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If you are ready to buy a home in Oregon, you’ll want to be sure that you are getting the best mortgage rate possible. Your mortgage rate will depend on several factors, including your level of income, debt-to-income ratio, credit score, and how much you can put up for a down payment.
It’s easy to help yourself get the best mortgage rate in Oregon. Before applying for a home loan, check your credit and get your documentation in order so a recognized mortgage lender can preapprove you.
Here’s a quick look at current Oregon mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.516%||6.601%||-0.19%|
|Conventional 20 year fixed||6.225%||6.306%||-0.05%|
|Conventional 15 year fixed||6.033%||6.167%||-0.07%|
|Conventional 10 year fixed||6.062%||6.288%||Unchanged|
|Conventional 7 year ARM||7.316%||7.846%||Unchanged|
|Conventional 5 year ARM||7.066%||7.915%||-0.13%|
|VA 30 year fixed||5.948%||6.215%||-0.03%|
|VA 5 year ARM||6.338%||7.159%||-0.05%|
Weighing the possibility of buying a home in Oregon? This could be the ideal time for you to acquire your dream home in the Beaver State.
Reflect over where you want to live most. Oregon has a far flung total population of just under 4 million people, who enjoy living spread out across the state, although one in four do live in the state’s five top cities:
Following that, how much home can you afford? Oregon ranks 13th in US homes for sale at average price, and 17th for homes over $1,000,000. It’s important to get preapproved so you can know your budget prior to house hunting.
Are you a first-time buyer? Programs for first-time homebuyers are administrated by Oregon Housing and Community Services, and can include:
Oregon Bond Residential Loans are a selection of low-rate mortgages accompanied by two assistance options for first-time homebuyers:
Cash Advantage includes a below-market rate mortgage and 3% of the loan amount in cash, which can’t be used for your down payment on an FHA loan, but can be used to reduce your closing costs.
Rate Advantage also offers a below-market mortgage rate that is even more impactful than the Cash Advantage rate, but includes no cash assistance.
The requirements for either include:
You can choose to refinance a home in Oregon to take advantage of favorable Oregon mortgage rates by doing any of the following:
You can think about applying for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.