Updated: November 21, 2024
Advertising & Editorial Disclosure
Tappable equity is the portion of your home’s value you can borrow. A home equity loan (HEL) lets you access this equity to fund home improvements or consolidate debt.
Oregon's home equity loan rates are above national averages — 8.2% APR for a 10-year term (7.7% nationally) and 8.3% APR for a 15-year term (7.9% nationally). We provide details on current rates in the state, including city-specific averages and top lenders, as well as tips on securing the best deal.
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a 15-year HEL in Oregon with an 80% LTV is 8.3%, compared to 8.4% for a 90% LTV.
HEL rates vary by city in Oregon. For example, for 15-year loans, Vernonia has an average APR of 6.4%, whereas Umatilla's is 10.1%.
Lenders offer different rates for the same loan types. Washington Trust Bank's average APR is 4.8%, whereas KeyBank National Association's is 11.9%.
MoneyGeek examined 26 different banks and credit unions in Oregon using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity loan rates.
This data is accurate as of November 2024.
The current average APR for a 15-year home equity loan in Oregon is 8.3%, but several factors might affect lenders' rates. A higher credit score typically means a lower APR, while larger loan amounts may result in higher rates. Repayment terms also affect the APR. Use the table below to compare average APRs for home equity loans in the state by loan term.
| 10Year | 8.2% |
| 15Year | 8.3% |
| 5Year | 7.7% |
Oregon HEL interest rates change daily. Tracking these changes can help you save money by paying less interest over the life of the loan. Knowing current rates also enables you to plan your budget and borrow responsibly.
For example, a 15-year home equity loan with an 8.3% APR results in a $487 monthly payment and $37,575 in total interest. A 10-year loan with an 8.2% APR has a $612 monthly payment and $23,432 in total interest.
Home equity loans (HELs) and home equity lines of credit (HELOCs) let homeowners access their property's equity. Home equity loans have fixed rates, averaging 8.2%, while HELOC rates in Oregon are variable, averaging 8.6%.
Fixed rates mean consistent monthly payments, providing financial predictability. Variable rates, like those of HELOCs, can start lower but may increase, leading to higher payments over time.
The rate you qualify for depends on your loan-to-value (LTV) ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.
A higher LTV ratio means greater risk for lenders, often resulting in higher rates. The average APR of a 15-year equity loan in Oregon with an 80% LTV is 8.3%, compared to 8.4% for a 90% LTV. Use the table below to check rates based on your LTV ratio.
| 8.3% | 8.4% |
Average APRs vary by city in Oregon. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses. Differences in property taxes or local fees also influence rates, affecting overall borrowing costs.
In Oregon, Warrenton's average APR is 6.4%, while Sherwood's is 10.5%. The table below shows average home equity loan rates across Oregon cities.
| 10Year | 8.1% |
| 15Year | 8.4% |
| 5Year | 7.7% |
Home equity loan rates in Oregon vary widely among lenders and are shaped by their policies and market strategies. Washington Trust Bank offers the lowest average APR at 4.8%, while KeyBank National Association has the highest at 11.9%.
Compare rates and terms from different lenders to find the best deal. Use the interactive table below to discover the most competitive lenders in your city.
| Washington Trust Bank | 4.8% |
| Oregonians Credit Union | 5.8% |
| HAPO Community Credit Union | 7.1% |
| First Technology Federal Credit Union | 7.4% |
| Rivermark Community Credit Union | 7.7% |
| Castparts Employees Federal Credit Union | 7.7% |
| Columbia Community Credit Union | 8.4% |
| BMO BANK NATIONAL ASSOCIATION | 8.8% |
| Trailhead Federal Credit Union | 8.8% |
| U.S. Bank National Association | 9.0% |
| Banner Bank | 9.6% |
| KeyBank National Association | 11.9% |
Credit unions often offer lower home equity loan rates than large banks. In Oregon, commercial banks offer an average APR of 8.8%, while credit unions provide a lower rate of 8%. However, credit unions may have stricter membership requirements.
Getting the best home equity interest rates can reduce your monthly payments and overall costs, freeing up funds for other financial goals. To secure the best rates, consider these strategies:
Compare lenders
Lenders may offer different APRs for the same loan amount and credit profile. For instance, Oregonians Credit Union has an average APR of 5.8%, while Horizon Credit Union offers 11%. Compare home equity loan providers to find better rates.
Increase your home's equity
Having more equity in your home can result in more competitive rates from lenders. Oregon homeowners can increase their home's equity by installing energy-efficient windows or creating outdoor living spaces.
Improve your credit score
Increasing your credit score can lead to more competitive home equity loan rates. Pay bills on time and reduce credit card debt to improve your credit score. The average credit score in Oregon is 732, according to Experian.
Decrease your debt-to-income ratio
A lower debt-to-income (DTI) ratio — the percentage of your monthly income used to pay debts — can lead to better rates as lenders see you as a less risky borrower.
Provide your income and recurring payments to calculate your DTI.
Enter all applicable payments to ensure accurate results.
MoneyGeek addresses common questions about home equity loan rates, offering clear and reliable information for Oregon homeowners.
As of November 2024, the average APRs for home equity loans in Oregon are 7.7% for five-year, 8.2% for 10-year and 8.3% for 15-year terms. Rates depend on factors like your credit score.
To calculate your home equity, subtract your remaining mortgage balance from your home's current market value. Understanding home equity requirements can help you assess your eligibility.
Yes, rates vary by city. For example, Warrenton's average APR is 6.4%, while Sherwood's is 10.4%.
Home equity loan interest may be tax-deductible if used for home improvements.
Potential drawbacks include the risk of foreclosure if payments aren't made and the possibility of owing more than your home's worth if property values decline.
Securing a home equity loan typically takes two to six weeks, depending on the lender and your financial situation.
To get a loan, assess your eligibility for a home equity loan and review credit score requirements. Then, apply through a lender offering favorable terms.
Funds can be used for various purposes, such as home improvements or debt consolidation. However, some lenders may impose restrictions.
You can apply for a home equity loan on a primary residence, and some lenders allow loans on second homes. However, cash-out refinance options may differ for investment properties.
Consider a HELOC or a reverse mortgage, depending on your needs and your preferred type of loan.
A HELOC offers a variable rate with a draw period and may have an annual fee, while a home equity loan typically has fixed interest rates and a lump-sum payout.
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.
