HELOC rates in Oregon rose from around 4.4% in 2021 to about 9% by November 2024. Homeowners considering a HELOC should lock in the current rate, as trends suggest continued increases.
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Best HELOC Rates in Oregon (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Oregon with an 80% LTV is 8.4%, compared with 8.6% for a 90% LTV.
HELOC rates vary by city in Oregon. White City has an average APR of 7.7%, whereas Boardman's is 9.7%.
Different lenders offer varying rates for the same loan types. Trailhead Federal Credit Union's average APR is 7.5%, whereas KeyBank National Association's is 11.0%.
Current HELOC Rates in Oregon
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HELOC Rates in Oregon by LTV Ratio
HELOC rates in Oregon depend on the borrower's loan-to-value (LTV) ratio and line limit. A lower LTV means more home equity, reducing risk for lenders. For example, an 80% LTV is less risky than a 90% LTV, lowering your chance to default on your HELOC.
The following table lets you filter between loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.4% | 8.8% |
HELOC Rates in Oregon by City
HELOC rates in Oregon vary by city due to differences in local housing markets and lender competition. For instance, cities with robust real estate markets might offer lower rates.
Use the table below to filter by your city and see average APRs for $50K and $100K HELOCs.
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City:Portland
| $100,000 | 8.6% |
| $50,000 | 8.6% |
HELOC Rates in Oregon by Lender
HELOC interest rates in Oregon vary by lender due to differing pricing strategies and risk assessments. The table below shows the lenders in Oregon offering the lowest average APRs, helping you compare competitive rates.
| Trailhead Federal Credit Union | 7.5% |
| Unitus Community Credit Union | 7.8% |
| InRoads Federal Credit Union | 7.8% |
| SELCO Community Credit Union | 7.8% |
| Wauna Federal Credit Union | 7.8% |
HELOC rates today can differ among lenders within the same city. Use the table below to filter by city and compare APRs to find the best rate in your area.
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City:Portland
| Trailhead Federal Credit Union | Credit Union | 7.5% |
| SELCO Community Credit Union | Credit Union | 7.8% |
| Unitus Community Credit Union | Credit Union | 7.8% |
| Consolidated Federal Credit Union | Credit Union | 8.0% |
| First Technology Federal Credit Union | Credit Union | 8.0% |
| Oregonians Credit Union | Credit Union | 8.0% |
| Advantis Credit Union | Credit Union | 8.2% |
| Rivermark Community Credit Union | Credit Union | 8.2% |
| NW Priority Credit Union | Credit Union | 8.3% |
| Castparts Employees Federal Credit Union | Credit Union | 8.3% |
| IQ Credit Union | Credit Union | 8.5% |
| HomeStreet Bank | Commercial Bank | 8.5% |
| Heritage Bank | Commercial Bank | 8.5% |
| Ukrainian Federal Credit Union | Credit Union | 8.5% |
| Columbia Community Credit Union | Credit Union | 8.8% |
| Umpqua Bank | Commercial Bank | 8.8% |
| OnPoint Community Credit Union | Credit Union | 9.0% |
| Washington Trust Bank | Commercial Bank | 9.0% |
| Bank of America | Commercial Bank | 9.2% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 9.2% |
| HAPO Community Credit Union | Credit Union | 9.5% |
| U.S. Bank National Association | Commercial Bank | 9.7% |
| Banner Bank | Commercial Bank | 9.7% |
| KeyBank National Association | Commercial Bank | 11.0% |
COMPARING HELOC RATES IN OREGON: BANKS VS. CREDIT UNIONS
HELOC rates in Oregon vary between banks and credit unions, with commercial banks generally offering higher rates. The best HELOC rate for commercial banks in Oregon is currently 9.2%, whereas credit unions tend to offer lower rates, averaging 8.3%. Credit unions are not-for-profit institutions that often provide more competitive rates due to their lower overhead costs.
When choosing between the two, consider more than just rates. Banks may offer more convenience and a wider range of services, while credit unions often provide better customer service and lower fees. Before deciding, check membership requirements for credit unions and be aware of any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do changes in the Federal Reserve’s interest rates impact HELOC rates, and what should homeowners expect if rates rise or fall?
Credit & Mortgage Expert
The current Federal Fund rate has a direct impact on the rate you get or have on a HELOC. So if rates increase or decrease, your HELOC rate will follow. Recently the Federal Reserve decreased the Federal Fund rate by 0.5%, and about a week or two later, the rate on my HELOC decreased by 0.5%.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home equity. Use our Oregon HELOC payment calculator to estimate your monthly payments based on the amount drawn, APR and loan terms. It also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
Oregon HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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How to Get the Best HELOC Rates in Oregon
Finding the best HELOC rates in Oregon can save you thousands over your loan's life. To secure competitive rates, consider these five strategies:
Maintain a strong credit score
Oregon's average credit score is 732, which is good. Improving your score can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Looking at different lender offers can help you find competitive rates and negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income ratios show financial stability. Paying off credit card debt can improve your DTI ratio.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs can affect loan expenses. Understanding rate caps helps manage costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in Oregon
HELOC interest rates in Oregon average 8.4%, slightly higher than the 8.0% for home equity loans. This difference stems from HELOCs' variable rate structure compared to the fixed rates of home equity loans.
- HELOCs are flexible, revolving credit lines with variable interest rates that can increase in rising interest rate environments, potentially impacting homeowners' finances over time.
- Home equity loans provide a lump sum at a fixed rate, offering consistent payments throughout the loan term, making them suitable for those who prefer financial predictability.
When deciding between these financial products, consider your need for flexibility versus stability. Evaluate how each option aligns with your financial goals and risk tolerance, and assess how changes in interest rates might affect your payments and your home's equity.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your primary mortgage with a new, larger loan to access cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, if you have a mortgage backed by the Federal Housing Administration (FHA), an FHA cash-out refinance could give you cash based on your home’s equity.
FAQ: Best HELOC Rates in Oregon
What are the current HELOC rates in Oregon and how do they compare to national rates?
The average Oregon's HELOC rates is 8.4%, slightly higher than the national average of 8.3%.
What fees are commonly associated with HELOCs in Oregon?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in Oregon compare to home equity loan rates?
HELOC rates in Oregon average 8.4%, while home equity loan rates are lower at 8.0%, which can be beneficial for those with bad credit.
How do HELOC Rates in Oregon vary between banks and credit unions?
Commercial banks in Oregon offer HELOC rates averaging 9.2%, while credit unions offer lower rates at 8.3%.
What's the best HELOC rate in Portland? How does it compare to the current HELOC rate in Oregon?
Portland's rates are slightly higher, averaging 8.5%, compared to Oregon's average HELOC rate of 8.4%.
MoneyGeek examined 47 different banks and credit unions in Oregon using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
47Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.