Mortgage and Refinance Rates in Oregon

Use our comparison table to compare refinance and mortgage rates in Oregon

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Today's Rates In Oregon

With natural wonders like Hells Canyon, Crater Lake, and Mount Hood, who wouldn't want to buy a home in Oregon? If that's your goal, you'll want to be knowledgeable about Oregon mortgage rates and how to get the best deals on home loans.

Borrowers have a lot of options in Oregon – FHA loans, conventional loans, VA loans (if you've served in the military) and in various configurations – fixed-rate, adjustable rate, 30-year loans, 15 year loans, etc. And tons of Oregon mortgage lenders to choose from. All of which gives you a lot of options, but can also be a bit overwhelming – how do you find the right home loan for you at the best mortgage rate?

We can help. Here at, we've assembled the information and tools you need to make the right choices when looking for Oregon home loans. Our extensive collection of consumer-focused articles covers a wide range of topics on home loans and real estate, while our assortment of mortgage calculators can help you compare loans, calculate expenses, work out a budget and even decide if the time is right to refinance your Oregon home loan.

Oregon mortgage rates vary from borrower to borrower

Current Oregon mortgage rates, for several types of loans, are displayed at the top of the page. That's a good place to start, but the rate you get may vary depending on factors like your credit score and down payment. That can make it a challenge when comparing advertised rates from lenders that don't take those factors into account.

We allow you to compare the Oregon mortgage interest rates that you personally can get from different lenders by using our rate quote tool, at the top of the page. This allows you to enter information about the loan you are seeking and other details like your down payment and approximate credit score, and you can receive personalized rate quotes from multiple lenders tailored specifically to you, so you can make direct comparisons among lenders!

Oregon home loans

There are lots of different types of home loans available in Oregon and elsewhere, designed for different types of borrowers and different purposes. Here are some of the main ones:

Conventional mortgage

This is the standard home loan offered by nearly every mortgage lender in America. They are often called "conforming loans," meaning they conform to the lending criteria set by Fannie Mae and Freddie Mac. Loans meeting those criteria are considered less risky for investors than non-conforming loans, so they can have lower rates and more favorable terms.

Conventional home loans offer very attractive rates and terms for borrowers with good credit, though their rates increase for borrowers with lower credit scores. Down payments can be as little as 3 percent but again, you'll get a better rate with a larger down payment.

For Oregon home loans, you can borrow up to a maximum of $647,200 with a conventional mortgage for a single-family home, though higher amounts are available for multi-unit properties and in high-value housing markets in other parts of the country.

FHA loan – Oregon

These are one of the most popular home loans for first-time homebuyers and borrowers with weaker credit or limited resources. Some Oregon FHA lenders will approve loans for borrowers with credit scores of 580 or below, while FHA mortgage interest rates are often lower for borrowers with weaker credit than they can get on a conventional loan. Down payments can be as little as 3.5 percent.

FHA loans charge an upfront insurance premium of 1.75 percent of the loan amount, which can make them less attractive to borrowers with good credit who can get their best rates with a conventional loan. Borrowers who make less than a 10 percent down payment also have to pay a monthly mortgage insurance premium for the life of the loan; private mortgage insurance (PMI), a similar fee charged on many conventional loans, can eventually be canceled once the homeowner reaches 20 percent equity.

FHA loan limits are lower than those on conventional loans, with a maximum of $420,680 in most of Oregon, but up to $599,150 in certain counties with high real estate values.

Oregon VA home loan

VA loans are an excellent deal for military veterans and eligible active-duty service members. In addition to competitive mortgage rates, VA loans offer the additional benefit of requiring no down payment on most mortgages, up to the same loan limits as conventional loans. Higher amounts are available by making a down payment equal to 25 percent of the amount exceeding the loan limit.

There is no minimum credit score for VA loans but in practice, most Oregon lenders require a credit score of at least 620 to qualify. A few may accept scores down into the mid-500s, but those could take some effort to find.

Jumbo loans

Jumbo loans are those that exceed the limit on conventional loans, which as noted above is $647,200 for all of Oregon. If you want to buy or refinance a home in Oregon for an amount greater than that, you'll either need to take out a jumbo loan or get a "piggyback" second mortgage to cover the difference between the conventional loan limit and the amount you wish to borrow. (Note the exception for VA loans described above).

Oregon jumbo mortgage rates typically run a bit higher than on conventional loans, often about half a percentage point greater. Jumbo loans also have stricter credit requirements and often require larger down payments as well. Borrowers with weaker credit or smaller down payments may be charged significantly higher rates.

A piggyback loan is an alternative to a jumbo loan that some borrowers opt for. Part of the purchase price is covered by a conventional mortgage of the maximum amount allowed, with a second loan "piggybacking" on the first to cover the rest, plus a certain amount for a down payment. Piggybacks can be a good deal if the combined rate of the primary and secondary loans are lower than what you'd pay on a jumbo, though not all Oregon mortgage lenders will allow them.

Mortgage refinancing

Any of the above loans can be used to refinance an existing mortgage; you are simply replacing one home loan with another. You don't have to go to the same lender who gave you your current loan and you can even change from one loan type to another, such as from an FHA loan to a conventional mortgage.

Oregon mortgage refinance rates are similar to those for home purchase loans for a borrower with the same credit and financial profile. In practice, borrowers who refinance may be able to get somewhat better rates because they have usually accumulated a fair amount of home equity, which is like a home buyer having a large down payment, and thereby getting a better rate.

Evaluating Mortgages

To get the best Oregon mortgage loan rate, you have to evaluate several offers. Start by reviewing lender rates. Then, run the numbers with our mortgage loan calculators (follow the highlighted links). Play with loan amounts and interest rates until you determine what size loan you can afford.

When you're ready, start contacting Oregon lenders to see what sort of rates they're willing to offer you and on what terms. Remember, mortgage rates vary depending on a customer's borrower profile and the loan they are seeking. You'll need to provide some personal information like your approximate credit score, how much you're seeking to borrow and how much of a down payment you plan to make or home equity you have. You can do this with various lenders individually, but you can also request personalized rate quotes from multiple lenders all at once by using our rate request form at the top of this page.

As you move through the mortgage loan process, remember that a lender's lowest advertised rate is reserved for borrowers with above-average credit. If you have bad credit, it might be helpful to review Oregon rates by credit quality here. Also, take care to review the proposed loan structures in detail. The payment amount is important, but don't overlook the interest rate, the points, and the payoff schedule.