Oregon Mortgage Rates Rise Above 7.2% as U.S. Borrowing Costs Keep Climbing

Homebuyers are facing higher borrowing costs as mortgage rates continue to rise, with the national average for a 30-year fixed-rate loan approaching 7%.

National Mortgage Rates Approach 7%

The weekly average rate on a 30-year fixed-rate mortgage rose to 6.95% this week, up from 6.76% the previous week, according to mortgage buyer Freddie Mac.

It was the fourth consecutive week of increases and the highest average rate since Jan. 30, 2025. A year ago, the average was 6.26%.

The increase can have a significant effect on household budgets. The rise from Freddie Mac’s 5.98% average in late February to 6.95% this week translates to roughly $255 more per month for a borrower financing a $400,000 home loan.

Higher rates can also reduce buyers’ purchasing power and encourage some prospective homebuyers to delay purchases while waiting for borrowing costs to fall.

Oregon Mortgage Rates Exceed 7.2%

Locally, Bankrate reported Thursday that its Oregon survey showed a 30-year fixed mortgage rate of 7.21%, with the average 15-year fixed rate at 6.46%. The company notes that mortgage rates in Oregon and across the country began 2026 at about 6.25%.

Bankrate attributes some of the higher-than-expected rates to economic effects from the war in Iran, while the Federal Reserve raised its target rate by a quarter percentage point on Wednesday.

It says industry analysts nevertheless expect mortgage rates to remain between 6% and 7% for the rest of the year.

The Freddie Mac and Bankrate figures come from different surveys and methodologies and should not be treated as a direct state-versus-national comparison.

Both figures, however, illustrate the borrowing environment facing homebuyers as housing costs- a key element of the cost of living- remain sensitive to interest rates.