The whole country has enjoyed years of historically low interest rates. That’s been great for real estate and even better for Portland real estate. Market factors have typically allowed Portlanders to get lower interest rates than the national average.
For the first time in 18 meetings, the Federal Reserve held interest rates at their current level. The rise of rates has a much bigger impact on short term loans. In real estate, this means Home Equity Lines of credit (HELOCs) feel the brunt of each Fed hike. Long term rates (30 year mortgages) are not as substantial to the hikes which mean we have seen adjustable rate mortgages increase faster than fixed and they are no longer the great bargain they once were.
No two people have the same mortgage requirements so talking to a competent mortgage broker is your best bet.
Keep up the great work on your blog. Best wishes WaltDe