Refinance rates in OregonCurrent 30-year fixed mortgage refinance rates are averaging: 7.31%
The current average rate for a 15-year fixed mortgage refinance is: 6.76%
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?If you’re hoping to purchase a home in 2024, the current mortgage rates forecast has reasonably good news to offer. Our market expert doesn’t expect to see mortgage interest rates rise dramatically this year — in fact, he predicts that they’ll remain under 7% and could even end the year under 6%.
There isn’t a quick-fix to our nationwide housing affordability crisis, but lower rates could help boost supply which, in this tight market, could help ease the strain that’s pushing up home prices.
There are many factors determining mortgage rates — some are out of your control, but there are several you can influence. Here are a few steps you can take right now to get the best mortgage rate:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?After you’ve settled on a mortgage lender, and they’ve made you an offer that looks attractive, consider asking them to give you a mortgage rate lock. The lock gives you the security of knowing that the interest rate you were quoted in your loan estimate won’t increase before you can complete the closing process.
Whether you’re a first-time homebuyer in Oregon or someone with home ownership experience, there’s likely a program that can help you. Below, we cover a few to get you started on your journey.
The Oregon Bond Residential Loan program comes in two flavors. This first version, called “Cash Advantage,” offers a first mortgage with a below-market interest rate and cash assistance worth 3% of the loan amount. The funds can be used for closing costs or prepaids (like homeowners insurance or property taxes). However, they can’t be put toward the down payment or used to cover the minimum borrower contribution required by FHA loans.
Who qualifies?Borrowers must:
Be a first-time homebuyer, qualifying veteran or purchase in a targeted area
Earn within the program’s income limits, which range from $98,800 to $157,920 depending on your household size and the county you’re purchasing in
Buy a home within the program’s purchase price limits, which range from $481,176 to $838,182 depending on the home’s exact location
Purchase a home in Oregon
Rate Advantage is the second flavor of the Oregon Bond Residential Loan Program — instead of offering cash assistance, it maximizes savings by offering rock-bottom interest rates. Compared to current average rates in Oregon, the savings could amount to around 0.86 percentage points.
Who qualifies?Borrowers must:
Be a first-time homebuyer, qualifying veteran or purchase in a targeted area
Earn within the program’s income limits, which range from $98,800 to $157,920 depending on your household size and the county you’re purchasing in
Buy a home within the program’s purchase price limits, which range from $481,176 to $838,182 depending on the home’s exact location
Purchase a home in Oregon
Who qualifies as a first-time homebuyer? People who have never owned a home
People who haven’t owned real estate in the last three years
or
Veterans who served in active duty, were honorably discharged and who have not previously used a mortgage revenue bond program
This program, offered through Oregon Housing and Community Services (OHCS), provides Oregon homebuyers with a fixed-rate purchase mortgage and a second mortgage. The second mortgage funds can be used toward the down payment, closing costs, prepaids and other expenses related to the home purchase.
Depending on their income level, borrowers qualify to receive a second mortgage that is either forgivable (meaning it doesn’t have to be repaid) or repayable (meaning it requires monthly payments. Your income level also determines whether you’ll receive assistance worth 4% or 5% of the first mortgage amount.
Who qualifies?Borrowers must:
Have at least a 620 credit score
Earn less than $125,000 per year
Purchase a home in Oregon
→ Oregon conventional loans. Conventional loans are a popular option, but they may not be the best choice for first-time homebuyers or borrowers with lower credit scores. The minimum requirements set by Fannie Mae and Freddie Mac are a little more strict than some other loan types.
→ Oregon FHA loans. FHA loan requirements can be a more friendly option if you’re struggling to meet conventional loan requirements. However, you’ll have to compensate for a lower down payment with a higher credit score, and vice versa. So, if your score is below 580, you’ll need to make a 10% down payment. If you plan to only make the minimum 3.5% down payment, you’ll need at least a 580 score.
→ Oregon VA loans. VA loan requirements are even more flexible than FHA loan requirements, but they’re only available to qualified military borrowers. Those with full VA entitlement can buy a house with no money down and no mortgage insurance obligation.
→ Oregon streamline refinances are for borrowers who have a current FHA or VA loan and want to refinance into a new loan within the same program. Your options for this are FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). Staying within the same program means you can submit less paperwork and enjoy a faster, more “streamlined” loan experience than with regular refinances.
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