According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, one Portland, OR institution offered rates below 4.000% on 30-year fixed-rate conforming loans in the Portland, OR area for well-qualified borrowers. The Umpqua Bank (www.umpquabank.com) offered one of the lowest rates in the country with 3.75%. Five other institutions offered rates around 4.00% with the JPMorgan Chase (www.jpmorganchase.com) offering the highest rates in the city with 4.13%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
|Top Portland, OR Area Banks and Credit Unions||
30 Yr- APR
15 Yr- Rate
|15 Yr- APR||
|Wells Fargo Bank||02/27/2012||4.00%||4.18%||3.13%||3.44%||2.38%||3.20%|
|Bank of the West||02/27/2012||4.00%||4.13%||3.25%||3.43%||2.88%||3.26%|
Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.