Oregon Mortgage Rates for July 2019

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In Oregon, the average rate for a 30-year fixed-rate mortgage is currently 4.10%. The average rate for a 15-year fixed-rate mortgage is 3.58%, while 5/1 adjustable-rate mortgages (ARM) average at 3.64%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.10%–0.02%–0.30%
15-year fixed3.58%–0.01%–0.29%
5/1 ARM3.64%+0.02%–0.29%
Rates for a $200,000 loan with 20% down payment

With property prices in the hundreds of thousands of dollars, most people need mortgage financing in order to become homeowners. Our analysis of mortgage rates in Oregon breaks down the current state of the market and how your choice of lender, loan type, and location can affect the rates you're quoted.

Best Mortgage Rates in Oregon

In Oregon, the best rate offered on a 30-year mortgage rate is 3.63%. A 15-year mortgage can get as low as 3.00%, and 5/1 ARM rates bottom out at 2.63%.

You should request quotes from multiple lenders to ensure you're getting the best possible rate for your credit score and debt profile. Rates in Oregon for a 30-year home loan can fall anywhere between 3.63% and 4.75%. That represents a range of 112 basis points.

For now, Oregonians can expect mortgage rates to remain largely the same. Late in 2018, the Federal Open Market Committee (FOMC) raised the target federal funds rate to 2.25%-2.50%, creating expectations that interest rates would start rising through 2019. However, the FOMC announced a change of plans in January, when it announced that it would "be patient" in gathering enough economic data to plan its next move.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

As the graph shows, the federal funds rate is not a perfect predictor of the mortgage rate average in the U.S. However, the two statistics do tend to move together in the long run. This is because when the cost of borrowing increases for banks as a result of the federal funds rate hike, those banks often raise the rates they charge for consumer credit products such as mortgages.

In Oregon, mortgage rates are still at historic lows that present a good opportunity to save. However, the costs of a home purchase aren't determined by interest rate alone. Closing costs, appraisal fees, and down payment all contribute to significant upfront expenses. Until you're in a position to meet these costs, there's little sense in rushing to apply for home loans because you want a low rate. Moreover, it may be easier to lower your final rate by giving yourself time to improve your credit score or debt ratios.

Rates at Oregon's Most Popular Mortgage Lenders

When most people start thinking about getting a mortgage, the first place they begin looking is the bank that manages their money. To give you a sense of mortgage rates at Oregon's banks, we took a sample of quotes from the five biggest banks offering home loans in the state.

Column graph comparing 30-year mortgage rates at major Oregon banks

The banks we checked in Oregon came up with a diverse set of rates, even when we used the same assumptions about loan size and debt ratio. While these results don't guarantee that every applicant will find better rates at KeyBank than at Chase, they do indicate that shopping around is a valid strategy to make sure you're seeing all possible options. If you're worried about taking a hit to your credit score from making multiple applications, don't be: credit bureaus allow a 45-day window in which all mortgage lender inquiries count as one for the purposes of your score.

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Comparing Home Loan Rates by City

Like in most states, Oregon's mortgage rates don't change much from city to city. However, mortgage costs do vary because real estate prices depend heavily on the location of your property.

MSAAverage mortgage rateMedian home value
Portland-Vancouver-Hillsboro4.51%$342,692
Eugene4.52%$265,169
Salem4.49%$235,249
Medford4.52%$266,909
Average rate is for a 30-year mortgage with a 20% down payment.

The data we found show how rates among Oregon's different metro areas remain similar while property prices change significantly. For example, the median value of owner-occupied homes in Portland was 46% greater than in Salem. Overall, conditions in the local property market will have a bigger effect on your expenses as a homeowner than local mortgage rates.

Evaluating Your Mortgage Options: An Example in Oregon

The mortgage rate quotes you receive are based on your financial history, but they can also be impacted by your choice of loan. As a result, choosing the right kind of mortgage can help you tailor the costs of owning your home to suit your situation. To see this process in action, let's begin with a theoretical home purchase in Salem for $200,000.

Assuming you have a 20% down payment, you'll have to borrow $160,000. In the most common scenario, you would opt for a 30-year fixed-rate home loan. At the current average rate, this type of mortgage costs at least $774 per month. After 30 years of payments, you'd have paid out $118,323 in interest to own 100% of the property.

However, many people sell and move homes long before 30 years. In that case, you might want the lower rates of an ARM loan. Adjustable rate mortgages give you a better initial interest rate that goes away after a few years and is replaced by a variable rate that changes based on market conditions.

While this makes ARMs risky in the long run, that low initial rate can save you money if you plan to settle the mortgage by selling before the moving rate kicks in. In Oregon, the average rate for a 5/1 ARM is 3.64%. That's a minimum monthly cost of $732 in the first five years. So long as you settle the loan by then, you won't be exposed to potentially higher costs due to the variable rate.

If you've decided on sticking with the house for the long haul, you might think about a 15-year loan as a way to reduce your lifetime interest. The 15-year fixed-rate mortgage rewards Oregon borrowers with a low average of 3.58% and a total interest burden of $47,020. These savings come at the cost of higher monthly payments, which are currently calculated at $1,151 or more.

In Oregon, the average rate for a 30-year fixed-rate mortgage is currently 4.10%. The average rate for a 15-year fixed-rate mortgage is 3.58%, while 5/1 adjustable-rate mortgages (ARM) average at 3.64%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.10%–0.02%–0.30%
15-year fixed3.58%–0.01%–0.29%
5/1 ARM3.64%+0.02%–0.29%
Rates for a $200,000 loan with 20% down payment

With property prices in the hundreds of thousands of dollars, most people need mortgage financing in order to become homeowners. Our analysis of mortgage rates in Oregon breaks down the current state of the market and how your choice of lender, loan type, and location can affect the rates you're quoted.

In Oregon, the best rate offered on a 30-year mortgage rate is 3.63%. A 15-year mortgage can get as low as 3.00%, and 5/1 ARM rates bottom out at 2.63%.

You should request quotes from multiple lenders to ensure you're getting the best possible rate for your credit score and debt profile. Rates in Oregon for a 30-year home loan can fall anywhere between 3.63% and 4.75%. That represents a range of 112 basis points.

For now, Oregonians can expect mortgage rates to remain largely the same. Late in 2018, the Federal Open Market Committee (FOMC) raised the target federal funds rate to 2.25%-2.50%, creating expectations that interest rates would start rising through 2019. However, the FOMC announced a change of plans in January, when it announced that it would "be patient" in gathering enough economic data to plan its next move.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

As the graph shows, the federal funds rate is not a perfect predictor of the mortgage rate average in the U.S. However, the two statistics do tend to move together in the long run. This is because when the cost of borrowing increases for banks as a result of the federal funds rate hike, those banks often raise the rates they charge for consumer credit products such as mortgages.

In Oregon, mortgage rates are still at historic lows that present a good opportunity to save. However, the costs of a home purchase aren't determined by interest rate alone. Closing costs, appraisal fees, and down payment all contribute to significant upfront expenses. Until you're in a position to meet these costs, there's little sense in rushing to apply for home loans because you want a low rate. Moreover, it may be easier to lower your final rate by giving yourself time to improve your credit score or debt ratios.

When most people start thinking about getting a mortgage, the first place they begin looking is the bank that manages their money. To give you a sense of mortgage rates at Oregon's banks, we took a sample of quotes from the five biggest banks offering home loans in the state.

Column graph comparing 30-year mortgage rates at major Oregon banks

The banks we checked in Oregon came up with a diverse set of rates, even when we used the same assumptions about loan size and debt ratio. While these results don't guarantee that every applicant will find better rates at KeyBank than at Chase, they do indicate that shopping around is a valid strategy to make sure you're seeing all possible options. If you're worried about taking a hit to your credit score from making multiple applications, don't be: credit bureaus allow a 45-day window in which all mortgage lender inquiries count as one for the purposes of your score.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

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LendingTree is our ultimate parent company

Like in most states, Oregon's mortgage rates don't change much from city to city. However, mortgage costs do vary because real estate prices depend heavily on the location of your property.

MSAAverage mortgage rateMedian home value
Portland-Vancouver-Hillsboro4.51%$342,692
Eugene4.52%$265,169
Salem4.49%$235,249
Medford4.52%$266,909
Average rate is for a 30-year mortgage with a 20% down payment.

The data we found show how rates among Oregon's different metro areas remain similar while property prices change significantly. For example, the median value of owner-occupied homes in Portland was 46% greater than in Salem. Overall, conditions in the local property market will have a bigger effect on your expenses as a homeowner than local mortgage rates.

Comments and Questions

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company