Today's Mortgage Rates in Oregon

Today's 30-year mortgage rate in Oregon is at 6.78%, just slightly different from the national average rate of 6.90% for the same type of loan. In Oregon, homebuyers can explore helpful programs such as the Oregon Bond Residential Loan and Down Payment Assistance to potentially reduce their mortgage expenses.

We'll help you understand the variety of mortgage rates available for different loan types and how your credit score can affect your rates. You'll gain insight into the mortgage rates across various loan structures and lenders and learn about state-specific mortgage aid that could benefit your home financing plan in Oregon.

The current mortgage rate in Oregon for a 30-year fixed-rate mortgage reached 6.78% in July 2024, slightly increasing from the previous month's rate of 6.60%. This upward movement of just 18 basis points might seem small, but on a $250,000 loan with a 20% down payment, it can impact your finances, leading to an extra $8,593 in total interest payments over the life of the loan, without including additional costs like property taxes or HOA fees.

Our line chart shows the subtle yet significant changes in the current mortgage rates over time, giving you a clear view of the market trend across several months.

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:

Purchase rates often differ from refinance rates — for instance, in Oregon, the current mortgage rate for a 30-year fixed purchase stands at 6.78%, while the refinance rate for the same type of mortgage is at 8.35%. 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.

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 7.11%. With a credit score below 680, that rate increases to an average APR of 8.21%.

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:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.43%. Knowing your options can lead to better decisions when it comes to choosing a mortgage. Here's a breakdown of the mortgage loan types available in Oregon:

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.

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.

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.