Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Buying a home in the Beaver State can be expensive, but that doesn't mean owning a home is necessarily out of reach. Start by looking at homes in more affordable areas and find the best mortgage rates. Shopping around with mortgage lenders will help you save a significant chunk of money on your housing costs, so make sure you keep an eye on today's mortgage rates in Oregon.
For today, January 22nd, 2022, the current average mortgage rate in Oregon for a 30-year fixed-rate mortgage is 3.797%, the average rate for a 15-year fixed-rate mortgage is 3.500%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.500%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Oregon
Rates As of Jan 21, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.797% | 0.797 |
| Fixed 30 Year - FHA | 3.736% | 0.835 |
| Fixed 30 Year - VA | 3.603% | 0.764 |
| Fixed 30 Year - Jumbo | 3.575% | 0.081 |
| Fixed 30 Year | 3.790% | 1.050 |
| Fixed 20 Year | 3.355% | 1.305 |
| Fixed 15 Year | 2.944% | 1.070 |
| Fixed 30 Year - FHA | 3.666% | 1.745 |
| Fixed 30 Year - VA | 3.335% | 1.694 |
| Fixed 30 Year - Jumbo | 3.472% | 0.303 |
5 affordable places to live in Oregon
There are plenty of affordable places to settle down in the state, including the five in the list below.
1. Pendleton
Pendleton is known as a cow town. It’s a place settlers passed through on the Oregon Trail. The median value is $155,100, lower than the national median of $184,700, according to Niche. Plenty of families live in Pendleton, and it offers lots of amenities such as parks, cultural attractions, bars, and restaurants. Property taxes in Umatilla County, where Pendleton is located, is 1.1%, higher than the state average of 0.87% (according to Tax-Rates.org). More than half of its 16,713 residents own their homes.
2. Hermiston
Also in Umatilla County, Hermiston is the largest city in eastern Oregon, within a stone's throw of Cold Springs National Wildlife Refuge. There are lots of hiking trails, parks, and coffee shops, making it a great place for those who want access to amenities, but a slower pace of life. The median value of homes in Hermiston is $156,500. Its public schools are highly rated, and 60% of its residents are homeowners. Property taxes are some of the highest in the state at 1.1%.
3. Altamont
Altamont is more rural, with a population of 18,987. Residents can enjoy a slower pace of life, but with plenty of access to parks and outdoor activities. Perhaps in part because it's close to the California border, Altamont has a median home value of $144,700, still $40,000 lower than the national median. Part of what makes it one of the most affordable places to live in Oregon is a property tax rate of 0.64% in Klamath County, one of the lowest rates in the state.
4. Klamath Falls
The city of Klamath Falls is just north of Altamont, and named for falls on the Link River. The area has one the highest concentration of bald eagles in the Pacific Northwest, and plenty of access to outdoor activities like canoeing, hunting, and fishing. The median home value is only $155,600, but more residents rent than own their homes. Schools are rated average in the city, and property taxes are 0.64% in Klamath County.
5. Hayesville
Considered a suburb, but technically within Salem's city limits, Hayesville offers residents access to national parks such as the Chatuge Dam and Recreation Area, and easy access to Salem proper. Many of its 22,272 residents are families, and a little over half rent their homes instead of owning. Homes have a median value of $177,700, just below the national median. Property taxes are among the highest in the state at 1%. Niche named Hayesville the most diverse suburb in Oregon.
Finding a home in Oregon involves more than looking for affordable home prices. It also means making sure your credit profile is good enough that lenders will offer the most competitive rates and terms. While you're shopping around different lenders, work to raise your credit score and improve your debt-to-income ratio.
Mortgage Calculator: How Much House Can I Afford?
Home I Can Afford
{{ getValueResult }}
Total Mortgage Cost
{{ getTotalValue }}
The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
