Updated: January 9, 2025
Advertising & Editorial Disclosure
Oregon's current mortgage refinance rates are 5.94% for a 15-year fixed loan and 6.37% for a 30-year fixed loan, lower than the national averages of 6.12% and 7.08%, respectively.
We provide the latest information on refinancing a mortgage in Oregon, helping you to understand trends, timing and options based on credit score and loan type. Explore the details to decide when and how to refinance effectively.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Oregon is 6.37%. According to Experian, the average mortgage debt in Oregon is $279,907 as of September 2023.
If your current rate is higher, refinancing your mortgage could lower your monthly payments and reduce the total interest over the loan's duration. Below are the refinance rates in Oregon to help you explore your options.
| 15-Year Fixed | 5.81% | 5.94% |
| 30-Year Fixed | 6.28% | 6.37% |
In December 2024, the 15-year refinance rate and 30-year refinance rate in Oregon slightly increased to 5.94% from 5.76% in November and to 6.37% from 6.34%, respectively.
Interest rates rise due to factors like the Federal Reserve's monetary policy and economic conditions such as inflation. These also impact refinance rate trends in Oregon. Understanding these influences helps you stay informed about financial shifts.
Refinancing your mortgage in Oregon can reduce your monthly payments or secure a better interest rate. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores affect the rates you qualify for. If your score is less than ideal, consider paying down debt or disputing inaccuracies. The average credit score in Oregon is 732.
Compare your current mortgage terms with market rates: 6.37% for 30-year and 5.94% for 15-year loans. If your rates are lower, refinancing may benefit you. Consider your home tenure before deciding.
Organize documents like pay stubs, tax returns and bank statements to streamline the process and ensure a smooth transition from your original mortgage.
Evaluate lenders for competitive rates, fees and customer service. Comparing multiple lenders ensures you find the best refinance terms.
Be aware of closing costs and other fees. In Oregon, average closing costs are $5,660 according to the National Association of Realtors.
Submit your application with all required documents. A pre-approval letter can expedite the process and strengthen your negotiating position.
Secure a mortgage rate lock to protect against market fluctuations. Timing is key; consult your lender for optimal locking periods.
Review and sign closing documents. To ensure accuracy, verify all terms match your agreement before finalizing.
Set up automatic payments to avoid missing due dates. This helps maintain a strong credit score and ensures timely payments.
Monitor market trends for future refinancing opportunities. Regularly assess your mortgage terms to capitalize on favorable conditions.
In Oregon, how soon you can refinance a mortgage depends on the type of loan you have. Conventional loans allow for immediate refinancing, although a cash-out refinance typically requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.
In October, the average refinance rate in Oregon was 5.88%, lower than previous months, making it a good time to refinance. However, refinancing involves closing costs that can take years to recover. It’s typically worthwhile only if there’s a significant interest rate reduction.
Refinancing your mortgage can lower interest rates and reduce your monthly payments. However, watch out for closing costs that might eat into those savings. Knowing when to refinance a mortgage in Oregon is key to ensuring financial benefits. Explore the following situations where refinancing could be advantageous.
Refinancing when interest rates drop can reduce monthly payments and overall interest costs. To find the best rates, consult local banks and credit unions, which often offer competitive rates.
Higher home values increase home equity, making refinancing attractive. Renovations like kitchen upgrades can boost value. With Oregon's average home value at $502,498, tapping into equity can lower interest rates.
A better credit score can secure lower interest rates. Paying bills on time and reducing debt can improve scores. Refinancing with a higher score can reduce monthly payments and save money.
Refinancing to a shorter loan term can reduce interest costs and help pay off your mortgage faster. Benefits include building equity quicker and saving on interest.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides financial stability. A fixed rate ensures consistent payments, protecting against future rate hikes and simplifying budgeting.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score can affect the rates you qualify for in Oregon. For example, the current average refinance rates in Oregon for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.97% for credit scores between 680 and 740, compared to 6.37% for scores above 740. Explore the table below for more details.
| 5.50% | 5.80% |
Loan type can influence the rates you qualify for in Oregon. For example, the current average refinance rates in Oregon are 6.37% for a 30-year conventional fixed-rate loan and 8.05% for a 30-year FHA fixed-rate loan. The table below shows average APRs for different loan types in Oregon.
| 5.25% | 5.44% |
Understanding refinance rates in Oregon can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing your mortgage can be a wise decision if it leads to lower monthly payments or a shorter loan term. It's important to weigh the savings against the costs involved to determine if it's the right move for your financial situation.
To secure the best mortgage refinance rate, start by shopping around different lenders and comparing offers. Additionally, it's beneficial to improve your credit score and consider paying down your mortgage to enhance your creditworthiness and reduce your loan-to-value ratio.
The pros of refinancing include potentially lower interest rates and reduced monthly payments. On the downside, it involves costs such as closing fees and may extend the loan term, increasing the total interest over time.
Refinancing a mortgage typically costs 2% to 5% of the loan amount, covering fees such as appraisal, title insurance and origination fees.
The current average refinance rates in Oregon are 5.94% for a 15-year fixed loan and 6.37% for a 30-year fixed loan. Rates in Portland are likely to mirror these state averages, but the rates you qualify for may vary based on your credit score and loan-to-value ratio.
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.
