Hobbs Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Hobbs averaged
7.22%
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
7.34% and
one month ago for the week of 2024-06-13, the
average rate was 7.6%.
Hobbs's average rate one year ago was 7.61%.
For refis of the same type during the week of 2024-07-18, the average rate
was 7.37%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-07-18 | 6.77% |
| Hobbs 30 Year Fixed Rate | 2024-07-18 | 7.22% |
| Hobbs 30 Year Fixed Rate Refi | 2024-07-18 | 7.37% |
| Hobbs 15 Year Fixed Rate | 2024-07-18 | 6.15% |
| Hobbs 15 Year Fixed Rate Refi | 2024-07-18 | 6.35% |
| Hobbs 30 Year FHA | 2024-07-18 | 6.63% |
| Hobbs 30 Year FHA Refi | 2024-07-18 | 6.39% |
| Hobbs 30 Year USDA | 2024-07-18 | 6.53% |
| Hobbs 30 Year USDA Refi | 2024-07-18 | 6.43% |
| Hobbs 30 Year VA | 2024-07-18 | 6.2% |
| Hobbs 30 Year VA Refi | 2024-07-18 | 6.1% |
Hobbs 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 Hobbs, NM 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.).
Hobbs Average Closing Costs & Other Stats
Hobbs, NM's 39 lenders originated 716
loans during 2023. The total origination value was $140,750,000, with an average loan value of
$196,578.
Hobbs's average closing costs are $6,517.
The top Hobbs lender as defined by loan originations is Neighborhood Loans, Inc., with
21 loans originated. Their average total fees are
$6,185, which is $247
lower than the next largest lender,
Paramount Residential Mortgage Group, Inc..
The lowest fee Hobbs lenders (with over 10 loans originated) are
First American Bank ($3,856), QUICKEN LOANS, LLC ($6,167), Neighborhood Loans, Inc. ($6,185), Paramount Residential Mortgage Group, Inc. ($6,432) and CROSSCOUNTRY MORTGAGE, LLC ($7,544).
The lowest rate Hobbs lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.76%), First American Bank (6.79%), CROSSCOUNTRY MORTGAGE, LLC (6.88%), Neighborhood Loans, Inc. (7.19%) and Paramount Residential Mortgage Group, Inc. (7.21%).
Hobbs, NM 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 |
|---|---|---|---|---|
| Paramount Residential Mortgage Group, Inc. | $39,770,000 | $27,500,000 | -30.9% | 19.5% |
| Neighborhood Loans, Inc. | $13,970,000 | $17,825,000 | 27.6% | 12.7% |
| GENEVA FINANCIAL, LLC | $14,950,000 | $17,690,000 | 18.3% | 12.6% |
| CROSSCOUNTRY MORTGAGE, LLC | $10,600,000 | $13,225,000 | 24.8% | 9.4% |
| QUICKEN LOANS, LLC | $13,240,000 | $8,450,000 | -36.2% | 6.0% |
| 21ST MORTGAGE CORPORATION | $7,815,000 | $7,120,000 | -8.9% | 5.1% |
| First American Bank | $10,980,000 | $6,495,000 | -40.8% | 4.6% |
| ACADEMY MORTGAGE CORPORATION | $3,490,000 | $3,455,000 | -1.0% | 2.5% |
| DIRECTORS MORTGAGE, INC. | $3,195,000 | n/a | 2.3% | |
| Western Commerce Bank | $2,865,000 | $2,765,000 | -3.5% | 2.0% |
| Mortgage Research Center, LLC | $4,895,000 | $2,335,000 | -52.3% | 1.7% |
| Wells Fargo Bank | $3,260,000 | $1,920,000 | -41.1% | 1.4% |
| PENNYMAC LOAN SERVICES, LLC | $2,750,000 | $1,885,000 | -31.5% | 1.3% |
| CMG MORTGAGE, INC. | $415,000 | $1,285,000 | 209.6% | 0.9% |
| JPMorgan Chase Bank | $945,000 | $1,200,000 | 27.0% | 0.9% |
| BROKER SOLUTIONS, INC. | $1,255,000 | $1,025,000 | -18.3% | 0.7% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $850,000 | n/a | 0.6% | |
| CARDINAL FINANCIAL | $430,000 | $835,000 | 94.2% | 0.6% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,525,000 | $775,000 | -49.2% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $1,645,000 | $725,000 | -55.9% | 0.5% |
| LOANDEPOT.COM, LLC | $2,270,000 | $695,000 | -69.4% | 0.5% |
| NEWREZ LLC | $2,230,000 | $655,000 | -70.6% | 0.5% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $640,000 | n/a | 0.5% | |
| NAVY FEDERAL CREDIT UNION | $1,995,000 | $640,000 | -67.9% | 0.5% |
| AMERICAN FINANCIAL RESOURCES, INC. | $700,000 | $630,000 | -10.0% | 0.4% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $255,000 | $630,000 | 147.1% | 0.4% |
| GUARANTEED RATE AFFINITY, LLC | $560,000 | n/a | 0.4% | |
| First National Bank of America | $530,000 | n/a | 0.4% | |
| Pioneer Bank | $195,000 | $525,000 | 169.2% | 0.4% |
| GUILD MORTGAGE COMPANY | $510,000 | n/a | 0.4% | |
| AMCAP MORTGAGE, LTD. | $790,000 | $490,000 | -38.0% | 0.3% |
| Sunflower Bank | $915,000 | $490,000 | -46.4% | 0.3% |
| Citadel Servicing Corporation | $450,000 | n/a | 0.3% | |
| The Jacksboro National Bank | $690,000 | $435,000 | -37.0% | 0.3% |
| Bank of America | $255,000 | $430,000 | 68.6% | 0.3% |
| VILLAGE CAPITAL MORTGAGE | $440,000 | $420,000 | -4.5% | 0.3% |
| LENDSURE MORTGAGE CORP. | $415,000 | n/a | 0.3% | |
| DEEPHAVEN MORTGAGE LLC | $275,000 | $400,000 | 45.5% | 0.3% |
| Farmers Bank & Trust | $395,000 | n/a | 0.3% | |
| Southwest Bank | $365,000 | n/a | 0.3% | |
| U.S. Bank | $315,000 | $355,000 | 12.7% | 0.3% |
| First National Bank Texas | $1,090,000 | $335,000 | -69.3% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $115,000 | $335,000 | 191.3% | 0.2% |
| Carrington Mortgage Services, LLC | $220,000 | $305,000 | 38.6% | 0.2% |
| GUARANTEED RATE, INC. | $665,000 | $305,000 | -54.1% | 0.2% |
| Coastal Community Bank | $300,000 | n/a | 0.2% | |
| AMERICAN HERITAGE LENDING, INC. | $295,000 | n/a | 0.2% | |
| Sierra Pacific Mortgage Company, Inc. | $290,000 | n/a | 0.2% | |
| Prosperity Home Mortgage, LLC | $930,000 | $285,000 | -69.4% | 0.2% |
| COUNTRYPLACE MORTGAGE, LTD. | $385,000 | $280,000 | -27.3% | 0.2% |
| LOANPAL, LLC | $1,455,000 | $280,000 | -80.8% | 0.2% |
| Commerce Home Mortgage, Inc. | $270,000 | n/a | 0.2% | |
| SOUTHWEST STAGE FUNDING, LLC | $670,000 | $270,000 | -59.7% | 0.2% |
| ASSEMBLIES OF GOD Credit Union | $265,000 | n/a | 0.2% | |
| Flagstar Bank, FSB | $300,000 | $265,000 | -11.7% | 0.2% |
| Loan Simple, Inc. | $305,000 | $265,000 | -13.1% | 0.2% |
| Discover Bank | $85,000 | $250,000 | 194.1% | 0.2% |
| ZILLOW HOME LOANS, LLC | $250,000 | n/a | 0.2% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $400,000 | $245,000 | -38.8% | 0.2% |
| KeyBank | $1,400,000 | $245,000 | -82.5% | 0.2% |
| CALCON MUTUAL MORTGAGE LLC | $240,000 | n/a | 0.2% | |
| Plains Commerce Bank | $235,000 | n/a | 0.2% | |
| POLARIS HOME FUNDING CORP. | $235,000 | n/a | 0.2% | |
| VANDERBILT MORTGAGE AND FINANCE, INC. | $230,000 | n/a | 0.2% | |
| OCEANSIDE MORTGAGE COMPANY | $215,000 | n/a | 0.2% | |
| Gateway First Bank | $405,000 | $205,000 | -49.4% | 0.1% |
| NEW DAY FINANCIAL, LLC | $165,000 | $195,000 | 18.2% | 0.1% |
| Bank of England | $360,000 | $175,000 | -51.4% | 0.1% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $175,000 | n/a | 0.1% | |
| First Financial Bank | $245,000 | $175,000 | -28.6% | 0.1% |
| PENTAGON FEDERAL CREDIT UNION | $175,000 | n/a | 0.1% | |
| SANDIA AREA | $175,000 | n/a | 0.1% | |
| Grand Bank for Savings, FSB | $155,000 | n/a | 0.1% | |
| NATIONS RELIABLE LENDING, LLC | $620,000 | $155,000 | -75.0% | 0.1% |
| FREEDOM MORTGAGE CORPORATION | $2,505,000 | $145,000 | -94.2% | 0.1% |
| Mr. Cooper ( Nationstar Mortgage ) | $2,375,000 | $145,000 | -93.9% | 0.1% |
| SUN WEST MORTGAGE COMPANY, INC. | $145,000 | n/a | 0.1% | |
| Citibank | $140,000 | n/a | 0.1% | |
| PLAZA HOME MORTGAGE, INC. | $125,000 | n/a | 0.1% | |
| LAKEVIEW LOAN SERVICING, LLC | $1,855,000 | $115,000 | -93.8% | 0.1% |
| City Bank | $195,000 | $105,000 | -46.2% | 0.1% |
| FARMERS INSURANCE GROUP FEDERAL CREDIT UNION | $105,000 | n/a | 0.1% | |
| Centennial Bank | $95,000 | n/a | 0.1% | |
| LIMA ONE CAPITAL, LLC | $3,190,000 | $75,000 | -97.6% | 0.1% |
| Zions Bank | $65,000 | n/a | 0.0% | |
| Bethpage Federal Credit Union | $55,000 | n/a | 0.0% | |
| CHERRY CREEK MORTGAGE, LLC | $55,000 | n/a | 0.0% | |
| Figure Lending LLC | $40,000 | n/a | 0.0% | |
| ASHLAND Credit Union | $35,000 | n/a | 0.0% | |
| BOKF | $645,000 | $15,000 | -97.7% | 0.0% |
Hobbs's top lender by overall market share is Paramount Residential Mortgage Group, Inc., with 19.5% market share. In second place, with 12.7%, is Neighborhood Loans, Inc., having originated $17,825,000 in loans. In third place, with 12.6%, is GENEVA FINANCIAL, LLC, having originated $17,690,000 in loans. In fourth place, with 9.4%, is CROSSCOUNTRY MORTGAGE, LLC, having originated $13,225,000 in loans. In fifth place, with 6.0%, is QUICKEN LOANS, LLC, having originated $8,450,000 in loans.
Hobbs, NM Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 618 | $128,120,000 | $207,314 |
| Cash Out Refi | 54 | $7,930,000 | $146,852 |
| Other | 18 | $1,430,000 | $79,444 |
| Refi | 18 | $2,900,000 | $161,111 |
| Home Improvement | 8 | $370,000 | $46,250 |
Hobbs's most frequently cited loan purpose was Home Purchase, with 618 originations. The 2nd most popular reason was Cash Out Refi, with 54 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 259 | $59,365,000 | $229,208 |
| 7-8% | 181 | $40,585,000 | $224,227 |
| Over 8% | 141 | $15,515,000 | $110,035 |
| 5-6% | 106 | $21,180,000 | $199,811 |
| <2.5% | 6 | $30,000 | $5,000 |
| 4-5% | 5 | $695,000 | $139,000 |
During 2023, Hobbs's most frequently originated rate bucket was 6-7%, with 259 originations.
Loan Sizing (Hobbs, NM MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 294 | $81,190,000 | $276,156 |
| $100k-200k | 272 | $40,770,000 | $149,890 |
| $100,000 or less | 120 | $4,740,000 | $39,500 |
| $400k-600k | 30 | $14,050,000 | $468,333 |
Hobbs's loan sizing saw the bucket of loans from $200k-400k with 294 originations, totaling $81,190,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 506 | $115,110,000 | $227,490 |
| 60-80% | 85 | $15,985,000 | $188,059 |
| Under 20% | 65 | $865,000 | $13,308 |
| 40-60% | 19 | $2,265,000 | $119,211 |
| 20-40% | 12 | $780,000 | $65,000 |
| Over 100% | 10 | $2,060,000 | $206,000 |
Hobbs's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 506 originations, totaling $115,110,000 in origination value.