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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 4.18% 3.72% +0.47
15 year fixed 3.56% 3.16% +0.41
5/1 ARM 3.13% 3.00% +0.13
30 yr fixed mtg refi 4.13% 3.69% +0.44
15 yr fixed mtg refi 3.56% 3.16% +0.41
7/1 ARM refi 2.75% 3.13% -0.38
15 yr jumbo fixed mtg refi 3.13% 3.42% -0.29

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: $265,700 (U.S. Census Bureau)
  • Loan Funding Rate: 55.22% (CFPB)
  • Average Mortgage Rate: 4.56% (FHFA)
  • Homeownership Rate: 62% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,647 (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
198214.5514.73
198312.1712.26
198412.1511.99
198511.1111.17
19869.909.79
19879.208.95
19889.168.98
19899.859.81
19909.979.74
19919.299.07
19927.847.83
19936.936.93
19946.637.31
19957.367.69
19967.487.58
19977.587.52
19986.966.97
19996.867.14
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

Oregon Mortgages Overview

The median price of a sold home in Oregon is $341,100, while the U.S. median is much lower at $237,000, according to Zillow data.

The conforming limit for every Oregon county is the standard $510,400. The FHA loan limits see a lot of variation, though, ranging from the base level of $331,760 all the way up to $491,050.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Baker$510,400$331,760
Benton$510,400$402,500
Clackamas$510,400$491,050
Clatsop$510,400$345,000
Columbia$510,400$491,050
Coos$510,400$331,760
Crook$510,400$331,760
Curry$510,400$331,760
Deschutes$510,400$431,250
Douglas$510,400$331,760
Gilliam$510,400$331,760
Grant$510,400$331,760
Harney$510,400$331,760
Hood River$510,400$477,250
Jackson$510,400$333,500
Jefferson$510,400$331,760
Josephine$510,400$331,760
Klamath$510,400$331,760
Lake$510,400$331,760
Lane$510,400$331,760
Lincoln$510,400$331,760
Linn$510,400$331,760
Malheur$510,400$331,760
Marion$510,400$342,700
Morrow$510,400$331,760
Multnomah$510,400$491,050
Polk$510,400$342,700
Sherman$510,400$331,760
Tillamook$510,400$331,760
Umatilla$510,400$331,760
Union$510,400$331,760
Wallowa$510,400$331,760
Wasco$510,400$331,760
Washington$510,400$491,050
Wheeler$510,400$331,760
Yamhill$510,400$491,050

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 3.79%.

Oregon Jumbo Loan Rates

Oregon county conforming loan limits are all steady at $510,400. 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 $510,400 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.

The average jumbo loan rate in Oregon is 4.22%.

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.

The average rate for an ARM in Oregon is 3.96%.

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.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset