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Based on current median home prices, and the current mortgage rate of 2.65% in Portland, Oregon, the average monthly payment on a 30-year mortgage in Portland was approximately $1,721 as of January 2021.
How much can you expect to pay in mortgage payments in Portland OR in 2021? Of course, there are several variables that can affect a homeowner’s monthly payments. Your monthly payment could be quite different from this figure.
Mortgage rates are constantly fluctuating with the changing market. Variable factors such as mortgage bond markets and the Federal reserve are used to determine the daily rate.
That said, mortgage rates have been on a declining trend over the past couple of years. As of the last week of January 2021, the rate on a 30-year fixed-rate mortgage is 2.65%, compared to 3.64% the same time a year ago.
At the same time, home values in Portland, OR have been increased over the past year. In fact, prices in the city are 8.5% higher today than they were a year ago.
Thanks to extremely low interest rates, the average monthly mortgage payment in Portland is similar to where it was last year.
Unfortunately, there is no official data source that tracks and records average mortgage payments (At least, not at the local level). However, we can get an accurate estimate by examining: (A) current home prices in Portland, and (B) average mortgage rates.
In the example below, we have used pricing information provided by residential real estate data giant Zillow, and the average mortgage rates reported by Freddie Mac.
By plugging these numbers into a standard amortization calculator, we can find an accurate estimate of the average monthly payment for a 30-year fixed rate mortgage in Portland, Oregon.
This exercise is very helpful for home buyers because it clearly illustrates current market conditions and mortgage rate trends. Let’s take a look!
For the sake of simplicity, we’ve left out property taxes, and private mortgage insurance. Depending on the property value and the exact location, property taxes could add another $200 to $300 per month, or more. If a down payment of less than 20% is applied to the purchase of the home, private mortgage insurance may also have to be obtained adding additional monthly charges. However, by using this simple calculation you can get a general idea of the average monthly mortgage payment in Portland Oregon, in 2021.
Disclaimer: As you can see, there are many variables that determine the amount of a homeowner’s monthly mortgage payment, and we have only included a few here. Actual payments will vary based on the exact size and term of the loan. The mortgage rate, discount points paid at closing, and other factors, as well will determine the total monthly payment.
The goal of this article is to offer some basic insight into the average monthly mortgage payment in Portland. More importantly, this exercise illustrates how you might estimate your own monthly payments, and what factors can influence them.
Are you in the market for a mortgage loan? If so, we can give you a more specific quote based on your financial situation and the type of loan you need. We can also estimate how much your monthly payments will be, as well as your closing costs. Sammamish Mortgage has been serving borrowers across the Pacific Northwest since 1992. This includes Washington, Idaho, Oregon, and Colorado. We offer a variety of mortgage programs with flexible criteria and competitive rates. Please contact us with any financing questions you have, or to receive a rate quote.
Fannie Mae and Freddie Mac have been in the news quite a bit over the past few years, so it’s a good time to do a refresher on who they are and what role they play in the real estate market.
In today’s blog post we’ll share how you can provide paperwork and other evidence to show your mortgage lender that you’re a quality applicant who has the ability to make their payments.