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Refinancing in Oregon is a great way for homeowners to take advantage of lower mortgage rates, especially if they originally locked in their mortgage with a much higher rate. Refinancing can save thousands of dollars, and in this article, we’ll examine whether or not Oregon homeowners will continue refinancing in 2025.
Both home prices and mortgage rates are up, though rates are expected to dip next year. Given this, are Oregon homeowners going to continue to refinance in 2025?
Home prices across the state of Oregon have risen steadily over the last few years. And prices are expected to continue increasing into 2025. Meanwhile, mortgage interest rates have been dipping and are slightly lower than they were the same time last year.
Because of these factors, should homeowners in Oregon refinance their homes?
Let’s start with a look at home prices in the state. According to the latest data from Zillow, the median home value for Oregon is hovering around $492,822 as of January 2025. The median home price increased by 1.2% over the last 12 months, and is expected to increase over the next few months. When you look at prices over the past 5 years, Oregon has seen an average price increase of nearly 40%.
As a result of an appreciation in value over the years, many homes across the state of Oregon are worth more now than they were when their owners first purchased them. And this has created favorable refinancing conditions for many homeowners across Oregon.
Meanwhile, mortgage rates are very high. According to the weekly industry survey conducted by Freddie Mac, the average rate for a 30-year fixed home loan was 6.72% during the first week of January 2025.
Today’s rates are lower than they were a year ago. But they are still somewhat higher compared to just a few short years ago. That said, the Mortgage Bankers Association (MBA) expects rates to decrease in 2025, making mortgages potentially more affordable for buyers in the coming months.
Combining rising home prices with lower mortgage rates creates a favorable refinancing situation. This is why a lot of homeowners in Oregon might be able to refinance their mortgage loans in 2025, saving money over the long term. However, it’s important to consider the rate that you can get today versus the rate you are currently locked in with. You’ll need to crunch the numbers to make sure a refinance makes sense.
Does it make sense to refinance your home in Oregon during 2025? How much money might you save by refinancing into a lower mortgage rate?
To answer these questions, you must determine your “break-even” point. If you’re refinancing in order to shrink your monthly payments and save money over the long term, you’ll want to know when you will break even. This is the point where the money you save (by lowering your payments) begins to exceed your refinance closing costs. And we can help you determine this.
Let’s do the math: Our financing experts can review your current mortgage situation, including your interest rate and equity level, to determine if a refinance will work to your advantage. Please contact us with any questions you have or to receive a rate quote.
Are you a homeowner in Oregon looking to refinance? Or are you looking to buy a new home and require a mortgage? Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We have been offering a variety of mortgage programs to borrowers across the entire state since 1992, as well as Oregon, Idaho, and Colorado. These include our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Please contact us if you have mortgage-related questions.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.