Oregon Mortgage and Refinance Rates

Current Oregon Mortgage Rates

Average market rates for August 11, 2026 in Oregon are 6.73% for 30-year fixed purchase and 6.78% for 30-year fixed refinance

Mortgage Rate Trends in Oregon

According to official data, Oregonians pay higher mortgage rates than most other Americans. Lenders charged them 7.2% compared with 6.97% nationwide.

Why might that be? Well, usually a state’s rates are higher than the national average for one or more of four reasons:

1. It’s not due to credit scores. Oregonians had an average credit score of 717 in March 2024 while the nationwide average was 705, according to Equifax.
2. Overregulation — If the mortgage industry is too tightly regulated in a state, that can add to lenders’ compliance costs. And those may be passed on to borrowers. However, we skimmed through a summary of the state’s mortgage regulations prepared by the Oregon State Bar and found little evidence of overregulation.
3. Limited competition — If there’s too little competition for borrowers’ business among lenders, that tends to drive mortgage rates higher.
4. An unwillingness among residents to shop around lenders to find the lowest rate — Comparison shopping across several lenders can save you $100 or more every month on your mortgage payment, according to a federal regulator. If too few Oregonians are chasing bargains, that could help explain the higher-than-average mortgage rate.

Oregon Purchase Rates

Oregon Refinance Rates

Oregon ARM Rates

How we source rates and rate trends

Oregon real estate trends

Home prices tend to be higher in the Beaver State than elsewhere in America. Redfin says the median sale price in the state in January 2025 was $506,800. The Federal Reserve Bank of St. Louis reckons the median sale price nationwide in the fourth quarter of 2024 was $419,200.

You can see why prices are higher here. Oregon provides access to unparalleled natural beauty and outdoor pursuits while maintaining a strong economy.

Still, Redfin says home price growth was relatively modest in the 12 months ending on Oct. 31, 2024: prices rose 3.3%.

That’s still pretty healthy. The same figure for Texas was 1.3%.

Naturally, that’s good for existing homeowners, especially those hoping to refinance. Rising home prices add to the equity they could tap.

Of course, it’s less good for first-time buyers. The Oregon Office for Economic Analysis says, “Oregon’s median household income increased 6% before inflation in 2023, and 2.1% in real, or inflation-adjusted terms last year.”

If your after-inflation income increased by 2.1% and the price of the sort of home you want to buy rose by 3.3%, you have to save harder for your down payment and closing costs.

Just like every other state, Oregon has real estate hotspots and cool spots. Some areas and neighborhoods have likely seen stagnant or even falling home prices while others have seen rapid rises.

Here’s Redfin’s take on the state’s hottest hotspots:

Top 10 Metros in Oregon with the Fastest Growing Sales Price

1. Lake Oswego, OR 31.1%
2. Sherwood, OR 17.0%
3. Ashland, OR 14.8%
4. Albany, OR 13.2%
5. Forest Grove, OR 11.1%
6. Milwaukie, OR 11.1%
7. Corvallis, OR 10.4%
8. Springfield, OR 9.3%
9.  Wilsonville, OR 9.0%
10. Newberg, OR 7.4%

Sales environment

Redfin paints a mixed picture for current and prospective homeowners in the Oregon real estate market.

On the one hand, the number of houses sold over the 12 months ending in January 2025 increased by 7.7%. That suggests a market with momentum and an increased choice for home buyers.

On the other hand, the average period between listing and sale increased to 62 days in that year, up six days from January 2024. So sellers must moderate their expectations of quick sales.

Home equity

Equity is simply the amount by which your home’s market value exceeds your mortgage balance. This is crucial to those wanting a cash-out refinance, a second mortgage or to get rid of mortgage insurance.

That 3.3% rise in home prices still saw the average Oregonian homeowner pile on $16,000 in additional equity just in the year leading up to the second quarter of 2024, according to CoreLogic.

Again, this figure reflects the state as a whole. Some homeowners will have gained more and some less.

Indeed, for 1.2% of Oregon’s mortgaged homes, negative equity is an issue. That’s when your mortgage balance exceeds your home’s value, something nobody wants. Negative equity is sometimes called being “underwater.”

Negative equity is more of a problem in Oregon than in its two southern neighbors, California and Nevada, each of which has only 0.7% of homes affected. But it’s better than Washington state (1.8%) and Idaho (2.2%).

Most Common Mortgage Types in Oregon

• Conventional: 43,913 loans
• FHA: 6,088 loans
• VA: 3,894 loans
• USDA: 498 loans

Closing costs in Oregon

The final expenses needed for a real estate transaction are the closing costs. In the Beaver State and nationwide, these costs are usually between 2% and 5% of the loan’s value.

If however, you paid earnest money (a deposit that a buyer pays to a vendor to show they are earnest about buying the home), this amount will be deducted from the buyer’s closing costs. And that will reduce the total amount owed at closing. Earnest money is usually between 1-3% of the property’s price.

Here are some of the closing costs paid for by the buyer:

• Application fee
• Origination or underwriting fee 
• Recording fee 
• Appraisal fee 
• Credit check fee
• Title services 
• Survey fee 
• Attorney costs or closing fees
• Title insurance premium

On closing, you may also have to pay pro-rata for any property taxes and homeowners’ association fees prepaid by the seller.

First-Time Home Buyer Programs in Oregon

In Oregon, the state’s down payment assistance (DPA) program grants funds to local third-party organizations. Click the link to find help available where you plan to buy.

• The program will provide down payment assistance and closing costs to eligible first-time homebuyers who are at or below 100% of the AMI (area median income). Check your AMI.
• Homebuyers can be eligible for up to $60,000 or 20% of the purchase price, depending on the specific program and eligibility requirements.
• Sometimes, this money comes in the form of a grant or a forgivable second mortgage. With the latter, you get a 0% APR, no monthly payments and your loan is forgiven after a set number of years, providing you keep the mortgage and remain in residence.
• The borrower must also complete a first-time homebuyer education course and meet with a certified housing counselor to be eligible for the program.

Other programs available statewide may not be tied to the AMI and include:

• Oregon Bond Residential Loan Program
• FHLB – Des Moines  Home $tart
• Single Family Housing Direct Loans in Oregon

Of course, there are many local programs, too, such as the down payment assistance loan program, which is designed to help first-time homebuyers purchase a home within the city limits of Portland.

To find more programs, do a web search for ‘’first-time homebuyer programs” and the city or area you are looking to buy in.