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Oregon Mortgage Rates

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Oregon Mortgage Rates

Comparing Oregon Mortgage Rates with National Rates

In order to help you see how Oregon mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Oregon

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Oregon

In order to qualify for the best mortgage rates in Oregon it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Oregon

Oregon is the twenty seventh most populous US state. According to the US census, as of 2017, there is an estimated population of about 4.1 million residents, which represents 1.3% of the US population. According to Wikipedia Oregon hosts a number of major companies including Nike and Intel. In addition, there are a number of high-tech areas in the "so-called Silicon Forest".

During the 2007 housing crisis and Great recession certain areas in Oregon were hard hit, particularly the Klamath county. Based on the FHFA Refi Report May 2017, about 2.1% if all HARP loans were from Oregon and 6.6% of the loans had LTVs over 125%. In April 2013 Oregon started a pilot HARP 3 program based on Sen. Merkley’s proposal. The program helped a limited number of homebuyers, but did not take off beyond the pilot stage.

Based on 2015 HMDA data, Oregon as compared to National loan program distribution, had a higher percentage of conventional loans (81% vs 69%) and a smaller share of both FHA loans (11% vs 20%) and VA loans (5% vs 10%).

Here are some outside resources that can help you understand the Oregon mortgage environment:

  1. FHA loan amounts in Oregon: (note:set the table to Oregon) There are 36 counties in the state of Oregon of which none of the single family units meet the Highest loan limit, currently at $636,150. 64% of the counties are at the Standard loan limit, currently at $275,665. The remaining 36% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Oregon and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties fit this category.
  3. Oregon First Home Buyer Programs: The Oregon Housing and Community Services is Oregon's housing finance agency,and aims to help provide affordable housing for low to moderate income households. They have two loan programs, which “offers eligible borrowers a choice between cash (closing cost assistance) or our best rate. For both loan options, the eligibility and program requirements are the same.” The Cash Advantage program offers a down payment cash assistance to assist in closing costs to purchase a new home. The Rate Advantage loan offers eligible borrowers with the lowest fixed rate possible in order offer affordable payments and to maximize their home purchasing power.
  4. Many programs require a homebuyer education class. For more information regarding programs in Oregon, check out the Hud’s website. 

Mortgage Trends and Statistics for Oregon

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Oregon:

  • Mortgage Rates for Conventional Loans in One MSA in Oregon
  • Mortgage Fees in One MSA in Oregon
  • Loan Amount in One MSA in Oregon
  • LTV over 90% in One MSA in Oregon

 

Mortgage Rates for Conventional Loans in One MSA in Oregon

 

Mortgage Fees in One MSA in Oregon

 

Loan Amount in Oregon for One MSA

 

LTV over 90% in One MSA in Oregon for One MSA

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