According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, three Portland, OR institutions offered rates above 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 Umpqua Bank (www.umpquabank.com) offered rates at 3.88%. Three other institutions namely the U.S. Bank (www.usbank.com), JP Morgan Chase (www.jpmorganchase.com) and Bank of the West (www.bankofthewest.com) offered rates at 4.00%.
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 | 04/29/2012 | 4.00% | 4.06% | 3.38% | 3.48% | 2.63% | 3.55% |
Wells Fargo Bank | 04/29/2012 | 3.88% | 4.05% | 3.00% | 3.31% | 2.25% | 3.07% |
JPMorgan Chase | 04/29/2012 | 4.00% | 4.06% | 3.13% | 3.27% | 2.38% | 3.06% |
KeyBank National | 04/30/2012 | 3.95% | 4.02% | 3.25% | 3.37% | 2.63% | 3.10% |
Umpqua Bank | 04/29/2012 | 3.88% | 4.02% | 3.00% | 3.25% | NA | NA |
Bank of the West | 04/29/2012 | 4.00% | 4.06% | 3.13% | 3.23% | 2.50% | 3.05% |
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.
According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, three Portland, OR institutions offered rates above 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 Umpqua Bank (www.umpquabank.com) offered rates at 3.88%. Three other institutions namely the U.S. Bank (www.usbank.com), JP Morgan Chase (www.jpmorganchase.com) and Bank of the West (www.bankofthewest.com) offered rates at 4.00%.
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 | 04/29/2012 | 4.00% | 4.06% | 3.38% | 3.48% | 2.63% | 3.55% |
Wells Fargo Bank | 04/29/2012 | 3.88% | 4.05% | 3.00% | 3.31% | 2.25% | 3.07% |
JPMorgan Chase | 04/29/2012 | 4.00% | 4.06% | 3.13% | 3.27% | 2.38% | 3.06% |
KeyBank National | 04/30/2012 | 3.95% | 4.02% | 3.25% | 3.37% | 2.63% | 3.10% |
Umpqua Bank | 04/29/2012 | 3.88% | 4.02% | 3.00% | 3.25% | NA | NA |
Bank of the West | 04/29/2012 | 4.00% | 4.06% | 3.13% | 3.23% | 2.50% | 3.05% |
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.