Oregon Mortgage Rates

 

With its mild climate and natural beauty all around, living in Oregon is a dream. The state’s homeownership rate speaks for itself, 62.6% as of 2016 per the U.S. Census Bureau. You have plenty to shop around for homes in Salem, accompanying it with the best mortgage product you can find.

To land a great mortgage deal, start looking at mortgage rates. They can vary within the state, e.g. county to county, and go up or below the nationwide levels.

Your location is key to unlock your rates, find them here at mortgagesum.com.

Mortgage Rates in Oregon

Record-low rates and record-high equity create an ideal setting to buy a home or refinance to get cash out of your home. But with rates slowly moving up, now’s the perfect time to do it.

What do you know about rates and how can you get the best one in the market?

Rates depend on several things, where your home in Oregon is just one factor. There’s your credit score to consider. The best rates go to the most creditworthy although there are loans that are less strict on credit scores like FHA loans.

Is your mortgage fixed-rate or adjustable-rate? The former remains the same until the end of its term while the latter starts with low rates that can go up as it adjusts year after year. Fixed-rate mortgages are repayable in 15, 20, or 30 years. Various ARM products are available with 5/1 and 7/1 as examples.

The longer the loan term, the higher its rate because there’s a higher chance for the loan to be unpaid. So, rates on 30-year FRMs are typically higher than on 15-year FRMs and short-term loans.

If your down payment is large, you’d be borrowing less and have more initial equity. Your rate will likely be better than when you contribute less toward the purchase price.

But there are loans whose rates are designed to be affordable like USDA loans. Unlike conventional loans that are priced based on credit risk, government loans are offered at lower rates to encourage homeownership.

Finding Mortgage Rates

Look no further. We can help you find mortgage rates where you live or want to buy a home.

From Portland to Mount Vernon, click here to see the latest mortgage rates.