Molalla, Oregon (OR) Mortgage Rates (2024)

FAQs

What are mortgage interest rates in Oregon right now? ›

Today's rate

Today's mortgage rates in Oregon are 6.887% for a 30-year fixed, 5.888% for a 15-year fixed, and 7.734% for a 5-year adjustable-rate mortgage (ARM).

Mortgage rates are expected to go down in the second half 2024. Depending on which forecast you look at for housing market predictions in 2024, 30-year mortgage rates could end up between 6.5% and 7% by the end of the year.

Current mortgage rates in Oregon. Mortgage interest rates have been steadily increasing for much of the year. As of Sunday, June 16, 2024, current interest rates in Oregon are 6.94% for a 30-year fixed mortgage and 6.44% for a 15-year fixed mortgage.

Based on current median home prices in Portland, OR (around $543,308), and the current mortgage rate of 5.5%, the average monthly payment on a 30-year mortgage in Portland was approximately $2,466 as of May 2023.

Rates could continue to decrease if inflation cools, but don't expect a huge drop this year. According to the Mortgage Bankers Association's latest forecast, mortgage rates may fall to 6.5% by the end of 2024.

In summary, it is unlikely that mortgage rates in the US will ever reach 3% again, at least not in the foreseeable future. This is due to a combination of factors, including: Higher Inflation: Inflation is currently at a 40-year high in the US, and the Federal Reserve is raising interest rates to combat it.

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

In summary though, stock market crashes tend to be good for the mortgage industry overall, as they result in lower rates and an immediate upswing in refis.

The average 30-year fixed mortgage rate as of Friday is 6.91%. By the final quarter of 2025, Fannie Mae expects that to slide to 6.0%. While Wells Faro's model expects 5.8%, and the Mortgage Bankers Association estimates 5.5%.

What is the interest rate for Oregon underpayment 2024? ›

Our annual review found that Oregon's interest rate for 2024 will increase to 8 percent for refunds, deficiencies, and delinquencies.

More homes are coming onto the market.

At the end of 2023, the state of Oregon was approaching a 3.5-month supply of homes for sale. That was higher than the national average for that period and a good sign for those planning to buy a home in Oregon during 2024.

Most experts recommend spending 25% to 36% of your gross monthly income on housing. For a $70,000 salary, that's a mortgage payment between roughly $1,450 and $2,100.

Also, mortgage rates are still much higher than we've been used to in recent years. On 30 May 2024, the average 2 year fixed mortgage rate is 5.80%. While this is a significant drop from its July 2023 peak of 6.86%, it's still much higher than December 2021 when was 2.34%.

In Oregon, lenders may charge up to nine percent interest unless otherwise agreed, which also applies to interest rates on judgments.

By mid-2022, it was soaring. The Fed began to raise interest rates in an effort to ease inflation, and mortgage rates followed suit. By mid-May 2022, the average 30-year mortgage rate reached 5.3%, and rates soared past the 6% mark by the end of the year. Rates reached 7.79% in October 2023 — the highest in 20 years.