Lake Oswego Mortgage Rates

Buying a house is a huge financial commitment, and choosing the right type of loan can be a confusing process. Primary Residential Mortgage, Inc. is here to help you explore different loan types and mortgage rates in Portland, and find the one that fits your needs before you get too far in the process.

Generally, mortgage rates in the Lake Oswego and Portland areas come in two forms: fixed or adjustable rate. Both have their respective pros and cons, and choosing the right one can lead to bigger savings.


Fixed mortgages, or “vanilla wafer” loans, are a fully amortizing loan where the interest remains the same all throughout the term of the loan. This means that, with a fixed-rate mortgage, homeowners get a consistent interest rate that you need to pay all throughout the life of the loan. The principal and the interest remains constant over the term, but property taxes, insurance, and other costs may fluctuate.

Because the rates are constant, there will be no surprises even if the rate or inflation increases. This allows you to manage your money with more certainty.

mortgage rate


An adjustable-rate mortgage, or variable-rate mortgage, is a type of mortgage program with an interest rate that periodically adjusts over time based on how much it costs the lender to borrow on the credit market. The interest rate for an adjustable-rate mortgage (ARM) varies over time, but it often starts at a lower interest rate, which increases as time goes on. This initial rate may stay the same for months during the introductory period, and after this period, the rates will change and the amount of payment will likely go up.

This may not sound appealing, but you can use the lower payment to buy bigger homes than you could otherwise afford. It also allows you to take advantage of decreasing rates without refinancing, which often involves paying closing costs and fees all over again.

Still confused about which loan type to choose? Do you want to know whether a fixed-rate mortgage best suits your lifestyle and financial situation? Contact Primary Residential Mortgage, Inc. today and we will help you decide what best fits your needs.