Cortland Mortgage Rates
30 Year Fixed Rate mortgages in Cortland averaged
6.21%
for the week of 2022-06-23, compared to the national average of
5.81% for the same period.
The average rate for the prior week (2022-06-16) was
5.78% and
one month ago for the week of 2022-05-19, the
average rate was 5.65%.
Cortland's average rate one year ago was 2.87%.
For refis of the same type during the week of 2022-06-23, the average rate
was 6.27%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2022-06-23 | 5.81% |
Cortland 30 Year Fixed Rate | 2022-06-23 | 6.21% |
Cortland 30 Year Fixed Rate Refi | 2022-06-23 | 6.27% |
Cortland 15 Year Fixed Rate | 2022-06-23 | 5.59% |
Cortland 15 Year Fixed Rate Refi | 2022-06-23 | 5.48% |
Cortland 30 Year FHA | 2022-06-23 | 0.25% |
Cortland 30 Year FHA Refi | 2022-06-23 | 0.14% |
Cortland 30 Year USDA | 2022-06-23 | 0.25% |
Cortland 30 Year USDA Refi | 2022-06-23 | 4.2% |
Cortland 30 Year VA | 2022-06-23 | 0.45% |
Cortland 30 Year VA Refi | 2022-06-23 | 0.34% |
Cortland Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Cortland, 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.).
Cortland, NY's 52 lenders originated 1,014
loans during 2021. The total origination value was $141,610,000, with an average loan value of
$139,655.
The top Cortland lender as defined by loan originations is CFCU Community Credit Union, with
67 loans originated. Their average total fees are
$1,272, which is $2,084
lower than the next largest lender,
NBT Bank.
The lowest fee Cortland lenders (with over 10 loans originated) are
CFCU Community Credit Union ($1,272), Tompkins Trust Company ($2,912), KeyBank ($3,050), Elmira Savings Bank ($3,179) and NBT Bank ($3,356).
The lowest rate Cortland lenders (with over 10 loans originated) are
NBT Bank (2.95%), PARAGON HOME LOANS INC. (2.99%), Elmira Savings Bank (3.02%), Tompkins Trust Company (3.04%) and 1ST PRIORITY MORTGAGE, INC. (3.08%).
Cortland, NY Lender 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
---|---|---|---|---|
CFCU Community Credit Union | $17,175,000 | $19,130,000 | 11.4% | 13.5% |
NBT Bank | $15,695,000 | $16,840,000 | 7.3% | 11.9% |
PARAGON HOME LOANS INC. | $16,290,000 | $15,065,000 | -7.5% | 10.6% |
QUICKEN LOANS, LLC | $9,450,000 | $14,460,000 | 53.0% | 10.2% |
Tompkins Trust Company | $8,475,000 | $12,295,000 | 45.1% | 8.7% |
KeyBank | $6,900,000 | $9,270,000 | 34.3% | 6.5% |
Manufacturers and Traders Trust Company | $2,590,000 | $4,935,000 | 90.5% | 3.5% |
1ST PRIORITY MORTGAGE, INC. | $1,720,000 | $4,415,000 | 156.7% | 3.1% |
Elmira Savings Bank | $3,380,000 | $3,775,000 | 11.7% | 2.7% |
AMERICU Credit Union | $1,395,000 | $3,275,000 | 134.8% | 2.3% |
THE SUMMIT Federal Credit Union | $1,240,000 | $2,810,000 | 126.6% | 2.0% |
Wells Fargo Bank | $2,460,000 | $2,275,000 | -7.5% | 1.6% |
Citizens Bank | $1,310,000 | $1,570,000 | 19.8% | 1.1% |
Community Bank | $290,000 | $1,465,000 | 405.2% | 1.0% |
MOVEMENT MORTGAGE, LLC | $945,000 | $1,460,000 | 54.5% | 1.0% |
The Lyons National Bank | $1,420,000 | n/a | 1.0% | |
FREEDOM MORTGAGE CORPORATION | $330,000 | $1,335,000 | 304.5% | 0.9% |
VISIONS | $615,000 | $1,325,000 | 115.4% | 0.9% |
Chemung Canal Trust Company | $1,315,000 | n/a | 0.9% | |
PLAZA HOME MORTGAGE, INC. | $720,000 | $1,165,000 | 61.8% | 0.8% |
SEFCU SERVICES, LLC | $330,000 | $1,090,000 | 230.3% | 0.8% |
Empower Federal Credit Union | $970,000 | $1,045,000 | 7.7% | 0.7% |
BETTER MORTGAGE CORPORATION | $1,000,000 | n/a | 0.7% | |
Carrington Mortgage Services, LLC | $125,000 | $935,000 | 648.0% | 0.7% |
HOMESTEAD FUNDING CORP. | $535,000 | $910,000 | 70.1% | 0.6% |
Farm Credit East, ACA | $1,875,000 | $780,000 | -58.4% | 0.6% |
UNITED WHOLESALE MORTGAGE, LLC | $260,000 | $770,000 | 196.2% | 0.5% |
LOANDEPOT.COM, LLC | $1,190,000 | $760,000 | -36.1% | 0.5% |
Solvay Bank | $230,000 | $710,000 | 208.7% | 0.5% |
Mortgage Research Center, LLC | $570,000 | $690,000 | 21.1% | 0.5% |
USAA Federal Savings Bank | $320,000 | $680,000 | 112.5% | 0.5% |
Mr. Cooper ( Nationstar Mortgage ) | $320,000 | $640,000 | 100.0% | 0.5% |
Geddes Federal Savings and Loan Association | $605,000 | $610,000 | 0.8% | 0.4% |
NAVY FEDERAL CREDIT UNION | $770,000 | $565,000 | -26.6% | 0.4% |
Barrington Bank & Trust Company, N.A. | $135,000 | $535,000 | 296.3% | 0.4% |
HOMEBRIDGE FINANCIAL SERVICES, INC. | $165,000 | $525,000 | 218.2% | 0.4% |
CONTOUR MORTGAGE CORPORATION | $145,000 | $455,000 | 213.8% | 0.3% |
ROYAL UNITED MORTGAGE LLC | $275,000 | $455,000 | 65.5% | 0.3% |
PENTAGON FEDERAL CREDIT UNION | $445,000 | n/a | 0.3% | |
CALIBER HOME LOANS, INC. | $435,000 | n/a | 0.3% | |
JPMorgan Chase Bank | $290,000 | $425,000 | 46.6% | 0.3% |
21ST MORTGAGE CORPORATION | $420,000 | n/a | 0.3% | |
HOME POINT FINANCIAL CORPORATION | $115,000 | $400,000 | 247.8% | 0.3% |
PRIMELENDING, A PLAINSCAPITAL COMPANY | $390,000 | n/a | 0.3% | |
Tioga State Bank | $1,675,000 | $385,000 | -77.0% | 0.3% |
Flagstar Bank, FSB | $370,000 | n/a | 0.3% | |
NEWREZ LLC | $175,000 | $330,000 | 88.6% | 0.2% |
SUNMARK FEDERAL CREDIT UNION | $325,000 | n/a | 0.2% | |
The Federal Savings Bank | $305,000 | n/a | 0.2% | |
COMMONFUND MORTGAGE CORP. | $85,000 | $270,000 | 217.6% | 0.2% |
Seneca Savings | $265,000 | n/a | 0.2% | |
AMERICAN FINANCIAL NETWORK, INC. | $260,000 | n/a | 0.2% | |
Bank of America | $45,000 | $250,000 | 455.6% | 0.2% |
Plains Commerce Bank | $245,000 | n/a | 0.2% | |
PNC Bank | $235,000 | n/a | 0.2% | |
STATE EMPLOYEES FEDERAL CREDIT UNION | $35,000 | $235,000 | 571.4% | 0.2% |
Genesee Regional Bank | $125,000 | $230,000 | 84.0% | 0.2% |
TIAA, FSB | $225,000 | n/a | 0.2% | |
Premium Mortgage Corporation | $250,000 | $215,000 | -14.0% | 0.2% |
CCFCU FUNDING, LLC | $195,000 | n/a | 0.1% | |
First Home Bank | $65,000 | $175,000 | 169.2% | 0.1% |
AMERICAN FINANCIAL RESOURCES, INC. | $145,000 | n/a | 0.1% | |
MID-ISLAND MORTGAGE CORP. | $145,000 | n/a | 0.1% | |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $105,000 | $135,000 | 28.6% | 0.1% |
SECNY Federal Credit Union | $35,000 | $120,000 | 242.9% | 0.1% |
A&D Mortgage LLC | $115,000 | n/a | 0.1% | |
Bank of England | $115,000 | n/a | 0.1% | |
OWNERSCHOICE FUNDING, INCORPORATED | $135,000 | $105,000 | -22.2% | 0.1% |
PHH Mortgage Corporation | $105,000 | n/a | 0.1% | |
Citibank | $95,000 | n/a | 0.1% | |
GHS Federal Credit Union | $45,000 | $85,000 | 88.9% | 0.1% |
CORNING | $115,000 | $80,000 | -30.4% | 0.1% |
Metro City Bank | $125,000 | $75,000 | -40.0% | 0.1% |
Municipal Credit Union | $75,000 | n/a | 0.1% | |
Ukrainian Federal Credit Union | $75,000 | n/a | 0.1% | |
CAPITAL COMMUNICATIONS Federal Credit Union | $65,000 | n/a | 0.0% | |
FAMILY FIRST OF NY | $65,000 | n/a | 0.0% | |
Truist Bank | $65,000 | n/a | 0.0% | |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $55,000 | n/a | 0.0% | |
Bethpage Federal Credit Union | $45,000 | n/a | 0.0% | |
Citizens & Northern Bank | $45,000 | n/a | 0.0% | |
COUNTRYSIDE Federal Credit Union | $15,000 | n/a | 0.0% |
Cortland's top lender by overall market share is CFCU Community Credit Union, with 13.5% market share. In second place, with 11.9%, is NBT Bank, having originated $16,840,000 in loans. In third place, with 10.6%, is PARAGON HOME LOANS INC., having originated $15,065,000 in loans. In third place, with 10.2%, is QUICKEN LOANS, LLC, having originated $14,460,000 in loans. In third place, with 8.7%, is Tompkins Trust Company, having originated $12,295,000 in loans.
Cortland, NY Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 514 | $81,050,000 | $157,685 |
Refi | 260 | $34,010,000 | $130,808 |
Cash Out Refi | 127 | $17,995,000 | $141,693 |
Other | 58 | $4,320,000 | $74,483 |
Home Improvement | 55 | $4,235,000 | $77,000 |
Cortland's most frequently cited loan purpose was Home Purchase, with 514 originations. The 2nd most popular reason was Refi, with 260 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 449 | $62,115,000 | $138,341 |
3-4% | 344 | $50,880,000 | $147,907 |
<2.5% | 152 | $19,880,000 | $130,789 |
4-5% | 38 | $5,810,000 | $152,895 |
5-6% | 6 | $290,000 | $48,333 |
6-7% | 5 | $375,000 | $75,000 |
7-8% | 3 | $275,000 | $91,667 |
Over 8% | 3 | $195,000 | $65,000 |
During 2021, Cortland's most frequently originated rate bucket was 2.5-3%, with 449 originations.
Loan Sizing (Cortland, NY MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 507 | $70,945,000 | $139,931 |
$100,000 or less | 345 | $22,455,000 | $65,087 |
$200k-400k | 144 | $35,740,000 | $248,194 |
$400k-600k | 9 | $4,145,000 | $460,556 |
$600k-1000k | 5 | $3,615,000 | $723,000 |
$Over $1MM | 4 | $4,710,000 | $1,177,500 |
Cortland's loan sizing saw the bucket of loans from $100k-200k with 507 originations, totaling $70,945,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
80-100% | 431 | $69,735,000 | $161,798 |
60-80% | 320 | $48,640,000 | $152,000 |
40-60% | 120 | $11,170,000 | $93,083 |
20-40% | 75 | $4,285,000 | $57,133 |
Under 20% | 43 | $1,195,000 | $27,791 |
Over 100% | 9 | $3,165,000 | $351,667 |
Cortland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 431 originations, totaling $69,735,000 in origination value.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $125,900 (-6.7%) | $152,887 (-8.5%) | 0.00 | 205 |
2018-02-01 | $120,000 (-9.4%) | $146,320 (-11.7%) | 0.00 | 203 |
2018-03-01 | $120,000 (-10.4%) | $147,657 (-11.9%) | 0.00 | 184 |
2018-04-01 | $119,900 (-17.3%) | $150,746 (-16.2%) | 0.00 | 203 |
2018-05-01 | $129,450 (-7.5%) | $156,880 (-13.7%) | 0.00 | 202 |
2018-06-01 | $134,900 (-14.8%) | $171,589 (-12.9%) | 0.00 | 213 |
2018-07-01 | $139,200 (-11.3%) | $172,296 (-10.8%) | 0.00 | 249 |
2018-08-01 | $135,700 (-9.2%) | $167,185 (-12.3%) | 0.00 | 240 |
2018-09-01 | $125,000 (-10.7%) | $162,762 (-12.4%) | 0.00 | 244 |
2018-10-01 | $128,000 (-5.2%) | $160,314 (-11.2%) | 0.00 | 238 |
2018-11-01 | $121,950 (-9.7%) | $157,994 (-10.2%) | 0.00 | 219 |
2018-12-01 | $114,000 (-14.0%) | $148,841 (-13.1%) | 0.00 | 208 |
2019-01-01 | $114,450 (-9.1%) | $150,748 (-1.4%) | 0.00 | 187 |
2019-02-01 | $105,000 (-12.5%) | $147,956 (1.1%) | 0.00 | 177 |
2019-03-01 | $111,571 (-7.0%) | $155,504 (5.3%) | 0.00 | 181 |
2019-04-01 | $115,000 (-4.1%) | $162,296 (7.7%) | 0.00 | 174 |
2019-05-01 | $132,400 (2.3%) | $166,827 (6.3%) | 0.00 | 190 |
2019-06-01 | $139,900 (3.7%) | $178,730 (4.2%) | 0.00 | 223 |
2019-07-01 | $150,000 (7.8%) | $196,401 (14.0%) | 0.00 | 232 |
2019-08-01 | $148,286 (9.3%) | $197,068 (17.9%) | 0.00 | 231 |
2019-09-01 | $146,000 (16.8%) | $197,048 (21.1%) | 0.00 | 221 |
2019-10-01 | $142,450 (11.3%) | $187,427 (16.9%) | 0.00 | 226 |
2019-11-01 | $139,900 (14.7%) | $189,111 (19.7%) | 0.00 | 216 |
2019-12-01 | $129,450 (13.6%) | $185,937 (24.9%) | 0.00 | 183 |
2020-01-01 | $129,700 (13.3%) | $186,750 (23.9%) | 0.00 | 171 |
2020-02-01 | $135,000 (28.6%) | $191,222 (29.2%) | 0.00 | 171 |
2020-03-01 | $135,850 (21.8%) | $187,077 (20.3%) | 0.00 | 168 |
2020-04-01 | $135,900 (18.2%) | $191,949 (18.3%) | 0.00 | 151 |
2020-05-01 | $142,500 (7.6%) | $195,576 (17.2%) | 0.00 | 153 |
2020-06-01 | $174,900 (25.0%) | $204,578 (14.5%) | 0.00 | 170 |
2020-07-01 | $167,000 (11.3%) | $197,835 (0.7%) | 0.00 | 160 |
2020-08-01 | $159,000 (7.2%) | $208,976 (6.0%) | 0.00 | 149 |
2020-09-01 | $138,900 (-4.9%) | $189,982 (-3.6%) | 0.00 | 138 |
2020-10-01 | $134,900 (-5.3%) | $187,782 (0.2%) | 0.00 | 131 |
2020-11-01 | $169,450 (21.1%) | $192,450 (1.8%) | 0.00 | 102 |
2020-12-01 | $175,950 (35.9%) | $222,408 (19.6%) | 0.00 | 87 |
2021-01-01 | $155,000 (19.5%) | $223,413 (19.6%) | 0.00 | 73 |
2021-02-01 | $147,450 (9.2%) | $222,869 (16.6%) | 0.00 | 75 |
2021-03-01 | $151,200 (11.3%) | $232,832 (24.5%) | 0.00 | 72 |
2021-04-01 | $172,400 (26.9%) | $189,325 (-1.4%) | 0.00 | 69 |
2021-05-01 | $167,900 (17.8%) | $199,598 (2.1%) | 0.00 | 69 |
2021-06-01 | $177,450 (1.5%) | $196,917 (-3.7%) | 0.00 | 69 |
2021-07-01 | $154,900 (-7.3%) | $191,088 (-3.4%) | 0.00 | 80 |
2021-08-01 | $159,900 (0.6%) | $204,011 (-2.4%) | 0.00 | 89 |
2021-09-01 | $150,000 (8.0%) | $222,758 (17.3%) | 0.00 | 87 |
2021-10-01 | $169,900 (26.0%) | $241,068 (28.4%) | 0.00 | 78 |
2021-11-01 | $189,900 (12.1%) | $244,157 (26.9%) | 0.00 | 76 |
2021-12-01 | $194,000 (10.3%) | $266,204 (19.7%) | 0.00 | 68 |
2022-01-01 | $179,900 (16.1%) | $253,580 (13.5%) | 0.00 | 56 |
2022-02-01 | $191,000 (29.5%) | $262,116 (17.6%) | 0.00 | 49 |
2022-03-01 | $170,000 (12.4%) | $242,557 (4.2%) | 0.00 | 57 |
2022-04-01 | $174,900 (1.5%) | $235,943 (24.6%) | 0.00 | 57 |
2022-05-01 | $182,450 (8.7%) | $233,353 (16.9%) | 0.00 | 49 |
Cortland's median listing price comes in at 0% of the national average.
Cortland's average listing price for 2022-05-01 was $233,353, a difference of $33,755 (16.9%) versus the prior year and $-2,590 versus the prior month.
For the 2022-05-01 period, Cortland had 49 MLS listings, a difference of -8 listings (-14%) versus the prior month and -20 listings (-29%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,516 sqft |
2018-02-01 | 0 days | 1,493 sqft |
2018-03-01 | 0 days | 1,508 sqft |
2018-04-01 | 0 days | 1,518 sqft |
2018-05-01 | 0 days | 1,559 sqft |
2018-06-01 | 0 days | 1,594 sqft |
2018-07-01 | 0 days | 1,583 sqft |
2018-08-01 | 0 days | 1,580 sqft |
2018-09-01 | 0 days | 1,560 sqft |
2018-10-01 | 0 days | 1,551 sqft |
2018-11-01 | 0 days | 1,532 sqft |
2018-12-01 | 0 days | 1,400 sqft |
2019-01-01 | 0 days | 1,416 sqft |
2019-02-01 | 0 days | 1,416 sqft |
2019-03-01 | 0 days | 1,460 sqft |
2019-04-01 | 0 days | 1,458 sqft |
2019-05-01 | 0 days | 1,510 sqft |
2019-06-01 | 0 days | 1,566 sqft |
2019-07-01 | 0 days | 1,580 sqft |
2019-08-01 | 0 days | 1,579 sqft |
2019-09-01 | 0 days | 1,583 sqft |
2019-10-01 | 0 days | 1,592 sqft |
2019-11-01 | 0 days | 1,604 sqft |
2019-12-01 | 0 days | 1,547 sqft |
2020-01-01 | 0 days | 1,553 sqft |
2020-02-01 | 0 days | 1,554 sqft |
2020-03-01 | 0 days | 1,551 sqft |
2020-04-01 | 0 days | 1,503 sqft |
2020-05-01 | 0 days | 1,444 sqft |
2020-06-01 | 0 days | 1,566 sqft |
2020-07-01 | 0 days | 1,638 sqft |
2020-08-01 | 0 days | 1,652 sqft |
2020-09-01 | 0 days | 1,652 sqft |
2020-10-01 | 0 days | 1,572 sqft |
2020-11-01 | 0 days | 1,644 sqft |
2020-12-01 | 0 days | 1,757 sqft |
2021-01-01 | 0 days | 1,746 sqft |
2021-02-01 | 0 days | 1,690 sqft |
2021-03-01 | 0 days | 1,644 sqft |
2021-04-01 | 0 days | 1,664 sqft |
2021-05-01 | 0 days | 1,664 sqft |
2021-06-01 | 0 days | 1,584 sqft |
2021-07-01 | 0 days | 1,624 sqft |
2021-08-01 | 0 days | 1,632 sqft |
2021-09-01 | 0 days | 1,607 sqft |
2021-10-01 | 0 days | 1,721 sqft |
2021-11-01 | 0 days | 1,711 sqft |
2021-12-01 | 0 days | 1,734 sqft |
2022-01-01 | 0 days | 1,730 sqft |
2022-02-01 | 0 days | 1,730 sqft |
2022-03-01 | 0 days | 1,680 sqft |
2022-04-01 | 0 days | 1,704 sqft |
2022-05-01 | 0 days | 1,633 sqft |
Cortland's median square footage for active listings during the 2022-05-01 period was 1,633 sqft. One year prior, the average listing was 1,664 sqft.