Washington State's economy took a hit due to the drastic changes in weather during the year 2006, as published in the report, The Impacts of Climate Change in Washington's Economy. Regardless, the financial market survived almost unscathed and recovered quite quickly in the span of only a few years. Today, with Washington State's economy back on track, the most lucrative financial markets, housing and home loans in particular, are regaining their robust foothold.

Washington, bordered by Idaho to the east and Oregon to the south, is the northwestern-most state of the U.S. Located north of Washington is the Canadian border just on the outskirts of the province of British Columbia. Washington is often thought as just another state that has middle standing in terms of economy and financial markets. Quite the opposite, Washington's gross state product amounts to a staggering $311.5 billion, its per capita personal income averaging at $41,751 in recent years. These statistics place the state in the 14th and 12th positions in GSP and per capita categories respectively.

The housing market in Washington is generally advantageous to would-be homeowners, as the state is one of the best places to find affordable home financing options. Home loan providers in Washington follow a well-defined trend, which, for a while now, has been favoring the buyers. Mortgage interest rates are neither dramatically low nor excruciatingly high, like in other states. In fact, nearly all the prominent financial groups in Washington offer mortgage rates well below 4 percent. Some loans are below 3 percent.

New home seekers, whether current or potential homeowners, can benefit from the state's mortgage breaks. Aside from that, adjustable-rate mortgages, or ARMs, allow people with low wages to own a decent house, as much as someone with a higher income. In order to qualify for the adjustable-rate mortgages, the borrower must be able to show they can afford the increased payment when the loan adjusts, either by a documented intended increase in wages forthcoming or the ability to afford it with the current income documentation. Put simply, the ARM option may be available to workers in Washington who are expecting to receive a better salary in the near future.

The improving economy of Washington is helping the housing market recover. That being said, mortgage refinancing is another subject worth mentioning. Through refinancing, home mortgage rates can be reduced even further.