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 |
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 | 02/27/2012 | 4.00% | 4.17% | 3.25% | 3.52% | 2.38% | 3.48% |
| Wells Fargo Bank | 02/27/2012 | 4.00% | 4.18% | 3.13% | 3.44% | 2.38% | 3.20% |
| JPMorgan Chase | 02/27/2012 | 4.13% | 4.20% | 3.38% | 3.48% | 2.25% | 3.02% |
| KeyBank National | 02/27/2012 | 4.00% | 4.07% | 3.35% | 3.47% | 2.81% | 3.69% |
| Umpqua Bank | 02/27/2012 | 3.75% | 3.87% | 3.00% | 3.21% | NA | NA |
| 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.
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