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Oregon is a large state located in the northwest United States. Oregon is the ninth largest state in the country based on area and the 27th most populated state. Oregon’s population of just over 4 million residents has been stable for the past decade and the majority of the state’s residents live along or near the Pacific Coast in cities such as Portland and Eugene.

Oregon Mortgage Laws

Similar to other states, Oregon has various state mortgage laws that can have an impact on both buying property and providing a mortgage. While Oregon was not severely affected by the housing bubble, the state has put forth a few different statutes to its mortgage laws that are designed to protect home buyers. First, mortgage lenders are not required to take more steps to ensure that a borrower is able to safely afford to make their mortgage payment. This can include requiring a good credit score and income that can comfortably support their housing payments. Mortgage lenders in Oregon are also no longer allowed to provide negative amortization loans or mortgage refinancings that come with high fees.

Oregon Housing Market

Overall, Oregon has a strong housing market compared to some other states in the country. Oregon did not suffer from a major bubble during the 2000s and has had pretty stable housing prices over the past few years. Overall, the housing market in Oregon has gone up steadily, but some areas of the state have done better than others. Various areas of Portland, Eugene, and Bend have all season slight increases in population, which are projected to continue in the next decade.

Oregon Mortgage Rates

The average mortgage rate provided by major mortgage lenders in Oregon are pretty comparable to rates that are provided by banks in other states. The average 30-year mortgage rate in Oregon right now is 4.17% while the average rate on a 15-year mortgage rate is about 3.40%. 5/1 ARMs and other adjustable rate mortgages can have slightly lower interest rates. Borrowers that do not have good credit scores, verifiable sources or income, or less than a twenty percent down payment will likely have to pay a higher rate or some form of credit insurance.

Largest Cities in Oregon

There are several major cities located throughout Oregon. The largest city in Oregon, and the economic center of the state, is Portland, which has a population of around 650,000 people. Salem and Eugene are the second and third most populated cities in the state and have populations of around 160,000 residents. The fourth and fifth largest cities in the state are Gresham and Hillsboro, each of which have around 110,000 residents.