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Oregon Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Oregon Mortgages

With its beaches, impressive forests and rugged mountains, Oregon certainly makes for an inspiring place to call home. For those looking to buy, Oregon mortgage rates are generally lower than national average rates. Oregon's counties’ conforming loan limits stick to the nation’s baseline, while FHA limits vary a bit more.

Today's Mortgage Rates in Oregon

Product Today Last Week Change
30 year fixed 5.79% 5.79% 0.00
15 year fixed 4.88% 4.88% 0.00
5/1 ARM 5.00% 5.00% 0.00
30 yr fixed mtg refi 5.88% 5.88% 0.00
15 yr fixed mtg refi 4.62% 4.62% 0.00
7/1 ARM refi 5.38% 5.38% 0.00
15 yr jumbo fixed mtg refi 2.94% 3.02% -0.08

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Oregon

Photo Credit: ©iStock.com/RyanJLane

Oregon Mortgage Rates Quick Facts

  • Median Home Value: $354,600 (U.S. Census Bureau)
  • Loan Funding Rate: 61.65% (CFPB)
  • Homeownership Rate: 65.2% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,699 (U.S. Census Bureau)

From its coastlines to its coffee, Oregon is a blend of natural beauty and avant-garde culture. From Portland to Salem to Crater Lake National Park, Oregon can be a beautiful place to live.

Oregon mortgage rates are typically lower than the national average.

A financial advisor in Oregon can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Oregon Historic Mortgage Rates*

YearOregon RateU.S. Rate
20007.597.86
20016.866.94
20026.386.44
20035.555.67
20045.685.68
20055.785.85
20066.486.54
20076.416.42
20086.006.06
20094.965.05
20104.734.81
20114.544.56
20123.663.65
20133.853.84
20144.144.13
20153.843.88
20163.653.73
20173.944.03
20184.564.56

*The FHFA stopped reporting new data in 2018.

Oregon Mortgages Overview

The median value of a home in Oregon is $354,600, while the U.S. median is much lower at $240,500.

The conforming limit for every Oregon county is the standard $647,200. The FHA loan limits see much more variation, though, ranging from the base level of $420,680 all the way up to $599,150.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Baker$647,200$420,680
Benton$647,200$483,000
Clackamas$647,200$598,000
Clatsop$647,200$437,000
Columbia$647,200$598,000
Coos$647,200$420,680
Crook$647,200$420,680
Curry$647,200$420,680
Deschutes$647,200$569,250
Douglas$647,200$420,680
Gilliam$647,200$420,680
Grant$647,200$420,680
Harney$647,200$420,680
Hood River$647,200$599,150
Jackson$647,200$420,680
Jefferson$647,200$420,680
Josephine$647,200$420,680
Klamath$647,200$420,680
Lake$647,200$420,680
Lane$647,200$420,680
Lincoln$647,200$420,680
Linn$647,200$420,680
Malheur$647,200$420,680
Marion$647,200$420,680
Morrow$647,200$420,680
Multnomah$647,200$598,000
Polk$647,200$420,680
Sherman$647,200$420,680
Tillamook$647,200$420,680
Umatilla$647,200$420,680
Union$647,200$420,680
Wallowa$647,200$420,680
Wasco$647,200$420,680
Washington$647,200$598,000
Wheeler$647,200$420,680
Yamhill$647,200$598,000

One important thing for Oregon homebuyers to note is that the state does not require lenders to get a court order to foreclose on a home. This is because buyers in the state are typically given a deed of trust instead of a mortgage. Deeds of trust generally have what is called a “power of sale” clause. This means that if you were to fall behind on your mortgage payments and your lender wants to foreclose on your home, they can simply hire a third party to auction the property.

However Oregon is a non-recourse state. This means that if your home is sold in foreclosure and there is a difference between how much your home is worth or sells for and the amount still owed on your mortgage, you are usually not liable for that monetary difference.

Oregon sellers must provide buyers with property disclosure statements. These statements would include information on sewage disposal, insulation, the quality of the home structure and common interests like homeowners’ association fees. Though it is not mandatory, you should still have a home inspection before you close on a property.

30-Year Fixed Mortgage Rates in Oregon

A reliable home loan option is a 30-year fixed-rate mortgage. This is especially common for buyers who expect to stay in their digs for the long haul. With a 30-year fixed-rate mortgage, you have 30 years to pay off the loan, unless you make prepayments or refinance. The interest rate remains the same for the duration of the loan which makes it a bit easier for homeowners to budget their monthly payments as they always stay the same.

The average rate for a 30-year fixed mortgage in Oregon is 3.33% (Zillow, Jan. 2022).

Oregon Jumbo Loan Rates

Oregon county conforming loan limits are all steady at $647,200. If you take out a home loan in Oregon for that amount or less, it’s considered a conforming loan and is eligible for normal interest rates. If you take out a loan that is greater than $647,200 to pay for a home anywhere in the state, your loan will be considered a jumbo loan and will come with a higher interest rate. Interestingly, jumbo loan rates are currently lower than fixed rates.

The average 30-year fixed jumbo loan rate in Oregon is 3.24% (Zillow, Jan. 2022).

Oregon ARM Loan Rates

Another home loan option is an adjustable-rate mortgage (ARM). An ARM usually comes with a lower interest rate at the beginning when compared to a fixed-rate mortgage. That rate lasts for an introductory period somewhere between one and 10 years. At the end of that time, the interest rate can go up or down once a year, but it usually goes up. How many times an interest rate can change, as well as the highest possible rate it can reach, is laid out in the loan’s terms. It’s important to check that interest rate cap before deciding on an ARM, so you can determine if it is something you can afford. Strangely enough, ARM rates are currently higher than both jumbo rates and fixed rates.

The average rate for a 5/1 ARM in Oregon is 2.58% (Zillow, Jan. 2022).

Oregon Mortgage Resources

State financial assistance is available for homebuyers in the Beaver State. Oregon Housing and Community Services provides down payment assistance for first-time homebuyers. Homebuyers who have completed an education course can qualify for up to $15,000 for closing costs and down payment assistance.

Available Resources

ResourceProblem or IssueWho Qualifies
Oregon Housing and Community ServicesDown payment assistance up to $15,000.Eligible first-time homebuyers who complete a homebuyer education course.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

Loans and grants are also available from the United States Department of Agriculture Rural Development for qualifying homebuyers in rural Oregon. You can check during your home search to see if you qualify for one of these offers.

Oregon Mortgage Taxes

Oregon homeowners who itemize deductions on their taxes can deduct the mortgage interest they pay throughout the year from their taxable income when filing both federal and state income taxes.

A bit of good news for Oregonians: You don’t have to pay transfer taxes on real estate when you buy or sell a home.

Oregon Mortgage Refinance

Oregon homeowners who want to refinance can consider the High Loan-to-Value Refinance Option from Fannie Mae. As a side note, the Home Affordable Refinance Program (HARP) was decommissioned in 2018, so that is no longer an option.