Olean Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Olean averaged 7.17% for the week of 2022-11-23, compared to the national average of 6.58% for the same period.

The average rate for the prior week (2022-11-17) was 7.2% and one month ago for the week of 2022-10-20, the average rate was 7.33%.

Olean's average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-11-23, the average rate was 6.66%.

Loan Type Date Rate
US 30 Year Fixed Rate 2022-11-23 6.58%
Olean 30 Year Fixed Rate 2022-11-23 7.17%
Olean 30 Year Fixed Rate Refi 2022-11-23 6.66%
Olean 15 Year Fixed Rate 2022-11-23 7.01%
Olean 15 Year Fixed Rate Refi 2022-11-23 6.61%
Olean 30 Year FHA 2022-11-23 -0.05%
Olean 30 Year FHA Refi 2022-11-23 0.23%
Olean 30 Year USDA 2022-11-23 0.37%
Olean 30 Year USDA Refi 2022-11-23 -0.46%
Olean 30 Year VA 2022-11-23 0.53%
Olean 30 Year VA Refi 2022-11-23 0.16%
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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Community Bank 103 3.63% $647
QUICKEN LOANS, LLC 49 3.21% $5,376
M&T Bank 35 3.14% $3,516
Premium Mortgage Corporation 31 3.19% $3,107
UNITED WHOLESALE MORTGAGE, LLC 28 3.07% $5,973
KeyBank 23 3.03% $3,478
Northwest Bank 21 3.17% $4,154
1ST PRIORITY MORTGAGE, INC. 18 3.09% $4,116
Five Star Bank 17 3.04% $4,328
HOMESTEAD FUNDING CORP. 14 3.26% $3,169
Wells Fargo Bank 8 3.41% $3,425
HUNT MORTGAGE CORPORATION 8 3.14% $3,321
Farm Credit East, ACA 8 3.78% $6,352
PRIMELENDING, A PLAINSCAPITAL COMPANY 8 3.48% $4,113
MOVEMENT MORTGAGE, LLC 7 3.11% $3,780
Bank of America 7 2.88% $4,486
CALIBER HOME LOANS, INC. 7 3.10% $6,595
LOANDEPOT.COM, LLC 5 3.07% $5,971
Citizens Bank 5 3.40% $4,393
HOME POINT FINANCIAL CORPORATION 4 3.41% $4,534
NEWREZ LLC 4 3.31% $3,449
JPMorgan Chase Bank 4 3.00% $4,676
Mr. Cooper ( Nationstar Mortgage ) 3 3.63% $3,764
OWNERSCHOICE FUNDING, INCORPORATED 3 3.00% $3,986
PARAGON HOME LOANS INC. 3 3.33% $3,804
CNB Bank 3 2.88% $3,609
CROSSCOUNTRY MORTGAGE, LLC 3 3.08% $4,457
NAVY FEDERAL CREDIT UNION 3 3.63% $2,482
Discover Bank 2 5.50% $0
RBC Bank, (Georgia) 2 3.38% $3,471
GREATER WOODLAWN FEDERAL CREDIT UNION 2 3.18% $2,796
First National Bank of Pennsylvania 2 3.06% $4,583
EVERETT FINANCIAL, INC. 2 3.25% $1,663
ROYAL UNITED MORTGAGE LLC 1 4.25% $6,814
AMERICAN FINANCING CORPORATION 1 3.63% $3,699
AMERICU Credit Union 1 3.25% $3,664
BETTER MORTGAGE CORPORATION 1 2.88% $4,480
Chemung Canal Trust Company 1 3.00% $2,600
Empower Federal Credit Union 1 3.00% $4,491
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.00% $3,716
Fifth Third Bank 1 2.99% $4,754
Genesee Regional Bank 1 3.25% $3,627
HOME TOWN FUNDING, INC. 1 2.88% $1,165
HUDSON VALLEY CREDIT UNION 1 2.75% $2,450
KINECTA 1 3.13% $3,386
Morgan Stanley Private Bank 1 2.60% $6,609
Nations Lending Corporation 1 2.88% $7,413
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.50% $6,441
NIAGARA'S CHOICE 1 3.00% $3,113
ONTARIO SHORES 1 3.00% $3,003
PENTAGON FEDERAL CREDIT UNION 1 3.13% $3,452
PLAZA HOME MORTGAGE, INC. 1 2.99% $5,636
PNC Bank 1 3.00% $7,483
PREMIA MORTGAGE, LLC 1 3.38% $0
RELIANCE FIRST CAPITAL, LLC 1 3.25% $4,541
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.13% $3,908
TD Bank 1 3.13% $2,398
The Federal Savings Bank 1 3.13% $4,334
The Genoa Banking Company 1 3.00% $3,458
The Huntington National Bank 1 3.13% $5,186
TOTAL MORTGAGE SERVICES, LLC 1 3.88% $4,061

Olean Average Closing Costs & Other Stats

Olean, NY's 61 lenders originated 1,410 loans during 2021. The total origination value was $204,590,000, with an average loan value of $145,099.

Olean's average closing costs are $3,631.

The top Olean lender as defined by loan originations is Community Bank, with 103 loans originated. Their average total fees are $647, which is $4,729 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Olean lenders (with over 10 loans originated) are Community Bank ($647), Premium Mortgage Corporation ($3,107), HOMESTEAD FUNDING CORP. ($3,169), KeyBank ($3,478) and M&T Bank ($3,516).

The lowest rate Olean lenders (with over 10 loans originated) are KeyBank (3.03%), Five Star Bank (3.04%), UNITED WHOLESALE MORTGAGE, LLC (3.07%), 1ST PRIORITY MORTGAGE, INC. (3.09%) and M&T Bank (3.14%).

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 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
Community Bank $21,270,000 $31,470,000 48.0% 15.4%
QUICKEN LOANS, LLC $15,320,000 $25,260,000 64.9% 12.3%
Manufacturers and Traders Trust Company $11,120,000 $16,835,000 51.4% 8.2%
KeyBank $6,065,000 $9,575,000 57.9% 4.7%
Premium Mortgage Corporation $4,520,000 $8,475,000 87.5% 4.1%
Northwest Bank $7,670,000 $8,310,000 8.3% 4.1%
UNITED WHOLESALE MORTGAGE, LLC $2,300,000 $8,055,000 250.2% 3.9%
Cattaraugus County Bank $6,490,000 $7,650,000 17.9% 3.7%
Five Star Bank $10,650,000 $7,550,000 -29.1% 3.7%
1ST PRIORITY MORTGAGE, INC. $4,825,000 $5,455,000 13.1% 2.7%
HOMESTEAD FUNDING CORP. $3,315,000 $5,430,000 63.8% 2.7%
PARAGON HOME LOANS INC. $5,935,000 $5,235,000 -11.8% 2.6%
Bank of Holland $1,555,000 $3,510,000 125.7% 1.7%
Mortgage Research Center, LLC $1,185,000 $3,480,000 193.7% 1.7%
Bank of America $840,000 $3,075,000 266.1% 1.5%
Farm Credit East, ACA $1,555,000 $2,970,000 91.0% 1.5%
LOANDEPOT.COM, LLC $1,905,000 $2,845,000 49.3% 1.4%
Evans Bank $2,160,000 $2,810,000 30.1% 1.4%
HUNT MORTGAGE CORPORATION $1,950,000 $2,680,000 37.4% 1.3%
Citizens Bank $2,250,000 $2,565,000 14.0% 1.3%
Wells Fargo Bank $1,870,000 $2,515,000 34.5% 1.2%
CALIBER HOME LOANS, INC. $925,000 $2,370,000 156.2% 1.2%
Mr. Cooper ( Nationstar Mortgage ) $1,810,000 $2,145,000 18.5% 1.0%
MOVEMENT MORTGAGE, LLC $1,950,000 n/a 1.0%
CNB Bank $1,440,000 $1,885,000 30.9% 0.9%
PRIMELENDING, A PLAINSCAPITAL COMPANY $2,615,000 $1,830,000 -30.0% 0.9%
Barrington Bank & Trust Company, N.A. $460,000 $1,720,000 273.9% 0.8%
EVERETT FINANCIAL, INC. $1,440,000 $1,155,000 -19.8% 0.6%
NAVY FEDERAL CREDIT UNION $635,000 $1,075,000 69.3% 0.5%
NEWREZ LLC $710,000 $1,075,000 51.4% 0.5%
CROSSCOUNTRY MORTGAGE, LLC $285,000 $1,050,000 268.4% 0.5%
AMERICAN FINANCIAL NETWORK, INC. $55,000 $1,010,000 1,736.4% 0.5%
JPMorgan Chase Bank $1,370,000 $945,000 -31.0% 0.5%
Genesee Regional Bank $205,000 $885,000 331.7% 0.4%
HOME POINT FINANCIAL CORPORATION $1,160,000 $875,000 -24.6% 0.4%
FREEDOM MORTGAGE CORPORATION $325,000 $800,000 146.2% 0.4%
PNC Bank $75,000 $745,000 893.3% 0.4%
RBC Bank, (Georgia) $1,190,000 $670,000 -43.7% 0.3%
Alden State Bank $1,370,000 $625,000 -54.4% 0.3%
First National Bank of Pennsylvania $185,000 $620,000 235.1% 0.3%
OWNERSCHOICE FUNDING, INCORPORATED $205,000 $610,000 197.6% 0.3%
USAA Federal Savings Bank $1,760,000 $610,000 -65.3% 0.3%
PLAZA HOME MORTGAGE, INC. $1,085,000 $605,000 -44.2% 0.3%
The Bank of Castile $1,815,000 $565,000 -68.9% 0.3%
Visio Financial Services Inc. $550,000 n/a 0.3%
Morgan Stanley Private Bank $545,000 n/a 0.3%
HOME TOWN FUNDING, INC. $675,000 $530,000 -21.5% 0.3%
The Juniata Valley Bank $435,000 n/a 0.2%
TD Bank $1,245,000 $425,000 -65.9% 0.2%
Civista Bank $415,000 n/a 0.2%
RELIANCE FIRST CAPITAL, LLC $465,000 $405,000 -12.9% 0.2%
ROUNDPOINT MORTGAGE SERVICING CORPORATION $405,000 n/a 0.2%
AMERICAN FINANCING CORPORATION $375,000 n/a 0.2%
Lake Shore Savings Bank $1,190,000 $375,000 -68.5% 0.2%
21ST MORTGAGE CORPORATION $900,000 $365,000 -59.4% 0.2%
CREDIT HUMAN FEDERAL CREDIT UNION $140,000 $365,000 160.7% 0.2%
ROYAL UNITED MORTGAGE LLC $345,000 $360,000 4.3% 0.2%
STATE EMPLOYEES FEDERAL CREDIT UNION $345,000 n/a 0.2%
The Federal Savings Bank $335,000 n/a 0.2%
DRAPER AND KRAMER MORTGAGE CORP. $315,000 n/a 0.2%
ONTARIO SHORES $305,000 n/a 0.1%
BETTER MORTGAGE CORPORATION $125,000 $295,000 136.0% 0.1%
SERVU FEDERAL CREDIT UNION $290,000 n/a 0.1%
NIAGARA'S CHOICE $285,000 n/a 0.1%
ALLIED MORTGAGE GROUP, INC. $275,000 n/a 0.1%
NATIONWIDE MORTGAGE BANKERS, INC. $265,000 n/a 0.1%
Citizens & Northern Bank $260,000 n/a 0.1%
Empower Federal Credit Union $15,000 $260,000 1,633.3% 0.1%
PREMIA MORTGAGE, LLC $165,000 $255,000 54.5% 0.1%
Third Federal Savings and Loan Association of Cleveland $155,000 $255,000 64.5% 0.1%
The Huntington National Bank $155,000 $245,000 58.1% 0.1%
U.S. Bank $175,000 $245,000 40.0% 0.1%
Discover Bank $55,000 $235,000 327.3% 0.1%
Fifth Third Bank $355,000 $225,000 -36.6% 0.1%
GREATER WOODLAWN FEDERAL CREDIT UNION $215,000 $220,000 2.3% 0.1%
AMERICU Credit Union $205,000 n/a 0.1%
The Genoa Banking Company $205,000 n/a 0.1%
PENTAGON FEDERAL CREDIT UNION $195,000 $195,000 0.0% 0.1%
Bank of England $820,000 $190,000 -76.8% 0.1%
AMERICAN FINANCIAL RESOURCES, INC. $175,000 n/a 0.1%
KINECTA $175,000 n/a 0.1%
Nations Lending Corporation $165,000 n/a 0.1%
North American Savings Bank, F.S.B. $175,000 $155,000 -11.4% 0.1%
HUDSON VALLEY CREDIT UNION $145,000 n/a 0.1%
TOTAL MORTGAGE SERVICES, LLC $135,000 n/a 0.1%
Chemung Canal Trust Company $125,000 n/a 0.1%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $105,000 n/a 0.1%
CCFCU FUNDING, LLC $55,000 $95,000 72.7% 0.0%
Equity Prime Mortgage LLC $95,000 n/a 0.0%
FIRST CREDIT CORPORATION OF NEW YORK, INC. $70,000 n/a 0.0%
ARC HOME LLC $65,000 n/a 0.0%
Carrington Mortgage Services, LLC $315,000 $55,000 -82.5% 0.0%
HSBC BANK USA, NATIONAL ASSOCIATION $110,000 $55,000 -50.0% 0.0%
TRIAD FINANCIAL SERVICES, INC. $90,000 $45,000 -50.0% 0.0%
AMERICAN ADVISORS GROUP $55,000 $35,000 -36.4% 0.0%
CAPITAL COMMUNICATIONS Federal Credit Union $35,000 n/a 0.0%
The Canandaigua National Bank and Trust Company $1,450,000 $35,000 -97.6% 0.0%

Olean's top lender by overall market share is Community Bank, with 15.4% market share. In second place, with 12.3%, is QUICKEN LOANS, LLC, having originated $25,260,000 in loans. In third place, with 8.2%, is Manufacturers and Traders Trust Company, having originated $16,835,000 in loans. In fourth place, with 4.7%, is KeyBank, having originated $9,575,000 in loans. In fifth place, with 4.1%, is Premium Mortgage Corporation, having originated $8,475,000 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 $131,686 (2.1%) $208,028 (-0.2%) 0.00 406
2019-04-01 $148,650 (17.5%) $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 $143,445 (13.8%) $209,050 (6.2%) 0.00 423
2019-09-01 $144,264 (20.2%) $211,533 (10.4%) 0.00 423
2019-10-01 $141,859 (17.0%) $210,811 (11.2%) 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 (16.8%) $225,375 (8.3%) 0.00 338
2020-04-01 $158,250 (6.5%) $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 (17.8%) $234,502 (12.2%) 0.00 276
2020-09-01 $143,150 (-0.8%) $229,320 (8.4%) 0.00 264
2020-10-01 $138,450 (-2.4%) $235,427 (11.7%) 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
Olean's median listing price for 2022-10-01 was $131,500, a difference of $-5,000 (-3.7%) versus the prior year and $6,525 versus the prior month.

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

Olean's average listing price for 2022-10-01 was $188,803, a difference of $-19,693 (-9.5%) versus the prior year and $-1,855 versus the prior month.

For the 2022-10-01 period, Olean had 143 MLS listings, a difference of -3 listings (-2%) versus the prior month and -14 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 1,665 sqft
2019-04-01 0 days 1,670 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 1,660 sqft
2019-09-01 0 days 1,672 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 1,572 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
Olean's median listing age (time on market) for 2022-10-01 was 0 days.

Olean's median square footage for active listings during the 2022-10-01 period was 1,536 sqft. One year prior, the average listing was 1,688 sqft.

Olean, NY Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 766 $126,650,000 $165,339
Refi 368 $46,870,000 $127,364
Cash Out Refi 151 $22,175,000 $146,854
Home Improvement 82 $5,270,000 $64,268
Other 43 $3,625,000 $84,302

Olean's most frequently cited loan purpose was Home Purchase, with 766 originations. The 2nd most popular reason was Refi, with 368 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
3-4% 619 $83,155,000 $134,338
2.5-3% 428 $69,880,000 $163,271
<2.5% 156 $23,120,000 $148,205
4-5% 72 $9,250,000 $128,472
6-7% 18 $1,110,000 $61,667
5-6% 15 $1,565,000 $104,333
7-8% 5 $165,000 $33,000
Over 8% 3 $85,000 $28,333

During 2021, Olean's most frequently originated rate bucket was 3-4%, with 619 originations.

Loan Sizing (Olean, NY MSA)

Loan Size Originations Total Value Average Loan
$100,000 or less 597 $38,305,000 $64,162
$100k-200k 493 $68,815,000 $139,584
$200k-400k 274 $74,470,000 $271,788
$400k-600k 40 $19,010,000 $475,250
$600k-1000k 6 $3,990,000 $665,000

Olean's loan sizing saw the bucket of loans from $100,000 or less with 597 originations, totaling $38,305,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 620 $96,130,000 $155,048
60-80% 399 $67,235,000 $168,509
40-60% 162 $15,360,000 $94,815
20-40% 82 $5,970,000 $72,805
Under 20% 35 $985,000 $28,143
Over 100% 7 $1,265,000 $180,714

Olean's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 620 originations, totaling $96,130,000 in origination value.