The March 2021 housing market is seeing higher home prices, a rise in mortgage rates, and even more demand for homes.
Thinking of buying a home in Oregon in 2021? If so, where will mortgage rates be next year? This is important information to understand, and this article will outline where mortgage rates are now and where they’re expected to be in 2021.
Oregon mortgage rate trends have brought some interesting trends over the recent past. For months, rates have been on a steady decline, despite the odd uptick here and there.
At the middle of February this year, the average rate for a 30-year home loan is under the 3.0% mark. In fact, it’s been under this mark for quite some time now and is expected to remain so throughout the year. Here are the latest Oregon mortgage trends as of October 2019, with a forecast and outlook for 2021.
Oregon Mortgage Rate Trends: The Continued Decline
Throughout the latter part of 2017 through to late 2018, interest rates steadily climbed, reaching a peak of 4.94% for a 30-year fixed-rate mortgage in November 2018. Since then, rates reversed trends and have been on a steady decline.
Rates were already declining long before the coronavirus pandemic, and since the start of the pandemic, rates have continued along the same path. In fact, rates have sunk to record lows multiple times over the past few months.
Considering how low mortgage rates are, it makes sense to get into the market while you can still secure an affordable mortgage. The lower rates are, the less you’ll need to pay in interest over the life of your loan.
Oregon home buyers who are planning to buy a home in the near future should pay close attention to these mortgage rate trends, especially since home prices are also rising across the state.
Market Shifting Toward Purchase Loans
When mortgage rates rise sharply, refinancing activity tends to drop off. And the opposite tends to happen when mortgage rates dip. The latter is what we are seeing now. Recent mortgage rate trends in Oregon have caused an increase in the number of refinance loans.
Forecast for 2021: Continued Low Rates
What can we expect from Oregon mortgage rates in 2021? According to at least two expert sources, rates will likely remain where they are or go even lower over the next 12 months or so.
Right now, the rate for a 30-year mortgage is 2.73%, which is incredibly low. According to the Mortgage Bankers Association, the average rate for a 30-year home loan would average 3.0% for 2021.
Freddie Mac also believes that rates will stay around 3.0% all throughout 2021.
Related: Oregon mortgage loan programs
Get Pre-Approved for a Home Loan
Do you plan to buy a home sometime soon with the help of an Oregon mortgage broker? Do you need a loan to help finance your purchase? We can help. Sammamish Mortgage has proudly served the Pacific Northwest for decades. We offer a variety of loan options including both FHA and conventional.
If you’re ready to start shopping for a home, we can pre-approve you for a loan to make you a more competitive buyer. We can also give you a mortgage rate quote based on the type of loan you need. Have questions about your financing options? We can answer those too! Please contact our friendly, knowledgeable staff to get started.
Have Questions or Need a Mortgage Loan?
Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have mortgage-related questions.