The Memorial Day Window: Washington State Inventory Surges While Mortgage Rates Hold Steady
If you've been watching the Washington housing market from the sidelines, waiting for the right moment to make your move, this Memorial Day weekend might be the opening you've been hoping for.
We're seeing something unusual right now: a significant jump in available homes combined with mortgage rates that have essentially stopped moving. That's a combination we haven't seen in quite a while, and it's worth understanding what it means for your homebuying plans.
Let me break down the numbers and what they could mean for you.
What's Happening With Mortgage Rates This Week?
The 30-year fixed rate is currently sitting at 6.65%, down just 2 basis points from yesterday. For context, the 15-year fixed is at 6.22%. Both numbers represent what I'd call a flat trend, which is actually good news in its own way.
Why? Because predictability has been hard to come by lately.
Bond markets have been a bit of a rollercoaster thanks to competing forces pulling in opposite directions. On one hand, we're hearing rumors of a potential peace deal in the Iran conflict, which brought some optimism to investors. On the other hand, inflation concerns and rising energy costs continue to create pressure. It's a balancing act, and for now, that tension is keeping rates in a narrow range.
For buyers, this stability means you can actually plan. You can run numbers through a mortgage calculator and feel reasonably confident those payments will look similar when you're ready to lock. That's not always the case, so take advantage of it while it lasts.
Want to see exactly where things stand? Check out today's rates for the latest numbers.
Why Is Washington Inventory Surging?
Here's where things get really interesting for buyers across the state.
Active residential inventory across Washington has jumped 28.4% year-over-year, reaching 18,563 listings. That's more homes on the market than we've seen at this point in spring for several years running.
And the growth isn't happening equally everywhere. Some counties are seeing even bigger jumps:
- Snohomish County: Active listings up 58% compared to last year
- Thurston County: Active listings up 43% year-over-year
Whether you're looking in Western WA, exploring opportunities in Eastern Washington, or focusing on the greater Puget Sound region, you're likely to find more options than you would have even six months ago.
More inventory means less competition for individual homes, more negotiating power for buyers, and a better chance of finding something that actually fits your needs rather than settling for whatever happens to be available.
Are Prices Actually Softening in the Puget Sound?
Yes, and this is a big deal for anyone who felt priced out of the market over the past few years.
Median prices in high-cost areas like King County have softened between 3.4% and 5.2% year-over-year. These aren't dramatic drops, but they represent a meaningful shift for buyers who were watching homes slip further out of reach with each passing month.
Combined with the inventory increase, this creates a rare entry point, particularly for first-time buyers or those looking to move up in the Puget Sound market.
If you've been wondering whether you can afford to buy in Western WA, now is a good time to explore what's happening in your local market and see how current conditions might work in your favor.
How Much Help Is Available for Down Payments?
This is one of the most underreported stories in Washington real estate right now.
Currently, 73.2% of active NWMLS listings are eligible for some form of down payment assistance. That's a 21.4% increase in eligible homes compared to last May.
What does that mean in practical terms? If you've been assuming you need to save up a massive down payment before you can buy, you might be operating on outdated information. There are programs designed to help Washington buyers at various income levels, and more homes on the market qualify for these programs than at any point in recent memory.
The Bennett Team has helped countless buyers across Washington State navigate these programs and find options they didn't know existed. Not sure where to start? Start here →
What Should Washington Buyers Do Right Now?
Here's my honest take on this Memorial Day market window:
Get Pre-Approved Before You Shop
With inventory this high, you have time to be thoughtful about your search. But when you find the right home, you'll want to move confidently. Having your financing sorted out ahead of time puts you in a stronger position.
Don't Wait for "Perfect" Rates
Rates at 6.65% aren't the historic lows we saw a few years ago, but they're stable, and they're workable. More importantly, trying to time the absolute bottom of the rate market is a game that rarely works out. What matters more is finding the right home at a price that fits your budget.
Explore Down Payment Assistance
Seriously, don't skip this step. The percentage of homes eligible for assistance is higher than many buyers realize. Even if you think you won't qualify, it's worth checking.
Use the Tools Available to You
Our mortgage calculator can help you understand what different price points and rate scenarios would mean for your monthly payment. Knowledge is power when you're making the biggest purchase of your life.
The Bottom Line for PNW Homebuyers
The combination we're seeing right now, with inventory up over 28%, rates holding flat at 6.65%, prices softening in high-cost areas, and down payment assistance more accessible than ever, creates a genuine opportunity for Washington buyers.
Is it a perfect market? No such thing exists. But is it a good time to be actively searching if buying a home is part of your plan? I'd argue yes.
This Memorial Day weekend, while you're enjoying time with family or firing up the grill, consider taking a few minutes to explore your options. The numbers are more favorable than they've been in a while, and the stability we're seeing won't last forever.
If you have questions about what any of this means for your specific situation, The Bennett Team is here to help you think through your options. Not sure where to start? Start here →
Happy Memorial Day, Washington. Here's to finding the home that's right for you.
RJ Bennett The Bennett Team at Canopy Mortgage, Ferndale, WA
