According to a recent Primerates.com survey of Portland, OR mortgage rates offered by the largest area banks & credit unions, two Portland, OR institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Portland area for well-qualified borrowers. Wells Fargo Bank (www.wellsfargo.com) and Umpqua Bank (www.umpquabank.com) offered rates at 3.875% and 3.750% respectively. Five other institutions offered rates around 4.000%.
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 |
| Bank of America |
02/13/12 |
4.125% |
4.276% |
3.500% |
3.729% |
2.750% |
3.293% |
| U.S. Bank |
02/13/12 |
4.000% |
4.200% |
3.250% |
3.596% |
2.500% |
3.528% |
| Wells Fargo Bank |
02/13/12 |
3.875% |
4.054% |
3.125% |
3.438% |
2.250% |
3.156% |
| JPMorgan Chase |
02/13/12 |
4.125% |
4.219% |
3.375% |
3.538% |
2.250% |
3.044% |
| KeyBank National |
02/13/12 |
4.080% |
4.135% |
3.440% |
3.538% |
2.750% |
3.211% |
| Umpqua Bank |
02/13/12 |
3.750% |
3.869% |
3.125% |
3.334% |
NA |
NA |
| Bank of the West |
02/13/12 |
4.125% |
4.188% |
3.375% |
3.485% |
3.000% |
3.304% |
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, two Portland, OR institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Portland area for well-qualified borrowers. Wells Fargo Bank (www.wellsfargo.com) and Umpqua Bank (www.umpquabank.com) offered rates at 3.875% and 3.750% respectively. Five other institutions offered rates around 4.000%.
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 |
| Bank of America |
02/13/12 |
4.125% |
4.276% |
3.500% |
3.729% |
2.750% |
3.293% |
| U.S. Bank |
02/13/12 |
4.000% |
4.200% |
3.250% |
3.596% |
2.500% |
3.528% |
| Wells Fargo Bank |
02/13/12 |
3.875% |
4.054% |
3.125% |
3.438% |
2.250% |
3.156% |
| JPMorgan Chase |
02/13/12 |
4.125% |
4.219% |
3.375% |
3.538% |
2.250% |
3.044% |
| KeyBank National |
02/13/12 |
4.080% |
4.135% |
3.440% |
3.538% |
2.750% |
3.211% |
| Umpqua Bank |
02/13/12 |
3.750% |
3.869% |
3.125% |
3.334% |
NA |
NA |
| Bank of the West |
02/13/12 |
4.125% |
4.188% |
3.375% |
3.485% |
3.000% |
3.304% |
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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