Overview of Oregon Mortgages
With its beaches, impressive forests and rugged mountains, Oregon certainly makes for an inspiring place to call home. Oregon mortgage rates are generally lower than the national average rates. The Oregon counties’ conforming loan limits stick to the average number while FHA limits show more variation.
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Historical Mortgage Rates in Oregon
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. Current 2016 mortgage rates are following that trend, running lower than the average national mortgage rate.
Oregon Historic Mortgage Rates
| Year | Oregon Rate | U.S. Rate |
| 1982 | 14.55 | 14.73 |
| 1983 | 12.17 | 12.26 |
| 1984 | 12.15 | 11.99 |
| 1985 | 11.11 | 11.17 |
| 1986 | 9.90 | 9.79 |
| 1987 | 9.20 | 8.95 |
| 1988 | 9.16 | 8.98 |
| 1989 | 9.85 | 9.81 |
| 1990 | 9.97 | 9.74 |
| 1991 | 9.29 | 9.07 |
| 1992 | 7.84 | 7.83 |
| 1993 | 6.93 | 6.93 |
| 1994 | 6.63 | 7.31 |
| 1995 | 7.36 | 7.69 |
| 1996 | 7.48 | 7.58 |
| 1997 | 7.58 | 7.52 |
| 1998 | 6.96 | 6.97 |
| 1999 | 6.86 | 7.14 |
| 2000 | 7.59 | 7.86 |
| 2001 | 6.86 | 6.94 |
| 2002 | 6.38 | 6.44 |
| 2003 | 5.55 | 5.67 |
| 2004 | 5.68 | 5.68 |
| 2005 | 5.78 | 5.85 |
| 2006 | 6.48 | 6.54 |
| 2007 | 6.41 | 6.42 |
| 2008 | 6.00 | 6.06 |
| 2009 | 4.96 | 5.05 |
| 2010 | 4.73 | 4.81 |
| 2011 | 4.54 | 4.56 |
| 2012 | 3.66 | 3.65 |
| 2013 | 3.85 | 3.84 |
| 2014 | 4.14 | 4.13 |
| 2015 | 3.84 | 3.88 |
Oregon Mortgages Overview
Oregon property skews slightly more expensive than the nation’s average. The average home in Oregon sells for $290,450, while the average U.S. home sale price is $236,450.
The conforming limit for every Oregon county is the standard $417,000. The FHA loan limits see a lot of variation, ranging from the average $271,050 all the way up to $368,000.
Conforming and FHA Loan Limits by County
| County | Conforming Limit | FHA Limit |
| Baker | $417,000 | $271,050 |
| Benton | $417,000 | $302,450 |
| Clackamas | $417,000 | $368,000 |
| Clatsop | $417,000 | $281,750 |
| Columbia | $417,000 | $368,000 |
| Coos | $417,000 | $271,050 |
| Crook | $417,000 | $271,050 |
| Curry | $417,000 | $327,750 |
| Deschutes | $417,000 | $310,500 |
| Douglas | $417,000 | $271,050 |
| Gilliam | $417,000 | $271,050 |
| Grant | $417,000 | $271,050 |
| Harney | $417,000 | $271,050 |
| Hood River | $417,000 | $371,450 |
| Jackson | $417,000 | $279,450 |
| Jefferson | $417,000 | $271,050 |
| Josephine | $417,000 | $271,050 |
| Klamath | $417,000 | $271,050 |
| Lake | $417,000 | $271,050 |
| Lane | $417,000 | $271,050 |
| Lincoln | $417,000 | $276,000 |
| Linn | $417,000 | $271,050 |
| Malheur | $417,000 | $271,050 |
| Marion | $417,000 | $271,050 |
| Morrow | $417,000 | $271,050 |
| Multnomah | $417,000 | $368,000 |
| Polk | $417,000 | $271,050 |
| Sherman | $417,000 | $271,050 |
| Tillamook | $417,000 | $287,500 |
| Umatilla | $417,000 | $271,050 |
| Union | $417,000 | $271,050 |
| Wallowa | $417,000 | $271,050 |
| Wasco | $417,000 | $271,050 |
| Washington | $417,000 | $368,000 |
| Wheeler | $417,000 | $271,050 |
| Yamhill | $417,000 | $368,000 |
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 Oregon mortgage rate for fixed-rate 30-year mortgages is 3.83%.
Oregon Jumbo Loan Rates
Oregon county conforming loan limits are all steady at $417,000. If you take out a home loan in Oregon for $417,000 or less, that is considered a “conforming” loan and is eligible for normal interest rates. If you take out a loan that is greater than $417,000 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 4.06%.
Oregon ARM Loan Rates
Another home loan option is an ARM or adjustable-rate mortgage. 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, 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 is 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 3.12%.
Oregon Mortgage Resources
There are options available to you for financial assistance when buying a home 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
| Resource | Problem or Issue | Who Qualifies | Website |
| Oregon Housing and Community Services | Down payment assistance up to $15,000. | Eligible first-time homebuyers who complete a homebuyer education course. | https://www.oregon.gov/ohcs/pages/oregon-bond-program-down-payment-assistance.aspx |
| USDA Rural Development - Single family loans | Offers 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. | http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs |
| Home Affordable Refinance Program | Refinancing. | Single family homes and condos that fit within lending loan limits. | http://www.harp.gov/ |
Loans and grants are also available from the United States Department of Agriculture Rural Development for qualifying homebuyers in rural Oregon. You should 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 do not have to pay transfer taxes on real estate.
Oregon Mortgage Refinance
Oregon homeowners who want to refinance can consider the Home Affordable Refinance Program. Qualifying owners in single-family homes or condos can access interest and principal payment reductions and low closing costs.
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.
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 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset