15-Year Fixed Mortgage Refinance Interest Rates in Portland, OR
Explore 15-year fixed mortgage refinance rates in Portland, OR over time.
Oregon Current Interest Rate: 5.256% · National Avg: 5.26%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Portland, Oregon
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in OR, total loan amount of $228,000.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should I Refinance to 15-Year in Portland's Growing Market?
Excellent strategy if you can afford higher payments. In Portland's 6.9% appreciation market, a 15-year mortgage accelerates equity building on both fronts: forced paydown + market gains. Refinancing $513,120 from 30-year (7%) to 15-year (6.5%) increases payments $1,056/month but builds approximately $338,659/year in principal. Add Portland's $44,257/year appreciation, and you're gaining $382,916 annually in total equity.
How Fast Can I Build Equity with 15-Year Refi in Portland?
Extremely fast in growing markets. A 15-year mortgage at 6.5% pays down approximately $338,659/year in principal on a $513,120 loan. Add Portland's 6.9% appreciation ($44,257/year on median homes), and your equity grows $382,916 in year one alone. After 5 years: over $1,915k. After 10 years: you're halfway to owning your home outright with massive equity gains from Portland's growth.
What Are the Monthly Costs of 15-Year Refinancing in Portland?
Refinancing $513,120 to 15-year at 6.5% means $4,470/month P&I-$1,056 more than the 30-year payment. Add Portland's $518/month property tax (0.97%) and $150 insurance for total PITI of $5,138. Can you afford it? Benefits justify the stretch: $424k interest savings, debt-free in 15 years, and rapid equity buildup that compounds with Portland's 6.9% growth. You're essentially forced-saving into home equity.
Can I Eliminate PMI with a 15-Year Refi in Portland?
Yes, and it's doubly beneficial. If you've built 20%+ equity through Portland's 6.9% appreciation, refinancing to 15-year eliminates PMI (saving $428-$641/month) while accelerating paydown. Even if your payment increases overall, you're building equity instead of throwing money away on PMI. Plus, 15-year rates are typically 0.5% lower than 30-year, partially offsetting the payment increase. Growing markets favor this strategy: rapid appreciation got you to 20% equity, now 15-year paydown accelerates your wealth building.
How Do Portland's Property Taxes Affect 15-Year Refi Payments?
Property taxes at 0.97% ($518/month on median homes) don't change when you refinance, but they're crucial for affordability. Your 15-year P&I is $4,470, but total PITI is $5,138. Important: as Portland homes appreciate 6.9% annually, your assessed value may increase, gradually raising property tax over time. Budget for this-your P&I stays fixed at $4,470, but property tax could grow. Still, you'll own your home outright in 15 years with significant equity from both paydown and market gains.