Portland, OR Mortgage Rates Survey – Week of June 10, 2012

Written by: Primerates Staff

According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, six Portland, OR institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Portland, OR area for well-qualified borrowers. Wells Fargo Bank (www.wellsfargo.com) and the Bank of the West (www.bankofthewest.com) offered rates at 3.75% while the U.S. Bank (www.usbank.com) and JPMorgan Chase (www.jpmorganchase.com) offered rates at 3.88%.

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 As of 30 Yr-Rate 30 Yr-APR 15 Yr-Rate 15 Yr-APR 5/1 ARM-IR 5/1 ARM-APR
U.S. Bank 06/10/2012 3.88% 3.94% 3.25% 3.36% 2.75% 3.54%
Wells Fargo Bank 06/10/2012 3.75% 3.93% 2.88% 3.18% 2.25% 3.15%
JPMorgan Chase 06/10/2012 3.88% 3.99% -99 -99 -99 -99
KeyBank National 06/10/2012 3.81% 3.86% 3.06% 3.16% 2.63% 3.17%
Umpqua Bank 06/10/2012 3.50% 3.62% 2.75% 2.99% NA NA
Bank of the West 06/10/2012 3.75% 3.81% 3.00% 3.11% 2.38% 3.09%

 

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.


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Portland, OR Mortgage Rates Survey – Week of...

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