Current Oregon Mortgage and Refinance Rates
Mortgage interest rates currently average 6.03% for 30-year fixed loans and 5.13% for 15-year fixed loans.
Refinance rates in Oregon
30-year FIXED
Current refinance rates are averaging:
6.39%
15-year FIXED
Current refinance rates are averaging:
5.87%
- Rate-and-term refinances give borrowers a chance to swap out their current mortgage for a new one with a better interest rate or loan term (or both). Right now, Oregonians can expect to see refinance rates that are higher than purchase mortgage rates.
- Cash-out refinances are an alternative way to replace your current home loan with a new mortgage, designed for borrowers who want to take out a lump sum of cash at the same time. The new mortgage covers both the refinance and the cash, securing both with home equity. Cash-out refinances will typically come with higher rates than regular refinances.
- Conventional refinances aren’t a part of a government loan program. They usually come with higher rates than government-backed refinances, but when evaluating loans be sure to compare annual percentage rates (APRs), not just interest rates.
- FHA refinances, which are insured by the Federal Housing Administration (FHA), typically offer lower rates than you’ll find with conventional refinances. Oregonians may see about 0.82 percentage points in savings by going with an FHA loan over a conventional loan.
- VA refinances, which are guaranteed by the U.S. Department of Veterans Affairs (VA), come with very accessible requirements and low rates. However, they’re only available for qualified military borrowers.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage rates forecast from our market expert predicts rates will remain around 6.0% in early 2026 after three rate cuts by the Federal Reserve in late 2025.
There is still a nationwide housing affordability crisis due to higher rates and inflation. For the time being, these factors are not expected to change, so potential homebuyers should work on improving their personal qualification requirements to get the lowest rates. Keep reading to learn more about how to get the best rate on your Oregon home loan.
How do I get the best mortgage rate for my Oregon home loan?
There are many factors determining mortgage rates — some are out of your control, but there are several you can influence. Here are a few steps you can take right now to get the best mortgage rate:
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Boost your credit
Your credit score — which may be the single most influential factor in the mortgage rates you’re offered — should be first on your list of levers to pull. Borrowers with better scores are almost always offered better rates. -
Lower your debt-to-income (DTI) ratio
Your DTI ratio is another powerful lever you can use to influence the rates you’re offered. Try increasing your income, paying off some debts or getting a cosigner. If you can lower your DTI, you’ll increase your chance of getting better rates. -
Buy a single-family, site-built home
If you’re not set on a specific home type yet, it can pay to know which ones lenders will offer the best rates for. You’ll see higher interest rates if you buy a manufactured home, a property with more than one unit, a vacation home or an investment property. -
Pay for mortgage points
If you have additional funds you can afford to pay upfront, mortgage points can save you money by allowing you to “buy down” your interest rate. One mortgage point, which typically costs 1% of your loan amount, usually reduces your rate by up to 0.25 percentage points. -
Compare offers from multiple lenders
Comparison shopping may sound intimidating, but it can be simple: Just gather loan estimates from three to five lenders and compare the terms they offer you. Shopping for the best interest rate can save you a lot of money over the long haul, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
After you’ve settled on a mortgage lender, and they’ve made you an offer that looks attractive, consider asking them to give you a mortgage rate lock. The lock gives you the security of knowing that the interest rate you were quoted in your loan estimate won’t increase before you can complete the closing process.
Oregon home loan programs
Whether you’re a first-time homebuyer in Oregon or someone with home ownership experience, there’s likely a program that can help you. Below, we cover a few to get you started on your journey.
Oregon Bond Residential Loan Program: Cash Advantage
The Oregon Bond Residential Loan program comes in two flavors. This first version, called “Cash Advantage,” offers a first mortgage with a below-market interest rate and cash assistance worth 3% of the loan amount. The funds can be used for closing costs or prepaids (like homeowners insurance or property taxes). However, they can’t be put toward the down payment or used to cover the minimum borrower contribution required by FHA loans.
Who qualifies
Borrowers must:
- Be a first-time homebuyer, qualifying veteran or purchase in a targeted area
- Earn within the program’s income limits, which range from $98,800 to $157,920 depending on your household size and the county you’re purchasing in
- Buy a home within the program’s purchase price limits, which range from $481,176 to $838,182 depending on the home’s exact location
- Purchase a home in Oregon
Oregon Bond Residential Loan Program: Rate Advantage
Rate Advantage is the second flavor of the Oregon Bond Residential Loan Program — instead of offering cash assistance, it maximizes savings by offering rock-bottom interest rates. Compared to current average rates in Oregon, the savings could amount to around 0.86 percentage points.
Who qualifies
Borrowers must:
- Be a first-time homebuyer, qualifying veteran or purchase in a targeted area
- Earn within the program’s income limits, which range from $98,800 to $157,920 depending on your household size and the county you’re purchasing in
- Buy a home within the program’s purchase price limits, which range from $481,176 to $838,182 depending on the home’s exact location
- Purchase a home in Oregon
Who qualifies as a first-time homebuyer?
- People who have never owned a home
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People who haven’t owned real estate in the last three years
or - Veterans who served in active duty, were honorably discharged and who have not previously used a mortgage revenue bond program
Oregon Flex Lending
This program, offered through Oregon Housing and Community Services (OHCS), provides Oregon homebuyers with a fixed-rate purchase mortgage and a second mortgage. The second mortgage funds can be used toward the down payment, closing costs, prepaids and other expenses related to the home purchase.
Depending on their income level, borrowers qualify to receive a second mortgage that is either forgivable (meaning it doesn’t have to be repaid) or repayable (meaning it requires monthly payments. Your income level also determines whether you’ll receive assistance worth 4% or 5% of the first mortgage amount.
Who qualifies
Borrowers must:
- Have at least a 620 credit score
- Earn less than $125,000 per year
- Purchase a home in Oregon
Learn about different types of OR mortgage loans
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Oregon conventional loans
Conventional loans are a popular option, but they may not be the best choice for first-time homebuyers or borrowers with lower credit scores. The minimum requirements set by Fannie Mae and Freddie Mac are a little more strict than some other loan types. -
Oregon FHA loans
FHA loan requirements can be a more friendly option if you’re struggling to meet conventional loan requirements. However, you’ll have to compensate for a lower down payment with a higher credit score, and vice versa. So, if your score is below 580, you’ll need to make a 10% down payment. If you plan to only make the minimum 3.5% down payment, you’ll need at least a 580 score. -
Oregon VA loans
VA loan requirements are even more flexible than FHA loan requirements, but they’re only available to qualified military borrowers. Those with full VA entitlement can buy a house with no money down and no mortgage insurance obligation. -
Oregon streamline refinances
are for borrowers who have a current FHA or VA loan and want to refinance into a new loan within the same program. Your options for this are FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). Staying within the same program means you can submit less paperwork and enjoy a faster, more “streamlined” loan experience than with regular refinances.