Oregon Mortgage and Refinance Rates

As of Tuesday, July 27, 2021, current rates in Oregon are 3.04% for a 30-year fixed, 2.31% for a 15-year fixed, and 3.13% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Oregon mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Oregon mortgage overview

By Dhara Singh

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 ($510,400). However, if you’re applying for an FHA loan, the limits vary by county ($331,760 in Baker County to $491,050 in Multnomah). USDA loans are available, though qualifying properties are often far from cities.

If you’re a veteran, you might be eligible for the Oregon Department of Veterans Affairs (ODVA) home loan program, a separate program from the federal VA loan. Oregon is one of only five states to have its own veteran home loan program. ODVA loans offer fixed-rate financing and low interest for qualifying applicants.

No matter what mortgage you get, pay special attention to property taxes. In Oregon, your property tax bill depends on which county you live in, and the tax is based on your home’s value…in 1995. That’s right — state Measure 50 calculates tax bills based on the value from that year, plus 3 percent every year since. Oregon also offers property tax exemptions for disabled veterans or surviving spouses or partners of veterans.

Buyers and sellers in Oregon aren’t required to pay real estate transfer taxes when the property is sold, unless they’re located in Washington County.

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 and VA loans are included in the program, though you will have to pay the required down payments.

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 refinancing

Refinancing in Oregon is an attractive option if you’d like to take advantage of lower mortgage rates. 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.

Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

Oregon mortgage resources