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With Portland home prices relatively stable and mortgage rates hovering near historic lows, now might be a great time to refinance your home in Portland, Oregon. This article will help fill you in on refinancing and whether it’s the right time to take advantage of this mortgage program.
Are you thinking about refinancing your home? If so, you’ll be glad to know that 30-year refinance rates in Portland (and elsewhere across the country) are still hovering below 3.5%, on average. This is based on the latest national survey conducted by Freddie Mac.
Meanwhile, home prices in the area continue to rise steadily, giving homeowners more equity. Depending on your equity position and your current mortgage rate, now could be a great time to refinance your Portland home.
At the beginning of this week, Freddie Mac announced the results of its latest Primary Mortgage Market Survey, or PMMS. According to that report, the average rate for a 30-year fixed home loan sits at 3.17%.
The average rate for a 30-year refinance loan has fluctuated around 3% for the past few weeks, as of early March 2021. This kind of rate stability doesn’t come along very often, and that’s why many Portland homeowners are now in the market to refinance their existing mortgages.
In fact, this past week’s rates were the second lowest in three years. As such, we are seeing more buyer demand and refinancing activity in Portland and statewide. Borrowers can benefit from smaller mortgage payments as a result, leaving them with more money in their pockets.
Low rates and steadily rising home values are what’s driving this activity. With greater home equity and lower rates available, many Portland homeowners are finding themselves in a good position to refinance.
Recent housing reports show that home prices in Portland, Oregon housing prices increased 10.9% over the past year and are expected to increase by roughly the same pace over the next year, according to the economic research team at Zillow.
Most homeowners in the area realize that home prices are rising. But some homeowners are still surprised to discover just how much their equity has increased over the years. If you purchased a home in Portland, Oregon several years ago, it could be worth significantly more today. Combined with today’s low rates, this means you could be in a good position to refinance your existing loan.
The latest survey update from Freddie Mac shows average mortgage rates in three of the most popular loan categories, including the 30-year fixed (blue line). This is a 12-month chart dating back to last March 2020.
Mortgage rates are lower today than they were a year ago, though rates have been relatively stable over the last few weeks.
Refinancing is an individualized process. Sometimes it makes sense to refinance — other times it doesn’t. You have to run the numbers to see how it will work out over the long term, and how much you could save.
Disclaimer: The average mortgage rates shown above were provided by Freddie Mac and based on their long-running survey of lenders. Actual loan rates vary based on loan features, borrower credit qualifications, and other variables. Please contact us for a quote.
Are you looking to refinance in Portland in 2021? Do you have questions about refinancing or any other mortgage program? If so, Sammamish Mortgage can help. We can help you determine what your home is worth in the current market, and how refinancing might benefit you over the long term. We currently lend in all of Washington, Oregon, Idaho, and Colorado, and have been since 1992. Get in touch with us today to have all your questions answered!
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