Municipal Credit Union Mortgage Rates, Fees & Info

New York, NY

LEI: 2549006T9J2DMLJVRS64

Tax ID: 13-5261470

5 stars - Updated: 7/14/24 - out of 5 stars, based on 30 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Municipal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Poughkeepsie, Bridgeport, Philadelphia, and East Stroudsburg among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Municipal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Municipal Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.48% 7/14/24
30 Year Conventional Refi 5.30% 7/14/24
30 Year Cash-out Refi 5.40% 7/14/24
15 Year Conventional Purchase 5.87% 7/14/24
15 Year Conventional Refi 4.95% 7/14/24
15 Year Cash-out Refi 4.95% 7/14/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Municipal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Municipal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

915

Origination Dollar Volume (All Markets)

$180,375,000
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Relative Rate

Municipal Credit Union's average 30 year fixed mortgage rate was 5.49%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.99%.

Relative Fees (Closing Costs)

Municipal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,053.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 820 $160,810,000 $196,110 $2,195 6.25%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 50 $8,520,000 $170,400 $2,290 6.36%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $2,225,000 $741,667 $5,783 6.46%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 10 $1,910,000 $191,000 $3,771 6.75%
EAST STROUDSBURG, PA (FHA|USDA|VA) 7 $1,345,000 $192,143 $3,260 7.68%
Outside of Metro Areas 4 $980,000 $245,000 $2,817 6.63%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $805,000 $268,333 $4,123 5.96%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $665,000 $665,000 $6,019 5.63%
KINGSTON, NY (FHA|USDA|VA) 2 $560,000 $280,000 $3,800 6.69%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $470,000 $235,000 $2,535 7.56%
BINGHAMTON, NY (FHA|USDA|VA) 2 $440,000 $220,000 $6,735 5.75%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $365,000 $365,000 $4,763 7.00%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $360,000 $180,000 $0 6.43%
SYRACUSE, NY (FHA|USDA|VA) 1 $265,000 $265,000 $4,060 5.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $245,000 $81,667 $0 7.71%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $195,000 $195,000 $5,153 5.75%
Torrington, CT (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.63%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,608 6.25%
UTICA-ROME, NY (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.25%
Municipal Credit Union's top markets include New York, Poughkeepsie, Bridgeport, Philadelphia, and East Stroudsburg among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Municipal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Walden Savings Bank
    Similarity Rank: 15
    N C P D Federal Credit Union
    Similarity Rank: 126
    MID-HUDSON VALLEY
    Similarity Rank: 140
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 168
    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
    Similarity Rank: 207
    TEG Federal Credit Union
    Similarity Rank: 217

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 570 $136,330,000 $239,175 $2,299 7.03%
    HELOC 345 $44,045,000 $127,667 n/a 5.04%

    For 2023, Municipal Credit Union's most frequently originated type of loan was Conventional, with 570 originations. Their 2nd most popular type was HELOC, with 345 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 338 $37,890,000 $112,101 $56 6.01%
    Other 269 $28,075,000 $104,368 $23 6.70%
    Home Purchase 227 $98,075,000 $432,048 $5,082 6.12%
    Refi 51 $7,615,000 $149,314 $542 6.59%
    Cash Out Refi 30 $8,720,000 $290,667 $4,210 6.25%

    For 2023, Municipal Credit Union's most frequently cited loan purpose was Home Improvement, with 338 originations. The 2nd most popular reason was Other, with 269 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 575 $143,845,000 $250,165 $5,053 5.49%
    20 Year 167 $19,995,000 $119,731 $369 8.03%
    10 Year 99 $8,635,000 $87,222 $153 7.04%
    15 Year 74 $7,900,000 $106,757 $667 7.44%

    For 2023, Municipal Credit Union's most frequently cited loan duration was 30 Year, with 575 originations. The 2nd most popular length was 20 Year, with 167 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 501 $113,195,000 $225,938
    $1k-2k 45 $14,685,000 $326,333
    $5k+ 8 $3,540,000 $442,500
    $2k-3k 5 $2,465,000 $493,000
    $3k-4k 2 $760,000 $380,000
    $4k-5k 2 $590,000 $295,000

    Municipal Credit Union's average total fees were $5,053, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 501 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 327 $77,405,000 $236,713
    2.5-3% 162 $21,690,000 $133,889
    Over 8% 156 $14,380,000 $92,179
    7-8% 121 $15,555,000 $128,554
    5-6% 117 $41,795,000 $357,222
    4-5% 24 $6,260,000 $260,833
    3-4% 8 $3,290,000 $411,250

    During 2023, Municipal Credit Union's average interest rate for loans was 5.49%, while their most frequently originated rate bucket for loans was 6-7%, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 351 $21,355,000 $60,840 $152 6.55%
    $100k-200k 270 $35,200,000 $130,370 $1,133 6.30%
    $200k-400k 145 $39,605,000 $273,138 $4,122 5.90%
    $400k-600k 102 $50,340,000 $493,529 $5,007 5.95%
    $600k-1MM 46 $32,770,000 $712,391 $6,021 6.03%
    $1MM+ 1 $1,105,000 $1,105,000 $5,222 6.00%

    2023 saw Municipal Credit Union place emphasis on $100,000 or less loans with 351 originations, totaling $21,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 346 $53,860,000 $155,665 $1,788 6.46%
    $150k-250k 302 $74,230,000 $245,795 $2,781 6.14%
    $75k-100k 129 $16,525,000 $128,101 $1,779 6.20%
    $250k+ 84 $30,610,000 $364,405 $4,072 6.06%
    $50k-75k 49 $4,835,000 $98,673 $1,839 6.55%
    $50k or less 5 $315,000 $63,000 $1,354 5.57%

    Municipal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 346 originations. The second most popular income band? $150k-250k, with 302 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 163 $34,745,000 $213,160 $2,669 6.15%
    20-30% 134 $26,380,000 $196,866 $2,616 6.08%
    44% 69 $9,755,000 $141,377 $903 6.76%
    43% 68 $10,270,000 $151,029 $1,341 6.27%
    42% 53 $7,835,000 $147,830 $1,177 6.60%
    41% 51 $8,845,000 $173,431 $1,800 5.93%
    38% 42 $8,750,000 $208,333 $2,591 6.47%
    40% 41 $7,495,000 $182,805 $1,959 6.44%
    39% 40 $6,730,000 $168,250 $2,256 6.51%
    46% 38 $9,040,000 $237,895 $2,670 6.45%
    37% 36 $6,540,000 $181,667 $1,956 6.40%
    45% 36 $8,800,000 $244,444 $2,611 6.02%
    36% 29 $5,185,000 $178,793 $1,398 6.52%
    47% 29 $6,075,000 $209,483 $2,615 6.43%
    <20% 27 $4,585,000 $169,815 $2,095 6.43%
    48% 22 $5,640,000 $256,364 $3,390 6.19%
    49% 22 $5,900,000 $268,182 $3,680 5.84%
    50-60% 4 $1,820,000 $455,000 $6,980 5.59%
    >60% 1 $385,000 $385,000 $6,725 6.63%

    Municipal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 163 originations. The next most common DTI ratio? 20-30%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 311 $53,905,000 $173,328 $1,833 6.49%
    White 262 $52,040,000 $198,626 $2,420 6.06%
    Not provided 242 $42,960,000 $177,521 $1,887 6.37%
    Asian 64 $21,430,000 $334,844 $4,064 5.87%
    Asian Indian 15 $3,635,000 $242,333 $4,141 6.01%
    Other Asian 8 $2,740,000 $342,500 $4,908 5.75%
    Chinese 3 $1,275,000 $425,000 $4,297 6.83%
    American Indian 7 $1,175,000 $167,857 $1,368 7.04%
    Filipino 2 $870,000 $435,000 $8,586 6.00%
    Other Pacific Islander 1 $345,000 $345,000 $11,735 6.13%

    Approval Rates

    Total approvals of all applications
    68.86%

    Municipal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    30.49%

    Municipal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 2 $290,000 $145,000
    NA 913 $180,085,000 $197,245

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    915 $180,375,000 $197,131

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 154 $30,150,000 $195,779 $1,028 6.03%
    40-60% 44 $16,140,000 $366,818 $4,389 5.89%
    60-80% 101 $40,425,000 $400,248 $4,856 6.09%
    80-100% 106 $50,170,000 $473,302 $5,115 6.12%
    Under 20% 508 $42,960,000 $84,567 $137 6.46%