORATION $3,110,000 $2,960,000 -4.8% 3.4%
    QUICKEN LOANS, LLC $8,190,000 $2,540,000 -69.0% 2.9%
    Farm Credit Mid-America, ACA $3,405,000 $1,740,000 -48.9% 2.0%
    MORTGAGE MASTERS OF INDIANA, INC. $505,000 $1,600,000 216.8% 1.9%
    First Financial Bank $435,000 $1,535,000 252.9% 1.8%
    RUOFF MORTGAGE COMPANY, INC. $3,030,000 $1,235,000 -59.2% 1.4%
    Equity Prime Mortgage LLC $260,000 $1,190,000 357.7% 1.4%
    LOANDEPOT.COM, LLC $1,555,000 $1,185,000 -23.8% 1.4%
    Mortgage Research Center, LLC $1,835,000 $1,030,000 -43.9% 1.2%
    NAVY FEDERAL CREDIT UNION $380,000 $915,000 140.8% 1.1%
    Jackson County Bank $690,000 n/a 0.8%
    JPMorgan Chase Bank $135,000 $635,000 370.4% 0.7%
    CALIBER HOME LOANS, INC. $860,000 $585,000 -32.0% 0.7%
    AMERICAN MORTGAGE SERVICE COMPANY $250,000 $565,000 126.0% 0.7%
    BROKER SOLUTIONS, INC. $410,000 $505,000 23.2% 0.6%
    Wells Fargo Bank $1,470,000 $505,000 -65.6% 0.6%
    Heritage Federal Credit Union $190,000 $495,000 160.5% 0.6%
    FREEDOM MORTGAGE CORPORATION $3,200,000 $470,000 -85.3% 0.5%
    CROSSCOUNTRY MORTGAGE, LLC $260,000 $455,000 75.0% 0.5%
    GVC MORTGAGE, INC. $430,000 n/a 0.5%
    NEWREZ LLC $740,000 $420,000 -43.2% 0.5%
    PRIMARY RESIDENTIAL MORTGAGE, INC. $365,000 n/a 0.4%
    AMERICAN FINANCIAL RESOURCES, INC. $355,000 n/a 0.4%
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $355,000 n/a 0.4%
    Paramount Residential Mortgage Group, Inc. $355,000 n/a 0.4%
    Armed Forces Bank $350,000 n/a 0.4%
    Horizon Bank $85,000 $340,000 300.0% 0.4%
    JAMES B. NUTTER & COMPANY $325,000 n/a 0.4%
    NEW DAY FINANCIAL, LLC $205,000 $325,000 58.5% 0.4%
    The Federal Savings Bank $165,000 $325,000 97.0% 0.4%
    UNION HOME MORTGAGE CORP. $315,000 n/a 0.4%
    Discover Bank $55,000 $310,000 463.6% 0.4%
    Carrington Mortgage Services, LLC $160,000 $305,000 90.6% 0.4%
    UNITED MORTGAGE CORP. $295,000 n/a 0.3%
    PENNYMAC LOAN SERVICES, LLC $1,255,000 $270,000 -78.5% 0.3%
    Nations Lending Corporation $255,000 n/a 0.3%
    ROYAL UNITED MORTGAGE LLC $255,000 n/a 0.3%
    AMERISAVE MORTGAGE CORPORATION $205,000 $245,000 19.5% 0.3%
    Fifth Third Bank $435,000 $240,000 -44.8% 0.3%
    The Farmers National Bank of Canfield $225,000 n/a 0.3%
    21ST MORTGAGE CORPORATION $210,000 n/a 0.2%
    The Huntington National Bank $75,000 $200,000 166.7% 0.2%
    First Home Bank $185,000 n/a 0.2%
    LOANFLIGHT LENDING, LLC $175,000 n/a 0.2%
    RELIANCE FIRST CAPITAL, LLC $175,000 n/a 0.2%
    Barrington Bank & Trust Company, N.A. $185,000 $165,000 -10.8% 0.2%
    OPEN MORTGAGE, LLC $195,000 $165,000 -15.4% 0.2%
    USAA Federal Savings Bank $435,000 $165,000 -62.1% 0.2%
    Northwest Bank $260,000 $160,000 -38.5% 0.2%
    Regions Bank $710,000 $160,000 -77.5% 0.2%
    Arvest Bank $140,000 n/a 0.2%
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION $135,000 n/a 0.2%
    MJW Financial LLC $135,000 n/a 0.2%
    LIBERTY HOME MORTGAGE CORPORATION $125,000 n/a 0.1%
    Mr. Cooper ( Nationstar Mortgage ) $200,000 $125,000 -37.5% 0.1%
    Servion, Inc. $115,000 n/a 0.1%
    Farmers and Mechanics Federal Savings Bank $105,000 n/a 0.1%
    MEMBER FIRST MORTGAGE, LLC $95,000 $105,000 10.5% 0.1%
    PLANET HOME LENDING, LLC $680,000 $105,000 -84.6% 0.1%
    CIVIC FINANCIAL SERVICES, LLC $95,000 n/a 0.1%
    FAIR WAY LENDING LLC $95,000 n/a 0.1%
    First Guaranty Mortgage Corporation $245,000 $95,000 -61.2% 0.1%
    HOMESIDE FINANCIAL, LLC $95,000 n/a 0.1%
    First Harrison Bank $85,000 n/a 0.1%
    GREAT LAKES $85,000 n/a 0.1%
    FORUM Credit Union $75,000 n/a 0.1%
    INDIANA UNIVERSITY CREDIT UNION $65,000 n/a 0.1%
    AMERICAN FINANCING CORPORATION $320,000 $55,000 -82.8% 0.1%
    Figure Lending LLC $80,000 $50,000 -37.5% 0.1%
    TEACHERS CREDIT UNION $25,000 n/a 0.0%

    Washington's top lender by overall market share is German American Bank, with 20.2% market share. In second place, with 8.8%, is First Federal Savings Bank, having originated $7,595,000 in loans. In third place, with 7.6%, is EVANSVILLE TEACHERS, having originated $6,535,000 in loans. In fourth place, with 7.2%, is CRANE, having originated $6,190,000 in loans. In fifth place, with 6.2%, is First Savings Bank, having originated $5,330,000 in loans.

    Washington Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $139,450 (32.3%) $172,068 (32.2%) 0.00 72
    2018-02-01 $139,450 (36.5%) $170,614 (31.6%) 0.00 75
    2018-03-01 $144,900 (36.9%) $177,701 (30.5%) 0.00 74
    2018-04-01 $148,500 (41.6%) $172,929 (29.5%) 0.00 80
    2018-05-01 $149,900 (36.3%) $180,759 (37.5%) 0.00 80
    2018-06-01 $144,700 (25.4%) $174,201 (35.5%) 0.00 81
    2018-07-01 $142,650 (14.2%) $177,567 (24.4%) 0.00 77
    2018-08-01 $147,500 (21.1%) $185,360 (31.2%) 0.00 77
    2018-09-01 $150,800 (20.7%) $187,684 (29.0%) 0.00 78
    2018-10-01 $157,000 (22.2%) $179,773 (11.5%) 0.00 81
    2018-11-01 $161,150 (19.4%) $184,612 (10.1%) 0.00 75
    2018-12-01 $154,900 (11.4%) $193,839 (17.0%) 0.00 70
    2019-01-01 $149,225 (7.0%) $188,646 (9.6%) 0.00 69
    2019-02-01 $146,475 (5.0%) $186,899 (9.5%) 0.00 59
    2019-03-01 $155,257 (7.2%) $198,935 (12.0%) 0.00 53
    2019-04-01 $163,782 (10.3%) $205,876 (19.1%) 0.00 51
    2019-05-01 $142,475 (-5.0%) $183,565 (1.6%) 0.00 55
    2019-06-01 $145,000 (0.2%) $171,557 (-1.5%) 0.00 62
    2019-07-01 $148,900 (4.4%) $163,665 (-7.8%) 0.00 61
    2019-08-01 $144,223 (-2.2%) $164,431 (-11.3%) 0.00 60
    2019-09-01 $141,707 (-6.0%) $168,154 (-10.4%) 0.00 60
    2019-10-01 $139,625 (-11.1%) $174,562 (-2.9%) 0.00 62
    2019-11-01 $122,200 (-24.2%) $179,370 (-2.8%) 0.00 60
    2019-12-01 $129,900 (-16.1%) $181,404 (-6.4%) 0.00 56
    2020-01-01 $124,925 (-16.3%) $180,582 (-4.3%) 0.00 56
    2020-02-01 $129,450 (-11.6%) $185,626 (-0.7%) 0.00 52
    2020-03-01 $165,750 (6.8%) $224,736 (13.0%) 0.00 51
    2020-04-01 $179,900 (9.8%) $230,045 (11.7%) 0.00 49
    2020-05-01 $168,000 (17.9%) $223,731 (21.9%) 0.00 45
    2020-06-01 $157,475 (8.6%) $235,176 (37.1%) 0.00 39
    2020-07-01 $161,300 (8.3%) $256,598 (56.8%) 0.00 36
    2020-08-01 $162,500 (12.7%) $237,964 (44.7%) 0.00 43
    2020-09-01 $163,400 (15.3%) $220,762 (31.3%) 0.00 43
    2020-10-01 $179,900 (28.9%) $213,507 (22.3%) 0.00 51
    2020-11-01 $189,500 (55.1%) $216,047 (20.5%) 0.00 48
    2020-12-01 $168,650 (29.8%) $204,968 (13.0%) 0.00 42
    2021-01-01 $179,900 (44.0%) $206,685 (14.5%) 0.00 36
    2021-02-01 $168,725 (30.3%) $212,241 (14.3%) 0.00 37
    2021-03-01 $148,250 (-10.6%) $197,397 (-12.2%) 0.00 33
    2021-04-01 $143,575 (-20.2%) $200,452 (-12.9%) 0.00 23
    2021-05-01 $145,900 (-13.2%) $212,165 (-5.2%) 0.00 18
    2021-06-01 $179,900 (14.2%) $224,654 (-4.5%) 0.00 26
    2021-07-01 $183,700 (13.9%) $230,573 (-10.1%) 0.00 30
    2021-08-01 $169,900 (4.6%) $221,869 (-6.8%) 0.00 42
    2021-09-01 $163,700 (0.2%) $247,319 (12.0%) 0.00 41
    2021-10-01 $191,100 (6.2%) $260,153 (21.9%) 0.00 36
    2021-11-01 $198,825 (4.9%) $251,834 (16.6%) 0.00 41
    2021-12-01 $199,000 (18.0%) $249,145 (21.6%) 0.00 45
    2022-01-01 $174,900 (-2.8%) $240,815 (16.5%) 0.00 40
    2022-02-01 $167,450 (-0.8%) $208,926 (-1.6%) 0.00 33
    2022-03-01 $166,200 (12.1%) $222,321 (12.6%) 0.00 31
    2022-04-01 $184,900 (28.8%) $221,789 (10.6%) 0.00 34
    2022-05-01 $191,825 (31.5%) $237,978 (12.2%) 0.00 34
    2022-06-01 $169,900 (-5.6%) $213,482 (-5.0%) 0.00 38
    2022-07-01 $169,900 (-7.5%) $217,643 (-5.6%) 0.00 37
    2022-08-01 $181,000 (6.5%) $233,122 (5.1%) 0.00 37
    2022-09-01 $208,725 (27.5%) $247,746 (0.2%) 0.00 29
    2022-10-01 $239,900 (25.5%) $260,131 (0.0%) 0.00 34
    2022-11-01 $239,900 (20.7%) $247,653 (-1.7%) 0.00 36
    2022-12-01 $227,900 (14.5%) $246,109 (-1.2%) 0.00 35
    2023-01-01 $238,650 (36.5%) $269,823 (12.1%) 0.00 33
    2023-02-01 $239,900 (43.3%) $271,056 (29.7%) 0.00 31
    Washington's median listing price for 2023-02-01 was $239,900, a difference of $72,450 (43.3%) versus the prior year and $1,250 versus the prior month.

    Washington's median listing price comes in at 0% of the national average.

    Washington's average listing price for 2023-02-01 was $271,056, a difference of $62,130 (29.7%) versus the prior year and $1,233 versus the prior month.

    For the 2023-02-01 period, Washington had 31 MLS listings, a difference of -2 listings (-6%) versus the prior month and -2 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Washington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,659 sqft
    2018-02-01 0 days 1,652 sqft
    2018-03-01 0 days 1,726 sqft
    2018-04-01 0 days 1,799 sqft
    2018-05-01 0 days 1,833 sqft
    2018-06-01 0 days 1,780 sqft
    2018-07-01 0 days 1,790 sqft
    2018-08-01 0 days 1,798 sqft
    2018-09-01 0 days 1,805 sqft
    2018-10-01 0 days 1,800 sqft
    2018-11-01 0 days 1,800 sqft
    2018-12-01 0 days 1,886 sqft
    2019-01-01 0 days 1,874 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,871 sqft
    2019-04-01 0 days 1,896 sqft
    2019-05-01 0 days 1,800 sqft
    2019-06-01 0 days 1,665 sqft
    2019-07-01 0 days 1,708 sqft
    2019-08-01 0 days 1,717 sqft
    2019-09-01 0 days 1,718 sqft
    2019-10-01 0 days 1,718 sqft
    2019-11-01 0 days 1,665 sqft
    2019-12-01 0 days 1,683 sqft
    2020-01-01 0 days 1,740 sqft
    2020-02-01 0 days 1,779 sqft
    2020-03-01 0 days 1,916 sqft
    2020-04-01 0 days 1,943 sqft
    2020-05-01 0 days 1,884 sqft
    2020-06-01 0 days 1,773 sqft
    2020-07-01 0 days 1,857 sqft
    2020-08-01 0 days 1,857 sqft
    2020-09-01 0 days 1,769 sqft
    2020-10-01 0 days 1,743 sqft
    2020-11-01 0 days 1,764 sqft
    2020-12-01 0 days 1,681 sqft
    2021-01-01 0 days 1,711 sqft
    2021-02-01 0 days 1,656 sqft
    2021-03-01 0 days 1,760 sqft
    2021-04-01 0 days 1,750 sqft
    2021-05-01 0 days 1,706 sqft
    2021-06-01 0 days 1,753 sqft
    2021-07-01 0 days 1,840 sqft
    2021-08-01 0 days 1,663 sqft
    2021-09-01 0 days 1,688 sqft
    2021-10-01 0 days 1,864 sqft
    2021-11-01 0 days 1,741 sqft
    2021-12-01 0 days 1,711 sqft
    2022-01-01 0 days 1,665 sqft
    2022-02-01 0 days 1,715 sqft
    2022-03-01 0 days 1,676 sqft
    2022-04-01 0 days 1,727 sqft
    2022-05-01 0 days 1,727 sqft
    2022-06-01 0 days 1,332 sqft
    2022-07-01 0 days 1,313 sqft
    2022-08-01 0 days 1,560 sqft
    2022-09-01 0 days 1,715 sqft
    2022-10-01 0 days 1,903 sqft
    2022-11-01 0 days 1,909 sqft
    2022-12-01 0 days 1,844 sqft
    2023-01-01 0 days 1,935 sqft
    2023-02-01 0 days 1,846 sqft
    Washington's median listing age (time on market) for 2023-02-01 was 0 days.

    Washington's median square footage for active listings during the 2023-02-01 period was 1,846 sqft. One year prior, the average listing was 1,715 sqft.

    Washington, IN Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 270 $47,450,000 $175,741
    Refi 127 $13,155,000 $103,583
    Cash Out Refi 114 $15,040,000 $131,930
    Other 80 $5,990,000 $74,875
    Home Improvement 64 $4,530,000 $70,781

    Washington's most frequently cited loan purpose was Home Purchase, with 270 originations. The 2nd most popular reason was Refi, with 127 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 165 $24,775,000 $150,152
    4-5% 122 $17,130,000 $140,410
    3-4% 120 $17,770,000 $148,083
    <2.5% 94 $7,660,000 $81,489
    6-7% 77 $9,995,000 $129,805
    2.5-3% 38 $5,160,000 $135,789
    7-8% 31 $3,085,000 $99,516
    Over 8% 7 $485,000 $69,286

    During 2022, Washington's most frequently originated rate bucket was 5-6%, with 165 originations.

    Loan Sizing (Washington, IN MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 282 $15,420,000 $54,681
    $100k-200k 239 $33,955,000 $142,071
    $200k-400k 128 $33,420,000 $261,094
    $400k-600k 5 $2,295,000 $459,000
    $Over $1MM 1 $1,075,000 $1,075,000

    Washington's loan sizing saw the bucket of loans from $100,000 or less with 282 originations, totaling $15,420,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 211 $38,805,000 $183,910
    60-80% 134 $22,870,000 $170,672
    20-40% 118 $9,580,000 $81,186
    Under 20% 100 $4,040,000 $40,400
    40-60% 85 $9,555,000 $112,412
    Over 100% 3 $645,000 $215,000

    Washington's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 211 originations, totaling $38,805,000 in origination value.