Olean Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Olean averaged
6.88%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.91% and
one month ago for the week of 2025-05-15, the
average rate was 6.98%.
Olean's average rate one year ago was 7.02%.
For refis of the same type during the week of 2025-06-18, the average rate
was 6.91%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Olean 30 Year Fixed Rate | 2025-06-18 | 6.88% |
| Olean 30 Year Fixed Rate Refi | 2025-06-18 | 6.91% |
| Olean 15 Year Fixed Rate | 2025-06-18 | 6.06% |
| Olean 15 Year Fixed Rate Refi | 2025-06-18 | 6.36% |
| Olean 30 Year FHA | 2025-06-18 | -0.2% |
| Olean 30 Year FHA Refi | 2025-06-18 | -0.1% |
| Olean 30 Year USDA | 2025-06-18 | 0% |
| Olean 30 Year USDA Refi | 2025-06-18 | -0.1% |
| Olean 30 Year VA | 2025-06-18 | 0.1% |
| Olean 30 Year VA Refi | 2025-06-18 | 0.1% |
Olean 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 Olean, 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.).
Olean Average Closing Costs & Other Stats
Olean, NY's 54 lenders originated 819
loans during 2024. The total origination value was $125,715,000, with an average loan value of
$153,498.
Olean's average closing costs are $4,181.
The top Olean lender as defined by loan originations is Community Bank, with
53 loans originated. Their average total fees are
$454, which is $6,181
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Olean lenders (with over 10 loans originated) are
Community Bank ($454), Five Star Bank ($3,603), Premium Mortgage Corporation ($4,508), 1ST PRIORITY MORTGAGE, INC. ($4,940) and M&T Bank ($5,216).
The lowest rate Olean lenders (with over 10 loans originated) are
Five Star Bank (6.64%), UNITED WHOLESALE MORTGAGE, LLC (6.73%), M&T Bank (6.75%), Premium Mortgage Corporation (6.76%) and MOVEMENT MORTGAGE, LLC (6.85%).
Olean, 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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| Community Bank | $19,060,000 | $18,715,000 | -1.8% | 14.9% |
| UNITED WHOLESALE MORTGAGE, LLC | $9,095,000 | $13,140,000 | 44.5% | 10.5% |
| QUICKEN LOANS, LLC | $8,935,000 | $10,790,000 | 20.8% | 8.6% |
| M&T Bank | $5,800,000 | $6,560,000 | 13.1% | 5.2% |
| Five Star Bank | $10,075,000 | $4,785,000 | -52.5% | 3.8% |
| Premium Mortgage Corporation | $5,525,000 | $4,580,000 | -17.1% | 3.6% |
| EVERETT FINANCIAL, INC. | $2,220,000 | $4,520,000 | 103.6% | 3.6% |
| Farm Credit East, ACA | $2,315,000 | $4,405,000 | 90.3% | 3.5% |
| MOVEMENT MORTGAGE, LLC | $2,020,000 | $2,890,000 | 43.1% | 2.3% |
| 1ST PRIORITY MORTGAGE, INC. | $2,240,000 | $2,855,000 | 27.5% | 2.3% |
| Cattaraugus County Bank | $2,535,000 | $2,560,000 | 1.0% | 2.0% |
| CROSSCOUNTRY MORTGAGE, LLC | $430,000 | $2,555,000 | 494.2% | 2.0% |
| HUNT MORTGAGE CORPORATION | $715,000 | $2,175,000 | 204.2% | 1.7% |
| KeyBank | $3,040,000 | $2,150,000 | -29.3% | 1.7% |
| NAVY FEDERAL CREDIT UNION | $1,080,000 | $2,085,000 | 93.1% | 1.7% |
| Northwest Bank | $4,610,000 | $1,925,000 | -58.2% | 1.5% |
| PLAZA HOME MORTGAGE, INC. | $3,015,000 | $1,875,000 | -37.8% | 1.5% |
| TD Bank | $65,000 | $1,745,000 | 2,584.6% | 1.4% |
| Mortgage Research Center, LLC | $2,750,000 | $1,740,000 | -36.7% | 1.4% |
| Tompkins Trust Company | $1,200,000 | $1,665,000 | 38.8% | 1.3% |
| Bank of Holland | $1,965,000 | $1,540,000 | -21.6% | 1.2% |
| Citizens Bank | $2,040,000 | $1,455,000 | -28.7% | 1.2% |
| PNC Bank | $475,000 | $1,360,000 | 186.3% | 1.1% |
| HOMESTEAD FUNDING CORP. | $1,970,000 | $1,225,000 | -37.8% | 1.0% |
| CNB Bank | $2,650,000 | $1,140,000 | -57.0% | 0.9% |
| RBC Bank, (Georgia) | $645,000 | $1,125,000 | 74.4% | 0.9% |
| Bank of America | $425,000 | $1,075,000 | 152.9% | 0.9% |
| Morgan Stanley Private Bank | $515,000 | $1,060,000 | 105.8% | 0.8% |
| Toyota Financial Savings Bank | $965,000 | n/a | 0.8% | |
| SEFCU SERVICES, LLC | $455,000 | $905,000 | 98.9% | 0.7% |
| AMERICAN FINANCIAL NETWORK, INC. | $320,000 | $800,000 | 150.0% | 0.6% |
| JPMorgan Chase Bank | $585,000 | $770,000 | 31.6% | 0.6% |
| Evans Bank | $315,000 | $670,000 | 112.7% | 0.5% |
| 21ST MORTGAGE CORPORATION | $1,640,000 | $595,000 | -63.7% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $560,000 | $565,000 | 0.9% | 0.4% |
| UBS Bank USA | $305,000 | $565,000 | 85.2% | 0.4% |
| USAA Federal Savings Bank | $280,000 | $565,000 | 101.8% | 0.4% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $215,000 | $530,000 | 146.5% | 0.4% |
| A&D Mortgage LLC | $505,000 | n/a | 0.4% | |
| FREEDOM MORTGAGE CORPORATION | $505,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $275,000 | $505,000 | 83.6% | 0.4% |
| First Columbia Bank & Trust Co. | $485,000 | n/a | 0.4% | |
| The Lyons National Bank | $385,000 | $485,000 | 26.0% | 0.4% |
| TOTAL MORTGAGE SERVICES, LLC | $175,000 | $465,000 | 165.7% | 0.4% |
| TOWER | $445,000 | n/a | 0.4% | |
| Goldman Sachs Bank USA | $545,000 | $425,000 | -22.0% | 0.3% |
| The Genoa Banking Company | $405,000 | n/a | 0.3% | |
| BMO Harris Bank | $395,000 | n/a | 0.3% | |
| The Huntington National Bank | $375,000 | n/a | 0.3% | |
| Farmers Bank & Trust | $365,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $425,000 | $360,000 | -15.3% | 0.3% |
| TRIAD FINANCIAL SERVICES, INC. | $325,000 | $355,000 | 9.2% | 0.3% |
| RELIANCE FIRST CAPITAL, LLC | $320,000 | n/a | 0.3% | |
| BNY Mellon | $315,000 | n/a | 0.3% | |
| FIRST HERITAGE FEDERAL CREDIT UNION | $125,000 | $315,000 | 152.0% | 0.3% |
| Flagstar Bank, FSB | $315,000 | n/a | 0.3% | |
| ONTARIO SHORES | $135,000 | $310,000 | 129.6% | 0.2% |
| Union Savings Bank | $305,000 | n/a | 0.2% | |
| Lake Shore Savings Bank | $850,000 | $290,000 | -65.9% | 0.2% |
| LOANDEPOT.COM, LLC | $685,000 | $290,000 | -57.7% | 0.2% |
| Alden State Bank | $260,000 | $285,000 | 9.6% | 0.2% |
| NEWREZ LLC | $715,000 | $280,000 | -60.8% | 0.2% |
| BETTER MORTGAGE CORPORATION | $650,000 | $275,000 | -57.7% | 0.2% |
| Discover Bank | $45,000 | $270,000 | 500.0% | 0.2% |
| PARAGON HOME LOANS INC. | $1,965,000 | $270,000 | -86.3% | 0.2% |
| ROYAL UNITED MORTGAGE LLC | $150,000 | $265,000 | 76.7% | 0.2% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $1,035,000 | $260,000 | -74.9% | 0.2% |
| OWNERSCHOICE FUNDING, INCORPORATED | $250,000 | n/a | 0.2% | |
| Stifel Bank and Trust | $245,000 | n/a | 0.2% | |
| Carrington Mortgage Services, LLC | $135,000 | $230,000 | 70.4% | 0.2% |
| AMWEST FUNDING CORP. | $225,000 | n/a | 0.2% | |
| GUARANTEED RATE, INC. | $190,000 | $215,000 | 13.2% | 0.2% |
| Wells Fargo Bank | $635,000 | $215,000 | -66.1% | 0.2% |
| ABSOLUTE HOME MORTGAGE CORPORATION | $205,000 | n/a | 0.2% | |
| Western Division FCU | $90,000 | $205,000 | 127.8% | 0.2% |
| CREDIT HUMAN FEDERAL CREDIT UNION | $345,000 | $200,000 | -42.0% | 0.2% |
| Univest Bank and Trust Co. | $175,000 | n/a | 0.1% | |
| Ally Bank | $95,000 | $165,000 | 73.7% | 0.1% |
| First National Bank of Pennsylvania | $155,000 | n/a | 0.1% | |
| GREATER WOODLAWN FEDERAL CREDIT UNION | $215,000 | $155,000 | -27.9% | 0.1% |
| NBKC BANK | $145,000 | n/a | 0.1% | |
| Hometown Equity Mortgage, LLC | $135,000 | n/a | 0.1% | |
| Magnolia Bank | $135,000 | n/a | 0.1% | |
| STATE EMPLOYEES FEDERAL CREDIT UNION | $160,000 | $130,000 | -18.8% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $65,000 | $125,000 | 92.3% | 0.1% |
| UTILITIES EMPLOYEES CREDIT UNION | $105,000 | $105,000 | 0.0% | 0.1% |
| Cornerstone Community Federal Credit Union | $670,000 | $75,000 | -88.8% | 0.1% |
| St Joseph's Parish Buffalo Federal Credit Union | $385,000 | $65,000 | -83.1% | 0.1% |
| ALLIANT CREDIT UNION | $55,000 | n/a | 0.0% | |
| Bethpage Federal Credit Union | $55,000 | n/a | 0.0% | |
| Empower Federal Credit Union | $25,000 | $55,000 | 120.0% | 0.0% |
| PENTAGON FEDERAL CREDIT UNION | $55,000 | n/a | 0.0% | |
| Centra Credit Union | $45,000 | n/a | 0.0% | |
| NORTHERN CREDIT UNION | $45,000 | n/a | 0.0% | |
| GREENWOOD | $25,000 | n/a | 0.0% | |
| THE SUMMIT Federal Credit Union | $55,000 | $25,000 | -54.5% | 0.0% |
Olean's top lender by overall market share is Community Bank, with 14.9% market share. In second place, with 10.5%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $13,140,000 in loans. In third place, with 8.6%, is QUICKEN LOANS, LLC, having originated $10,790,000 in loans. In fourth place, with 5.2%, is M&T Bank, having originated $6,560,000 in loans. In fifth place, with 3.8%, is Five Star Bank, having originated $4,785,000 in loans.
Olean, NY Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 492 | $93,420,000 | $189,878 |
| Home Improvement | 131 | $9,445,000 | $72,099 |
| Other | 73 | $6,315,000 | $86,507 |
| Cash Out Refi | 67 | $10,435,000 | $155,746 |
| Refi | 56 | $6,100,000 | $108,929 |
Olean's most frequently cited loan purpose was Home Purchase, with 492 originations. The 2nd most popular reason was Home Improvement, with 131 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 305 | $50,745,000 | $166,377 |
| 7-8% | 240 | $39,990,000 | $166,625 |
| Over 8% | 142 | $14,540,000 | $102,394 |
| 5-6% | 60 | $12,240,000 | $204,000 |
| <2.5% | 21 | $545,000 | $25,952 |
| 4-5% | 4 | $1,900,000 | $475,000 |
| 3-4% | 3 | $205,000 | $68,333 |
During 2024, Olean's most frequently originated rate bucket was 6-7%, with 305 originations.
Loan Sizing (Olean, NY MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 324 | $19,290,000 | $59,537 |
| $100k-200k | 304 | $42,500,000 | $139,803 |
| $200k-400k | 152 | $42,070,000 | $276,776 |
| $400k-600k | 27 | $12,665,000 | $469,074 |
| $600k-1000k | 10 | $7,060,000 | $706,000 |
| $Over $1MM | 2 | $2,130,000 | $1,065,000 |
Olean's loan sizing saw the bucket of loans from $100,000 or less with 324 originations, totaling $19,290,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 353 | $65,105,000 | $184,433 |
| 60-80% | 166 | $33,430,000 | $201,386 |
| 20-40% | 118 | $8,030,000 | $68,051 |
| 40-60% | 81 | $10,085,000 | $124,506 |
| Under 20% | 47 | $2,135,000 | $45,426 |
| Over 100% | 5 | $1,205,000 | $241,000 |
Olean's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 353 originations, totaling $65,105,000 in origination value.