Current Oregon Mortgage and Refinance Rates

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.28%

Current 15-year fixed mortgage rates are averaging: 6.77%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare OR mortgage rates today

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Refinance rates in Oregon

  • 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.

Current 30-year fixed mortgage refinance rates are averaging: 7.45%

The current average rate for a 15-year fixed mortgage refinance is: 6.87%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

What is the current mortgage rates forecast for 2024?

If you’re hoping to purchase a home in 2024, the current mortgage rates forecast has reasonably good news to offer. Our market expert doesn’t expect to see mortgage interest rates rise dramatically this year — in fact, he predicts that they’ll remain under 7% and could even end the year under 6%.

There isn’t a quick-fix to our nationwide housing affordability crisis, but lower rates could help boost supply which, in this tight market, could help ease the strain that’s pushing up home prices.

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

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When should I lock in my mortgage rate?

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.

2024 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
  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

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Learn about different types of OR mortgage loans

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.

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