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The state’s median housing value is $341,800, which is significantly higher than the national median of $229,700. Home values can vary by region, though, providing some lower-cost options for Oregon’s 4.2 million residents.
What Are the Mortgage Rates in Oregon?
The average interest rate for a 30-year fixed-rate conforming mortgage in Oregon is 3.63%.
Home interest rates range from 3.00% to 4.75% in Oregon.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-Year Fixed Rate | 3.58% | 3.55% |
| 15-Year Fixed Rate | 2.89% | 2.94% |
| 30-Year Fixed Jumbo Rate | 3.73% | 3.67% |
| 5/1 ARM Rate | 3.31% | 3.31% |
| 5/1 ARM Jumbo Rate | 3.06% | 3.06% |
Rates as of May 25, 2020
U.S. News’ Best Oregon Mortgage Lenders
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Bank of America: Best feature: loans for up to 100% of the appraised value of your home.
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Caliber Home Loans: Best feature: first-time homebuyer program.
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Chase: Best feature: up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.
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Guild Mortgage Co.: Best lender for loans for up to $3 million.
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loanDepot: Best lender for fair credit
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PrimeLending: Best feature: closing cost assistance program.
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Quicken Loans: Best feature: loan approval with a debt-to-income ratio of up to 60%.
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Veterans United Home Loans: Best feature: focused service for veterans and service members.
Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Oregon. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.
Best feature: loans for up to 100% of the appraised value of your home.
Highlights:
- Mortgage types offered: Conventional, VA, FHA, refinance, home equity
- Minimum FICO score: 620
- Maximum loan-to-value ratio: 100%
- Maximum debt-to-income ratio: 55%
- Loan amounts: Up to $5,000,000
- Total closing costs: Varies
- J.D. Power overall satisfaction rating: Four out of five
Best Features
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Bank of America has a wide variety of mortgage products.
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The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.
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Home equity lines of credit have no annual, balance transfer or cash advance fees or closing costs.
Best feature: first-time homebuyer program.
Highlights
• Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), First-time homebuyer program
• Minimum FICO score: 580
• Max DTI: 50%
• Origination fee: Not disclosed
• J.D. Power satisfaction rating: Three out of five
Best Features
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A first-time homebuyer program called HomeOne. It only requires a 3% down payment and borrowers may qualify with a minimum 620 credit score.
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Government-insured loans including Federal Housing Administration, Veterans Affairs, and United States Department of Agriculture programs are available.
Best lender for loans for up to $3 million.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, USDA, ARM, Home equity loans, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Refinancing (USDA),
First-time homebuyer program, Jumbo, renovation, expanded (non-qm) - Minimum FICO credit score: 620
- Maximum debt-to-income ratio: 50%
- J.D. Power satisfaction rating: Four out of five
Best Features
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Good customer service ratings.
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A broad range of mortgage products.
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Special mortgage programs including ones for first-time homebuyers and buyers of manufactured homes.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
Best feature: closing cost assistance program.
Highlights:
- Loan types: conventional, FHA, VA, USDA, ARM, refinancing
- Minimum FICO Score: 600
- Maxim
um loan-to-value ratio: not disclosed - Maximum debt-to-income ratio: 43%
- Total closing costs: 2% to 6% of loan amount
- Equity required: not disclosed
- J.D. Power Satisfaction rating: not rated
Best Features
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Offers a wide variety of mortgage loans.
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Provides mortgage loans nationwide.
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Helps with closing costs.
Best feature: loan approval with a debt-to-income ratio of up to 60%.
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
Best feature: focused service for veterans and service members.
Highlights:
- Mortgage types offered: Conventional, ARM, VA, FHA, USDA, refinance
- Minimum FICO credit score: 620
- Maximum debt-to-income ratio: Varies
- J.D. Power satisfaction rating: Not rated
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Oregon Homebuyer Programs?
Oregon homebuyers can get help with down payments and closing costs from these programs.
- Available to: Eligible homebuyers who have completed homebuyer education and the recommended coaching from a qualified organization. The program is geared toward low to moderate income families and individuals, communities of color, and Oregon veterans.
- Income limits: vary by county.
- First-time homebuyers only?: Yes.
- Down payment and closing cost assistance: Borrowers may qualify for up to $15,000 in down payment and/or closing cost assistance.
- Available to: First-time homebuyers or buyers who have not held ownership in a principal residence during the three-year period prior to the date of the new mortgage. This requirement is waived in targeted areas.
- Income limits: vary by county (see income limits).
- First-time homebuyers only?: No.
- Down payment and closing cost assistance: Borrowers will get a low fixed interest rate on their home loan along with cash assistance equal to 3% of their loan amount to help reduce the total closing costs.
- Available to: First-time homebuyers or those who haven’t owned a principal residence in the previous three years. This requirement is waived for those purchasing in a targeted area.
- Income limits: vary by county (see income limits).
- First-time homebuyers only?: No.
- Benefit: Eligible borrowers will get the lowest fixed rate possible.
Find the Best Mortgage Lenders by State
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
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