4plexes Updates: Portland Metro 4plex Listings — Week of November 9, 2026

This week in one paragraph

A fourplex is a building with four homes in it. House hacking means living in one of those homes while the rent from the other three helps pay the mortgage. This week, the Portland metro fourplex list grew by one and the home loan interest rate fell for the third week in a row. The listings report run November 9, 2026 shows 19 active fourplex listings across the Portland metro area, plus 2 pending. No listing that was active last week moved to pending, and 3 listings are new to this week's report: two brand-new active listings and one fourplex that is back on the list as pending. The average 30-year fixed mortgage rate was 7.18% for the week ending November 5, 2026, down from 7.24% for the week ending October 29, 2026, according to Freddie Mac's Primary Mortgage Market Survey. For a house-hacking buyer, the direction is good but the level is still high: the monthly payment on the same loan is a little lower than it was a week ago, but rates are still almost a full point above where they were a year ago, so the numbers on each building still have to work at today's rate, not at a hoped-for future rate.

One honest note about this week's count. The report itself carries a footer that reads 40 records, while only 21 listings were actually shown in the report. We are reporting the 21 listings actually shown — 19 active and 2 pending — and not the footer number. Four listings from last week's report are gone from this one: one active listing priced at $1,500,000 and three pending listings. If a building you were watching is gone from the list, ask your own real estate agent what happened to it; it may have sold, expired, or been taken off the market. One more honest note: a Portland fourplex priced at $739,900 is back on this week's list as pending, with a pending date of November 6, 2026, after its price was cut from $825,000. It was active in the October 27 report and missing from the November 2 report, so we count it as new to this week's report, but it is not a brand-new listing — it is a price cut that found a buyer.

By city, the active listings break down as: Portland 6, Oregon City 3, West Linn 3, Beaverton 2, Hillsboro 2, Tualatin 1, St. Helens 1, Forest Grove 1. The two brand-new active listings are a Forest Grove fourplex listed November 6, 2026 at $889,000 and a Hillsboro fourplex listed November 4, 2026 at $899,900.

Active prices, lowest to highest

1. $675,000
2. $699,000
3. $830,000
4. $854,000
5. $889,000
6. $899,900
7. $934,900
8. $935,000
9. $949,000
10. $995,000
11. $999,999
12. $1,090,000
13. $1,200,000
14. $1,200,000
15. $1,250,000
16. $1,250,000
17. $1,295,000
18. $1,399,500
19. $1,450,000

Lowest active: $675,000. Highest active: $1,450,000. Middle active price: $995,000.

Info deemed reliable but none has been personally verified. Sources: Realtor, Zillow, Homes.

Prices only are listed here — addresses and MLS numbers are not republished. Please note: even though Andrew is a licensed broker in California, he cannot show these properties or give out listing information due to licensing law. For details on any listing, please call your own real estate agent. If you don't have one, contact us and Andrew can connect you with a locally licensed agent.

Mortgage news

Rates fell for a third straight week. Freddie Mac's Primary Mortgage Market Survey, released November 5, 2026, put the average 30-year fixed mortgage rate at 7.18% for the week ending November 5, 2026, down from 7.24% for the week ending October 29, 2026. The 15-year fixed rate averaged 6.57%, down from 6.60%. The three-week path is now 7.32%, then 7.24%, then 7.18% — a drop of 0.14 percentage points since October 22. A year ago the 30-year rate averaged 6.22%. On a $350,000 loan, the drop from 7.24% to 7.18% cuts principal and interest by about $14 a month, from about $2,385 to about $2,371. That is real money, but it is small next to the gap from a year ago. For a fourplex buyer, the lesson is the same as last week: the rate helps a little, but the rents have to carry the deal at today's rate. Source: Freddie Mac, Primary Mortgage Market Survey, November 5, 2026; payment math from mortgage.news, November 6, 2026.

Daily rates dipped below 7% for the first time since September. Mortgage News Daily's daily index had lenders quoting 7.17% on Friday, November 6, 2026, down from 7.27% a week earlier. Zillow's national average for a 30-year fixed purchase loan fell to 6.99% on November 6, the first time it has slipped under 7% since September. Daily rates move faster than the weekly survey, which averages a whole week of loan applications, so the daily number is a useful cross-check when rates are moving. The week's last word was mixed, though: the October jobs report, released Friday, November 6, pushed Treasury yields up, so daily rates may tick back up before the next survey. The lesson for buyers is simple: a weekly average is a benchmark, not a quote. Your own rate depends on your credit, your down payment, the loan type, and the day you lock. Source: Mortgage Mom Radio, November 6, 2026 (Mortgage News Daily and Freddie Mac figures); NerdWallet, November 6, 2026 (Zillow rates).

Cheaper rates did not bring buyers back — yet. The Mortgage Bankers Association's weekly survey for the week ending October 30, 2026, released November 4, showed total mortgage applications down 1.2% from the week before, even though the average contract rate on a conforming 30-year fixed loan eased to 7.30%, from 7.37%, its lowest level since September 2026. Purchase applications fell 2% for the week and were 19% below the same week a year ago. Refinances were effectively flat, up 0.1%, and 60% below a year ago. The most telling number is the adjustable-rate share: adjustable-rate loans reached 11.4% of applications, their highest share since September 2025, because the average 5/1 adjustable rate fell to 6.29%, a full point below the 30-year fixed rate. For a house hacker, an adjustable-rate loan can cut the early payment, but the rate can rise later, so it only helps if the building still works when the rate adjusts. Source: Mortgage Bankers Association, November 4, 2026.

Forecasts still see rates above 7% through 2027. Fannie Mae's October housing forecast, dated October 12, 2026, raised its 30-year rate outlook sharply: it now expects the rate to average 7.4% in the fourth quarter of 2026 and 7.5% in every quarter of 2027, up from 6.7% in its September forecast. The Mortgage Bankers Association's October forecast tells a similar story, with the 30-year rate averaging about 7.3% at the end of 2026 and staying above 7% through 2027. Forecasts are guesses, not promises, and Fannie Mae built its numbers on market data from September 30, before the recent three-week slide — so the real path could come in a bit lower if the slide holds. But both forecasts point the same way: buyers should plan for rates staying high, not for a quick return to the low rates of a few years ago. That makes the rent side of a fourplex — what the other three homes actually bring in — more important than hoping the loan gets cheaper. Source: Mortgage Professional, November 3, 2026.

The Federal Reserve's next meeting is December 8-9. The Fed held its benchmark rate at 3.75% to 4.00% on October 28, 2026. That benchmark is not the mortgage rate: home loan rates follow longer-term markets, mainly Treasury yields and mortgage-backed securities, more than the Fed's short-term rate. Traders are now watching whether the Fed raises rates at its December meeting, with CME FedWatch data pointing to an increase as the likelier outcome. For a fourplex buyer, the practical point is not to wait for a Fed meeting to rescue a deal — the payment has to work at the rate a lender actually offers you. Source: The Wall Street Journal, November 6, 2026.

Local real estate news

Portland home prices eased a little over the past year. The median sale price of a house in the City of Portland was $518,253 in September 2026, according to Redfin, down 2.2% from about $529,800 in September 2025. Zillow's modeled typical home value for Portland was $527,359 as of August 2026. At Portland's median price, a buyer putting a standard amount down faces a monthly payment of roughly $3,300 for principal, interest, property tax and insurance. For a fourplex buyer, a flat-to-falling single-family market is useful context, not a price guide: fourplexes are priced on their rents as much as on comparable sales, but a softer single-family market means sellers of small multifamily buildings are negotiating in the same cooler air. Source: The Opt, updated November 2, 2026 (Redfin and Zillow data).

Across the metro, sellers are cutting prices more than any time since 2022. September data for the Portland metro area showed a median sale price of $545,000, flat compared with last year. Homes going under contract numbered 1,760, down 17.9% from last September. New listings totaled 2,487, buyer showings were down about 15% — the lowest September on record in SentriLock showing data — and 52.85% of listings had a price cut as of mid-October, the most for this time of year since 2022. Average market time was 68 days in September, up from 57 in August. That is a buyer's opening: sellers are cutting prices more often here, which is worth remembering when you look at a fourplex that has sat for months — like the Portland fourplex that cut its price from $825,000 to $739,900 and went pending this week. Source: Joe Kellogg, Engel & Völkers Portland, October 24, 2026 (RMLS Market Action data).

October's price cuts were broad, not rare. A look back at October housing activity across Portland Metro found about 300 unique listings with price reductions, with a typical cut near $50,000, or about 6.2%. Single-family listings rose slightly while pending activity eased a touch, suggesting slightly less competition overall. Condos showed the opposite pattern in places — fewer active listings, but average sale prices edging up. For a fourplex buyer, the takeaway is that negotiation room is real right now across the metro, but it varies by neighborhood and property type, so each building still has to be judged on its own rents and condition. Source: Steven Tran Real Estate, Portland Metro Housing Market Lookback, October 2026.

This week's biggest cuts ran into six figures. A weekly review of Portland Metro listings with notable price reductions, checked November 4, 2026, included cuts of about $100,000 on a Lake Oswego home, about $175,000 on a Portland home, and about $201,000 on a West Slope home. These are selected homes, not the largest reductions across the whole market, but they show the same pattern as the metro-wide numbers: sellers who priced high are coming down. A fourplex buyer should read that the same way — a building that has been sitting is a building whose seller may already be moving. Source: Steven Tran Real Estate, Portland Metro Price Drops, November 4, 2026.

High-end westside sales are still closing. The five highest-priced home sales reported in Portland Westside and Wine Country for the week ending November 1, 2026 came to a combined $6.46 million. Three were in Washington County, one in Beaverton and two in Portland, and the other two in Yamhill County, in Hillsboro and Dundee. The top sale was a Beaverton home on one acre that sold for $1,600,000. These are single-family sales, not fourplexes, but they show that well-located homes with land are still finding buyers at high prices even while the broader market cools. For a fourplex buyer, the contrast is the point: the top of the market is moving on quality and location, while the middle of the market is negotiating. Source: RealtyWire, November 4, 2026.

Laws pertaining to real estate financing

The 2027 conforming loan limits are not out yet — watch the last week of November. The Federal Housing Finance Agency (FHFA) sets the conforming loan limit each year: the largest loan amount Fannie Mae and Freddie Mac can buy. For 2026, the baseline limit for a one-unit home is $832,750 in most of the country. FHFA typically publishes the next year's limits in the last week of November, and they take effect January 1. The third-quarter 2026 House Price Index report, which the limit is based on, is due November 24, 2026. Some lenders are already lending to $845,000 or even $850,000 on conforming loans in anticipation — Rocket Mortgage was first, posting $845,000 — but those early numbers are not official, and a loan above the official limit cannot be sold to Fannie Mae or Freddie Mac until the new limits take effect. For a fourplex buyer, this matters twice over: the limits for 2-4 unit homes are higher than the one-unit limit and are set in the same announcement, so a building that needs a jumbo loan today may fit a conforming loan in January. Do not count on the higher limit until FHFA publishes it. Source: Eureka Mortgage, October 14, 2026; 6OMB, November 2, 2026.

FHA will accept two new credit score models starting January 1, 2027. On October 8, 2026, FHA published Mortgagee Letter 2026-11, adding VantageScore 4.0 and FICO Score 10T as acceptable credit score models alongside Classic FICO for FHA single-family loans. FHA reminded lenders about the change on November 4, 2026 (FHA INFO 2026-25) and is holding virtual office hours with FHA staff from November 16, 2026 through January 15, 2027 to answer questions. The new models look at more of a borrower's history — including rent and utility payments in some cases — than the classic score does. For a fourplex buyer with a thin credit file, or a strong rent-payment history and a short credit history, the new models could change whether you qualify and at what price. Ask your FHA lender whether they will use the new models for your loan. Source: HUD, FHA INFO Messages, November 4, 2026.

USDA loans can now cover homes with income-producing backyard units. USDA has finalized, without changes, a rule it proposed in March 2026 for its Section 502 guaranteed loan program. Properties with accessory dwelling units — a small second home on the same lot — or space for some kinds of home-based business, such as child care or craft production, will now be eligible for Section 502 guaranteed loans. The change takes effect December 28, 2026. The honest limit: USDA guaranteed loans are for eligible rural areas, so most fourplexes inside the Portland metro will not qualify. But for a house hacker looking just outside the metro, where USDA areas begin, a property with a rentable backyard unit could now be financed with a USDA loan. Source: Housing Assistance Council, HAC News, November 5, 2026.

FHA insurance is now available for some build-to-rent communities. HUD is now accepting applications for FHA mortgage insurance on build-to-rent communities made up of detached single-family homes, duplexes, or triplexes. FHA will generally treat these communities the same way as traditional multifamily rentals with four or more units. Mortgagee Letter 2026-12 explains the details. This does not hand a fourplex buyer a new loan program. It matters on the supply side: more small rental homes built as rentals means more competition for tenants in the neighborhoods where fourplexes sit — and more proof that lenders and agencies see small rental buildings as a real market. Source: Housing Assistance Council, HAC News, November 5, 2026.

What the October housing executive order does not do. Executive Order 14438, signed October 22, 2026 and published in the Federal Register on October 28, asks FHFA to consider a pilot program for Fannie Mae and Freddie Mac to proactively cancel mortgage insurance, and asks for cheaper title on some refinances. A November 5, 2026 explainer makes the limits plain: the order itself changes no rate and no payment today, the mortgage-insurance pilot would apply only to new loans made after the pilot starts, and the rate-cut section covers only loans USDA and VA make directly — such as USDA direct home loans and VA's Native American Direct Loan — not the VA or USDA loans most borrowers get from private lenders. For a fourplex buyer putting less than 20% down, automatic cancellation of mortgage insurance someday could lower the monthly payment — but do not buy a building counting on it until the pilot exists. Source: CapCenter, November 5, 2026.

Programs worth mentioning

Oregon's first-time buyer savings account closes to new accounts December 31, 2026 — fit for a fourplex unverified. Oregon's First-Time Home Buyer Savings Account can be opened through December 31, 2026. It lets buyers deduct up to $6,125 a year in contributions or earnings from Oregon taxable income while they save for a down payment on a home. If you are planning a fourplex purchase next year and have not opened one, the window to open it is closing this year. Whether the savings can be used toward a 2-4 unit purchase depends on the account rules — we label its fourplex fit as unverified until the Oregon Department of Revenue or a program administrator confirms it for a 2-4 unit home. Source: RefiGuide, Oregon First Time Home Buyer Loans & Grants, 2026.

Portland's Down Payment Assistance Loan — fit for a fourplex unverified. The Portland Housing Bureau's Down Payment Assistance Loan (DPAL) offers up to $80,000-$100,000 as a 0% interest, 30-year deferred second mortgage for first-time buyers purchasing within Portland city limits, with incomes at or below 100% of area median income (80% for some funds). Half of the loan is forgiven at year 15, with more forgiven each year after, and the rest fully forgiven at year 30 if the buyer keeps living in the home. A $500 contribution and HUD-approved homebuyer education are required. Whether DPAL will finance a specific fourplex depends on the program's property rules and the lender — we label its fourplex fit as unverified until a program administrator or approved lender confirms it for a 2-4 unit purchase. Do not assume a program built for a single-family home covers a fourplex. Source: SuperMoney, Down Payment Assistance Programs in Oregon, 2026.

Oregon state down payment help — fit for a fourplex unverified. Oregon Housing and Community Services (OHCS) runs a Down Payment Assistance program offering eligible first-time and first-generation buyers up to $60,000 or 20% of the purchase price, whichever is less, with 25% of funds reserved for Oregon veterans. Buyers must be at or below 100% of area median income and complete homebuyer education and counseling. OHCS also runs Flex Lending products, including a below-market first mortgage paired with 4% or 5% of the loan amount as down payment assistance. As with the city program, fourplex fit is unverified from the published summaries — confirm with an approved OHCS lender whether a 2-4 unit home qualifies before counting on it. Source: SuperMoney, Down Payment Assistance Programs in Oregon, 2026.

What this means this week

Rates fell for a third week, but they are still high. The list grew by one, but the growth came from two new listings at the lower end — $889,000 and $899,900 — while the most expensive active listing, at $1,500,000, left the list and three pending listings disappeared with it. The smart move this week is the boring one: run each building through the house-hack calculator at today's rate — last week 7.24%, this week 7.18% — using the rents that exist today, not the rents you hope for, and talk to your own real estate agent before you act on any listing. If you do not have an agent, contact us and we can connect you with a locally licensed agent. And if you are saving for a first fourplex, check the Oregon First-Time Home Buyer Savings Account before December 31, 2026 — the window to open one closes this year.

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