Oregon Mortgage Refinance

Oregon home owners can lower their monthly mortgage payment by refinancing through a local lender. Rates on a 30 year fixed rate product run from 4.69% APR to 5.33% APR or on a 15 year fixed mortgage for 4.24% APR to 4.63% APR. Knowing which mortgage refinance product to select is an important step to lowering monthly mortgage payments. Popular products include 30, 20, 15 and 10 year fixed mortgages, but also adjustable rate mortgages (ARMs) are also in demand in Oregon. ARMs begin with a lower rate and then fluctuates after an initial period. An example of an adjustable rate mortgage in Oregon is a 4.48% APR rate for a 10/1 ARM. In addition to a lower monthly mortgage payment, Oregonians can also take advantage of tax deductions from their mortgage refinance. Borrowers can deduct mortgage interest, points and property taxes on their annual return. Home owners should also consider their home’s value when refinancing. The average home value in Oregon is $210,300. Home values in areas such as Eugene (97455) are $200,200, Medford (02153) are $179,400 and in Portland (97201) homes are valued at $231,200. The median sale price for a home in Oregon is $223,300. The median home sale price in Bend (97701) is $181,100, Corvallis (97330) is $244,300 and Salem (97301) is $185,500.