Seattle/Tacoma Mortgage Rates Survey – Week of May 21, 2012

Written by: BetterFinancePath Staff

According to a recent survey of Seattle/Tacoma mortgage rates offered by the largest area banks & credit unions, three Seattle/Tacoma institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Seattle/Tacoma area for well-qualified borrowers. The HomeStreet Bank ( offered rates at 3.75%. U.S. Bank National ( and  KeyBank National ( offered rates at 3.88%. two other institutions, namely the Washington Federal ( and the First Savings Bank Northwest ( offered rates at 4.00%.

While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.

Top Seattle/Tacoma Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR
U.S. Bank National 5/21/2012 3.88% 3.94% 3.13% 3.23% 2.75% 3.54%
KeyBank National 5/21/2012 3.88% 3.94% 3.06% 3.17% 2.67% 3.19%
Washington Federal 5/21/2012 4.00% 4.10%  NA  NA  NA  NA
HomeStreet Bank 5/21/2012 3.75% 3.89% 3.00% 3.24% 2.63% 2.50%
First Savings Bank Northwest 5/21/2012 4.00% 4.08% 3.25% 3.39%  NA  NA


Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates.


Seattle/Tacoma Mortgage Rates Survey – Week of...

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