Climbing mortgage charges push homeownership out of attain for a lot of Oregonians


Chris Guthrie searched for a home for a year and a half before finding the Beaverton townhouse he will soon be closing. Mortgage rates have doubled in the last 6 months driving more than 160,000 potential homebuyers out of the Portland market. Dave Killen / The Oregonian


When rising prices threatened to end their dream of owning their own home, a Portland family decided to combine three incomes from two generations — the only way to buy a home before the price hit the bottom.

Then mortgage rates started to rise as well. As interest rates doubled in a matter of months, the family’s purchasing power quickly eroded, said Juan Campos, director of economic opportunities at Hacienda, a nonprofit that provided advice to the family.