Sitting in the top northwest corner of the U.S. on the border with Canada is Washington, with famous locations like Seattle and Puget Sound. Washington is home to Microsoft as well as the historic Seattle waterfront and Pike Place Market. It is also a significant source of the nation's timber harvesting industry, as much of the state is still wild land versus developed regions. Washington ranks 13th in population among the 50 states, though much of the housing is clustered around the Puget Sound corridor rather than inland. The state itself also changes dramatically further east, shifting from the rainy coastal forests to high plateaus and farming land along the border with Idaho. Washington attracts many residents because the state has no personal income tax, instead relying on property tax, sales tax, and other levies for government revenue.
The Evergreen State is home to more than 8 million residents. Its economy is one of the ten largest among U.S. states, anchored by several iconic American businesses, including Microsoft, Amazon, Costco, Starbucks, and Boeing. Per-capita income ranks among the highest in the country.
Top Places to Live
Homes in WA are expensive by national standards, and values have risen sharply over the past decade. In recent years the typical Washington home has been valued at roughly $600,000, well above the U.S. figure, with considerable variation across the state. By median sales price, the most expensive communities in WA tend to be Eastside cities such as Bellevue, Mercer Island, Redmond, and Sammamish. Housing is more affordable in towns farther from Puget Sound, such as Aberdeen, Centralia, and much of eastern Washington.
Seattle
Population: roughly 750,000
Greater Seattle is one of America's largest metro areas, home to several million people. The city is well known for the Space Needle, Pike Place Market, grunge rock, and a mid-20th-century jazz scene. The rise of the technology industry has grown the city tremendously, and greater Seattle drives a large share of the state economy, home to companies like Amazon, Starbucks, and Microsoft (in neighboring Redmond). Seattle is also one of the greenest cities in America, making it a popular destination for the environmentally conscious home buyer.
Spokane
Population: roughly 230,000
Something of a college town, Spokane is home to Gonzaga University and the lesser-known Whitworth University. Greater Spokane anchors the Inland Northwest, and its economy has broadened well beyond forestry and manufacturing into healthcare, IT, and clean tech, drawn by lower costs relative to the Puget Sound region.
Tacoma
Population: roughly 220,000
Tacoma is a bit smaller than the previous two cities, but it has a lot going for it. Quality of life is high, the city is walkable, and it has a vibrant arts and museum district. Among the largest local employers are state and city government, the public school system, and the nearby Joint Base Lewis-McChord (JBLM) military installation.
WA Banks, Credit Unions, and Interest Rates
Washingtonians have a wealth of options when it comes to banking. As you might imagine, there are many local choices, from banks to credit unions to mortgage bankers. These institutions generally have deep roots in their various WA communities and work closely with local small businesses and consumers alike. One trade-off is that smaller local options may not have branches outside the state. For a broader branch and ATM network, many borrowers also consider a large bank that operates in Washington. We'll list several below.
Local and regional banks:
- WaFd Bank (Washington Federal)
- Heritage Bank
- First Fed
- Coastal Community Bank
WA credit unions:
- BECU
- Washington State Employees Credit Union (WSECU)
- Spokane Teachers Credit Union (STCU)
- Gesa Credit Union
- Numerica Credit Union
- HAPO Community Credit Union
- Sound Credit Union
- Harborstone Credit Union
- Kitsap Credit Union
Big banks with local branches:
- Bank of America
- Chase
- KeyBank
- U.S. Bank
- Umpqua Bank
Banking mergers and rebrands are common, so it is always worth confirming that an institution still operates under a given name before you apply. Choices are great, but they can make decision-making feel a bit overwhelming. This is where RateZip.com's financial search engine can help. We make it easy to compare deposit accounts, loans, and more. Best of all, it's free.
Washington State Mortgage Rates
With RateZip.com, homebuyers considering a purchase in Washington or a relocation to the area can find a variety of options, with local banks and mortgage lenders offering competitive borrowing rates. For Washingtonians who already own a home, RateZip makes comparing refinance options simple. With just a bit of information, you can gather quotes from multiple lenders.
First-time buyers in Washington may also want to explore the Washington State Housing Finance Commission (WSHFC), whose Home Advantage program pairs a 30-year fixed-rate mortgage with optional down payment assistance for qualified borrowers who complete an approved homebuyer education course.
Fixed-rate mortgages, often abbreviated FRM, are the most popular home loans in both the United States and WA state. FRMs maintain a constant interest rate and principal-and-interest payment for the entire life of the loan, which makes budgeting predictable.
The adjustable-rate mortgage, or ARM, is an alternative worth understanding. As the name suggests, these loans adjust over time. The interest rate begins fixed for an initial period, often lower than a comparable fixed rate, and then adjusts periodically according to a benchmark index. Borrowers with a shorter time horizon sometimes use the lower initial rate and plan to move or refinance before the adjustment period begins. Because mortgage rates move with market conditions, compare current fixed and adjustable rates before deciding which structure fits your situation.