Compare Current Salem, Oregon Mortgage Rates

Compare Salem, OR mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Salem.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Salem. Plus, shopping lenders is free and there is no obligation.

Salem, OR Mortgage Rates as of May 18, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Salem, OR Mortgage Rates

May 18, 2024

Current mortgage rates in Salem, OR are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Salem, OR Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Salem, Oregon?

Below we provide helpful information on the real estate market, home prices and housing affordability in Salem. Understand how much you need to earn to afford a home in Salem, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Salem fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Salem is right for you.

The median home value for Salem, OR (Marion County) is $391,320

Based on current mortgage rates and a 10% down payment, you need to make $81,636 per year to buy the median priced home in Salem

With this income, you could qualify for a $352,188 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Salem is $1,891

The median household income for Salem, OR (Marion County) is $65,346

Based on this income, you can afford a home valued at approximately $313,237

The home price you can afford to buy based on household income in Salem is 80% of the median home value which means housing prices are expensive. Salem (Marion County) ranks 28 out of 36 counties in Oregon and 3,004 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Salem, OR is expensive


Loan Limits for Salem, Oregon

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Salem (Marion County) below.

Conforming loan limits for Salem, OR

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Salem, OR

1 unit: $483,000
2 units: $618,300
3 units: $747,400
4 units: $928,850

VA loan limits for Salem, OR

1 unit: $726,200

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