Interest Rate
6.625%
APR*
6.72%
Average home price
$361.970

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 6.625% 6.72% +0.19%
Conventional 20 year fixed 6.604% 6.72% +0.49%
Conventional 15 year fixed 5.725% 5.937% +0.23%
Conventional 10 year fixed 5.522% 5.744% +0.01%
Conventional 7 year ARM 5.784% 5.617% +0.19%
Conventional 5 year ARM 5.75% 5.575% +0.11%
FHA 30 year fixed 5.679% 6.549% +0.12%
VA 30 year fixed 5.958% 6.389% +0.27%
VA 15 year fixed 5.159% 5.645% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Oregon

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:

  • Portland
  • Eugene
  • Salem
  • Gresham
  • Hillsboro

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.

First-time Homebuyers

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:

  • Must live in Oregon
  • Must meet Oregon Bond Residential Loan income limits
  • Must meet Oregon Bond Residential Loan purchase price limits
  • Must buy a home that meets type restrictions

Refinancing in Oregon

You can choose to refinance a home in Oregon to take advantage of favorable Oregon mortgage rates by doing any of the following:

  • Refinance for a lower interest rate
  • Refinance to negotiate a longer term
  • Refinance for the benefit of cash-out equity
  • Refinance to remove private mortgage insurance (PMI).

You can think about applying for a streamlined refinance if you have a specific type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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