Corning Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Corning averaged
6.62%
for the week of 2024-07-18, compared to the national average of
6.77% for the same period.
The average rate for the prior week (2024-07-11) was
6.94% and
one month ago for the week of 2024-06-13, the
average rate was 6.8%.
Corning's average rate one year ago was 6.61%.
For refis of the same type during the week of 2024-07-18, the average rate
was 6.87%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Corning 30 Year Fixed Rate | 2024-07-18 | 6.62% |
| Corning 30 Year Fixed Rate Refi | 2024-07-18 | 6.87% |
| Corning 15 Year Fixed Rate | 2024-07-18 | 6.35% |
| Corning 15 Year Fixed Rate Refi | 2024-07-18 | 6.15% |
| Corning 30 Year FHA | 2024-07-18 | 6.63% |
| Corning 30 Year FHA Refi | 2024-07-18 | 6.69% |
| Corning 30 Year USDA | 2024-07-18 | 6.73% |
| Corning 30 Year USDA Refi | 2024-07-18 | 6.83% |
| Corning 30 Year VA | 2024-07-18 | 6.1% |
| Corning 30 Year VA Refi | 2024-07-18 | 6.2% |
Corning Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Corning, NY market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Corning Average Closing Costs & Other Stats
Corning, NY's 50 lenders originated 1,488
loans during 2023. The total origination value was $183,070,000, with an average loan value of
$123,031.
Corning's average closing costs are $3,904.
The top Corning lender as defined by loan originations is CORNING, with
80 loans originated. Their average total fees are
$4,154, which is $3,537
higher than the next largest lender,
Community Bank.
The lowest fee Corning lenders (with over 10 loans originated) are
Community Bank ($617), FIRST HERITAGE FEDERAL CREDIT UNION ($2,772), Five Star Bank ($3,472), PARAGON HOME LOANS INC. ($3,598) and Premium Mortgage Corporation ($4,046).
The lowest rate Corning lenders (with over 10 loans originated) are
PARAGON HOME LOANS INC. (6.35%), FIRST HERITAGE FEDERAL CREDIT UNION (6.44%), CORNING (6.45%), 1ST PRIORITY MORTGAGE, INC. (6.55%) and The Lyons National Bank (6.59%).
Corning, NY Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| CORNING | $53,290,000 | $38,090,000 | -28.5% | 20.8% |
| Community Bank | $25,680,000 | $19,150,000 | -25.4% | 10.5% |
| SERVU FEDERAL CREDIT UNION | $15,940,000 | $17,930,000 | 12.5% | 9.8% |
| FIRST HERITAGE FEDERAL CREDIT UNION | $16,750,000 | $10,640,000 | -36.5% | 5.8% |
| MOVEMENT MORTGAGE, LLC | $8,300,000 | $8,700,000 | 4.8% | 4.8% |
| Premium Mortgage Corporation | $7,005,000 | $8,225,000 | 17.4% | 4.5% |
| QUICKEN LOANS, LLC | $14,470,000 | $7,560,000 | -47.8% | 4.1% |
| PARAGON HOME LOANS INC. | $8,670,000 | $6,510,000 | -24.9% | 3.6% |
| The Lyons National Bank | $5,550,000 | $5,050,000 | -9.0% | 2.8% |
| HOME TOWN FUNDING, INC. | $5,845,000 | $4,700,000 | -19.6% | 2.6% |
| Five Star Bank | $20,665,000 | $4,040,000 | -80.5% | 2.2% |
| Mortgage Research Center, LLC | $3,930,000 | $3,995,000 | 1.7% | 2.2% |
| Citizens & Northern Bank | $4,915,000 | $3,860,000 | -21.5% | 2.1% |
| 1ST PRIORITY MORTGAGE, INC. | $3,025,000 | $3,715,000 | 22.8% | 2.0% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $3,280,000 | $3,315,000 | 1.1% | 1.8% |
| Chemung Canal Trust Company | $5,005,000 | $2,260,000 | -54.8% | 1.2% |
| Farm Credit East, ACA | $2,340,000 | $2,250,000 | -3.8% | 1.2% |
| ESL Federal Credit Union | $2,030,000 | $2,095,000 | 3.2% | 1.1% |
| M&T Bank | $5,300,000 | $1,880,000 | -64.5% | 1.0% |
| VISIONS | $2,445,000 | $1,645,000 | -32.7% | 0.9% |
| Wells Fargo Bank | $4,955,000 | $1,245,000 | -74.9% | 0.7% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,325,000 | $1,205,000 | -48.2% | 0.7% |
| The Canandaigua National Bank and Trust Company | $1,040,000 | $1,150,000 | 10.6% | 0.6% |
| NEWREZ LLC | $1,895,000 | $1,145,000 | -39.6% | 0.6% |
| First Federal Bank | $1,095,000 | n/a | 0.6% | |
| JPMorgan Chase Bank | $1,190,000 | $1,090,000 | -8.4% | 0.6% |
| 21ST MORTGAGE CORPORATION | $355,000 | $1,085,000 | 205.6% | 0.6% |
| PENNYMAC LOAN SERVICES, LLC | $1,035,000 | n/a | 0.6% | |
| Citizens Bank | $1,005,000 | $980,000 | -2.5% | 0.5% |
| Wayne Bank | $125,000 | $940,000 | 652.0% | 0.5% |
| Empower Federal Credit Union | $3,345,000 | $905,000 | -72.9% | 0.5% |
| Bank of America | $2,025,000 | $895,000 | -55.8% | 0.5% |
| Genesee Regional Bank | $4,560,000 | $880,000 | -80.7% | 0.5% |
| PREMIA MORTGAGE, LLC | $2,950,000 | $665,000 | -77.5% | 0.4% |
| NORWICH COMMERCIAL GROUP, INC. | $630,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $240,000 | $570,000 | 137.5% | 0.3% |
| TD Bank | $550,000 | n/a | 0.3% | |
| Tioga State Bank | $115,000 | $510,000 | 343.5% | 0.3% |
| Pittsford Federal Credit Union | $1,155,000 | $500,000 | -56.7% | 0.3% |
| AMERICAN FINANCIAL NETWORK, INC. | $465,000 | n/a | 0.3% | |
| NATIONWIDE MORTGAGE BANKERS, INC. | $115,000 | $445,000 | 287.0% | 0.2% |
| SEFCU SERVICES, LLC | $255,000 | $395,000 | 54.9% | 0.2% |
| Ukrainian Selfreliance Federal Credit Union | $375,000 | n/a | 0.2% | |
| CROSSCOUNTRY MORTGAGE, LLC | $700,000 | $370,000 | -47.1% | 0.2% |
| US MORTGAGE CORPORATION | $365,000 | n/a | 0.2% | |
| Northwest Bank | $610,000 | $355,000 | -41.8% | 0.2% |
| The Honesdale National Bank | $475,000 | $355,000 | -25.3% | 0.2% |
| Carrington Mortgage Services, LLC | $875,000 | $350,000 | -60.0% | 0.2% |
| MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. | $345,000 | n/a | 0.2% | |
| AMERICU Credit Union | $125,000 | $295,000 | 136.0% | 0.2% |
| DIGITAL Federal Credit Union | $220,000 | $275,000 | 25.0% | 0.2% |
| NAVY FEDERAL CREDIT UNION | $1,345,000 | $265,000 | -80.3% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $250,000 | $260,000 | 4.0% | 0.1% |
| Ally Bank | $245,000 | n/a | 0.1% | |
| CMG MORTGAGE, INC. | $245,000 | n/a | 0.1% | |
| Generations Bank | $190,000 | $235,000 | 23.7% | 0.1% |
| MORTGAGE ACCESS CORP. | $225,000 | n/a | 0.1% | |
| FREEDOM MORTGAGE CORPORATION | $3,530,000 | $215,000 | -93.9% | 0.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $1,950,000 | $215,000 | -89.0% | 0.1% |
| BETTER MORTGAGE CORPORATION | $270,000 | $205,000 | -24.1% | 0.1% |
| CONTOUR MORTGAGE CORPORATION | $95,000 | $175,000 | 84.2% | 0.1% |
| Discover Bank | $245,000 | $175,000 | -28.6% | 0.1% |
| Flagstar Bank, FSB | $155,000 | $175,000 | 12.9% | 0.1% |
| Univest Bank and Trust Co. | $175,000 | n/a | 0.1% | |
| HUNT MORTGAGE CORPORATION | $455,000 | $170,000 | -62.6% | 0.1% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $165,000 | n/a | 0.1% | |
| FirstBank | $8,850,000 | $165,000 | -98.1% | 0.1% |
| MLB RESIDENTIAL LENDING, LLC | $165,000 | n/a | 0.1% | |
| TOTAL MORTGAGE SERVICES, LLC | $345,000 | $165,000 | -52.2% | 0.1% |
| DRAPER AND KRAMER MORTGAGE CORP. | $155,000 | n/a | 0.1% | |
| HOMESTEAD FUNDING CORP. | $860,000 | $145,000 | -83.1% | 0.1% |
| KeyBank | $340,000 | $145,000 | -57.4% | 0.1% |
| UBS Bank USA | $135,000 | n/a | 0.1% | |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $405,000 | $125,000 | -69.1% | 0.1% |
| RELIANCE FIRST CAPITAL, LLC | $125,000 | n/a | 0.1% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $115,000 | n/a | 0.1% | |
| AMERICAN FINANCING CORPORATION | $350,000 | $115,000 | -67.1% | 0.1% |
| AMERICAN HERITAGE LENDING, INC. | $115,000 | n/a | 0.1% | |
| U.S. Bank | $115,000 | n/a | 0.1% | |
| Centier Bank | $105,000 | n/a | 0.1% | |
| GENESEE VALLEY | $570,000 | $105,000 | -81.6% | 0.1% |
| LOANDEPOT.COM, LLC | $1,000,000 | $95,000 | -90.5% | 0.1% |
| USAA Federal Savings Bank | $1,030,000 | $85,000 | -91.7% | 0.0% |
| CFCU Community Credit Union | $105,000 | $75,000 | -28.6% | 0.0% |
| RELIANT COMMUNITY FEDERAL CREDIT UNION | $305,000 | $70,000 | -77.0% | 0.0% |
| Evans Bank | $45,000 | $65,000 | 44.4% | 0.0% |
| FAMILY FIRST OF NY | $55,000 | $65,000 | 18.2% | 0.0% |
| Tompkins Trust Company | $1,050,000 | $65,000 | -93.8% | 0.0% |
| Bethpage Federal Credit Union | $250,000 | $55,000 | -78.0% | 0.0% |
| JUSTICE Federal Credit Union | $55,000 | $45,000 | -18.2% | 0.0% |
| STATE EMPLOYEES FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% |
Corning's top lender by overall market share is CORNING, with 20.8% market share. In second place, with 10.5%, is Community Bank, having originated $19,150,000 in loans. In third place, with 9.8%, is SERVU FEDERAL CREDIT UNION, having originated $17,930,000 in loans. In fourth place, with 5.8%, is FIRST HERITAGE FEDERAL CREDIT UNION, having originated $10,640,000 in loans. In fifth place, with 4.8%, is MOVEMENT MORTGAGE, LLC, having originated $8,700,000 in loans.
Corning, NY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 740 | $122,670,000 | $165,770 |
| Other | 279 | $16,935,000 | $60,699 |
| Home Improvement | 215 | $14,145,000 | $65,791 |
| Refi | 151 | $16,575,000 | $109,768 |
| Cash Out Refi | 103 | $12,745,000 | $123,738 |
Corning's most frequently cited loan purpose was Home Purchase, with 740 originations. The 2nd most popular reason was Other, with 279 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 589 | $82,275,000 | $139,686 |
| 7-8% | 306 | $41,070,000 | $134,216 |
| 5-6% | 174 | $24,720,000 | $142,069 |
| Over 8% | 109 | $10,705,000 | $98,211 |
| 4-5% | 28 | $2,350,000 | $83,929 |
| <2.5% | 26 | $2,730,000 | $105,000 |
| 3-4% | 1 | $65,000 | $65,000 |
During 2023, Corning's most frequently originated rate bucket was 6-7%, with 589 originations.
Loan Sizing (Corning, NY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 729 | $37,205,000 | $51,036 |
| $100k-200k | 539 | $75,915,000 | $140,844 |
| $200k-400k | 185 | $48,875,000 | $264,189 |
| $400k-600k | 20 | $9,400,000 | $470,000 |
| $600k-1000k | 13 | $9,065,000 | $697,308 |
| $Over $1MM | 2 | $2,610,000 | $1,305,000 |
Corning's loan sizing saw the bucket of loans from $100,000 or less with 729 originations, totaling $37,205,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 515 | $87,095,000 | $169,117 |
| 60-80% | 239 | $43,355,000 | $181,402 |
| 20-40% | 198 | $12,910,000 | $65,202 |
| Under 20% | 163 | $6,055,000 | $37,147 |
| 40-60% | 109 | $13,045,000 | $119,679 |
| Over 100% | 7 | $1,325,000 | $189,286 |
Corning's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 515 originations, totaling $87,095,000 in origination value.