Oregon Mortgage and Refinance Rates

Current mortgage rates in Oregon

As of Saturday, December 21, 2024, current interest rates in Oregon are 6.38% for a 30-year fixed mortgage and 5.65% for a 15-year fixed mortgage.

While mortgage rates peaked around 8 percent nationally in October 2023, they’ve hovered near 7 percent for much of 2024. But since mid-year, rates have been on a steady decline — although they still remain above 6 percent. Along with easing mortgage rates in Oregon and nationally, the housing market in the state is showing signs of cooling. The number of homes sold above the list price was just over 26 percent as of August 2024, down from the year prior, according to Redfin data. 

Refinance rates in Oregon

While today’s mortgage refinance rates are higher than they were a few years ago, refinancing might be appealing if you secured a mortgage when rates were in the 7 to 8 percent range. If rates continue to fall through the end of the year and into 2025, refinancing activity could increase in the state and beyond. 

If you've owned your home for a while, you might want to explore cash-out refinancing, which allows you to pull from the equity in your home in Oregon. If you’re planning renovations or have another major expense coming up, this could be a cheaper route compared to credit cards or home improvement loans.

Oregon mortgage rate trends

The low rates of 2020, 2021 and the first half of 2022 are no more. While it appears rates have peaked (for now), in mid-July, rates began a downward trend and have since hovered above 6 percent following a recent Fed rate cut. With more future rate cuts a possibility, many are wondering how fast and how far rates will drop before year's end.   

National mortgage rates by loan type

How do mortgage rates in Oregon compare to national figures? Here’s a look at the average purchase and refinance rates for various loan types across the U.S.:

Mortgage statistics for Oregon

From the top of Mt. Hood to the shoreline of the Pacific Ocean, the Beaver State has much to offer its residents. If you want to make Oregon your home, here are some key statistics about the state's housing market:

• Median home value (as of Aug. 2024): $495,844 (Zillow)
• Median days to pending sale (as of Aug. 2024): 20 (Zillow)
• Median down payment (as of June 2024): $99,990 (ATTOM)
• Homes with price drops (as of Aug. 2024): 36% (Redfin)
• Homeownership rate (as of Q2 2024): 60.7% (Census Bureau)

Mortgage options in Oregon

Ready to buy a home in Oregon? Consider these mortgage financing options:

• Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
• Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
• FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
• VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
• USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
• Jumbo loans: Jumbo mortgages are home loan products that fall outside Federal Housing and Finance Agency (FHFA) borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.

First-time homebuyer programs in Oregon 

The Oregon Housing and Community Services (OCHS) is a government agency that helps prospective homeowners with a variety of programs. These include:

• Cash Advantage Home Loan: This program offers an FHA, USDA, VA or conventional loan with a competitive rate, as well as cash equal to 3 percent of the loan amount to cover closing costs.
• Rate Advantage Home Loan: This program offers the lowest fixed-rate mortgage possible in the form of an FHA, VA, USDA or conventional loan. As of Sept. 26, 2024, rates were 5.38 percent.
• Flex Lending: The Flex Lending program pairs a low fixed-rate mortgage with down payment assistance in the form of either a silent forgivable second lien or an amortizing repayable second lien. Buyers must be low- to moderate-income Oregon residents to qualify.
• Down payment assistance: The state also awards down payment assistance funds to local organizations to further expand the opportunity for homeownership. To qualify, you must complete homebuyer education as well as recommended coaching from the qualified organization.

Additional Oregon mortgage resources

• Review Oregon mortgage lenders: Learn what kind of mortgage offer you can get from these Oregon mortgage lenders.
• Oregon first-time homebuyer assistance programs: Find out what assistance you may qualify for when buying your first home in Oregon.
• Buying a home in Oregon: A how-to: Read our guide to learn the ins and outs of buying a home in Oregon.
• Oregon housing market: Everything you need to know: The housing market is always changing. Here’s what you need to know about Oregon's housing market.
• Best homeowners insurance in Oregon for 2024: After your principal and interest, your homeowners insurance is a major part of your mortgage payment. Bankrate's guide can help you find the right rate and coverage for your home.

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock