Update on Portland, Oregon Refinance Rates: Good Time to Refi?

September 12, 2016
Last updated:
January 4, 2024
In This Article

With Portland home prices relatively stable and mortgage rates very high right now, is now a good 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 finally slowing down and potentially dipping next year. This is based on the latest national survey conducted by Freddie Mac.

Meanwhile, home prices in the area have increased quite a bit over the past few years, despite a slight dip over the last 12 months. As such, homeowners have been able to build more equity. Depending on your equity position and your current mortgage rate, now could be a great time to refinance your Portland home.

Portland Refinance Rates Hover Just Over 6%, Based on PMMS

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 6.61%.

The average rate for a 30-year refinance loan is around 6.26%, as of late December 2023. But rates are expected to stabilize and even start dipping into the new year. That’s why many Portland homeowners are now in the market to refinance their existing mortgages.

Borrowers who refinance at a lower rate compared to their current rate can benefit from smaller mortgage payments as a result, leaving them with more money in their pockets.

Higher Home Prices Boost Equity Levels

Recent housing reports show that home prices in Portland, Oregon have seen a very healthy increase of over 20% over the past 5 years. With continued increases in property values over the next year, homeowners can take advantage of home equity gains

Related: Why 2021 Could Be a Great Time to Buy a Home in Portland, Oregon

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.

Live Portland Mortgage Rates

12-Month Mortgage Trends

The latest survey update from Freddie Mac shows average mortgage rates in three of the most popular loan categories, including the 30-year fixed.

Mortgage rates are higher today than they were a year ago, though rates have dropped since late October 2023.

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.

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Are you looking to refinance in Portland in 2024? 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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