Will Oregon Homeowners Continue to Refinance in 2024?

January 16, 2018
Last updated:
January 4, 2024
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Refinancing in Oregon is a great way for homeowners to take advantage of lower mortgage rates, especially if they originally locked in their mortgage with a much higher rate. Refinancing can save thousands of dollars, and in this article, we’ll examine whether or not Oregon homeowners will continue refinancing in 2024.

Both home prices and mortgage rates are up, though rates are expected to dip next year. Given this, are Oregon homeowners going to continue to refinance in 2024?

Refinancing Your Oregon Home in 2024

Home prices across the state of Oregon have risen steadily over the last few years, despite the recent dip in prices over the past 12 months. But prices are expected to continue increasing into 2024. Mortgage interest rates have also been rising and are quite a bit higher than they were the same time last year.

Because of these factors, should homeowners in Oregon refinance their homes?

Home Prices Up Sharply

Let’s start with a look at home prices in the state. According to the latest data from Zillow, the median home value for Oregon is hovering around $483,939 as of January 2024. The median home price actually decreased by 0.3% over the last 12 months, but is expected to increase over the next few months. When you look at prices over the past 5 years, Oregon has seen an average price increase of nearly 40%.

As a result of an appreciation in value over the years, many homes across the state of Oregon are worth more now than they were when their owners first purchased them. And this has created favorable refinancing conditions for many homeowners across Oregon.

Mortgage Rates Up, But Are Expected To Dip

Meanwhile, mortgage rates are very high. According to the weekly industry survey conducted by Freddie Mac, the average rate for a 30-year fixed home loan was 6.61% during the week of December 29, 2023.

Today’s rates are certainly higher than they were a year ago. But they are significantly lower compared to several years ago when rates were well over 10%. Further, the Mortgage Bankers Association (MBA) expects rates to decrease in 2024 and 2025, making mortgages potentially more affordable for buyers in the coming months.

Combining rising home prices with lower mortgage rates creates a favorable refinancing situation. This is why a lot of homeowners in Oregon might be able to refinance their mortgage loans in 2024, saving money over the long term. However, it’s important to consider the rate that you can get today versus the rate you are currently locked in with. You’ll need to crunch the numbers to make sure a refinance makes sense.

Live Oregon Mortgage Rates

Can You Benefit From a Refinance?

Does it make sense to refinance your home in Oregon during 2024? How much money might you save by refinancing into a lower mortgage rate?

To answer these questions, you must determine your “break-even” point. If you’re refinancing in order to shrink your monthly payments and save money over the long term, you’ll want to know when you will break even. This is the point where the money you save (by lowering your payments) begins to exceed your refinance closing costs. And we can help you determine this.

Let’s do the math: Our financing experts can review your current mortgage situation, including your interest rate and equity level, to determine if a refinance will work to your advantage. Please contact us with any questions you have or to receive a rate quote.

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Have Questions About Refinancing in Oregon?

Are you a homeowner in Oregon looking to refinance? Or are you looking to buy a new home and require a mortgage? Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We have been offering a variety of mortgage programs to borrowers across the entire state since 1992, as well as Oregon, Idaho, and Colorado. These include our Diamond Homebuyer Program, Cash Buyer Program, and Bridge LoansPlease contact us if you have mortgage-related questions.

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