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Compare Polk, 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 Polk.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Polk. Plus, shopping lenders is free and there is no obligation.
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 Polk, OR Mortgage Rates
November 28, 2024
Current mortgage rates in Polk, 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 Polk, OR Rates
National Average
Comparison
30 Year Fixed Rate
%
6.670%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%
How Affordable is Housing in Polk, Oregon?
Below we provide helpful information on the real estate market, home prices and housing affordability in Polk. Understand how much you need to earn to afford a home in Polk, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Polk 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 Polk is right for you.
The median home value for Polk, OR is $410,995
Based on current mortgage rates and a 10% down payment, you need to make $85,740 per year to buy the median priced home in Polk
With this income, you could qualify for a $369,895 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 Polk is $1,986
The median household income for Polk, OR is $72,576
Based on this income, you can afford a home valued at approximately $347,894
The home price you can afford to buy based on household income in Polk is 85% of the median home value which means housing prices are expensive.
Polk ranks 22 out of 36 counties in Oregon and 2,958 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Polk, OR is expensive
Loan Limits for Polk, Oregon
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Polk below.
Conforming loan limits for Polk, OR
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Polk, OR
1 unit:$483,000
2 units:$618,300
3 units:$747,400
4 units:$928,850
VA loan limits for Polk, OR
1 unit:$726,200
Additional Mortgage Resources for Polk, OR Residents