Portales Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Portales averaged
6.79%
for the week of 2024-11-07, compared to the national average of
6.79% for the same period.
The average rate for the prior week (2024-10-31) was
6.92% and
one month ago for the week of 2024-10-03, the
average rate was 6.02%.
Portales's average rate one year ago was 7.86%.
For refis of the same type during the week of 2024-11-07, the average rate
was 6.69%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Portales 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Portales 30 Year Fixed Rate Refi | 2024-11-07 | 6.69% |
| Portales 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Portales 15 Year Fixed Rate Refi | 2024-11-07 | 6.1% |
| Portales 30 Year FHA | 2024-11-07 | 6.63% |
| Portales 30 Year FHA Refi | 2024-11-07 | 6.43% |
| Portales 30 Year USDA | 2024-11-07 | 6.48% |
| Portales 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Portales 30 Year VA | 2024-11-07 | 6.54% |
| Portales 30 Year VA Refi | 2024-11-07 | 6.44% |
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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 13 | 6.93% | $6,166 |
| QUICKEN LOANS, LLC | 5 | 6.55% | $9,417 |
| RANLIFE, INC. | 3 | 6.25% | $6,854 |
| Prosperity Home Mortgage, LLC | 3 | 7.21% | $4,979 |
| Wells Fargo Bank | 2 | 6.06% | $6,605 |
| Bell Bank | 2 | 6.93% | $6,478 |
| First Financial Credit Union | 2 | 6.13% | $4,529 |
| NAVY FEDERAL CREDIT UNION | 2 | 5.88% | $1,734 |
| Plains Commerce Bank | 2 | 7.50% | $5,567 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 6.77% | $5,224 |
| U.S. Bank | 2 | 6.75% | $2,709 |
| LOANDEPOT.COM, LLC | 1 | 7.38% | $4,564 |
| LAKEVIEW LOAN SERVICING, LLC | 1 | 6.63% | $5,451 |
| CHURCHILL MORTGAGE CORPORATION | 1 | 7.38% | $3,547 |
| BROKER SOLUTIONS, INC. | 1 | 7.99% | $6,405 |
| SANDIA LABORATORY | 1 | 5.38% | $1,285 |
| The Huntington National Bank | 1 | 6.88% | $5,917 |
| Mortgage Research Center, LLC | 1 | 6.25% | $1,772 |
| MOVEMENT MORTGAGE, LLC | 1 | 7.38% | $4,272 |
| Waterstone Mortgage Corporation | 1 | 6.63% | $3,414 |
| AMERISAVE MORTGAGE CORPORATION | 1 | 6.50% | $6,383 |
Portales Average Closing Costs & Other Stats
Portales, NM's 21 lenders originated 188
loans during 2023. The total origination value was $30,940,000, with an average loan value of
$164,574.
Portales's average closing costs are $4,845.
The top Portales lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with
13 loans originated. Their average total fees are
$6,166, which is $3,251
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Portales lenders (with over 10 loans originated) are
PRIMARY RESIDENTIAL MORTGAGE, INC. ($6,166), .
The lowest rate Portales lenders (with over 10 loans originated) are
PRIMARY RESIDENTIAL MORTGAGE, INC. (6.93%), .
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $11,480,000 | $7,565,000 | -34.1% | 24.5% |
| NAVY FEDERAL CREDIT UNION | $535,000 | $3,265,000 | 510.3% | 10.6% |
| QUICKEN LOANS, LLC | $2,355,000 | $2,705,000 | 14.9% | 8.7% |
| Bell Bank | $3,605,000 | $2,440,000 | -32.3% | 7.9% |
| Mortgage Research Center, LLC | $2,835,000 | $2,145,000 | -24.3% | 6.9% |
| RANLIFE, INC. | $205,000 | $1,295,000 | 531.7% | 4.2% |
| Plains Commerce Bank | $155,000 | $910,000 | 487.1% | 2.9% |
| 21ST MORTGAGE CORPORATION | $725,000 | $810,000 | 11.7% | 2.6% |
| Wells Fargo Bank | $630,000 | $755,000 | 19.8% | 2.4% |
| Prosperity Home Mortgage, LLC | $285,000 | $720,000 | 152.6% | 2.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,350,000 | $655,000 | -51.5% | 2.1% |
| NBKC BANK | $450,000 | $625,000 | 38.9% | 2.0% |
| CROSSCOUNTRY MORTGAGE, LLC | $195,000 | $575,000 | 194.9% | 1.9% |
| Flagstar Bank, FSB | $310,000 | $465,000 | 50.0% | 1.5% |
| The Huntington National Bank | $145,000 | $325,000 | 124.1% | 1.1% |
| CARDINAL FINANCIAL | $350,000 | $305,000 | -12.9% | 1.0% |
| SOUTHWEST STAGE FUNDING, LLC | $235,000 | $285,000 | 21.3% | 0.9% |
| AMERISAVE MORTGAGE CORPORATION | $260,000 | n/a | 0.8% | |
| PENNYMAC LOAN SERVICES, LLC | $135,000 | $255,000 | 88.9% | 0.8% |
| USAA Federal Savings Bank | $2,370,000 | $255,000 | -89.2% | 0.8% |
| BROKER SOLUTIONS, INC. | $230,000 | $250,000 | 8.7% | 0.8% |
| AMERICAN FINANCING CORPORATION | $245,000 | n/a | 0.8% | |
| CHURCHILL MORTGAGE CORPORATION | $135,000 | $245,000 | 81.5% | 0.8% |
| PENTAGON FEDERAL CREDIT UNION | $245,000 | n/a | 0.8% | |
| First Financial Credit Union | $575,000 | $240,000 | -58.3% | 0.8% |
| GUARANTEED RATE, INC. | $660,000 | $235,000 | -64.4% | 0.8% |
| GUILD MORTGAGE COMPANY | $195,000 | $215,000 | 10.3% | 0.7% |
| T2 FINANCIAL LLC | $205,000 | n/a | 0.7% | |
| The Federal Savings Bank | $195,000 | n/a | 0.6% | |
| SANDIA LABORATORY | $160,000 | n/a | 0.5% | |
| DIRECTORS MORTGAGE, INC. | $155,000 | n/a | 0.5% | |
| LAKEVIEW LOAN SERVICING, LLC | $155,000 | n/a | 0.5% | |
| Wallick & Volk, Inc. | $150,000 | n/a | 0.5% | |
| MOVEMENT MORTGAGE, LLC | $185,000 | $145,000 | -21.6% | 0.5% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $135,000 | n/a | 0.4% | |
| LOANDEPOT.COM, LLC | $125,000 | n/a | 0.4% | |
| GUARANTY HOME MORTGAGE CORPORATION | $115,000 | n/a | 0.4% | |
| U.S. Bank | $665,000 | $100,000 | -85.0% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $95,000 | n/a | 0.3% | |
| Coastal Community Bank | $85,000 | n/a | 0.3% | |
| FLAT BRANCH MORTGAGE, INC. | $75,000 | n/a | 0.2% | |
| NUSENDA | $190,000 | $65,000 | -65.8% | 0.2% |
| Waterstone Mortgage Corporation | $140,000 | $65,000 | -53.6% | 0.2% |
| Equity Bank | $55,000 | n/a | 0.2% | |
| STATE EMPLOYEES | $55,000 | n/a | 0.2% | |
| Discover Bank | $45,000 | n/a | 0.1% | |
| BOKF | $25,000 | n/a | 0.1% |
Portales's top lender by overall market share is PRIMARY RESIDENTIAL MORTGAGE, INC., with 24.5% market share. In second place, with 10.6%, is NAVY FEDERAL CREDIT UNION, having originated $3,265,000 in loans. In third place, with 8.7%, is QUICKEN LOANS, LLC, having originated $2,705,000 in loans. In fourth place, with 7.9%, is Bell Bank, having originated $2,440,000 in loans. In fifth place, with 6.9%, is Mortgage Research Center, LLC, having originated $2,145,000 in loans.
Portales, NM Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 154 | $26,300,000 | $170,779 |
| Cash Out Refi | 13 | $1,845,000 | $141,923 |
| Other | 10 | $750,000 | $75,000 |
| Refi | 8 | $1,900,000 | $237,500 |
| Home Improvement | 3 | $145,000 | $48,333 |
Portales's most frequently cited loan purpose was Home Purchase, with 154 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 87 | $15,175,000 | $174,425 |
| 5-6% | 45 | $8,665,000 | $192,556 |
| 7-8% | 34 | $5,480,000 | $161,176 |
| Over 8% | 18 | $1,390,000 | $77,222 |
| <2.5% | 2 | $10,000 | $5,000 |
| 4-5% | 2 | $220,000 | $110,000 |
During 2023, Portales's most frequently originated rate bucket was 6-7%, with 87 originations.
Loan Sizing (Portales, NM MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 69 | $10,315,000 | $149,493 |
| $200k-400k | 62 | $16,250,000 | $262,097 |
| $100,000 or less | 54 | $2,900,000 | $53,704 |
| $400k-600k | 3 | $1,475,000 | $491,667 |
Portales's loan sizing saw the bucket of loans from $100k-200k with 69 originations, totaling $10,315,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 114 | $22,550,000 | $197,807 |
| 60-80% | 28 | $3,770,000 | $134,643 |
| Under 20% | 19 | $295,000 | $15,526 |
| Over 100% | 10 | $2,530,000 | $253,000 |
| 20-40% | 9 | $765,000 | $85,000 |
| 40-60% | 8 | $1,030,000 | $128,750 |
Portales's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 114 originations, totaling $22,550,000 in origination value.