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The Portland housing market continues to be healthy into early 2025.
Listings tend to pop up quickly and in droves as homeowners often wait until the winter season is over. The year 2024 ended off very well for the Portland housing market. And the trend continues in 2025.
Thanks to rapidly rising property values, homeowners have had the luxury of gaining equity in their homes relatively quickly over the recent past. Given this, homeowners may want to consider refinancing their mortgages if they are able to lock in at a lower rate today compared to what they initially took their mortgage out at.
But mortgage rates are rising. Will that affect refinancing activity?
Related: Cost of buying a home in Portland, OR
Sellers in Portland, Oregon are in a good position to list their homes for sale given the health of the market.
In fact, the Portland housing market is very healthy right now, as well as throughout the state of Oregon. Sellers are fetching high prices for their homes, and buyers are facing stiff competition amongst each other.
Given the fact that mortgage rates are relatively high, is now still a good time to buy or refinance? As far as refinancing is concerned, it’s all about the difference in today’s rate versus the initial rate homeowners locked in at. Homeowners who locked in at a rate that’s much higher than what rates are at today can save a ton of money in interest.
For buyers, it’s important to understand that rates are relatively stable, though they are expected to dip by the end of the year. Despite this, it may be best to get into the market earlier in 2025 rather than waiting, as home prices are expected to rise.
Related: Why 2025 Could Be a Great Time to Buy a Home in Portland, Oregon
The local supply-and-demand situation in Portland can be summed up with a single word: shortage. There just aren’t enough homes for sale in the local real estate market to satisfy the level of demand from buyers. This is putting upward pressure on home prices and making things very competitive for buyers seeking a house to purchase.
Right now, the Portland area has about a 1-month supply of homes available for sale, which is much lower than what is considered to be a balanced market at 5- 6-months supply.
Meanwhile, the city and the broader metro area continue to attract new residents from elsewhere in the state, and from across the country. A strong local economy, natural beauty, and other factors are boosting the city’s population and bringing more home buyers into the local real estate market. And all of this at a time when inventory is constrained.
According to the weekly mortgage industry survey conducted by Freddie Mac, the average rate for a 30-year fixed home loan is 6.85%. However, experts with the Mortgage Bankers Association (MBA) expect the rate to dip to 6% by year-end.
Disclaimer: This article includes data and commentary provided by third parties not associated with our company. We have compiled them here as an educational service to our readers.
If you are looking to buy a home in Portland, OR, you’ll want to work with a seasoned mortgage specialist to help. Sammamish Mortgage has been helping borrowers across the Pacific Northwest since 1992, including Washington, Oregon, Colorado, and Idaho. We offer competitive rates on a variety of mortgage programs, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Please contact us if you have financing-related questions or would like to get an instant rate quote.
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.