Mortgage Rates in Bainbridge Island, Washington — March 2026
Updated March 2026 | Based on Bainbridge Island market data and regional lending conditions
Bainbridge Island is a growing city in Washington with a population of 24,832. The current 30-year fixed mortgage rate in Bainbridge Island is 6.85%, which is 0.2% above the national average. With a median home price of $443,000 and a 20% down payment of $88,600, homebuyers can expect a monthly principal and interest payment of approximately $2,322.
Current Mortgage Rates in Bainbridge Island, WA
Below are the current average mortgage rates available in the Bainbridge Island 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 | 6.85% | 6.65% | +0.2% |
| 15-Year Fixed | 6.07% | 5.89% | +0.18% |
| 5/1 ARM | 6.31% | 6.15% | +0.16% |
| FHA | 6.55% | 6.25% | +0.3% |
| VA | 6.3% | 6.05% | +0.25% |
| Jumbo | 7.1% | 6.85% | +0.25% |
Bainbridge Island Housing Market Overview
The Bainbridge Island housing market reflects moderate demand with prices near the national average. The median household income in Bainbridge Island is $66,000, and the cost of living index is 113.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $114,686 to comfortably afford the median-priced home in Bainbridge Island, which exceeds the current median household income.
Monthly Payment Breakdown for Bainbridge Island
Based on the median home price of $443,000 with 20% down ($88,600), here is what you can expect to pay monthly in Bainbridge Island:
15-Year vs. 30-Year Mortgage in Bainbridge Island
Choosing a 15-year mortgage in Bainbridge Island at 6.07% instead of a 30-year at 6.85% would save you $295,200 in total interest over the life of the loan. However, your monthly payment would be $3,004 instead of $2,322 — an increase of $682 per month.
Calculate Your Bainbridge Island 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 Bainbridge Island
What are the current mortgage rates in Bainbridge Island, WA?
As of March 2026, the average 30-year fixed mortgage rate in Bainbridge Island, Washington is 6.85%, while the 15-year fixed rate is 6.07%. FHA loans average 6.55% and VA loans 6.3%. These rates are 0.2% above the national average of 6.65%.
How much is a monthly mortgage payment in Bainbridge Island?
Based on the median home price of $443,000 with 20% down, the estimated monthly mortgage payment in Bainbridge Island is $2,322 for principal and interest. Including property taxes of $354/month, the total monthly housing cost is approximately $2,676.
What income do I need to buy a home in Bainbridge Island?
Using the 28% rule, you would need an annual income of approximately $114,686 to afford the median-priced home in Bainbridge Island at $443,000. The median household income in Bainbridge Island is $66,000. This means most households would need to either earn above the median or consider homes below $443,000.
Is Bainbridge Island a good place to buy a home in 2026?
Bainbridge Island has a moderate cost of living with a cost of living index of 113.2 (national average = 100). The property tax rate in Washington is 0.96%, which is near the national average. Bainbridge Island has a population of 24,832 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 Bainbridge Island, Washington area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.