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Oregon Mortgage and Refinance Rates

As of Saturday, October 1, 2022, current rates in Oregon are 7.08% for a 30-year fixed and 6.18% for a 15-year fixed.

Bankrate has offers for Oregon mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

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Current mortgage rates in Oregon

Mortgage interest rates have been steadily increasing for much of the year and are currently above 5 percent for a 30-year fixed interest mortgage in Oregon. Over the past decade, Oregon has seen a surge in population. As a result, there’s a greater demand for housing, and demand correlates to higher home prices.

Oregon’s median home value is under the state’s limit for conventional loans ($647,200). However, if you’re applying for an FHA loan, the limits vary by county ($420,680 in Baker County to $598,000 in Multnomah). USDA loans are available, though qualifying properties are often far from cities.

Refinance rates in Oregon

Refinancing in Oregon can be an attractive option if you’re able to secure a lower interest rate. While there are no rules specific to Oregon for mortgage refinancing, the tight housing market could be a positive for homeowners. If housing values continue to rise, the increase in equity could make it easier to get your mortgage refinance application approved. The Bankrate Mortgage Refinance Calculator will give you an idea of how much you stand to save.

How to find the best mortgage rate in Oregon for you

Shopping around is the best way to get the most competitive mortgage loan. Comparing multiple offers from lenders can save thousands of dollars over the duration of a mortgage.

Mortgage options in Oregon

There’s a variety of mortgage options available to home buyers in Oregon including:

  • Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
  • Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
  • FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
  • VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
  • USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
  • Jumbo loans: Jumbo mortgages are home loan products that fall outside FHFA borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.

First-time homebuyer programs in Oregon

The Oregon Bond Residential Loan Program, made available to participating lenders through OCHS (Oregon Housing and Community Services), offers two options for qualifying low- to moderate-income buyers:

  • Cash Advantage Home Loan
  • Rate Advantage Home Loan

For either program, buyers must meet income and home price limit requirements (which vary by county and household size) and complete a homeowner education class.

Cash Advantage offers low interest rates and up to 3 percent in closing cost assistance. Conventional, FHA, USDA, and VA loans are included in the program. However, you'll have to pay the required down payment for an FHA loan.

Rate Advantage offers the lowest fixed rate possible. FHA, USDA or conventional mortgages are included in the program.

Down Payment Assistance is also available via qualifying organizations throughout Oregon. Buyers can receive up to $15,000 in down payment and closing cost assistance. Requirements vary by organization, though all buyers who receive this assistance are required to take a homeownership education class.

Oregon mortgage resources