Olean Mortgage Rates & Closing Costs

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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 Olean averaged 6.16% for the week of 2023-05-25, compared to the national average of 6.57% for the same period.

    The average rate for the prior week (2023-05-18) was 6.18% and one month ago for the week of 2023-04-20, the average rate was 6.38%.

    Olean's average rate one year ago was 4.84%.

    For refis of the same type during the week of 2023-05-25, the average rate was 6.67%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-05-25 6.57%
    Olean 30 Year Fixed Rate 2023-05-25 6.16%
    Olean 30 Year Fixed Rate Refi 2023-05-25 6.67%
    Olean 15 Year Fixed Rate 2023-05-25 5.77%
    Olean 15 Year Fixed Rate Refi 2023-05-25 5.97%
    Olean 30 Year FHA 2023-05-25 6.07%
    Olean 30 Year FHA Refi 2023-05-25 6.61%
    Olean 30 Year USDA 2023-05-25 6.43%
    Olean 30 Year USDA Refi 2023-05-25 6.43%
    Olean 30 Year VA 2023-05-25 6.21%
    Olean 30 Year VA Refi 2023-05-25 6.41%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Olean, NY.

    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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Community Bank 66 5.27% $698
    QUICKEN LOANS, LLC 35 5.19% $6,033
    M&T Bank 26 4.68% $4,811
    UNITED WHOLESALE MORTGAGE, LLC 24 5.33% $7,125
    Five Star Bank 19 5.13% $3,216
    Premium Mortgage Corporation 19 4.70% $4,389
    1ST PRIORITY MORTGAGE, INC. 16 5.29% $4,427
    HOMESTEAD FUNDING CORP. 15 5.25% $3,538
    KeyBank 13 4.04% $5,484
    Northwest Bank 13 4.91% $5,883
    Farm Credit East, ACA 11 5.14% $6,119
    HUNT MORTGAGE CORPORATION 8 5.14% $4,938
    Wells Fargo Bank 8 5.22% $3,820
    CROSSCOUNTRY MORTGAGE, LLC 7 3.79% $7,359
    MOVEMENT MORTGAGE, LLC 5 6.35% $3,925
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.35% $3,876
    Evans Bank 4 5.69% $5,143
    RBC Bank, (Georgia) 4 4.81% $2,984
    Mr. Cooper ( Nationstar Mortgage ) 4 5.50% $5,295
    EVERETT FINANCIAL, INC. 3 4.92% $2,399
    CNB Bank 3 4.04% $6,909
    Bank of America 3 4.79% $3,544
    JPMorgan Chase Bank 2 6.81% $4,753
    TD Bank 2 3.69% $9,752
    CALIBER HOME LOANS, INC. 2 4.38% $4,434
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.74% $5,849
    PNC Bank 2 3.31% $8,168
    Flagstar Bank, FSB 1 3.57% $3,219
    FIRST HERITAGE FEDERAL CREDIT UNION 1 2.88% $3,102
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION 1 3.38% $2,881
    NAVY FEDERAL CREDIT UNION 1 6.50% $2,399
    NBKC BANK 1 6.25% $6,343
    NEWREZ LLC 1 4.99% $3,058
    Northpointe Bank 1 5.63% $11,437
    BETTER MORTGAGE CORPORATION 1 6.50% $7,670
    OWNERSCHOICE FUNDING, INCORPORATED 1 5.25% $3,403
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $5,679
    Bank of England 1 6.38% $5,121
    FINANCE OF AMERICA MORTGAGE LLC 1 3.13% $5,779
    Empower Federal Credit Union 1 5.63% $5,280
    SEFCU SERVICES, LLC 1 5.13% $5,140
    Tompkins Trust Company 1 5.00% $2,957
    FREEDOM MORTGAGE CORPORATION 1 5.25% $8,982
    HOME POINT FINANCIAL CORPORATION 1 3.25% $4,714
    Genesee Regional Bank 1 5.88% $5,161
    21ST MORTGAGE CORPORATION 1 6.70% $7,201
    Citibank 1 2.75% $6,739
    LOANDEPOT.COM, LLC 1 4.99% $4,302
    MLD MORTGAGE INC. 1 5.63% $4,064

    Olean Average Closing Costs & Other Stats

    Olean, NY's 49 lenders originated 1,066 loans during 2022. The total origination value was $175,970,000, with an average loan value of $165,075.

    Olean's average closing costs are $3,888.

    The top Olean lender as defined by loan originations is Community Bank, with 66 loans originated. Their average total fees are $698, which is $5,335 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Olean lenders (with over 10 loans originated) are Community Bank ($698), Five Star Bank ($3,216), HOMESTEAD FUNDING CORP. ($3,538), Premium Mortgage Corporation ($4,389) and 1ST PRIORITY MORTGAGE, INC. ($4,427).

    The lowest rate Olean lenders (with over 10 loans originated) are KeyBank (4.04%), M&T Bank (4.68%), Premium Mortgage Corporation (4.70%), Northwest Bank (4.91%) and Five Star Bank (5.13%).

    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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    Community Bank $31,470,000 $40,540,000 28.8% 23.0%
    QUICKEN LOANS, LLC $25,260,000 $16,680,000 -34.0% 9.5%
    M&T Bank $16,835,000 $10,975,000 -34.8% 6.2%
    UNITED WHOLESALE MORTGAGE, LLC $8,055,000 $7,755,000 -3.7% 4.4%
    KeyBank $9,575,000 $7,225,000 -24.5% 4.1%
    Five Star Bank $7,550,000 $6,980,000 -7.5% 4.0%
    Northwest Bank $8,310,000 $5,850,000 -29.6% 3.3%
    Premium Mortgage Corporation $8,475,000 $4,880,000 -42.4% 2.8%
    Cattaraugus County Bank $7,650,000 $4,560,000 -40.4% 2.6%
    1ST PRIORITY MORTGAGE, INC. $5,455,000 $4,170,000 -23.6% 2.4%
    HOMESTEAD FUNDING CORP. $5,430,000 $4,125,000 -24.0% 2.3%
    CROSSCOUNTRY MORTGAGE, LLC $1,050,000 $4,005,000 281.4% 2.3%
    CNB Bank $1,885,000 $3,455,000 83.3% 2.0%
    EVERETT FINANCIAL, INC. $1,155,000 $3,380,000 192.6% 1.9%
    Farm Credit East, ACA $2,970,000 $3,260,000 9.8% 1.9%
    Mortgage Research Center, LLC $3,480,000 $2,795,000 -19.7% 1.6%
    Lake Shore Savings Bank $375,000 $2,440,000 550.7% 1.4%
    HUNT MORTGAGE CORPORATION $2,680,000 $2,265,000 -15.5% 1.3%
    Citizens Bank $2,565,000 $1,940,000 -24.4% 1.1%
    Bank of Holland $3,510,000 $1,920,000 -45.3% 1.1%
    HOME TOWN FUNDING, INC. $530,000 $1,755,000 231.1% 1.0%
    PARAGON HOME LOANS INC. $5,235,000 $1,675,000 -68.0% 1.0%
    Wells Fargo Bank $2,515,000 $1,660,000 -34.0% 0.9%
    Evans Bank $2,810,000 $1,605,000 -42.9% 0.9%
    The Juniata Valley Bank $435,000 $1,575,000 262.1% 0.9%
    Alden State Bank $625,000 $1,570,000 151.2% 0.9%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $1,830,000 $1,570,000 -14.2% 0.9%
    MOVEMENT MORTGAGE, LLC $1,950,000 $1,510,000 -22.6% 0.9%
    RBC Bank, (Georgia) $670,000 $1,385,000 106.7% 0.8%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $105,000 $1,325,000 1,161.9% 0.8%
    21ST MORTGAGE CORPORATION $365,000 $1,135,000 211.0% 0.6%
    Bank of America $3,075,000 $1,130,000 -63.3% 0.6%
    FINANCE OF AMERICA MORTGAGE LLC $990,000 n/a 0.6%
    LOANDEPOT.COM, LLC $2,845,000 $955,000 -66.4% 0.5%
    TD Bank $425,000 $900,000 111.8% 0.5%
    USAA Federal Savings Bank $610,000 $900,000 47.5% 0.5%
    CALIBER HOME LOANS, INC. $2,370,000 $810,000 -65.8% 0.5%
    Mr. Cooper ( Nationstar Mortgage ) $2,145,000 $780,000 -63.6% 0.4%
    Barrington Bank & Trust Company, N.A. $1,720,000 $735,000 -57.3% 0.4%
    Western Division FCU $725,000 n/a 0.4%
    Dollar Bank, Federal Savings Bank $615,000 n/a 0.3%
    Flagstar Bank, FSB $595,000 n/a 0.3%
    Northpointe Bank $570,000 n/a 0.3%
    PLAZA HOME MORTGAGE, INC. $605,000 $545,000 -9.9% 0.3%
    Bank of England $190,000 $540,000 184.2% 0.3%
    PNC Bank $745,000 $480,000 -35.6% 0.3%
    TEACHERS $465,000 n/a 0.3%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $445,000 n/a 0.3%
    Carrington Mortgage Services, LLC $55,000 $415,000 654.5% 0.2%
    Tompkins Trust Company $385,000 n/a 0.2%
    Citibank $375,000 n/a 0.2%
    JPMorgan Chase Bank $945,000 $375,000 -60.3% 0.2%
    RELIANCE FIRST CAPITAL, LLC $405,000 $360,000 -11.1% 0.2%
    Genesee Regional Bank $885,000 $355,000 -59.9% 0.2%
    FREEDOM MORTGAGE CORPORATION $800,000 $350,000 -56.3% 0.2%
    Empower Federal Credit Union $260,000 $320,000 23.1% 0.2%
    HOME POINT FINANCIAL CORPORATION $875,000 $320,000 -63.4% 0.2%
    NBKC BANK $310,000 n/a 0.2%
    Chemung Canal Trust Company $125,000 $305,000 144.0% 0.2%
    U.S. Bank $245,000 $295,000 20.4% 0.2%
    The Upstate National Bank $285,000 n/a 0.2%
    THE SUMMIT Federal Credit Union $280,000 n/a 0.2%
    EMBRACE HOME LOANS, INC. $235,000 n/a 0.1%
    TRIAD FINANCIAL SERVICES, INC. $45,000 $235,000 422.2% 0.1%
    NAVY FEDERAL CREDIT UNION $1,075,000 $220,000 -79.5% 0.1%
    The Canandaigua National Bank and Trust Company $35,000 $205,000 485.7% 0.1%
    GUARANTEED RATE, INC. $190,000 n/a 0.1%
    MORTGAGE ACCESS CORP. $185,000 n/a 0.1%
    CCFCU FUNDING, LLC $95,000 $180,000 89.5% 0.1%
    City National Bank $175,000 n/a 0.1%
    BETTER MORTGAGE CORPORATION $295,000 $155,000 -47.5% 0.1%
    SEFCU SERVICES, LLC $155,000 n/a 0.1%
    Discover Bank $235,000 $150,000 -36.2% 0.1%
    MLD MORTGAGE INC. $145,000 n/a 0.1%
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION $125,000 n/a 0.1%
    PENNYMAC LOAN SERVICES, LLC $105,000 n/a 0.1%
    FIRST HERITAGE FEDERAL CREDIT UNION $85,000 n/a 0.0%
    OWNERSCHOICE FUNDING, INCORPORATED $610,000 $85,000 -86.1% 0.0%
    Ballston Spa National Bank $75,000 n/a 0.0%
    FIRST CREDIT CORPORATION OF NEW YORK, INC. $70,000 $75,000 7.1% 0.0%
    STATE EMPLOYEES FEDERAL CREDIT UNION $345,000 $70,000 -79.7% 0.0%
    NEWREZ LLC $1,075,000 $55,000 -94.9% 0.0%
    AMERICU Credit Union $205,000 $45,000 -78.0% 0.0%
    SERVU FEDERAL CREDIT UNION $290,000 $45,000 -84.5% 0.0%
    CAPITAL COMMUNICATIONS Federal Credit Union $35,000 $25,000 -28.6% 0.0%
    Great Erie Federal Credit Union $25,000 n/a 0.0%
    Home Loan Investment Bank, F.S.B. $25,000 n/a 0.0%
    St Joseph's Parish Buffalo Federal Credit Union $25,000 n/a 0.0%

    Olean's top lender by overall market share is Community Bank, with 23.0% market share. In second place, with 9.5%, is QUICKEN LOANS, LLC, having originated $16,680,000 in loans. In third place, with 6.2%, is M&T Bank, having originated $10,975,000 in loans. In fourth place, with 4.4%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $7,755,000 in loans. In fifth place, with 4.1%, is KeyBank, having originated $7,225,000 in loans.

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

    Realtor.com - Olean (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 $119,900 (1.2%) $195,421 (7.9%) 0.00 510
    2018-02-01 $124,950 (5.4%) $205,276 (14.5%) 0.00 495
    2018-03-01 $129,000 (7.6%) $208,412 (11.7%) 0.00 482
    2018-04-01 $126,475 (5.5%) $205,997 (9.7%) 0.00 476
    2018-05-01 $125,000 (4.2%) $202,300 (8.2%) 0.00 497
    2018-06-01 $124,450 (2.5%) $201,141 (7.7%) 0.00 537
    2018-07-01 $127,950 (2.9%) $200,751 (7.0%) 0.00 559
    2018-08-01 $126,100 (1.0%) $196,875 (3.0%) 0.00 571
    2018-09-01 $120,000 (-4.7%) $191,557 (-2.5%) 0.00 553
    2018-10-01 $121,225 (-2.9%) $189,629 (-4.7%) 0.00 539
    2018-11-01 $119,900 (-1.6%) $186,119 (-7.1%) 0.00 523
    2018-12-01 $119,900 (-1.6%) $187,835 (-8.3%) 0.00 478
    2019-01-01 $119,900 (0.0%) $191,506 (-2.0%) 0.00 444
    2019-02-01 $119,900 (-4.0%) $195,272 (-4.9%) 0.00 434
    2019-03-01 $139,900 (8.5%) $214,169 (2.8%) 0.00 397
    2019-04-01 $149,450 (18.2%) $220,052 (6.8%) 0.00 377
    2019-05-01 $145,950 (16.8%) $214,825 (6.2%) 0.00 382
    2019-06-01 $144,900 (16.4%) $211,615 (5.2%) 0.00 408
    2019-07-01 $139,900 (9.3%) $206,967 (3.1%) 0.00 426
    2019-08-01 $144,900 (14.9%) $209,431 (6.4%) 0.00 419
    2019-09-01 $144,975 (20.8%) $210,298 (9.8%) 0.00 416
    2019-10-01 $141,950 (17.1%) $210,355 (10.9%) 0.00 424
    2019-11-01 $131,950 (10.1%) $206,454 (10.9%) 0.00 405
    2019-12-01 $135,475 (13.0%) $212,417 (13.1%) 0.00 386
    2020-01-01 $154,950 (29.2%) $229,290 (19.7%) 0.00 353
    2020-02-01 $157,500 (31.4%) $228,850 (17.2%) 0.00 345
    2020-03-01 $153,750 (9.9%) $225,375 (5.2%) 0.00 338
    2020-04-01 $158,250 (5.9%) $229,055 (4.1%) 0.00 318
    2020-05-01 $164,900 (13.0%) $229,797 (7.0%) 0.00 321
    2020-06-01 $169,500 (17.0%) $226,567 (7.1%) 0.00 303
    2020-07-01 $162,450 (16.1%) $225,541 (9.0%) 0.00 287
    2020-08-01 $168,900 (16.6%) $234,502 (12.0%) 0.00 276
    2020-09-01 $143,150 (-1.3%) $229,320 (9.1%) 0.00 264
    2020-10-01 $138,450 (-2.5%) $235,427 (11.9%) 0.00 246
    2020-11-01 $132,400 (0.3%) $230,408 (11.6%) 0.00 219
    2020-12-01 $127,075 (-6.2%) $229,241 (7.9%) 0.00 205
    2021-01-01 $135,000 (-12.9%) $239,274 (4.4%) 0.00 181
    2021-02-01 $121,500 (-22.9%) $239,160 (4.5%) 0.00 158
    2021-03-01 $125,950 (-18.1%) $243,992 (8.3%) 0.00 135
    2021-04-01 $137,500 (-13.1%) $239,839 (4.7%) 0.00 129
    2021-05-01 $127,000 (-23.0%) $226,245 (-1.6%) 0.00 126
    2021-06-01 $127,200 (-25.0%) $221,699 (-2.2%) 0.00 142
    2021-07-01 $137,000 (-15.7%) $213,951 (-5.1%) 0.00 161
    2021-08-01 $139,900 (-17.2%) $211,305 (-9.9%) 0.00 157
    2021-09-01 $131,450 (-8.2%) $206,635 (-9.9%) 0.00 158
    2021-10-01 $136,500 (-1.4%) $208,496 (-11.4%) 0.00 157
    2021-11-01 $128,000 (-3.3%) $214,882 (-6.7%) 0.00 146
    2021-12-01 $121,500 (-4.4%) $213,552 (-6.8%) 0.00 136
    2022-01-01 $115,000 (-14.8%) $215,998 (-9.7%) 0.00 119
    2022-02-01 $125,000 (2.9%) $202,644 (-15.3%) 0.00 96
    2022-03-01 $121,225 (-3.8%) $196,827 (-19.3%) 0.00 100
    2022-04-01 $124,900 (-9.2%) $220,417 (-8.1%) 0.00 105
    2022-05-01 $122,400 (-3.6%) $219,545 (-3.0%) 0.00 112
    2022-06-01 $129,900 (2.1%) $225,092 (1.5%) 0.00 125
    2022-07-01 $149,000 (8.8%) $207,062 (-3.2%) 0.00 143
    2022-08-01 $133,425 (-4.6%) $204,577 (-3.2%) 0.00 149
    2022-09-01 $124,975 (-4.9%) $190,658 (-7.7%) 0.00 146
    2022-10-01 $131,500 (-3.7%) $188,803 (-9.5%) 0.00 143
    2022-11-01 $121,475 (-5.1%) $176,853 (-17.7%) 0.00 143
    2022-12-01 $112,400 (-7.5%) $183,970 (-13.9%) 0.00 123
    2023-01-01 $113,650 (-1.2%) $193,397 (-10.5%) 0.00 112
    2023-02-01 $119,730 (-4.2%) $216,983 (7.1%) 0.00 116
    2023-03-01 $128,675 (6.2%) $237,584 (20.7%) 0.00 109
    2023-04-01 $125,000 (0.1%) $223,681 (1.5%) 0.00 96
    Olean's median listing price for 2023-04-01 was $125,000, a difference of $100 (0.1%) versus the prior year and $-3,675 versus the prior month.

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

    Olean's average listing price for 2023-04-01 was $223,681, a difference of $3,264 (1.5%) versus the prior year and $-13,903 versus the prior month.

    For the 2023-04-01 period, Olean had 96 MLS listings, a difference of -13 listings (-12%) versus the prior month and -9 listings (-9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Olean (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,598 sqft
    2018-02-01 0 days 1,589 sqft
    2018-03-01 0 days 1,603 sqft
    2018-04-01 0 days 1,641 sqft
    2018-05-01 0 days 1,617 sqft
    2018-06-01 0 days 1,622 sqft
    2018-07-01 0 days 1,648 sqft
    2018-08-01 0 days 1,622 sqft
    2018-09-01 0 days 1,620 sqft
    2018-10-01 0 days 1,617 sqft
    2018-11-01 0 days 1,619 sqft
    2018-12-01 0 days 1,621 sqft
    2019-01-01 0 days 1,600 sqft
    2019-02-01 0 days 1,598 sqft
    2019-03-01 0 days 1,700 sqft
    2019-04-01 0 days 1,677 sqft
    2019-05-01 0 days 1,673 sqft
    2019-06-01 0 days 1,626 sqft
    2019-07-01 0 days 1,633 sqft
    2019-08-01 0 days 1,642 sqft
    2019-09-01 0 days 1,680 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,680 sqft
    2019-12-01 0 days 1,680 sqft
    2020-01-01 0 days 1,708 sqft
    2020-02-01 0 days 1,714 sqft
    2020-03-01 0 days 1,706 sqft
    2020-04-01 0 days 1,706 sqft
    2020-05-01 0 days 1,677 sqft
    2020-06-01 0 days 1,679 sqft
    2020-07-01 0 days 1,677 sqft
    2020-08-01 0 days 1,680 sqft
    2020-09-01 0 days 1,611 sqft
    2020-10-01 0 days 1,624 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,575 sqft
    2021-01-01 0 days 1,624 sqft
    2021-02-01 0 days 1,548 sqft
    2021-03-01 0 days 1,546 sqft
    2021-04-01 0 days 1,548 sqft
    2021-05-01 0 days 1,483 sqft
    2021-06-01 0 days 1,523 sqft
    2021-07-01 0 days 1,584 sqft
    2021-08-01 0 days 1,653 sqft
    2021-09-01 0 days 1,692 sqft
    2021-10-01 0 days 1,688 sqft
    2021-11-01 0 days 1,551 sqft
    2021-12-01 0 days 1,544 sqft
    2022-01-01 0 days 1,470 sqft
    2022-02-01 0 days 1,373 sqft
    2022-03-01 0 days 1,466 sqft
    2022-04-01 0 days 1,454 sqft
    2022-05-01 0 days 1,450 sqft
    2022-06-01 0 days 1,527 sqft
    2022-07-01 0 days 1,573 sqft
    2022-08-01 0 days 1,617 sqft
    2022-09-01 0 days 1,566 sqft
    2022-10-01 0 days 1,536 sqft
    2022-11-01 0 days 1,437 sqft
    2022-12-01 0 days 1,440 sqft
    2023-01-01 0 days 1,428 sqft
    2023-02-01 0 days 1,454 sqft
    2023-03-01 0 days 1,499 sqft
    2023-04-01 0 days 1,438 sqft
    Olean's median listing age (time on market) for 2023-04-01 was 0 days.

    Olean's median square footage for active listings during the 2023-04-01 period was 1,438 sqft. One year prior, the average listing was 1,454 sqft.

    Olean, NY Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 641 $106,715,000 $166,482
    Refi 154 $38,230,000 $248,247
    Home Improvement 103 $6,995,000 $67,913
    Cash Out Refi 103 $16,225,000 $157,524
    Other 65 $7,805,000 $120,077

    Olean's most frequently cited loan purpose was Home Purchase, with 641 originations. The 2nd most popular reason was Refi, with 154 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 260 $36,390,000 $139,962
    3-4% 226 $32,140,000 $142,212
    4-5% 211 $33,365,000 $158,128
    6-7% 134 $21,400,000 $159,701
    <2.5% 60 $7,070,000 $117,833
    7-8% 39 $4,725,000 $121,154
    2.5-3% 37 $26,255,000 $709,595
    Over 8% 15 $1,105,000 $73,667

    During 2022, Olean's most frequently originated rate bucket was 5-6%, with 260 originations.

    Loan Sizing (Olean, NY MSA)

    Loan Size Originations Total Value Average Loan
    $100,000 or less 443 $28,575,000 $64,503
    $100k-200k 391 $54,975,000 $140,601
    $200k-400k 192 $52,090,000 $271,302
    $400k-600k 32 $15,270,000 $477,188
    $600k-1000k 5 $3,875,000 $775,000
    $Over $1MM 3 $21,185,000 $7,061,667

    Olean's loan sizing saw the bucket of loans from $100,000 or less with 443 originations, totaling $28,575,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 493 $79,895,000 $162,059
    60-80% 240 $59,890,000 $249,542
    40-60% 106 $13,440,000 $126,792
    20-40% 94 $6,190,000 $65,851
    Under 20% 41 $1,385,000 $33,780
    Over 100% 7 $1,365,000 $195,000

    Olean's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 493 originations, totaling $79,895,000 in origination value.