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Updated
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
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%.
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.
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.
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.
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.
Compare your options, pay down debt and budget for total costs at closing when narrowing down the lowest rates on your next mortgage.
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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