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Mortgage rates in Oregon
You might see rates for your next home that are lower than the national average.
You can expect rates in the Beaver State to fall along with the national average into 2020. If you can qualify for a loan program that’s subsidized by the government, you might see less than 4%.
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Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.How much do Oregon rates vary?
The average rate for a 30-year fixed-rate mortgage in Oregon ranged from 4.572% to 4.594% in 2018. Lenders weigh many variables when determining your rate, such your overall creditworthiness and type of loan you’re applying for.
Most homebuyers go for a conventional loan, which is easy to qualify for. But VA and other government-backed loans can save you interest and don’t require as high a down payment at closing if you or your home can qualify.
2018 average rates in Oregon by loan
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.302% | 4.794% |
| FHA | 4.125% | 4.725% |
| VA | 3.878% | 4.616% |
| USDA | Not available | 4.572% |
Rates based on data from ffiec.cfpb.gov.
Say that you’re a veteran and qualify for a 30-year VA loan to buy a house that’s valued at $155,000. At the 2018 average mortgage rate of 4.616%, you might end up paying around $800 a month. Compare that to a 30-year conventional loan with a rate of 4.794%, which comes with monthly payments of $810.
The $10 monthly difference between these two loans may sound like peanuts, but you’d save $5,970 in total interest by qualifying for a VA loan.
Which way are rates trending in Oregon?
Rates in the Beaver State are expected to stay below 4% into 2020.
US housing agencies are calling for 30-year mortgage rates to come in between 3.55% to 3.90% in 2020. Because the 10-year trend is for Oregon’s rates to be about 0.03% lower than the rest of the country, we expect rates in the mid to high 3% mark.
Compare mortgage rates throughout Oregon
Mortgage rates differ slightly among metropolitan areas in Oregon, as do home values.
We thumbed through data from the Home Mortgage Disclosure Act to build out projections for 30-year fixed-rate mortgages in major metropolitan areas within Oregon. These numbers do not include taxes or fees that are specific to your loan.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Albany-Lebanon | 4.803% | $225,000 | $1,180 |
| Bend | 4.758% | $305,000 | $1,590 |
| Corvallis | 4.762% | $295,000 | $1,540 |
| Eugene-Springfield | 4.772% | $245,000 | $1,280 |
| Grants Pass | 4.749% | $235,000 | $1,230 |
| Medford | 4.809% | $245,000 | $1,290 |
| Portland MSA (Clackamas, Columbia, Multnomah, Washington and Yamhill Counties) | 4.729% | $335,000 | $1,740 |
| Salem | 4.808% | $255,000 | $1,340 |
Rates and costs based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Oregon
Compare your options, pay down debt and budget for total costs at closing when narrowing down the lowest rates on your next mortgage.
- Compare loan programs. Weigh several lenders against loans you can qualify for to find the most competitive rate on your property.
- Boost your credit. Commit to paying down outstanding debts to improve your debt-to-income ratio — which can help you qualify for a lower rate.
- Plan for closing costs. You could pay from 1.04% to 1.39% of your home sale price at closing. If your lender offers a lower rate in exchange for higher closing costs, calculate your total interest savings to make sure it’s a deal.
Historical mortgage interest rates in Oregon
What is Senate Bill 3349?
It’s a bill proposed in March 2019 that eliminates the deduction of mortgage interest on second homes with reduced deductions for high earners. It hasn’t passed as of March 2020.
Bottom line
You might pay less than the national average mortgage rates to buy a home in Oregon. But with rates that vary by loan, shop around among lenders to find the lowest rate you and your home are eligible for.
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