Washington Federal Mortgage Interest Rate and Cost Review

Is Washington Federal a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Washington Federal with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.03%)
Loan Related Closing Costshigher than average (+$644)
National Rate and Closing Cost Rating(3.0)
Websitehttps://www.wafdbank.com

On average, Washington Federal’s interest rates were similar to those of other lenders (+0.03%) for a comparable set of borrowers. Its average total loan related closing cost was higher than those of other lenders, with a difference of +$644. Overall, combining interest rates and closing costs we estimate that Washington Federal tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.0 out of 5.0 stars.

Washington Federal’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Washington Federal was most active in:

  1. Seattle, WA
  2. Boise City, ID
  3. Phoenix, AZ
  4. West Jordan, UT
  5. Portland, OR

You can click through to check out Washington Federal’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Washington Federal’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Washington Federal originated Conforming and Jumbo mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference+0.03%+0.01%
Loan Related Closing Cost Difference+$769+$548
Cost Adjusted Rate Difference+0.08%+0.02%
Star Rating(3.0)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference+0.02%+0.01%
Loan Related Closing Cost Difference+$429+$616
Cost Adjusted Rate Difference+0.03%+0.02%
Star Rating(3.5)(3.5)

As a summary, Washington Federal is similar to other lenders for Jumbo purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages. For refinancing, Washington Federal is similar to other lenders for Conforming and Jumbo mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Washington Federal:

Registered name: Washington Federal
Registered city and state: Seattle, WA, 98101
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: WASHINGTON FEDERAL, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Washington Federal’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.