Mortgage Rates in Spokane, Washington — March 2026
Updated March 2026 | Based on Spokane market data and regional lending conditions
Spokane is a mid-sized city in Washington with a population of 228,989. The current 30-year fixed mortgage rate in Spokane is 6.57%, which is 0.08% below the national average. With a median home price of $345,000 and a 20% down payment of $69,000, homebuyers can expect a monthly principal and interest payment of approximately $1,757.
Current Mortgage Rates in Spokane, WA
Below are the current average mortgage rates available in the Spokane 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 | 6.57% | 6.65% | -0.08% |
| 15-Year Fixed | 5.81% | 5.89% | -0.08% |
| 5/1 ARM | 6.07% | 6.15% | -0.08% |
| FHA | 6.17% | 6.25% | -0.08% |
| VA | 5.97% | 6.05% | -0.08% |
| Jumbo | 6.77% | 6.85% | -0.08% |
Spokane Housing Market Overview
The Spokane housing market reflects moderate demand with prices near the national average. The median household income in Spokane is $47,882, and the cost of living index is 95.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $86,743 to comfortably afford the median-priced home in Spokane, which exceeds the current median household income.
Monthly Payment Breakdown for Spokane
Based on the median home price of $345,000 with 20% down ($69,000), here is what you can expect to pay monthly in Spokane:
15-Year vs. 30-Year Mortgage in Spokane
Choosing a 15-year mortgage in Spokane at 5.81% instead of a 30-year at 6.57% would save you $218,340 in total interest over the life of the loan. However, your monthly payment would be $2,301 instead of $1,757 — an increase of $544 per month.
Calculate Your Spokane 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 Spokane
What are the current mortgage rates in Spokane, WA?
As of March 2026, the average 30-year fixed mortgage rate in Spokane, Washington is 6.57%, while the 15-year fixed rate is 5.81%. FHA loans average 6.17% and VA loans 5.97%. These rates are 0.08% below the national average of 6.65%.
How much is a monthly mortgage payment in Spokane?
Based on the median home price of $345,000 with 20% down, the estimated monthly mortgage payment in Spokane is $1,757 for principal and interest. Including property taxes of $267/month, the total monthly housing cost is approximately $2,024.
What income do I need to buy a home in Spokane?
Using the 28% rule, you would need an annual income of approximately $86,743 to afford the median-priced home in Spokane at $345,000. The median household income in Spokane is $47,882. This means most households would need to either earn above the median or consider homes below $345,000.
Is Spokane a good place to buy a home in 2026?
Spokane offers a below-average cost of living with a cost of living index of 95.5 (national average = 100). The property tax rate in Washington is 0.93%, which is near the national average. Spokane has a population of 228,989 and offers a balanced lifestyle.
Mortgage Rates in Other Washington Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Spokane, Washington area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.