Congressional Bank Mortgage Rates, Fees & Info
Bethesda, MDLEI: 2549008CZOYIG4FIKS25
Tax ID: 43-2022906
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Mortgage Data
Review & Overview
Congressional Bank is a smaller bank specializing in Home Purchase and Refi loans. Congressional Bank has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Boston, Washington, Baltimore, and Easton among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Congressional Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.32% | 4/19/24 |
| 30 Year Conventional Refi | 6.27% | 4/19/24 |
| 30 Year Cash-out Refi | 6.70% | 4/19/24 |
| 30 Year FHA Purchase | 7.53% | 4/19/24 |
| 30 Year VA Purchase | 5.99% | 4/19/24 |
| 30 Year USDA Purchase | 6.26% | 4/19/24 |
| 15 Year Conventional Purchase | 5.68% | 4/19/24 |
| 15 Year Conventional Refi | 5.81% | 4/19/24 |
| 15 Year Cash-out Refi | 5.81% | 4/19/24 |
| 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. | ||
Congressional Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
22Origination Dollar Volume (All Markets)
$13,810,000Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $6,425,000 | $6,425,000 | $0 | 5.38% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 8 | $4,450,000 | $556,250 | $0 | 8.07% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 12 | $2,720,000 | $226,667 | $0 | 8.55% |
| Easton, MD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 9.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Congressional Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $7,385,000 | $351,667 | $0 | 8.39% |
| FHA | 1 | $6,425,000 | $6,425,000 | $0 | 5.38% |
For 2023, Congressional Bank's most frequently originated type of loan was Conventional, with 21 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 19 | $5,405,000 | $284,474 | $0 | 8.61% |
| Refi | 3 | $8,405,000 | $2,801,667 | $0 | 5.96% |
For 2023, Congressional Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
For 2023, Congressional Bank's most frequently cited loan duration was 1 Year, with 17 originations. The 2nd most popular length was 5 Year, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 15 | $4,015,000 | $267,667 |
| 7-8% | 4 | $1,390,000 | $347,500 |
| 6-7% | 2 | $1,980,000 | $990,000 |
| 5-6% | 1 | $6,425,000 | $6,425,000 |
During 2023, Congressional Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 15 originations.
Loan Sizing
2023 saw Congressional Bank place emphasis on $200k-400k loans with 14 originations, totaling $3,810,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 22 | $13,810,000 | $627,727 | $0 | 8.25% |
Approval Rates
Total approvals of all applications100.00%
Congressional Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination81.82%
Congressional Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 22 | $13,810,000 | $627,727 |