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Are you a first-time homebuyer looking to buy in Oregon in 2026? If so, you’ll need some sound advice to ensure you make all the right moves. This guide will provide you with some excellent tips to help your first real estate transaction be a successful one.
Home prices across Oregon have dipped over the past year. According to Zillow, home prices in Oregon decreased 0.8% over the past year and currently sit at $487,843 by January 2026.
That said, home prices are expected to rise in 2026, albeit at a modest pace.
Housing inventory is also tight, as has been the situation for a while now, particularly at the entry-level price level. In Portland, OR, for instance, there’s currently only about 2 months of homes for sale, which is much lower than what’s considered a balanced market at around 5 to 6-months of supply.
That said, single-family housing starts are expected to increase in Oregon in an effort to curb the tight inventory and meet increasing demand as millennials enter the market in higher numbers.
With that market update out of the way, let’s move on to the mortgage advice mentioned earlier. Here are five helpful tips for first-time buyers in Oregon, fully updated for 2026.
According to Freddie Mac, the average rate for a 30-year fixed mortgage loan was 6.06% as of early 2026. That’s a bit lower than where these rates were the same time last year. Experts anticipated rates dipping to around 6% or even lower by year’s end. This is good news for buyers.
How much can you afford to put toward a monthly mortgage payment right now, based on your current income and monthly expenses? If you can’t answer this question, you’ve got a bit of homework to do.
Putting a budget on paper will help you ensure that you’re not taking on too much debt, with the addition of a mortgage. The good news is that you don’t have to be a financial planner or CPA to create a basic housing budget. Just take a look at your current monthly expenses, and subtract that amount from your monthly take-home pay.
A great tool to use to help you get an idea of how much your mortgage will cost you is to use an online mortgage calculator. This will quickly give you a rough idea of how much you can expect to pay in mortgage payments based on the home price, down payment, interest rate, and loan term.
If you’re fortunate enough to have a large amount of money in the bank, you can probably skip over the section. But if you’re like many first-time home buyers in Oregon, you might not be able to come up with a large down payment on your purchase. And fortunately, you might not have to.
The average down payment among first-time home buyers in Oregon and nationwide has actually declined over the past few years, thanks to flexible mortgage programs that require less money up front. These days, both FHA and conventional loans offer relatively low down payments to qualified borrowers.
Did you know that a lot of mortgage programs allow borrowers to use gift money from family members for the down payment? It’s true. Both FHA loans and conventional loans allow for this kind of thing.
This is a great way for first-time buyers in Oregon to come up with the funds needed for the down payment on a purchase.
Mortgage rates have been on a slight downward trend for several months now, as of early 2026. Analysts and forecasters expect rates to reach 6% or lower by year-end. This is a good thing from an affordability perspective.
Home prices, on the other hand, may rise in most parts of Oregon, though at a slow and steady pace. And this is something first-time buyers should keep a close eye on, especially those who plan to buy later next year. Postponing your purchase until later in 2026 or beyond might mean paying a higher price.
Are you considering buying a home in Oregon sometime soon? If so, now is a great time to make the leap! When you’re ready, Sammamish Mortgage can help you secure the mortgage you need. We are a family-owned mortgage firm that serves the entire Pacific Northwest, including Washington, Oregon, Idaho, Colorado, and California, and have been offering many mortgage programs since 1992. Get in touch with Sammamish Mortgage today to apply for a mortgage or to get pre-approved!
Whether you’re buying a home or ready to refinance, our professionals can help.
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