Today's 30-year fixed mortgage rate in Oregon is 6.42%, below the national average of 6.83%. To reduce their mortgage expenses, homebuyers can explore programs such as the Oregon Bond Residential Loan and Down Payment Assistance.
Mortgage
Today's Mortgage Rates in Oregon (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Oregon. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in December 2024.
Current Mortgage Rates in Oregon
In December 2024, Oregon's average APR for a 30-year fixed-rate mortgage dropped to 6.42% from 6.69% the previous month. For a $250,000 loan with a 20% down payment, this rate dip could reduce costs by about $3,335 in interest over the life of the loan, excluding property taxes or HOA fees.
Daily changes in rates result from varying economic conditions and Federal Reserve decisions, impacting your payment amount throughout the mortgage's duration. The chart below illustrates these rate changes over recent months.
Even small rate changes can affect your mortgage costs. Understanding Oregon's current mortgage rates can help you predict your monthly payments and budget effectively.
Who Needs to Know Current Mortgage Rates in Oregon?
Two borrower types in Oregon looking to navigate the housing market could benefit from knowing today's mortgage interest rates:
First-time homebuyers
First-time homebuyers can spot competitive offers by comparing the current mortgage rates.
Homeowners with mortgages
Oregon homeowners might consider a mortgage refinance if available rates are lower than their own.
Purchase rates usually differ from refinance rates. Oregon's current 30-year fixed purchase mortgage rate is 6.42%, while the refinance rate is 6.37%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Oregon by Loan Type
A 30-year fixed-rate mortgage in Oregon typically comes with a higher rate than a 15-year fixed-rate mortgage. Longer loan terms mean more time for rates to change and more risk for lenders, resulting in higher rates.
When you explore mortgage types in Oregon, use a mortgage calculator to see how different rates impact your monthly payment.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 6.22% | 6.47% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is what you pay yearly to borrow money from a lender. Oregon's average interest rate for a 30-year fixed loan is 6.35%.
The APR (annual percentage rate) includes the interest rate plus other costs like mortgage points and fees. Oregon’s average APR for a 30-year fixed mortgage is 6.42%, giving you a clearer picture of your loan's yearly expenses.
Current Mortgage Rates in Oregon by Credit Score
In Oregon, if your credit score is 740 or higher and you're making a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.08%. With a credit score below 680, the rate increases to 8.20%.
Your credit score and down payment size affect the mortgage rates you qualify for. The table below shows the rates you may get based on your credit score and down payment.
Data filtered by:Results filtered by:
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Credit Score Range:740 or higher
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Down Payment:5% to 20%
| 10-year Fixed | 6.43% |
| 15-year Fixed | 6.28% |
| 20-year Fixed | 7.10% |
| 30-year Fixed | 7.08% |
| 5-year ARM | 8.20% |
| 7-year ARM | 8.29% |
Mortgage Types in Oregon
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Oregon at 6.05%. Knowing your options can save you money and make your decision easier. Here's a list of mortgage types in Oregon.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Oregon |
|---|---|---|---|
Conventional loans | A conventional loan isn't backed by any government entity. | Rates vary by credit score and down payment amounts. | 6.42% |
FHA loans | An FHA loan is insured by the Federal Housing Administration and targets low-income borrowers. | FHA loans often have competitive rates but come with insurance premiums. | 7.84% |
VA loans | A VA loan is a mortgage option for veterans and active service members. | Rates are typically low due to government backing but depend on borrower eligibility. | 6.05% |
USDA loans | USDA loans are for rural homebuyers and are backed by the U.S. Department of Agriculture. | Rates can be lower due to government backing but are influenced by mortgage market conditions. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to greater risk for lenders. | 6.29% |
MORTGAGE RATE STRUCTURES IN OREGON
Mortgage rates can be fixed or adjustable.
- Fixed-rate mortgages lock in your rate, so your monthly payments stay the same, simplifying budgeting.
- Adjustable-rate mortgages (ARM) often begin with lower interest that can fluctuate, potentially lowering your initial payments.
As of December 2024, Oregon's average 30-year fixed rate is 6.42%, while a seven-year ARM is 7.03%.
Mortgage Lenders in Oregon
Lower, LoanDepot and New American are reliable options for securing a mortgage in Oregon. They're available in the state, accredited by the Better Business Bureau (BBB) and offer homeowner assistance programs. While these lenders are highly recommended, others may better suit your financial needs.
Your choice of lender affects the mortgage rate you receive. Different lenders offer various products, loan terms and rates. By comparing options from several lenders, you can find the best deal.
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower offers various mortgage options, including conventional loans for most buyers and jumbo loans for those needing larger amounts. Lower requires a minimum credit score of 580 to qualify, benefiting first-time buyers.
Customer service is available by phone or text Monday through Friday, from 9 a.m. to 5 p.m. ET. Lower's Buy Before You Sell homeowners assistance program helps buyers purchase a new property before selling their current one. It's also the top home equity line of credit (HELOC) lender in many states, showing its strong market presence and expertise.
Pros
- Online prequalification available
- BBB A+ accredited
- Buy Before You Sell program
Cons
- Limited mortgage variety
- Online application not fully virtual
- No face-to-face customer service
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot provides online and in-person services with a range of loan options, including fixed-rate and adjustable-rate mortgages. For FHA loans, the lowest credit score accepted is 580. The minimum down payment is 5% for conventional loans and 3.5% for FHA loans, though a 10% down payment is required if your credit score is below 580. VA and USDA loans have no down payment requirement.
Customer service is available by phone or email Monday through Friday, from 10 a.m. to 9 p.m. ET. LoanDepot also offers programs like Loss Mitigation Assistance for homeowners in need.
Pros
- Loan mitigation during hardships
- A+ rating from BBB
- Online prequalification available
Cons
- No unique mortgage products
- Weekends without customer support
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American offers conventional and government-backed loans like FHA loans. A minimum credit score of 580 is required for FHA loans, while jumbo loans need a score of 680. Conventional loans require at least a 3% down payment, and FHA loans may require 3.5% to 10%, depending on your credit.
New American also offers programs to make homeownership more accessible. Phone and email support is available Monday through Friday, 8 a.m. to 9 p.m. CT, and Saturdays, 10 a.m. to 2 p.m. CT.
Pros
- Wide mortgage option variety
- Mortgage management mobile app
- Guarantee on quick closing
Cons
- No FAQ section for quick answers
- Online rate check not possible
Mortgage Programs in Oregon
Owning a home comes with more than just a monthly mortgage, including hidden costs. You can get support from agencies like Oregon Housing and Community Services.
Program | Description |
|---|---|
Offers two options to support purchases. Cash Advantage provides a low-rate mortgage and 3% cash to offset closing costs, not for FHA loan minimum investment. Rate Advantage offers low-rate loans for reduced monthly payments without cash assistance. | |
Aids first-time homebuyers with down payments and closing costs. Qualification follows after homebuyer education. Funds assist, especially veterans, in easing mortgage payments and supporting homeownership. |
FAQ: Mortgage Rates in Oregon
Understanding today's mortgage rates in Oregon is important for homebuyers. We answered common questions to help you make informed decisions.
What are the current mortgage rates in Oregon?
Current average APRs in Oregon for December 2024 vary by loan type: 7.03% for seven-year adjustable-rate mortgages (ARM), 6.42% for 30-year fixed and 7.84% for 30-year fixed-rate FHA.
How do mortgage rates in Oregon compare to national rates?
As of December 2024, Oregon's average APR for a five-year ARM is 7.22%, below the national average of 7.79%. The state average APR for a 15-year fixed-rate mortgage is 5.88%, lower than 6.12% nationally.
How does my credit score impact the mortgage rates I get in Oregon?
Your credit score significantly determines the rates you qualify for. Higher scores typically secure lower mortgage rates.
Are there any special mortgage programs in Oregon to help homebuyers?
Several mortgage programs, such as the Oregon Bond Residential Loan and Down Payment Assistance programs, support homebuyers.
How can I get the best possible mortgage rate in Oregon?
To secure the best mortgage rate in Oregon, consider making a larger down payment, improving your credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in Oregon?
Today's refinance rates in Oregon have an average APR of 5.94% for 15-year fixed and 6.37% for 30-year fixed-rate loans.
How do I calculate my mortgage payments?
Use a mortgage calculator for Oregon to accurately determine your monthly mortgage payments based on interest rates, loan amount and term.
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.
sources
- Oregon Housing and Community Services. "Down Payment Assistance." Accessed December 13, 2024.
- Oregon Housing and Community Services. "Oregon Bond Residential Loan." Accessed December 13, 2024.