Portales Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Portales averaged 6.47% 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 6.39% and one month ago for the week of 2023-04-20, the average rate was 6.29%.

    Portales's average rate one year ago was 5.25%.

    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%
    Portales 30 Year Fixed Rate 2023-05-25 6.47%
    Portales 30 Year Fixed Rate Refi 2023-05-25 6.67%
    Portales 15 Year Fixed Rate 2023-05-25 5.87%
    Portales 15 Year Fixed Rate Refi 2023-05-25 6.57%
    Portales 30 Year FHA 2023-05-25 6.41%
    Portales 30 Year FHA Refi 2023-05-25 6.71%
    Portales 30 Year USDA 2023-05-25 6.63%
    Portales 30 Year USDA Refi 2023-05-25 6.43%
    Portales 30 Year VA 2023-05-25 6.21%
    Portales 30 Year VA Refi 2023-05-25 6.21%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Portales, NM.

    Portales 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 Portales, 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.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    PRIMARY RESIDENTIAL MORTGAGE, INC. 28 5.55% $4,099
    QUICKEN LOANS, LLC 7 4.82% $6,188
    U.S. Bank 4 5.06% $3,272
    Bell Bank 4 4.38% $2,229
    UNITED WHOLESALE MORTGAGE, LLC 3 5.25% $3,384
    Mortgage Research Center, LLC 3 5.96% $2,818
    ANGEL OAK MORTGAGE SOLUTIONS LLC 2 4.75% $4,981
    First Financial Credit Union 2 4.00% $4,196
    Flagstar Bank, FSB 2 5.04% $3,389
    Gateway First Bank 2 5.31% $4,660
    Wells Fargo Bank 2 4.38% $1,208
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.25% $4,214
    NAVY FEDERAL CREDIT UNION 1 5.75% $1,474
    NEWREZ LLC 1 4.38% $3,312
    North American Savings Bank, F.S.B. 1 5.50% $1,427
    NUSENDA 1 4.13% $2,337
    First Bank & Trust 1 4.63% $2,027
    CROSSCOUNTRY MORTGAGE, LLC 1 7.45% $2,474
    The Huntington National Bank 1 3.50% $4,163
    UNION HOME MORTGAGE CORP. 1 3.63% $3,980
    BROKER SOLUTIONS, INC. 1 6.63% $6,152
    USAA Federal Savings Bank 1 6.88% $3,287
    Bank of America 1 7.00% $5,101
    Waterstone Mortgage Corporation 1 4.50% $3,476
    GUARANTEED RATE, INC. 1 6.25% $4,802

    Portales Average Closing Costs & Other Stats

    Portales, NM's 25 lenders originated 260 loans during 2022. The total origination value was $40,410,000, with an average loan value of $155,423.

    Portales's average closing costs are $4,602.

    The top Portales lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 28 loans originated. Their average total fees are $4,099, which is $2,090 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Portales lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($4,099), .

    The lowest rate Portales lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. (5.55%), .

    Portales, 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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    PRIMARY RESIDENTIAL MORTGAGE, INC. $19,680,000 $11,480,000 -41.7% 28.4%
    Bell Bank $3,185,000 $3,605,000 13.2% 8.9%
    Mortgage Research Center, LLC $3,375,000 $2,835,000 -16.0% 7.0%
    USAA Federal Savings Bank $1,285,000 $2,370,000 84.4% 5.9%
    QUICKEN LOANS, LLC $4,980,000 $2,355,000 -52.7% 5.8%
    UNITED WHOLESALE MORTGAGE, LLC $680,000 $1,350,000 98.5% 3.3%
    Mr. Cooper ( Nationstar Mortgage ) $960,000 $1,020,000 6.3% 2.5%
    FREEDOM MORTGAGE CORPORATION $2,340,000 $960,000 -59.0% 2.4%
    UNION HOME MORTGAGE CORP. $235,000 $750,000 219.1% 1.9%
    21ST MORTGAGE CORPORATION $545,000 $725,000 33.0% 1.8%
    U.S. Bank $1,335,000 $665,000 -50.2% 1.6%
    GUARANTEED RATE, INC. $185,000 $660,000 256.8% 1.6%
    Wells Fargo Bank $1,320,000 $630,000 -52.3% 1.6%
    FINANCE OF AMERICA MORTGAGE LLC $610,000 n/a 1.5%
    First Financial Credit Union $575,000 n/a 1.4%
    ANGEL OAK MORTGAGE SOLUTIONS LLC $535,000 n/a 1.3%
    NAVY FEDERAL CREDIT UNION $415,000 $535,000 28.9% 1.3%
    MORTGAGE SOLUTIONS OF COLORADO, LLC $510,000 n/a 1.3%
    New Mexico Bank & Trust $505,000 $485,000 -4.0% 1.2%
    NBKC BANK $75,000 $450,000 500.0% 1.1%
    MICHIGAN MUTUAL, INC. $550,000 $375,000 -31.8% 0.9%
    NEWREZ LLC $250,000 $375,000 50.0% 0.9%
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP $350,000 n/a 0.9%
    Barrington Bank & Trust Company, N.A. $370,000 $320,000 -13.5% 0.8%
    Flagstar Bank, FSB $310,000 n/a 0.8%
    Gateway First Bank $305,000 n/a 0.8%
    Prosperity Home Mortgage, LLC $105,000 $285,000 171.4% 0.7%
    North American Savings Bank, F.S.B. $440,000 $265,000 -39.8% 0.7%
    SOUTHWEST STAGE FUNDING, LLC $235,000 n/a 0.6%
    BROKER SOLUTIONS, INC. $905,000 $230,000 -74.6% 0.6%
    MUTUAL OF OMAHA MORTGAGE, INC. $220,000 n/a 0.5%
    Northpointe Bank $205,000 n/a 0.5%
    RANLIFE, INC. $205,000 n/a 0.5%
    Citizens Bank $125,000 $195,000 56.0% 0.5%
    CROSSCOUNTRY MORTGAGE, LLC $195,000 n/a 0.5%
    GUILD MORTGAGE COMPANY $230,000 $195,000 -15.2% 0.5%
    LOANPAL, LLC $280,000 $195,000 -30.4% 0.5%
    NUSENDA $190,000 n/a 0.5%
    MOVEMENT MORTGAGE, LLC $175,000 $185,000 5.7% 0.5%
    M&T Bank $155,000 $185,000 19.4% 0.5%
    Paramount Residential Mortgage Group, Inc. $165,000 n/a 0.4%
    MID AMERICA MORTGAGE, INC. $85,000 $155,000 82.4% 0.4%
    Plains Commerce Bank $155,000 n/a 0.4%
    Bank of America $150,000 n/a 0.4%
    Mid-Continent Funding, Inc. $145,000 n/a 0.4%
    The Huntington National Bank $145,000 n/a 0.4%
    Wyndham Capital Mortgage, Inc. $145,000 n/a 0.4%
    Waterstone Mortgage Corporation $140,000 $140,000 0.0% 0.3%
    CHURCHILL MORTGAGE CORPORATION $260,000 $135,000 -48.1% 0.3%
    First Guaranty Mortgage Corporation $135,000 n/a 0.3%
    PENNYMAC LOAN SERVICES, LLC $920,000 $135,000 -85.3% 0.3%
    Alliance Credit Union $125,000 n/a 0.3%
    LEGACY MORTGAGE LLC $120,000 n/a 0.3%
    JPMorgan Chase Bank $225,000 $105,000 -53.3% 0.3%
    Nations Lending Corporation $95,000 n/a 0.2%
    AMERICAN ADVISORS GROUP $70,000 n/a 0.2%
    FirstBank Southwest $65,000 n/a 0.2%
    First Bank & Trust $225,000 $55,000 -75.6% 0.1%
    Figure Lending LLC $45,000 n/a 0.1%

    Portales's top lender by overall market share is PRIMARY RESIDENTIAL MORTGAGE, INC., with 28.4% market share. In second place, with 8.9%, is Bell Bank, having originated $3,605,000 in loans. In third place, with 7.0%, is Mortgage Research Center, LLC, having originated $2,835,000 in loans. In fourth place, with 5.9%, is USAA Federal Savings Bank, having originated $2,370,000 in loans. In fifth place, with 5.8%, is QUICKEN LOANS, LLC, having originated $2,355,000 in loans.

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

    Realtor.com - Portales (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 $144,600 (-2.3%) $153,601 (4.4%) 0.00 120
    2018-02-01 $155,500 (2.3%) $155,612 (3.7%) 0.00 115
    2018-03-01 $155,000 (2.7%) $157,784 (5.4%) 0.00 122
    2018-04-01 $153,925 (4.0%) $156,152 (8.4%) 0.00 125
    2018-05-01 $149,725 (0.4%) $153,566 (3.4%) 0.00 116
    2018-06-01 $149,900 (0.0%) $151,605 (-0.9%) 0.00 119
    2018-07-01 $152,225 (-1.3%) $152,999 (-2.2%) 0.00 124
    2018-08-01 $150,425 (-6.1%) $154,939 (-4.9%) 0.00 114
    2018-09-01 $147,750 (-7.6%) $150,337 (-11.2%) 0.00 113
    2018-10-01 $144,900 (-10.0%) $147,941 (-9.8%) 0.00 109
    2018-11-01 $145,000 (-5.8%) $149,022 (-6.2%) 0.00 110
    2018-12-01 $144,250 (-4.2%) $150,497 (-4.1%) 0.00 115
    2019-01-01 $144,625 (0.0%) $152,212 (-0.9%) 0.00 105
    2019-02-01 $145,625 (-6.4%) $156,394 (0.5%) 0.00 103
    2019-03-01 $139,000 (-10.3%) $154,243 (-2.2%) 0.00 98
    2019-04-01 $148,250 (-3.7%) $160,472 (2.8%) 0.00 101
    2019-05-01 $148,000 (-1.2%) $156,549 (1.9%) 0.00 94
    2019-06-01 $149,900 (0.0%) $165,809 (9.4%) 0.00 90
    2019-07-01 $157,250 (3.3%) $169,853 (11.0%) 0.00 95
    2019-08-01 $160,000 (6.4%) $171,225 (10.5%) 0.00 96
    2019-09-01 $159,225 (7.8%) $170,659 (13.5%) 0.00 93
    2019-10-01 $152,500 (5.2%) $161,523 (9.2%) 0.00 94
    2019-11-01 $147,000 (1.4%) $155,645 (4.4%) 0.00 93
    2019-12-01 $147,125 (2.0%) $155,256 (3.2%) 0.00 92
    2020-01-01 $150,000 (3.7%) $159,608 (4.9%) 0.00 88
    2020-02-01 $155,000 (6.4%) $164,942 (5.5%) 0.00 89
    2020-03-01 $155,000 (11.5%) $162,990 (5.7%) 0.00 93
    2020-04-01 $152,250 (2.7%) $156,085 (-2.7%) 0.00 87
    2020-05-01 $149,500 (1.0%) $150,525 (-3.9%) 0.00 83
    2020-06-01 $151,150 (0.8%) $150,393 (-9.3%) 0.00 77
    2020-07-01 $143,750 (-8.6%) $146,998 (-13.5%) 0.00 74
    2020-08-01 $144,950 (-9.4%) $149,386 (-12.8%) 0.00 69
    2020-09-01 $140,950 (-11.5%) $149,084 (-12.6%) 0.00 68
    2020-10-01 $160,750 (5.4%) $162,735 (0.8%) 0.00 72
    2020-11-01 $174,475 (18.7%) $171,118 (9.9%) 0.00 77
    2020-12-01 $177,000 (20.3%) $176,378 (13.6%) 0.00 72
    2021-01-01 $175,000 (16.7%) $175,628 (10.0%) 0.00 70
    2021-02-01 $166,700 (7.6%) $167,393 (1.5%) 0.00 75
    2021-03-01 $154,225 (-0.5%) $163,529 (0.3%) 0.00 72
    2021-04-01 $153,000 (0.5%) $165,598 (6.1%) 0.00 73
    2021-05-01 $148,000 (-1.0%) $163,672 (8.7%) 0.00 65
    2021-06-01 $149,450 (-1.1%) $165,667 (10.2%) 0.00 59
    2021-07-01 $146,000 (1.6%) $157,782 (7.3%) 0.00 59
    2021-08-01 $148,250 (2.3%) $169,298 (13.3%) 0.00 54
    2021-09-01 $159,700 (13.3%) $169,607 (13.8%) 0.00 52
    2021-10-01 $175,000 (8.9%) $175,184 (7.7%) 0.00 56
    2021-11-01 $159,000 (-8.9%) $164,956 (-3.6%) 0.00 60
    2021-12-01 $147,000 (-17.0%) $158,256 (-10.3%) 0.00 48
    2022-01-01 $149,000 (-14.9%) $163,567 (-6.9%) 0.00 36
    2022-02-01 $149,500 (-10.3%) $171,627 (2.5%) 0.00 35
    2022-03-01 $151,500 (-1.8%) $172,954 (5.8%) 0.00 37
    2022-04-01 $152,000 (-0.7%) $174,714 (5.5%) 0.00 34
    2022-05-01 $157,500 (6.4%) $176,487 (7.8%) 0.00 44
    2022-06-01 $163,000 (9.1%) $175,862 (6.2%) 0.00 40
    2022-07-01 $174,500 (19.5%) $189,129 (19.9%) 0.00 39
    2022-08-01 $177,000 (19.4%) $203,341 (20.1%) 0.00 42
    2022-09-01 $174,750 (9.4%) $204,664 (20.7%) 0.00 43
    2022-10-01 $180,500 (3.1%) $206,993 (18.2%) 0.00 40
    2022-11-01 $190,000 (19.5%) $216,770 (31.4%) 0.00 35
    2022-12-01 $179,000 (21.8%) $219,362 (38.6%) 0.00 37
    2023-01-01 $184,225 (23.6%) $219,999 (34.5%) 0.00 39
    2023-02-01 $179,000 (19.7%) $223,765 (30.4%) 0.00 44
    2023-03-01 $189,500 (25.1%) $227,907 (31.8%) 0.00 49
    2023-04-01 $217,000 (42.8%) $242,703 (38.9%) 0.00 46
    Portales's median listing price for 2023-04-01 was $217,000, a difference of $65,000 (42.8%) versus the prior year and $27,500 versus the prior month.

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

    Portales's average listing price for 2023-04-01 was $242,703, a difference of $67,989 (38.9%) versus the prior year and $14,796 versus the prior month.

    For the 2023-04-01 period, Portales had 46 MLS listings, a difference of -3 listings (-6%) versus the prior month and 12 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Portales (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,755 sqft
    2018-02-01 0 days 1,761 sqft
    2018-03-01 0 days 1,763 sqft
    2018-04-01 0 days 1,746 sqft
    2018-05-01 0 days 1,744 sqft
    2018-06-01 0 days 1,753 sqft
    2018-07-01 0 days 1,742 sqft
    2018-08-01 0 days 1,771 sqft
    2018-09-01 0 days 1,787 sqft
    2018-10-01 0 days 1,772 sqft
    2018-11-01 0 days 1,776 sqft
    2018-12-01 0 days 1,776 sqft
    2019-01-01 0 days 1,819 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,801 sqft
    2019-04-01 0 days 1,800 sqft
    2019-05-01 0 days 1,749 sqft
    2019-06-01 0 days 1,775 sqft
    2019-07-01 0 days 1,820 sqft
    2019-08-01 0 days 1,890 sqft
    2019-09-01 0 days 1,892 sqft
    2019-10-01 0 days 1,882 sqft
    2019-11-01 0 days 1,844 sqft
    2019-12-01 0 days 1,825 sqft
    2020-01-01 0 days 1,867 sqft
    2020-02-01 0 days 1,846 sqft
    2020-03-01 0 days 1,840 sqft
    2020-04-01 0 days 1,768 sqft
    2020-05-01 0 days 1,696 sqft
    2020-06-01 0 days 1,674 sqft
    2020-07-01 0 days 1,707 sqft
    2020-08-01 0 days 1,660 sqft
    2020-09-01 0 days 1,669 sqft
    2020-10-01 0 days 1,786 sqft
    2020-11-01 0 days 1,793 sqft
    2020-12-01 0 days 1,837 sqft
    2021-01-01 0 days 1,847 sqft
    2021-02-01 0 days 1,864 sqft
    2021-03-01 0 days 1,810 sqft
    2021-04-01 0 days 1,775 sqft
    2021-05-01 0 days 1,766 sqft
    2021-06-01 0 days 1,740 sqft
    2021-07-01 0 days 1,682 sqft
    2021-08-01 0 days 1,689 sqft
    2021-09-01 0 days 1,710 sqft
    2021-10-01 0 days 1,814 sqft
    2021-11-01 0 days 1,746 sqft
    2021-12-01 0 days 1,777 sqft
    2022-01-01 0 days 1,784 sqft
    2022-02-01 0 days 1,656 sqft
    2022-03-01 0 days 1,757 sqft
    2022-04-01 0 days 1,755 sqft
    2022-05-01 0 days 1,750 sqft
    2022-06-01 0 days 1,771 sqft
    2022-07-01 0 days 1,758 sqft
    2022-08-01 0 days 1,759 sqft
    2022-09-01 0 days 1,812 sqft
    2022-10-01 0 days 1,864 sqft
    2022-11-01 0 days 1,857 sqft
    2022-12-01 0 days 1,779 sqft
    2023-01-01 0 days 1,792 sqft
    2023-02-01 0 days 1,801 sqft
    2023-03-01 0 days 1,774 sqft
    2023-04-01 0 days 1,822 sqft
    Portales's median listing age (time on market) for 2023-04-01 was 0 days.

    Portales's median square footage for active listings during the 2023-04-01 period was 1,822 sqft. One year prior, the average listing was 1,755 sqft.

    Portales, NM Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 200 $32,260,000 $161,300
    Cash Out Refi 35 $4,985,000 $142,429
    Refi 21 $2,665,000 $126,905
    Other 3 $235,000 $78,333
    Home Improvement 1 $265,000 $265,000

    Portales's most frequently cited loan purpose was Home Purchase, with 200 originations. The 2nd most popular reason was Cash Out Refi, with 35 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 86 $13,710,000 $159,419
    3-4% 51 $8,325,000 $163,235
    4-5% 50 $7,870,000 $157,400
    6-7% 32 $5,620,000 $175,625
    7-8% 17 $1,835,000 $107,941
    2.5-3% 13 $2,285,000 $175,769
    Over 8% 6 $420,000 $70,000
    <2.5% 4 $280,000 $70,000

    During 2022, Portales's most frequently originated rate bucket was 5-6%, with 86 originations.

    Loan Sizing (Portales, NM MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 131 $19,875,000 $151,718
    $200k-400k 70 $16,970,000 $242,429
    $100,000 or less 58 $3,050,000 $52,586
    $400k-600k 1 $515,000 $515,000

    Portales's loan sizing saw the bucket of loans from $100k-200k with 131 originations, totaling $19,875,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 152 $25,920,000 $170,526
    60-80% 42 $6,150,000 $146,429
    Over 100% 21 $5,175,000 $246,429
    Under 20% 19 $235,000 $12,368
    40-60% 13 $1,565,000 $120,385
    20-40% 10 $940,000 $94,000

    Portales's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 152 originations, totaling $25,920,000 in origination value.