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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.
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Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Salem, OR Mortgage Rates
December 7, 2023
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
Today's Salem, OR Rates
National Average
Comparison
30 Year Fixed Rate
%
7.220%
15 Year Fixed Rate
%
6.560%
5/1 Adjustable Rate Mortgage
%
6.625%
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
Additional Mortgage Resources for Salem, OR Residents