Oregon Mortgage and Refinance Rates

Written by Dhara Singh

As of Saturday, May 28, 2022, current rates in Oregon are 5.24% for a 30-year fixed, and 4.54% for a 15-year fixed.

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.

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Higher rates are on the way

Get ahead of anticipated rate hikes in 2022 and lock in a new refinance rate now.

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Oregon mortgage overview

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