Cortland Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Cortland averaged 6.66% for the week of 2023-03-23, compared to the national average of 6.42% for the same period.

The average rate for the prior week (2023-03-16) was 6.54% and one month ago for the week of 2023-02-16, the average rate was 6.36%.

Cortland's average rate one year ago was 3.75%.

For refis of the same type during the week of 2023-03-23, the average rate was 6.96%.

Loan Type Date Rate
US 30 Year Fixed Rate 2023-03-23 6.42%
Cortland 30 Year Fixed Rate 2023-03-23 6.66%
Cortland 30 Year Fixed Rate Refi 2023-03-23 6.96%
Cortland 15 Year Fixed Rate 2023-03-23 6.19%
Cortland 15 Year Fixed Rate Refi 2023-03-23 6%
Cortland 30 Year FHA 2023-03-23 6.31%
Cortland 30 Year FHA Refi 2023-03-23 6.25%
Cortland 30 Year USDA 2023-03-23 6.05%
Cortland 30 Year USDA Refi 2023-03-23 6.98%
Cortland 30 Year VA 2023-03-23 6.27%
Cortland 30 Year VA Refi 2023-03-23 5.91%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Cortland, NY.

Cortland 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 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.).

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CFCU Community Credit Union 55 4.03% $304
PARAGON HOME LOANS INC. 43 4.97% $4,373
Tompkins Trust Company 43 4.22% $3,112
NBT Bank 34 4.14% $3,888
QUICKEN LOANS, LLC 22 5.28% $6,407
KeyBank 15 4.66% $3,316
Wells Fargo Bank 8 4.80% $3,675
AMERICU Credit Union 7 4.11% $3,749
Community Bank 7 5.02% $1,865
M&T Bank 7 5.02% $4,153
1ST PRIORITY MORTGAGE, INC. 5 5.41% $4,924
Chemung Canal Trust Company 5 4.08% $2,838
Premium Mortgage Corporation 4 3.91% $3,678
SEFCU SERVICES, LLC 4 4.59% $2,823
Geddes Federal Savings and Loan Association 4 5.63% $4,988
HOMESTEAD FUNDING CORP. 3 5.21% $3,707
ROYAL UNITED MORTGAGE LLC 2 5.88% $6,390
HUNT MORTGAGE CORPORATION 2 5.81% $6,285
MOVEMENT MORTGAGE, LLC 2 3.81% $4,278
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 5.69% $6,153
LOANDEPOT.COM, LLC 1 5.99% $3,433
Luxury Mortgage Corp. 1 4.38% $13,949
Metro City Bank 1 4.63% $5,344
Farm Credit East, ACA 1 6.40% $6,143
NAVY FEDERAL CREDIT UNION 1 4.13% $2,913
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.49% $4,343
NEWREZ LLC 1 5.88% $4,087
Empower Federal Credit Union 1 3.88% $4,018
PNC Bank 1 5.25% $6,446
CORNING 1 4.88% $6,464
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $9,653
Barrington Bank & Trust Company, N.A. 1 5.75% $9,268
Quontic Bank 1 8.00% $8,028
ARC HOME LLC 1 8.13% $7,028
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $5,329
UNITED WHOLESALE MORTGAGE, LLC 1 4.88% $7,800
USAA Federal Savings Bank 1 6.00% $3,781
U.S. Bank 1 3.63% $720
VISIONS 1 4.75% $3,642
Genesee Regional Bank 1 5.25% $3,511
21ST MORTGAGE CORPORATION 1 8.05% $7,549
FREEDOM MORTGAGE CORPORATION 1 4.75% $5,131
JPMorgan Chase Bank 1 5.63% $3,334
First Savings Bank 1 6.88% $5,748

Cortland Average Closing Costs & Other Stats

Cortland, NY's 44 lenders originated 813 loans during 2022. The total origination value was $113,565,000, with an average loan value of $139,686.

Cortland's average closing costs are $3,693.

The top Cortland lender as defined by loan originations is CFCU Community Credit Union, with 55 loans originated. Their average total fees are $304, which is $4,068 lower than the next largest lender, PARAGON HOME LOANS INC..

The lowest fee Cortland lenders (with over 10 loans originated) are CFCU Community Credit Union ($304), Tompkins Trust Company ($3,112), KeyBank ($3,316), NBT Bank ($3,888) and PARAGON HOME LOANS INC. ($4,373).

The lowest rate Cortland lenders (with over 10 loans originated) are CFCU Community Credit Union (4.03%), NBT Bank (4.14%), Tompkins Trust Company (4.22%), KeyBank (4.66%) and PARAGON HOME LOANS INC. (4.97%).

Cortland, 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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
CFCU Community Credit Union $19,130,000 $16,585,000 -13.3% 14.6%
NBT Bank $16,840,000 $13,435,000 -20.2% 11.8%
Tompkins Trust Company $12,295,000 $11,700,000 -4.8% 10.3%
PARAGON HOME LOANS INC. $15,065,000 $11,640,000 -22.7% 10.2%
QUICKEN LOANS, LLC $14,460,000 $8,000,000 -44.7% 7.0%
KeyBank $9,270,000 $7,720,000 -16.7% 6.8%
Kearny Bank $5,185,000 n/a 4.6%
M&T Bank $4,935,000 $3,585,000 -27.4% 3.2%
Community Bank $1,465,000 $2,700,000 84.3% 2.4%
AMERICU Credit Union $3,275,000 $2,060,000 -37.1% 1.8%
Wells Fargo Bank $2,275,000 $1,980,000 -13.0% 1.7%
Chemung Canal Trust Company $1,315,000 $1,560,000 18.6% 1.4%
1ST PRIORITY MORTGAGE, INC. $4,415,000 $1,495,000 -66.1% 1.3%
Empower Federal Credit Union $1,045,000 $1,445,000 38.3% 1.3%
THE SUMMIT Federal Credit Union $2,810,000 $1,400,000 -50.2% 1.2%
Citizens Bank $1,570,000 $1,315,000 -16.2% 1.2%
Premium Mortgage Corporation $215,000 $1,300,000 504.7% 1.1%
Mortgage Research Center, LLC $690,000 $1,130,000 63.8% 1.0%
MOVEMENT MORTGAGE, LLC $1,460,000 $1,020,000 -30.1% 0.9%
SEFCU SERVICES, LLC $1,090,000 $1,020,000 -6.4% 0.9%
HOMESTEAD FUNDING CORP. $910,000 $1,010,000 11.0% 0.9%
NAVY FEDERAL CREDIT UNION $565,000 $985,000 74.3% 0.9%
VISIONS $1,325,000 $960,000 -27.5% 0.8%
USAA Federal Savings Bank $680,000 $890,000 30.9% 0.8%
Geddes Federal Savings and Loan Association $610,000 $870,000 42.6% 0.8%
LOANDEPOT.COM, LLC $760,000 $760,000 0.0% 0.7%
HUNT MORTGAGE CORPORATION $655,000 n/a 0.6%
Luxury Mortgage Corp. $650,000 n/a 0.6%
JPMorgan Chase Bank $425,000 $560,000 31.8% 0.5%
CORNING $80,000 $530,000 562.5% 0.5%
PLAZA HOME MORTGAGE, INC. $1,165,000 $530,000 -54.5% 0.5%
Barrington Bank & Trust Company, N.A. $535,000 $525,000 -1.9% 0.5%
21ST MORTGAGE CORPORATION $420,000 $485,000 15.5% 0.4%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $135,000 $425,000 214.8% 0.4%
Tioga State Bank $385,000 $385,000 0.0% 0.3%
PRIMELENDING, A PLAINSCAPITAL COMPANY $390,000 $380,000 -2.6% 0.3%
Farm Credit East, ACA $780,000 $320,000 -59.0% 0.3%
PNC Bank $235,000 $320,000 36.2% 0.3%
U.S. Bank $285,000 n/a 0.3%
UTILITIES EMPLOYEES CREDIT UNION $260,000 n/a 0.2%
Elmira Savings Bank $3,775,000 $255,000 -93.2% 0.2%
Mr. Cooper ( Nationstar Mortgage ) $640,000 $240,000 -62.5% 0.2%
The Lyons National Bank $1,420,000 $240,000 -83.1% 0.2%
FINANCE OF AMERICA REVERSE LLC $230,000 n/a 0.2%
ROUNDPOINT MORTGAGE SERVICING CORPORATION $230,000 n/a 0.2%
Genesee Regional Bank $230,000 $220,000 -4.3% 0.2%
ROYAL UNITED MORTGAGE LLC $455,000 $200,000 -56.0% 0.2%
ARC HOME LLC $185,000 n/a 0.2%
UNITED WHOLESALE MORTGAGE, LLC $770,000 $185,000 -76.0% 0.2%
FIRST HERITAGE FEDERAL CREDIT UNION $170,000 n/a 0.1%
Quontic Bank $165,000 n/a 0.1%
First Savings Bank $145,000 n/a 0.1%
Bank of America $250,000 $135,000 -46.0% 0.1%
CALIBER HOME LOANS, INC. $435,000 $125,000 -71.3% 0.1%
NEWREZ LLC $330,000 $125,000 -62.1% 0.1%
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC $115,000 n/a 0.1%
Ukrainian Federal Credit Union $75,000 $115,000 53.3% 0.1%
FINANCE OF AMERICA MORTGAGE LLC $105,000 n/a 0.1%
LENDINGONE, LLC $105,000 n/a 0.1%
Metro City Bank $75,000 $105,000 40.0% 0.1%
Bethpage Federal Credit Union $45,000 $85,000 88.9% 0.1%
EMBRACE HOME LOANS, INC. $85,000 n/a 0.1%
FREEDOM MORTGAGE CORPORATION $1,335,000 $85,000 -93.6% 0.1%
TRIAD FINANCIAL SERVICES, INC. $65,000 n/a 0.1%
GHS Federal Credit Union $85,000 $60,000 -29.4% 0.1%
Alternatives Federal Credit Union $55,000 n/a 0.0%
CAPITAL COMMUNICATIONS Federal Credit Union $65,000 $55,000 -15.4% 0.0%
STATE EMPLOYEES FEDERAL CREDIT UNION $235,000 $50,000 -78.7% 0.0%
AMERICAN ADVISORS GROUP $15,000 n/a 0.0%

Cortland's top lender by overall market share is CFCU Community Credit Union, with 14.6% market share. In second place, with 11.8%, is NBT Bank, having originated $13,435,000 in loans. In third place, with 10.3%, is Tompkins Trust Company, having originated $11,700,000 in loans. In fourth place, with 10.2%, is PARAGON HOME LOANS INC., having originated $11,640,000 in loans. In fifth place, with 7.0%, is QUICKEN LOANS, LLC, having originated $8,000,000 in loans.


Cortland Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $119,950 (-7.0%) $144,348 (-10.0%) 0.00 185
2018-02-01 $119,900 (-4.1%) $143,280 (-9.0%) 0.00 182
2018-03-01 $119,000 (-8.1%) $143,941 (-8.6%) 0.00 166
2018-04-01 $117,500 (-9.6%) $143,574 (-14.9%) 0.00 180
2018-05-01 $123,650 (-3.7%) $144,611 (-13.0%) 0.00 171
2018-06-01 $122,500 (-13.0%) $152,819 (-11.6%) 0.00 181
2018-07-01 $129,900 (-6.9%) $151,806 (-10.6%) 0.00 213
2018-08-01 $125,875 (-6.8%) $148,371 (-10.9%) 0.00 205
2018-09-01 $119,200 (-11.6%) $144,052 (-11.1%) 0.00 208
2018-10-01 $118,700 (-5.8%) $145,567 (-6.7%) 0.00 209
2018-11-01 $115,750 (-4.1%) $142,455 (-7.8%) 0.00 196
2018-12-01 $110,000 (-8.3%) $135,609 (-11.6%) 0.00 186
2019-01-01 $114,000 (-5.0%) $141,186 (-2.2%) 0.00 165
2019-02-01 $99,900 (-16.7%) $137,127 (-4.3%) 0.00 155
2019-03-01 $100,445 (-15.6%) $141,699 (-1.6%) 0.00 157
2019-04-01 $99,900 (-15.0%) $146,068 (1.7%) 0.00 149
2019-05-01 $121,750 (-1.5%) $148,827 (2.9%) 0.00 161
2019-06-01 $129,900 (6.0%) $154,252 (0.9%) 0.00 182
2019-07-01 $136,950 (5.4%) $168,466 (11.0%) 0.00 187
2019-08-01 $131,582 (4.5%) $162,845 (9.8%) 0.00 184
2019-09-01 $130,130 (9.2%) $156,254 (8.5%) 0.00 184
2019-10-01 $129,611 (9.2%) $155,920 (7.1%) 0.00 182
2019-11-01 $127,200 (9.9%) $158,693 (11.4%) 0.00 175
2019-12-01 $118,075 (7.3%) $155,706 (14.8%) 0.00 151
2020-01-01 $117,425 (3.0%) $156,831 (11.1%) 0.00 139
2020-02-01 $127,750 (27.9%) $168,807 (23.1%) 0.00 138
2020-03-01 $129,900 (29.3%) $168,334 (18.8%) 0.00 135
2020-04-01 $132,400 (32.5%) $172,290 (18.0%) 0.00 126
2020-05-01 $134,900 (10.8%) $168,775 (13.4%) 0.00 124
2020-06-01 $150,700 (16.0%) $175,389 (13.7%) 0.00 134
2020-07-01 $148,750 (8.6%) $169,859 (0.8%) 0.00 130
2020-08-01 $145,000 (10.2%) $180,056 (10.6%) 0.00 121
2020-09-01 $134,450 (3.3%) $168,759 (8.0%) 0.00 117
2020-10-01 $126,400 (-2.5%) $172,961 (10.9%) 0.00 113
2020-11-01 $152,000 (19.5%) $189,811 (19.6%) 0.00 100
2020-12-01 $165,700 (40.3%) $221,994 (42.6%) 0.00 80
2021-01-01 $149,900 (27.7%) $228,398 (45.6%) 0.00 74
2021-02-01 $149,900 (17.3%) $229,052 (35.7%) 0.00 71
2021-03-01 $149,800 (15.3%) $233,183 (38.5%) 0.00 64
2021-04-01 $162,125 (22.5%) $192,865 (11.9%) 0.00 62
2021-05-01 $176,200 (30.6%) $195,955 (16.1%) 0.00 61
2021-06-01 $175,525 (16.5%) $202,031 (15.2%) 0.00 62
2021-07-01 $169,000 (13.6%) $197,174 (16.1%) 0.00 74
2021-08-01 $154,450 (6.5%) $206,593 (14.7%) 0.00 79
2021-09-01 $157,175 (16.9%) $226,382 (34.2%) 0.00 75
2021-10-01 $160,000 (26.6%) $248,535 (43.7%) 0.00 67
2021-11-01 $189,675 (24.8%) $250,122 (31.8%) 0.00 63
2021-12-01 $195,725 (18.1%) $277,186 (24.9%) 0.00 57
2022-01-01 $179,950 (20.1%) $255,915 (12.1%) 0.00 48
2022-02-01 $179,975 (20.1%) $258,254 (12.8%) 0.00 48
2022-03-01 $180,950 (20.8%) $247,195 (6.0%) 0.00 53
2022-04-01 $174,950 (7.9%) $240,884 (24.9%) 0.00 53
2022-05-01 $189,875 (7.8%) $238,548 (21.7%) 0.00 46
2022-06-01 $200,000 (13.9%) $262,968 (30.2%) 0.00 44
2022-07-01 $194,900 (15.3%) $258,940 (31.3%) 0.00 46
2022-08-01 $182,175 (18.0%) $208,536 (0.9%) 0.00 58
2022-09-01 $172,450 (9.7%) $210,755 (-6.9%) 0.00 56
2022-10-01 $179,500 (12.2%) $213,308 (-14.2%) 0.00 62
2022-11-01 $210,675 (11.1%) $224,234 (-10.4%) 0.00 59
2022-12-01 $177,900 (-9.1%) $207,274 (-25.2%) 0.00 56
2023-01-01 $144,450 (-19.7%) $193,796 (-24.3%) 0.00 45
2023-02-01 $142,150 (-21.0%) $198,622 (-23.1%) 0.00 38
Cortland's median listing price for 2023-02-01 was $142,150, a difference of $-37,825 (-21.0%) versus the prior year and $-2,300 versus the prior month.

Cortland's median listing price comes in at 0% of the national average.

Cortland's average listing price for 2023-02-01 was $198,622, a difference of $-59,632 (-23.1%) versus the prior year and $4,826 versus the prior month.

For the 2023-02-01 period, Cortland had 38 MLS listings, a difference of -7 listings (-16%) versus the prior month and -10 listings (-21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cortland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,492 sqft
2018-02-01 0 days 1,476 sqft
2018-03-01 0 days 1,464 sqft
2018-04-01 0 days 1,473 sqft
2018-05-01 0 days 1,466 sqft
2018-06-01 0 days 1,548 sqft
2018-07-01 0 days 1,559 sqft
2018-08-01 0 days 1,531 sqft
2018-09-01 0 days 1,470 sqft
2018-10-01 0 days 1,466 sqft
2018-11-01 0 days 1,423 sqft
2018-12-01 0 days 1,344 sqft
2019-01-01 0 days 1,346 sqft
2019-02-01 0 days 1,364 sqft
2019-03-01 0 days 1,381 sqft
2019-04-01 0 days 1,370 sqft
2019-05-01 0 days 1,428 sqft
2019-06-01 0 days 1,489 sqft
2019-07-01 0 days 1,488 sqft
2019-08-01 0 days 1,485 sqft
2019-09-01 0 days 1,518 sqft
2019-10-01 0 days 1,538 sqft
2019-11-01 0 days 1,534 sqft
2019-12-01 0 days 1,424 sqft
2020-01-01 0 days 1,432 sqft
2020-02-01 0 days 1,510 sqft
2020-03-01 0 days 1,493 sqft
2020-04-01 0 days 1,421 sqft
2020-05-01 0 days 1,440 sqft
2020-06-01 0 days 1,537 sqft
2020-07-01 0 days 1,596 sqft
2020-08-01 0 days 1,574 sqft
2020-09-01 0 days 1,573 sqft
2020-10-01 0 days 1,505 sqft
2020-11-01 0 days 1,619 sqft
2020-12-01 0 days 1,676 sqft
2021-01-01 0 days 1,761 sqft
2021-02-01 0 days 1,733 sqft
2021-03-01 0 days 1,671 sqft
2021-04-01 0 days 1,690 sqft
2021-05-01 0 days 1,680 sqft
2021-06-01 0 days 1,579 sqft
2021-07-01 0 days 1,645 sqft
2021-08-01 0 days 1,663 sqft
2021-09-01 0 days 1,656 sqft
2021-10-01 0 days 1,730 sqft
2021-11-01 0 days 1,632 sqft
2021-12-01 0 days 1,730 sqft
2022-01-01 0 days 1,730 sqft
2022-02-01 0 days 1,737 sqft
2022-03-01 0 days 1,692 sqft
2022-04-01 0 days 1,717 sqft
2022-05-01 0 days 1,705 sqft
2022-06-01 0 days 1,667 sqft
2022-07-01 0 days 1,728 sqft
2022-08-01 0 days 1,649 sqft
2022-09-01 0 days 1,652 sqft
2022-10-01 0 days 1,657 sqft
2022-11-01 0 days 1,696 sqft
2022-12-01 0 days 1,666 sqft
2023-01-01 0 days 1,636 sqft
2023-02-01 0 days 1,366 sqft
Cortland's median listing age (time on market) for 2023-02-01 was 0 days.

Cortland's median square footage for active listings during the 2023-02-01 period was 1,366 sqft. One year prior, the average listing was 1,737 sqft.

Cortland, NY Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 410 $68,560,000 $167,220
Refi 121 $18,205,000 $150,455
Home Improvement 101 $5,825,000 $57,673
Cash Out Refi 91 $13,565,000 $149,066
Other 90 $7,410,000 $82,333

Cortland's most frequently cited loan purpose was Home Purchase, with 410 originations. The 2nd most popular reason was Refi, with 121 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
3-4% 240 $37,960,000 $158,167
4-5% 178 $23,480,000 $131,910
5-6% 132 $22,160,000 $167,879
2.5-3% 86 $11,010,000 $128,023
<2.5% 74 $7,020,000 $94,865
6-7% 58 $7,310,000 $126,034
7-8% 16 $1,900,000 $118,750
Over 8% 9 $705,000 $78,333

During 2022, Cortland's most frequently originated rate bucket was 3-4%, with 240 originations.

Loan Sizing (Cortland, NY MSA)

Loan Size Originations Total Value Average Loan
$100k-200k 366 $51,400,000 $140,437
$100,000 or less 310 $18,260,000 $58,903
$200k-400k 123 $31,165,000 $253,374
$400k-600k 9 $4,315,000 $479,444
$600k-1000k 3 $2,035,000 $678,333
$Over $1MM 2 $6,390,000 $3,195,000

Cortland's loan sizing saw the bucket of loans from $100k-200k with 366 originations, totaling $51,400,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 310 $53,690,000 $173,194
60-80% 221 $40,135,000 $181,606
20-40% 89 $5,545,000 $62,303
40-60% 86 $8,220,000 $95,581
Under 20% 82 $2,630,000 $32,073
Over 100% 6 $1,360,000 $226,667

Cortland's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 310 originations, totaling $53,690,000 in origination value.