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When mortgage rates are low, that presents an opportunity for homeowners to refinance their mortgages to take advantage of lower rates and huge savings. But rates are high these days, though they’re dipping. What does this mean for homeowners who want to capitalize on refinances?
In this article, we’ll go through the current refinancing activity market in Portland and across the country and help you determine if now is the right time for you to refinance.
Recently, refinancing activity in Portland has increased as mortgage rates have dipped over the past year. As of January 2026, the mortgage rate for a 30-year fixed-rate mortgage sits at 6.06%. This is about 1% lower than the same time last year.
According to the Mortgage Bankers Association’s (MBA) Refinance Index, refinance activity increased quite a bit over recent months. More specifically, it has jumped 128% year-over-year.
Rising home values may also enable more Portland homeowners to refinance their mortgage loans in 2026. While home prices have dipped over the past year, they’ve seen incredible gains over the past 5 years. Experts anticipate home prices in the state to rise steadily in 2026.
Right now, home prices in Portland are averaging $516,539, which is about $35,000 than where they were just 5 years ago, but 1.5% lower than 12 months ago. This increase in property values is allowing homeowners to capitalize on major gains in home equity.
In the state of Oregon as a whole, the average home price is currently $487,843. Prices have decreased 0.8% over the past 12 months, according to Zillow. However, they’ve soared over 21% over the past 5 years.
Rising house values give homeowners more equity, which can make it easier to qualify for a refinance.
Related: Portland Real Estate Prediction: Low Inventory Will Boost Prices
So how do you know if it’s a good time to refinance your home in Portland? When does refinancing work to your advantage, financially speaking? Fortunately, there’s no guesswork involved here. It’s just basic math.
Assuming you want to refinance primarily to reduce your monthly payments, all you have to do is calculate your “break-even” point. This is the point at which your accrued monthly savings (from the new home loan) begin to exceed your upfront closing costs. If you keep the loan beyond that point, it works out to your financial advantage.
By dividing the cost of the refi by the amount of money saved each month, you can determine how many months it would take to reach your break-even point.
Pro Tip: Use our online mortgage calculator to estimate the cost of your home loan.
Could you benefit from refinancing your Portland home in 2026? We can help you decide by evaluating your current loan situation and your financing goals. Sammamish Mortgage is a local, family-owned company based in Bellevue, WA. We currently lend in all of Washington, Oregon, Idaho, Colorado, and California and provide qualified borrowers with a variety of mortgage programs to suit their needs, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. We have been helping borrowers since 1992, and we’d be happy to help you too. Please contact us if you have mortgage-related questions or to get pre-approved for a mortgage.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
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