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Oregon Mortgage Rates today

Are you excited to purchase a home in Oregon? You will be glad to know that Total Mortgage can help you find the most affordable mortgage loan rates in Oregon. Your quest to own a home in your budget has reached its conclusion with us! Exploring the numerous first-time home buyer programs in Oregon can be challenging, but do not worry! Our specialists are ready to help you navigate these programs and compare the current mortgage rates in Oregon by different lenders. Contact us today for more information!

If you have any questions about securing the best mortgage rates in Oregon, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Oregon

The mortgage rates in Oregon are 6.375% for a 30-year fixed mortgage and 5.750% for a 15-year fixed mortgage. These rates are effective as of June 12 2024 12:30pm EST.

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5.750% RATE

6.498% APR

$2,989/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.375% RATE

6.856% APR

$2,246/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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5.875% RATE

6.935% APR

$2,316/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.125% RATE

7.516% APR

$2,187/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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5.875% RATE

6.496% APR

$2,156/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - June 12 2024 12:30pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What is the average mortgage rate in Oregon?

 

The mortgage interest rates in Oregon determine how much one pays to borrow funds to purchase a residence or refinance an existing home loan. Mortgage rates directly impact the total expenditure on property owners in the Beaver state.

What are the current mortgage rates in Oregon?

 

You can have a look at the current mortgage rates in Oregon for every loan noted above. We revise our percentages two times every day to guarantee that you get an exact representation of today's mortgage rates.

How do Oregon interest rates affect mortgages in the state?

Mortgage loan rates Oregan influences the overall expenditure of owning a home. Increased rates lead to higher monthly obligations and complete borrowing costs, whereas decreased percentages make homeownership more accessible and economical for inhabitants of the region.

Where can Oregon residents find the best mortgage rates?

Oregon residents can find a good mortgage rate by contrasting levels, annual percentage rates, and monthly obligations across each product mentioned above. It is essential to consider your qualifications for each merchandise item alongside the related charges so as to make an informed judgment.

How can Oregon borrowers lock in a favorable home interest rate?

 

Oregon homebuyers can obtain an advantageous home rate by inquiring about rate-locking choices with their loan representative. The mortgage rates in Oregon are heavily dependent on the dynamics of the local housing market. By committing to a fixed rate for a predefined time frame, clients can shelter themselves from possible fluctuations while securing their property.

How does the Oregon real estate market impact mortgage rates?

 

The status of Oregon's property sector can sway lending terms. Attributes, such as land values in urban and rural regions, the number of available homes on the market, employment numbers, and broader economic indicators, significantly dictate prevailing loan rates across the state at any given time.

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Oregon first-time homebuyer programs

Oregon Bond Residential Loan

The Oregon Bond Residential Loan program offers a diverse selection of low-interest home loans for first-time home buyers in Oregon, including conventional, Federal Housing Administration, Veterans Affairs, and USDA mortgages. This Oregon first-time home buyer program also offers two assistance- Cash Advantage & Rate Advantage choices to aid the budget and purchasing power of eligible home buyers.

The Cash Advantage alternative combines a below-market mortgage with a cash contribution totaling 3% of the loan amount designated for closing expenditures. (Note: The 3% cannot be applied toward the necessary down payment for an FHA loan.)

The Rate Advantage option solely offers an even lower interest rate compared to the Cash Advantage—significantly below current average rates as of January 2024—although without any cash assistance.

Both choices under the Oregon Bond Residential Loan program aim to make homeownership attainable through affordable monthly payments and reducing initial expenses.

The borrower and property stipulations for either alternative encompass:

  • It should satisfy Oregon Bond Residential Loan income constraints, which range from $98,800 to $138,320, depending on the area of the home and your family size.
  • It must be situated in Oregon. Residing elsewhere would disqualify one from the program.
  • It should meet Oregon Bond Residential Loan purchase price constraints, which range from $481,176 to $838,182.

The Oregon Bond Residential Loan is moreover attainable for repeat homeowners if the purchaser obtains it in a targeted region previously defined.

Oregon Down Payment Assistance

OHCS Flex Lending Program

The OHCS Flex Lending program is available for individuals earning less than $125,000 per year. This program provides an additional loan between 4 percent and 5 percent of your first mortgage for down payment and closing costs. Borrowers classified as low-income (earning 80 percent or less of the AMI) may qualify for loan forgiveness. For moderate-income borrowers (above 80 percent of the area median income), the loan is repaid in monthly installments at an interest rate of 1 percent higher than the first mortgage's interest rate. A minimum credit score of 620 is required, but there is no mandate to be a first-time home buyer in Oregon.

Other Oregon Homebuyer Programs

ACCESS: Jackson and Josephine counties

Qualified buyers contributing at least $500 themselves may secure a $2,500 grant for a down payment, closing fees, or prepaid costs. Completing homebuyer training as a first-time buyer qualifies one. Unlike loans, this Oregon first-time home buyer grant requires no repayment.

Portland Housing Center: Multnomah, Washington, Clackamas, Yamhill, and Columbia Counties

The Portland Housing Center aids Oregon first-time home buyers earning 80% or less of the area average in Multnomah, Washington, Clackamas, Yamhill, and Columbia counties. It offers low-interest loans up to $80,000, covering down payments and closing costs. An IDA program provides a $5 match for every $1 saved for a down payment. While this program is now full, one can join a waiting list when funds become available again.

Community Connection of Northeast Oregon: Baker, Grant, Union, and Wallowa Counties

Community Connection of Northeast Oregon assists homebuyers in Baker, Grant, Union, and Wallowa counties. Its IDA matches $5 for every $1 up to a maximum of $21,600 ($3,600 of one's savings plus $18,000 in matches) saved for a down payment.

DevNW: Marion County Down Payment Assistance

DevNW offers homeownership aid in rural Marion County. First-time purchasers may solicit up to $25,000 for down payment and closing charges through their Marion County Down Payment Assistance Program. A section of the funding will be pardoned if ownership is retained for at least ten years. The residence must be situated outside the boundaries of Salem.

DevNW: Springfield Down Payment Assistance

Similarly, Springfield applicants can entreat DevNW for up to $25,000 to mitigate initial costs. Contrary to the Marion County offering, this loan must be completely repaid upon any subsequent sale or refinancing of the mortgage. Both Oregon first-time home buyer grants necessitate meeting income limitations and completing a homebuyer education class. Some may also demand a minimum contribution from the buyer.

FHA Loans

With only 3.5 percent of the purchase price required upfront, FHA loans provide candidates with a credit score of at least 580 the chance to apply.

VA Loans

VA loans offer huge perks to qualifying military personnel, veterans, or suitable spouses, such as no necessity for private mortgage insurance, no down payment necessity, and some of the most competitive interest rates accessible.

USDA Loans

USDA loans are worth investigating for buying in an eligible rural area (verify if your property fits the requirements) since no down payment is necessitated, and USDA-approved lenders typically necessitate a minimum 640 credit score alone.



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.