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Mortgage rates in Oregon

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Oregon home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Oregon by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 4.250% 4.188% 4.188% 4.125%
640-659 4.063% 4.000% 4.000% 4.000%
660-679 4.000% 3.875% 3.875% 3.875%
680-699 3.750% 3.750% 3.750% 3.625%
700-719 3.750% 3.625% 3.625% 3.625%
720-739 3.625% 3.500% 3.500% 3.500%
740-759 3.500% 3.500% 3.500% 3.500%
760-779 3.500% 3.500% 3.500% 3.500%
780-799 3.500% 3.500% 3.500% 3.500%
800+ 3.500% 3.500% 3.500% 3.500%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1168)
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.

Compare up to 4 providers

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Oregon home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.750% 2.625% 2.625% 2.625%
30-year conventional 3.750% 3.625% 3.625% 3.625%
15-year FHA 3.063% 2.875% Not elegible Not elegible
30-year FHA 3.563% 3.500% Not elegible Not elegible
15-year VA 3.250% 3.063% 3.000% 2.938%
30-year VA 3.688% 3.688% 3.625% 3.563%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

Compare your options, pay down debt and budget for total costs at closing when narrowing down the lowest rates on your next mortgage.

  1. Compare loan programs. Weigh several lenders against loans you can qualify for to find the most competitive rate on your property.
  2. 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.
  3. 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.

Home values in Oregon are forecast to increase

Oregon’s housing market has been on a pretty steady incline, but 2021 should see a big increase in home values, according to Zillow.

The coastal city of Astoria, where they filmed The Goonies, is expected to see the largest increase of 21.8%, with Klamath Falls coming in second at just over 16% and Portland at 15%.

Even the cities with the lowest rise in home values are expected to see at least a 9% increase.

5 fast facts about the Oregon housing market

Consider the following Oregon housing facts while you shop around for a mortgage:

  1. Oregon’s property taxes are slightly lower than the US average at .97%, ranking 24th in the country.
  2. If you’re looking for waterfront property in this coastal state, there are no private beaches in Oregon. By law, all beaches have public access.
  3. According to a study by United Movers, Oregon was the third-most inbound state in 2020, meaning among state-to-state movers, more people are moving to Oregon than away.
  4. Oregon has a higher-than-average cost of living, and housing is the most expensive reason why.
  5. Oregon’s experiencing a seller’s market with low inventory like many places across the US, but it’s not as frenzied as other states, with more cautious sellers and patient buyers.

Bottom line

Mortgage rates in Oregon vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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