U.S. long-term mortgage rates ticked up this week but remain near historic lows. The Federal Home Loan Mortgage Corporation (Freddie Mac) reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan increased to 3.02% from 2.97% the previous week.
In comparison, the rate was 3.65% last March.
The lowest interest rate was 2.65% the second week of January 2021, and mortgage rates have risen by more than 30 basis points since then, according to Freddie Mac.
The average rate on 15-year fixed-rate loans, popular among those seeking to refinance their mortgages, rose to 2.34% from 2.21% last week.
While economists expect modest increases in home-loan rates this year, rates likely will remain low while the Federal Reserve keeps interest rates near zero until the economy recovers, reports the Associated Press.
Some experts recommend refinancing a mortgage if your credit is excellent, you have the funds to pay for a new loan and you can lower the rate by 1% or more. Remember, however, that refinancing restarts the clock on a 30-year loan.
A lender can tell you exactly how much less your monthly mortgage payment will be with a lower rate.
U.S. weekly averages for a mortgage rate can be seen on freddiemac.comFreddie Mac
What’s the difference each month between an interest rate of 3% compared to 4%? Here are examples based on Portland residential properties for sale. Calculations are estimates:
9912 N.W. Wind Ridge Dr. in Portland’s Forest Park neighborhood is listed by Suzann Baricevic Murphy of (W)here, Inc.(W)here, Inc.
The most expensive Portland home for sale: 9912 N.W. Wind Ridge Dr. in the Forest Park neighborhood is listed at $7,778,500.
The modern mansion, built in 2003 on 9.74 acres, has a music room, indoor pool, four bedrooms, five full bathrooms, four powder rooms and 11,363 square feet of living space. There is a detached guest house and garages to shelter six cars.
“A masterpiece of light and design, this architecturally significant Pacific Northwest contemporary is filled with incredible statements ... a unique opportunity for the discerning life enthusiast,” says listing agent Suzann Baricevic Murphy of (W)here, Inc.
Estimated monthly payment for the principal, interest, property taxes and homeowners insurance after a 20% down payment of $1,555,700:
3% = $34,677
4% = $38,150
Difference each month: $3,473
See more homes for sale in the 97229 zip code
5350 N.W. Rubicon Lane in Portland’s Forest Park neighborhood is listed by Yonette Fine of Living Room Realty.Living Room Realty
5350 N.W. Rubicon Lane in Portland’s West Hills is listed at $3.9 million.
The modern farmhouse, built in 2016, has six bedrooms, 8.5 bathrooms and 9,232 square feet of living space.
The 1.09-acre property has a pool and spa, putting green, sandbox, bocce court, lawns, fountains, raised vegetable beds and secure dog fencing.
“Incomparable resort-style residence ... is the epitome of elegant approachability with indoor-outdoor living that marries a modern aesthetic with natural materials in the home, landscape and gardens,” says listing agent Yonette Fine of Living Room Realty.
Estimated monthly payment for the principal, interest, property taxes and homeowners insurance after a 20% down payment of $780,000:
3% = $17,460
4% = $19,201
Difference each month: $1,741
See more homes for sale in the 97229 zip code
1150 N.W. Quimby St. #1912 in Portland’s Pearl District is listed by Marilyn Andersen and Hannah Miller of Hoyt Realty Group.Hoyt Realty Group
1150 N.W. Quimby St. #1912 in Portland’s Pearl District is listed at $2,792,000.
The contemporary penthouse, built in the 2018 Vista North Pearl Condominiums, has 180 degree views as seen from expansive windows and two large terraces.
There is a gas fireplace, bonus room, two bedrooms, 2.5 bathrooms and 2,715 square feet of living space. The kitchen has Wolf appliances, quartz counter and an island.
The homeowners association dues are $1,324 a month and include concierge service, a shared outdoor terrace with a fireplace and use of two guest suites. The residence comes with two indoor parking spots and a large storage unit.
“This unit has luxury finishes including European white oak floors,” says listing agent Marilyn Andersen with Hannah Miller of Hoyt Realty Group.
Estimated monthly payment for the principal, interest, property taxes, homeowners association dues and homeowners insurance after a 20% down payment of $558,400:
3% = $14,396
4% = $15,643
Difference each month: $1,247
See more homes for sale in the 97209 zip code
3925 N.E. Mallory Ave. in Portland’s King neighborhood is listed by Stephen FitzMaurice and Jennifer Tangvald of eXp Realty.eXp Realty
3925 N.E. Mallory Ave. in Portland’s King neighborhood is listed at $1,399,900.
The contemporary townhome, built in 2017, has tall ceilings, hardwood floors and custom finishes.
The living room has floor-to-ceiling windows and a wide, in-wall fireplace. The formal dining room has a wall of built-in wine refrigerators and the kitchen has gas appliances and warming and cooling drawers.
The master suite opens to a private deck. There are four more bedrooms, 5.5 bathrooms and 3,644 square feet of living space. A studio and two-bedroom apartment have private entrances.
“Great entertaining space on fourth floor with a gas fireplace and access to two separate decks with gas-hook-ups,” says listing agent Stephen FitzMaurice with Jennifer Tangvald of eXp Realty.
Estimated monthly payment for the principal, interest, property taxes and homeowners insurance after a 20% down payment of $279,980:
3% = $6,277
4% = $6,902
Difference each month: $625
See more homes for sale in the 97212 zip code
1613 S.E. Cesar E Chavez Blvd. in Portland’s Richmond neighborhood is listed by Dar Rodgers with Dag Mavrolas of Keller Williams Sunset Corridor.Keller Williams Sunset Corridor
Portland’s median list price: 1613 S.E. Cesar E Chavez Blvd. in the Richmond neighborhood is listed at $500,000.
The historic 1910 bungalow was converted into a duplex. The ground level home has original hardwood floors, wainscoting, box-beam ceilings, built-in cabinets and a fireplace. The updated kitchen has stainless appliances and there are three bedrooms, two bathrooms and 1,848 square feet of living space.
The upstairs unit has a full kitchen, bedroom with an attached room for an office or dressing room and a bathroom.
“Excellent location close to Hawthorne area offering dining, retail and entertainment,” says listing agent Dar Rodgers with Dag Mavrolas of Keller Williams Sunset Corridor.
Estimated monthly payment for the principal, interest, property taxes and homeowners insurance after a 20% down payment of $100,000:
3% = $2,236
4% = $2,459
Difference each month: $223
See more homes for sale in the 97214 zip code
— Janet Eastman | 503-294-4072
jeastman@oregonian.com | @janeteastman
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