Get Today’s Portland Mortgage Rates in Seconds
Today’s Portland, Oregon, mortgage rates can be tailored to the type of loan you need. This is a better way to shop when compared to websites that only offer average mortgage rates. Our pricing tool will show you what kind of Oregon mortgage interest rate you might qualify for, based on your particular situation.
A Quick Guide to Mortgage Rates in Portland
Home loan rates vary based on a number of factors. The type of mortgage loan you use has a major impact on the rate you receive from a mortgage lender. For example, adjustable (ARM) loans tend to have lower mortgage rates during the first few years than the more popular fixed-rate loans. This is what attracts some borrowers to the adjustable mortgage programs in the first place.
There are other factors that affect your rate as well. Your credit score will also play a role as you shop for mortgage rates in Portland, OR. This three-digit number gives banks and lenders some insight into how you have borrowed and repaid money in the past. Generally speaking, a higher score will help a borrower qualify for a better rate, while a lower score could have the opposite effect.
Business and pricing models also affect Portland, Oregon, mortgage rates. Some companies are able to offer lower, more competitive rates simply because of the way they do business. For example, our company is able to offer excellent prices on mortgage loans due to the quality relationships we’ve built with our lending partners.
Portland Mortgage Rates Continue to Stand Out
The city of Portland, OR, has a thriving real estate market. If we look at the characteristics of this town, it’s not hard to see why this is the case. As of January 2022, the median value home in Portland, OR, was approximately $558,008. Portland has seen significant increases in its home values in recent years. This is due to its economy, its scenery, pleasant neighborhoods, and many opportunities for recreation.
Portland is home to two major professional sports franchises, and so if you’re a competitive sports fan, this town may be right for you. Depending on the season, you’ll be able to attend either a Portland Trailblazers game (of the NBA) or a Portland Timberwolves game (of the MLS).
Some of the neighborhoods in the city of Portland rival the most charming neighborhoods of any other prominent city in the Pacific Northwest. Some of these neighborhoods include Collins View, Woodstock, Richmond, Irvington, Alberta, and many others. Portland also boasts several highly attractive parks, including Laurelhurst Park and Mt. Tabor Park. These are just some of the reasons why Portland continues to attract many new buyers to its real estate market.
Understanding Your Quote and Percentage Rate
Your rate quote is based on a variety of factors (including your credit score, down payment, and purchase price) and delivers the most accurate results possible based on your inputs.
- Detailed costs breakdown: Click on the “view” tab under “details” to see an itemized list of all estimated costs.
- Rate & APR: Your rate is the anticipated interest rate. The APR is the total cost of your loan, expressed as an annual percentage rate.
- Origination charges: Sammamish Mortgage doesn’t charge industry-standard lender fees, so the amount for “origination fee” will typically be zero.
- Discount points: You can buy “points” by paying an amount for each point equal to 1% of the purchase price, and lower your interest rate by up to a quarter of a percent for each point purchased.
- Monthly mortgage payment: This includes the principal and interest included in your base monthly payment.
- Estimated third-party charges: This includes the wide range of fees included in your closing costs.
- Closing costs: The closing cost total listed includes everything except prepaid items such as property taxes, homeowner’s insurance, and daily interest.
- Private mortgage insurance premiums: PMI is required on loan to value (LTV) ratios over 80% (except on VA loans). We offer reduced PMI options with as little as 3% down.
- Rate locks: We can lock your rate from 30 up to 180 days.
One of the big advantages of applying for mortgage rate quotes and preapproval through Sammamish Mortgage is that we charge none of the traditional lender fees added by mortgage brokers.
We also pay our Loan Officers a salary instead of a commission based on the loan amount, so they are motivated to help you find the best home loan, not just sell you the biggest loan.
If you are ready to move forward, you can view rates, obtain a customized quote using our Instant Rate Quote tool, or apply for preapproval directly from our website.