Cortland Mortgage Rates

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

    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%
    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 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.).

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CFCU Community Credit Union 67 3.12% $1,272
    NBT Bank 53 2.95% $3,356
    PARAGON HOME LOANS INC. 44 2.99% $3,405
    Tompkins Trust Company 43 3.04% $2,912
    QUICKEN LOANS, LLC 21 3.17% $5,571
    KeyBank 15 3.22% $3,050
    AMERICU Credit Union 15 3.50% $3,790
    1ST PRIORITY MORTGAGE, INC. 13 3.08% $3,697
    Elmira Savings Bank 12 3.02% $3,179
    Manufacturers and Traders Trust Company 11 3.32% $4,485
    VISIONS 7 3.10% $2,425
    THE SUMMIT Federal Credit Union 6 3.06% $2,582
    SEFCU SERVICES, LLC 5 3.13% $2,982
    Community Bank 5 3.58% $518
    MOVEMENT MORTGAGE, LLC 4 3.39% $3,960
    PLAZA HOME MORTGAGE, INC. 4 2.94% $7,031
    ROYAL UNITED MORTGAGE LLC 3 3.88% $5,142
    HOMESTEAD FUNDING CORP. 3 2.88% $3,360
    UNITED WHOLESALE MORTGAGE, LLC 3 3.10% $7,130
    JPMorgan Chase Bank 3 3.00% $3,136
    FREEDOM MORTGAGE CORPORATION 3 3.46% $4,459
    The Lyons National Bank 3 2.92% $4,914
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.19% $3,484
    Citizens Bank 2 3.06% $4,216
    COMMONFUND MORTGAGE CORP. 2 3.25% $3,413
    Farm Credit East, ACA 2 3.83% $6,584
    HOME POINT FINANCIAL CORPORATION 1 2.99% $6,737
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.38% $9,285
    GHS Federal Credit Union 1 3.00% $2,890
    Genesee Regional Bank 1 3.25% $3,378
    Geddes Federal Savings and Loan Association 1 3.25% $3,119
    Mr. Cooper ( Nationstar Mortgage ) 1 4.50% $3,332
    Municipal Credit Union 1 3.50% $3,246
    Flagstar Bank, FSB 1 4.13% $5,524
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $3,524
    PENTAGON FEDERAL CREDIT UNION 1 2.88% $2,457
    Plains Commerce Bank 1 2.75% $9,406
    Empower Federal Credit Union 1 3.13% $4,008
    PNC Bank 1 2.75% $4,604
    CONTOUR MORTGAGE CORPORATION 1 3.25% $9,127
    Citibank 1 2.75% $3,675
    Chemung Canal Trust Company 1 3.63% $0
    CCFCU FUNDING, LLC 1 3.00% $3,164
    SUNMARK FEDERAL CREDIT UNION 1 3.25% $3,969
    The Federal Savings Bank 1 3.00% $4,196
    Carrington Mortgage Services, LLC 1 2.88% $3,462
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.88% $4,167
    TIAA, FSB 1 3.13% $5,768
    CALIBER HOME LOANS, INC. 1 2.99% $3,148
    BETTER MORTGAGE CORPORATION 1 3.13% $2,790
    A&D Mortgage LLC 1 4.49% $7,593
    Wells Fargo Bank 1 3.75% $1,062

    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. Louis
    Date 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 for 2022-05-01 was $182,450, a difference of $14,550 (8.7%) versus the prior year and $7,550 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-05-01 was 0 days.

    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.