Mortgage Rates in Salem, Oregon — March 2026
Updated March 2026 | Based on Salem market data and regional lending conditions
Salem is a growing city in Oregon with a population of 175,535. The current 30-year fixed mortgage rate in Salem is 6.6%, which is 0.05% below the national average. With a median home price of $375,000 and a 20% down payment of $75,000, homebuyers can expect a monthly principal and interest payment of approximately $1,916.
Current Mortgage Rates in Salem, OR
Below are the current average mortgage rates available in the Salem area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.6% | 6.65% | -0.05% |
| 15-Year Fixed | 5.84% | 5.89% | -0.05% |
| 5/1 ARM | 6.1% | 6.15% | -0.05% |
| FHA | 6.2% | 6.25% | -0.05% |
| VA | 6% | 6.05% | -0.05% |
| Jumbo | 6.8% | 6.85% | -0.05% |
Salem Housing Market Overview
The Salem housing market reflects moderate demand with prices near the national average. The median household income in Salem is $52,250, and the cost of living index is 102.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $95,100 to comfortably afford the median-priced home in Salem, which exceeds the current median household income.
Monthly Payment Breakdown for Salem
Based on the median home price of $375,000 with 20% down ($75,000), here is what you can expect to pay monthly in Salem:
15-Year vs. 30-Year Mortgage in Salem
Choosing a 15-year mortgage in Salem at 5.84% instead of a 30-year at 6.6% would save you $238,680 in total interest over the life of the loan. However, your monthly payment would be $2,506 instead of $1,916 — an increase of $590 per month.
Calculate Your Salem Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Salem
What are the current mortgage rates in Salem, OR?
As of March 2026, the average 30-year fixed mortgage rate in Salem, Oregon is 6.6%, while the 15-year fixed rate is 5.84%. FHA loans average 6.2% and VA loans 6%. These rates are 0.05% below the national average of 6.65%.
How much is a monthly mortgage payment in Salem?
Based on the median home price of $375,000 with 20% down, the estimated monthly mortgage payment in Salem is $1,916 for principal and interest. Including property taxes of $303/month, the total monthly housing cost is approximately $2,219.
What income do I need to buy a home in Salem?
Using the 28% rule, you would need an annual income of approximately $95,100 to afford the median-priced home in Salem at $375,000. The median household income in Salem is $52,250. This means most households would need to either earn above the median or consider homes below $375,000.
Is Salem a good place to buy a home in 2026?
Salem has a moderate cost of living with a cost of living index of 102.5 (national average = 100). The property tax rate in Oregon is 0.97%, which is near the national average. Salem has a population of 175,535 and offers a balanced lifestyle.
Mortgage Rates in Other Oregon Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Salem, Oregon area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.