Portland FHA Loan Rates, Closing Costs & Stats
PORTLAND-VANCOUVER-HILLSBORO, OR-WA
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Portland's 189 lenders originated 8,642 FHA loans during 2021. The total origination value was $3,223,260,000, with an average FHA loan value of $372,976.
Portland FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Portland
averaged
6.34%
for the week of 2022-12-02, compared to the national average (all FHA variants) of
6.466% for the same period.
Portland's average FHA mortgage closing costs are $10,337.
The average rate for the prior week (2022-11-25) was
6.46% and
one month ago for the week of 2022-10-28, the
average rate was 6.5%.
The average rate one year ago was 3.53%.
For refis of the same type during the week of 2022-12-02, the average rate
was 6.18%.
Portland FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Portland level.
The top Portland FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
465 FHA loans originated. Their average total fees are
$12,897, which is $3,867
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Portland FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($4,010), MID AMERICA MORTGAGE, INC. ($5,158), Mr. Cooper ( Nationstar Mortgage ) ($6,693), LAKEVIEW LOAN SERVICING, LLC ($7,060) and AmeriHome Mortgage Company, LLC ($7,532).
The lowest rate Portland FHA lenders (with over 10 loans originated) are
InterContinental Capital Group, Inc (2.55%), PLAZA HOME MORTGAGE, INC. (2.57%), UNITED WHOLESALE MORTGAGE, LLC (2.59%), Banner Bank (2.61%) and SOVEREIGN LENDING GROUP INCORPORATED (2.62%).
Portland FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | CLACKAMAS | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | COLUMBIA | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | MULTNOMAH | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | WASHINGTON | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | YAMHILL | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | CLARK | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | SKAMANIA | 2022 | $598,000 | $765,550 | $925,350 | $1,150,000 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $475,000 (3.9%) | $623,313 (3.6%) | 1.76 | 4,658 |
| 2018-02-01 | $482,450 (2.1%) | $637,336 (4.0%) | 1.75 | 4,462 |
| 2018-03-01 | $495,000 (3.1%) | $638,263 (2.1%) | 1.74 | 4,777 |
| 2018-04-01 | $499,000 (2.9%) | $637,241 (1.7%) | 1.69 | 5,398 |
| 2018-05-01 | $499,438 (2.0%) | $638,545 (1.6%) | 1.67 | 6,286 |
| 2018-06-01 | $495,000 (1.8%) | $628,654 (1.6%) | 1.65 | 7,151 |
| 2018-07-01 | $482,500 (0.5%) | $615,343 (1.5%) | 1.61 | 8,121 |
| 2018-08-01 | $478,000 (0.6%) | $603,262 (0.9%) | 1.60 | 8,644 |
| 2018-09-01 | $469,955 (0.2%) | $592,727 (0.3%) | 1.58 | 8,971 |
| 2018-10-01 | $469,375 (0.3%) | $589,529 (-0.2%) | 1.59 | 8,712 |
| 2018-11-01 | $469,850 (0.0%) | $592,535 (-0.9%) | 1.59 | 8,087 |
| 2018-12-01 | $469,900 (-1.1%) | $600,420 (-2.0%) | 1.62 | 6,960 |
| 2019-01-01 | $472,425 (-0.5%) | $602,868 (-3.3%) | 1.63 | 6,178 |
| 2019-02-01 | $477,000 (-1.1%) | $611,495 (-4.1%) | 1.61 | 6,031 |
| 2019-03-01 | $480,143 (-3.0%) | $610,775 (-4.3%) | 1.57 | 6,292 |
| 2019-04-01 | $475,225 (-4.8%) | $603,469 (-5.3%) | 1.51 | 6,852 |
| 2019-05-01 | $475,975 (-4.7%) | $603,842 (-5.4%) | 1.49 | 7,418 |
| 2019-06-01 | $477,404 (-3.6%) | $600,593 (-4.5%) | 1.49 | 8,333 |
| 2019-07-01 | $474,925 (-1.6%) | $598,116 (-2.8%) | 1.49 | 8,627 |
| 2019-08-01 | $473,000 (-1.1%) | $597,829 (-0.9%) | 1.50 | 8,526 |
| 2019-09-01 | $470,750 (0.2%) | $596,394 (0.6%) | 1.51 | 8,285 |
| 2019-10-01 | $464,500 (-1.0%) | $590,169 (0.1%) | 1.50 | 7,983 |
| 2019-11-01 | $462,000 (-1.7%) | $592,319 (0.0%) | 1.51 | 6,972 |
| 2019-12-01 | $465,572 (-0.9%) | $596,712 (-0.6%) | 1.55 | 5,682 |
| 2020-01-01 | $470,336 (-0.4%) | $608,584 (1.0%) | 1.57 | 4,896 |
| 2020-02-01 | $477,885 (0.2%) | $614,998 (0.6%) | 1.56 | 4,459 |
| 2020-03-01 | $478,846 (-0.3%) | $619,604 (1.5%) | 1.50 | 4,847 |
| 2020-04-01 | $475,000 (-0.1%) | $606,788 (0.6%) | 1.49 | 5,706 |
| 2020-05-01 | $487,220 (2.4%) | $616,429 (2.1%) | 1.48 | 5,775 |
| 2020-06-01 | $499,000 (4.5%) | $630,312 (5.0%) | 1.47 | 5,399 |
| 2020-07-01 | $499,900 (5.3%) | $641,859 (7.3%) | 1.45 | 5,157 |
| 2020-08-01 | $499,900 (5.7%) | $650,072 (8.7%) | 1.43 | 5,082 |
| 2020-09-01 | $499,974 (6.2%) | $653,970 (9.7%) | 1.43 | 4,771 |
| 2020-10-01 | $510,000 (9.8%) | $660,249 (11.9%) | 1.46 | 4,522 |
| 2020-11-01 | $512,500 (10.9%) | $668,864 (12.9%) | 1.50 | 3,870 |
| 2020-12-01 | $507,500 (9.0%) | $672,948 (12.8%) | 1.51 | 2,982 |
| 2021-01-01 | $499,900 (6.3%) | $681,071 (11.9%) | 1.49 | 2,508 |
| 2021-02-01 | $501,345 (4.9%) | $689,542 (12.1%) | 1.46 | 2,266 |
| 2021-03-01 | $510,186 (6.5%) | $682,442 (10.1%) | 1.45 | 2,426 |
| 2021-04-01 | $525,000 (10.5%) | $691,922 (14.0%) | 1.42 | 2,657 |
| 2021-05-01 | $549,000 (12.7%) | $715,563 (16.1%) | 1.45 | 2,870 |
| 2021-06-01 | $554,500 (11.1%) | $725,391 (15.1%) | 1.46 | 3,357 |
| 2021-07-01 | $553,000 (10.6%) | $730,379 (13.8%) | 1.46 | 3,778 |
| 2021-08-01 | $550,000 (10.0%) | $721,911 (11.1%) | 1.47 | 3,873 |
| 2021-09-01 | $550,000 (10.0%) | $723,031 (10.6%) | 1.47 | 4,018 |
| 2021-10-01 | $549,950 (7.8%) | $719,948 (9.0%) | 1.47 | 3,932 |
| 2021-11-01 | $550,000 (7.3%) | $723,647 (8.2%) | 1.47 | 3,151 |
| 2021-12-01 | $549,000 (8.2%) | $725,921 (7.9%) | 1.49 | 2,400 |
| 2022-01-01 | $549,900 (10.0%) | $736,590 (8.2%) | 1.49 | 1,858 |
| 2022-02-01 | $557,500 (11.2%) | $733,829 (6.4%) | 1.45 | 1,947 |
| 2022-03-01 | $572,500 (12.2%) | $734,914 (7.7%) | 1.43 | 2,166 |
| 2022-04-01 | $585,000 (11.4%) | $753,078 (8.8%) | 1.40 | 2,369 |
| 2022-05-01 | $597,450 (8.8%) | $758,077 (5.9%) | 1.37 | 3,440 |
| 2022-06-01 | $599,950 (8.2%) | $761,068 (4.9%) | 1.34 | 4,415 |
| 2022-07-01 | $599,000 (8.3%) | $752,764 (3.1%) | 1.36 | 5,675 |
| 2022-08-01 | $589,950 (7.3%) | $744,522 (3.1%) | 1.36 | 5,836 |
| 2022-09-01 | $589,900 (7.3%) | $761,177 (5.3%) | 1.38 | 5,863 |
| 2022-10-01 | $579,900 (5.5%) | $759,892 (5.6%) | 1.36 | 5,878 |
| 2022-11-01 | $582,475 (5.9%) | $768,480 (6.2%) | 1.40 | 5,534 |
Portland's median listing price comes in at 140% of the national average.
Portland's average listing price for 2022-11-01 was $768,480, a difference of $44,833 (6.2%) versus the prior year and $8,588 versus the prior month.
For the 2022-11-01 period, Portland had 5,534 MLS listings, a difference of -344 listings (-6%) versus the prior month and 2,383 listings (76%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 65 days | 2,265 sqft |
| 2018-02-01 | 44 days | 2,273 sqft |
| 2018-03-01 | 37 days | 2,268 sqft |
| 2018-04-01 | 32 days | 2,274 sqft |
| 2018-05-01 | 31 days | 2,275 sqft |
| 2018-06-01 | 33 days | 2,248 sqft |
| 2018-07-01 | 37 days | 2,217 sqft |
| 2018-08-01 | 38 days | 2,187 sqft |
| 2018-09-01 | 45 days | 2,156 sqft |
| 2018-10-01 | 50 days | 2,142 sqft |
| 2018-11-01 | 57 days | 2,149 sqft |
| 2018-12-01 | 68 days | 2,142 sqft |
| 2019-01-01 | 70 days | 2,136 sqft |
| 2019-02-01 | 48 days | 2,156 sqft |
| 2019-03-01 | 41 days | 2,146 sqft |
| 2019-04-01 | 36 days | 2,131 sqft |
| 2019-05-01 | 33 days | 2,139 sqft |
| 2019-06-01 | 37 days | 2,158 sqft |
| 2019-07-01 | 41 days | 2,149 sqft |
| 2019-08-01 | 45 days | 2,136 sqft |
| 2019-09-01 | 49 days | 2,130 sqft |
| 2019-10-01 | 52 days | 2,111 sqft |
| 2019-11-01 | 64 days | 2,098 sqft |
| 2019-12-01 | 76 days | 2,094 sqft |
| 2020-01-01 | 77 days | 2,108 sqft |
| 2020-02-01 | 60 days | 2,102 sqft |
| 2020-03-01 | 44 days | 2,094 sqft |
| 2020-04-01 | 45 days | 2,093 sqft |
| 2020-05-01 | 56 days | 2,104 sqft |
| 2020-06-01 | 53 days | 2,119 sqft |
| 2020-07-01 | 45 days | 2,106 sqft |
| 2020-08-01 | 43 days | 2,099 sqft |
| 2020-09-01 | 51 days | 2,078 sqft |
| 2020-10-01 | 58 days | 2,055 sqft |
| 2020-11-01 | 66 days | 2,046 sqft |
| 2020-12-01 | 67 days | 1,999 sqft |
| 2021-01-01 | 54 days | 1,942 sqft |
| 2021-02-01 | 40 days | 1,880 sqft |
| 2021-03-01 | 34 days | 1,903 sqft |
| 2021-04-01 | 31 days | 1,911 sqft |
| 2021-05-01 | 32 days | 1,946 sqft |
| 2021-06-01 | 28 days | 1,974 sqft |
| 2021-07-01 | 36 days | 1,975 sqft |
| 2021-08-01 | 37 days | 1,963 sqft |
| 2021-09-01 | 43 days | 1,960 sqft |
| 2021-10-01 | 43 days | 1,931 sqft |
| 2021-11-01 | 53 days | 1,905 sqft |
| 2021-12-01 | 51 days | 1,858 sqft |
| 2022-01-01 | 63 days | 1,848 sqft |
| 2022-02-01 | 29 days | 1,827 sqft |
| 2022-03-01 | 29 days | 1,831 sqft |
| 2022-04-01 | 27 days | 1,848 sqft |
| 2022-05-01 | 24 days | 1,927 sqft |
| 2022-06-01 | 25 days | 1,981 sqft |
| 2022-07-01 | 31 days | 2,000 sqft |
| 2022-08-01 | 37 days | 2,001 sqft |
| 2022-09-01 | 44 days | 1,994 sqft |
| 2022-10-01 | 45 days | 1,987 sqft |
| 2022-11-01 | 52 days | 1,994 sqft |
Portland's median square footage for active listings during the 2022-11-01 period was 1,994 sqft. One year prior, the average listing was 1,905 sqft.
