The average mortgage rate in Oregon is currently 5.98% for the 30-year fixed loan term.
Here are the interest rates offered to Oregon residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 5.98%
- 30-year fixed refi: 6.49%
- 15-year fixed refi: 6.44%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
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.
- 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.
- First-time homebuyers only?: No.
- Benefit: Eligible borrowers will get the lowest fixed rate possible.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
