Today's Mortgage Rates in Oregon (October 2024)
Updated: October 8, 2024
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Today's mortgage rate in Oregon is at 5.95% for 30-year fixed rate, which is below the national average of 6.40%. Homebuyers can explore helpful programs such as the Oregon Bond Residential Loan and Down Payment Assistance to potentially reduce their mortgage expenses.
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Oregon. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in October 2024.
The current mortgage rate in Oregon for a 30-year fixed-rate mortgage is 6.0% as of October 2024, up from 5.9% the previous month—an increase of 10 basis points. This movement may seem minor, but it can significantly affect your finances; for a $250,000 loan with a 20% down payment, this change would mean an additional cost of $508 over the life of the loan, not including additional costs like property taxes or HOA fees.
Our chart shows the significant changes in mortgage rates over time, presenting a clear view of the market trend and the direct impact even fractional movements in rates can have on your pocketbook.
Understanding the current mortgage rate in Oregon can help you budget effectively, as it assists in predicting your monthly payments. Daily shifts in rates stem from economic conditions and the policies of the Federal Reserve, which can directly affect your payment amount over time.
Two distinct borrowers who could benefit from knowing today's mortgage interest rates in Oregon are keen on navigating the housing market:
First-time homebuyers
First-time homebuyers in Oregon can benefit by comparing the current mortgage rates, helping them spot competitive offers.
Homeowners with mortgages
Homeowners in Oregon might explore a mortgage refinance if available rates are lower than their own.
Purchase rates often differ from refinance rates — for instance, in Oregon, the current mortgage rate for a 30-year fixed purchase stands at 5.95%, while the refinance rate for the same type of mortgage is at 5.88%. These rates directly impact your monthly payments and the total cost of your loan.
A 30-year fixed-rate mortgage in Oregon typically comes with a higher rate than a 15-year fixed-rate mortgage. Longer loan terms mean more time for rates to change and more risk for lenders — this results in higher rates.
When you explore mortgage loan types in Oregon, use a mortgage calculator to see how different rates impact your monthly payment. It's a simple yet effective way to plan your budget around a home loan.
| 4.94% | APR5.15% |
The interest rate on a mortgage is what you pay each year to borrow money from a lender. In Oregon, the average mortgage interest rate for a 30-year fixed loan is currently 5.88%.
The APR stands for annual percentage rate, which includes the interest rate plus other costs like mortgage points and fees. Oregon’s average APR for a 30-year fixed mortgage is at 5.95%, giving you a clearer picture of the yearly expense tied to your loan.
In Oregon, if your credit score is a strong 740 or higher and you're making a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage stands at 6.55%. With a credit score below 680, that rate increases to an average APR of 7.33%.
Your credit score and down payment size directly impact the mortgage rates you qualify for in Oregon. Our interactive table can show you the rates you might get based on your specific financial situation; just input your credit score and down payment amount to see for yourself.
| 10-year Fixed | APR5.07% |
| 15-year Fixed | APR5.23% |
| 20-year Fixed | APR5.94% |
| 30-year Fixed | APR6.19% |
| 5-year ARM | APR7.63% |
| 7-year ARM | APR7.32% |
In October 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages. Knowing your options can save you money and make your decision easier. Here's a list of mortgage loan types available in Oregon.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Oregon |
|---|---|---|---|
Conventional Loans | Conventional loans in Oregon are not insured or guaranteed by government agencies. | A borrower's credit score and down payment size influence the rates on conventional loans. | 5.95% |
FHA Loans | FHA loans in Oregon are backed by the Federal Housing Administration, designed for low-to-moderate-income borrowers. | FHA loans typically offer lower rates for borrowers with lower credit scores or smaller down payments. | 7.30% |
VA Loans | VA loans in Oregon are backed by the Department of Veterans Affairs, available to veterans and active military. | VA loans often provide competitive rates due to government backing, beneficial for eligible borrowers. | 5.52% |
USDA Loans | USDA loans in Oregon are backed by the United States Department of Agriculture, aimed at rural home buyers. | USDA loans usually offer favorable rates because of government support, targeting rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans in Oregon exceed the conforming loan limits set by the Federal Housing Finance Agency. | Jumbo loans may carry higher rates due to larger loan amounts and increased lender risk. | 6.05% |
Mortgage rates in Oregon include fixed and adjustable options.
As of October 2024, Oregon's average rate is 5.95% for a 30-year fixed mortgage and 7.24% for a seven-year adjustable-rate mortgage.
Lower, New American and Loan Depot stand out as solid options for securing a mortgage in Oregon. They are not only available in the state but also boast accreditation from the Better Business Bureau and offer homeowner assistance programs. Remember, while these lenders come highly recommended, there are additional lenders in Oregon that might fit your financial situation.
Your choice of lender influences the mortgage rate you get — different lenders offer varied mortgage products and loan terms, including the rates. By comparing mortgage options from several lenders in Oregon, you can secure the best possible deal for your situation.
Borrowers in Oregon checking out mortgage rates can look to Lower, an online lender that provides a variety of loan options. You can choose from conventional loans, which are typical for most buyers, and jumbo loans are available for those needing larger loan amounts. Lower requires a minimum credit score of 580 to qualify, which helps first-time buyers.
Lower customer service hours are Monday through Friday from 9 a.m. to 5 p.m. ET via phone or text. It stands out in the market with the innovative Homeowners Assistance Program "Buy Before You Sell," which supports those looking to purchase a new property before selling their current one. It is also the top Home Equity Line of Credit (HELOC) lender for most states, reflecting a strong market presence and expertise in this area.
Pros
Cons
In Oregon, borrowers can look to Loan Depot for mortgage options both online and in-person. The lender offers several products, including fixed-rate and adjustable-rate loans that cater to different needs. For those considering a mortgage via Loan Depot, the lowest credit score accepted for FHA loans is 580. The minimum down payment is also within reach for many, sitting at 5% for conventional loans and just 3.5% for FHA loans, with the caveat of needing a 10% down payment if your credit score falls below 580. Meanwhile, VA and USDA loans come with no down payment requirement, easing the initial financial burden for qualified applicants.
Loan Depot has customer service hours from Monday to Friday, 10 a.m. to 9 p.m. ET and it caters to borrowers through phone and email. For homeowners needing extra assistance, it offers programs like Loss Mitigation Assistance.
Pros
Cons
New American serves borrowers in Oregon with a variety of mortgage options. You can choose from conventional loans or government-backed ones like FHA loans, depending on what fits your situation best.
For an FHA loan, you'll need a minimum credit score of 580, but for jumbo loans, that requirement climbs to 680. For a conventional loan, expect to put down at least 3% of the home’s purchase price, while FHA loans might ask for anywhere from 3.5% to 10%, depending on your credit.
New American offers more than loans; it assists homeowners through programs aimed at making homeownership more accessible. You can contact customer support via phone or email from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays.
Pros
Cons
Owning a home brings more responsibilities than just the monthly mortgage, including hidden costs of homeownership that you might not expect. In Oregon, you've got support from agencies like Oregon Housing and Community Services.
Program | Description |
|---|---|
Oregon Bond Residential Loan | The Oregon Bond Residential Loan offers two options to support purchases. Cash Advantage provides a low-rate mortgage and 3% cash to offset closing costs, not for FHA Loan minimum investment. Rate Advantage offers low-rate loans for reduced monthly payments without cash assistance. |
Down Payment Assistance | The Down Payment Assistance aids first-time home buyers with not only down payments but also closing costs. Qualification follows after homebuyer education. Funds assist, especially veterans, in easing mortgage payments and supporting ownership. |
Understanding today's mortgage rates in Oregon is important for those buying a home. We've answered common questions to help you make informed decisions.
Current average APRs in Oregon as of October 2024 vary by loan type: a 30-year fixed conforming loan is at an average of 5.95%, while the same period for a jumbo loan is at an average of 6.05%. Mortgage rates are also influenced by factors such as the borrower's credit score, down payment size, and overall market conditions.
The current average APRs for a 30-year fixed conforming loan in Oregon is 5.95%, which is lower than the national average of 6.40%. Conversely, Oregon's 5-year adjustable rate mortgage (ARM) has an average APR of 7.35%, compared to the national average of 7.92% as of October 2024.
Your credit score significantly impacts the mortgage rates you can obtain in Oregon, with a higher score typically enabling lower mortgage rates. Lenders use credit scores to assess risk; higher scores indicate lower risk, which often results in better rate offers.
Yes, Oregon offers special mortgage programs such as the Oregon Bond Residential Loan and Down Payment Assistance to help homebuyers with financing their homes.
To get the best possible mortgage rate in Oregon, consider making a larger down payment, improving your credit score, and shopping around to compare offers from various lenders.
As of October 2024, the average refinance rates in Oregon for a 15-year fixed loan is 5.03%, and for a 30-year fixed loan is 5.88%. Learn more about today's refinance rates in Oregon.
To calculate your mortgage payments, you can use a mortgage calculator for Oregon, which will help you understand your monthly payment amounts based on the loan amount, term, and interest rate.
