Mortgage Rates in Mountlake Terrace, Washington — March 2026
Updated March 2026 | Based on Mountlake Terrace market data and regional lending conditions
Mountlake Terrace is a growing city in Washington with a population of 21,282. The current 30-year fixed mortgage rate in Mountlake Terrace is 6.76%, which is 0.11% above the national average. With a median home price of $551,000 and a 20% down payment of $110,200, homebuyers can expect a monthly principal and interest payment of approximately $2,862.
Current Mortgage Rates in Mountlake Terrace, WA
Below are the current average mortgage rates available in the Mountlake Terrace area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.76% | 6.65% | +0.11% |
| 15-Year Fixed | 6% | 5.89% | +0.11% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7.01% | 6.85% | +0.16% |
Mountlake Terrace Housing Market Overview
The Mountlake Terrace housing market is competitive with prices well above the national median. The median household income in Mountlake Terrace is $77,100, and the cost of living index is 110.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $141,557 to comfortably afford the median-priced home in Mountlake Terrace, which exceeds the current median household income.
Monthly Payment Breakdown for Mountlake Terrace
Based on the median home price of $551,000 with 20% down ($110,200), here is what you can expect to pay monthly in Mountlake Terrace:
15-Year vs. 30-Year Mortgage in Mountlake Terrace
Choosing a 15-year mortgage in Mountlake Terrace at 6% instead of a 30-year at 6.76% would save you $360,720 in total interest over the life of the loan. However, your monthly payment would be $3,720 instead of $2,862 — an increase of $858 per month.
Calculate Your Mountlake Terrace Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Mountlake Terrace
What are the current mortgage rates in Mountlake Terrace, WA?
As of March 2026, the average 30-year fixed mortgage rate in Mountlake Terrace, Washington is 6.76%, while the 15-year fixed rate is 6%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.11% above the national average of 6.65%.
How much is a monthly mortgage payment in Mountlake Terrace?
Based on the median home price of $551,000 with 20% down, the estimated monthly mortgage payment in Mountlake Terrace is $2,862 for principal and interest. Including property taxes of $441/month, the total monthly housing cost is approximately $3,303.
What income do I need to buy a home in Mountlake Terrace?
Using the 28% rule, you would need an annual income of approximately $141,557 to afford the median-priced home in Mountlake Terrace at $551,000. The median household income in Mountlake Terrace is $77,100. This means most households would need to either earn above the median or consider homes below $551,000.
Is Mountlake Terrace a good place to buy a home in 2026?
Mountlake Terrace has a moderate cost of living with a cost of living index of 110.4 (national average = 100). The property tax rate in Washington is 0.96%, which is near the national average. Mountlake Terrace has a population of 21,282 and offers a balanced lifestyle.
Mortgage Rates in Other Washington Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Mountlake Terrace, Washington area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.