Operating Engineers Local Union #3 Mortgage Rates, Fees & Info
Livermore, CALEI: 254900MHHOS58M9D0445
Tax ID: 94-6131870
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Mortgage Data
Review & Overview
Operating Engineers Local Union #3 is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Operating Engineers Local Union #3 has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Sacramento, Stockton, Vallejo, and Riverside among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)Operating Engineers Local Union #3 has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Operating Engineers Local Union #3 is typically a low 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 | 5.80% | 12/16/24 |
| 30 Year Conventional Refi | 5.76% | 12/16/24 |
| 30 Year Cash-out Refi | 5.78% | 12/16/24 |
| 15 Year Conventional Purchase | 4.89% | 12/16/24 |
| 15 Year Conventional Refi | 5.40% | 12/16/24 |
| 15 Year Cash-out Refi | 5.40% | 12/16/24 |
| 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. | ||
Operating Engineers Local Union #3 Mortgage Calculator
Your Estimates
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This is not an official calculator from Operating Engineers Local Union #3. 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
120Origination Dollar Volume (All Markets)
$23,950,000Awards
Operating Engineers Local Union #3 - 2023
Operating Engineers Local Union #3 is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Operating Engineers Local Union #3's average 30 year fixed mortgage rate was
6.03%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.45%.
Relative Fees (Closing Costs)
Operating Engineers Local Union #3's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,824.
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 |
|---|---|---|---|---|---|
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 13 | $3,605,000 | $277,308 | $3,202 | 6.91% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 10 | $2,340,000 | $234,000 | $3,067 | 6.55% |
| STOCKTON, CA (FHA|USDA|VA) | 9 | $2,105,000 | $233,889 | $3,130 | 7.47% |
| VALLEJO, CA (FHA|USDA|VA) | 9 | $1,845,000 | $205,000 | $2,363 | 7.69% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 7 | $1,285,000 | $183,571 | $2,350 | 8.34% |
| FRESNO, CA (FHA|USDA|VA) | 6 | $1,080,000 | $180,000 | $3,134 | 6.94% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $2,643 | 7.69% |
| Elko, NV (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $3,027 | 7.18% |
| Outside of Metro Areas | 7 | $775,000 | $110,714 | $3,172 | 6.66% |
| SALINAS, CA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $2,738 | 7.31% |
| Hilo, HI (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $4,700 | 6.25% |
| RENO, NV (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $2,454 | 6.95% |
| MODESTO, CA (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $2,590 | 8.08% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,659 | 6.38% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,623 | 7.31% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,515 | 5.75% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,194 | 7.13% |
| Red Bluff, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,362 | 5.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,497 | 6.00% |
| NAPA, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,477 | 6.00% |
| CHICO, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,942 | 7.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,328 | 5.25% |
| El Campo, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,560 | 4.88% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,152 | 6.38% |
| YUBA CITY, CA (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $2,082 | 9.04% |
| Sonora, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,585 | 6.00% |
| Susanville, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,442 | 5.13% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,390 | 6.00% |
| Fernley, NV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,921 | 5.63% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,251 | 6.88% |
| Waycross, GA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,977 | 5.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,282 | 5.88% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,213 | 7.13% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,672 | 8.75% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,592 | 6.63% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,107 | 9.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,718 | 6.38% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,482 | 5.75% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,563 | 6.00% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,373 | 5.00% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.50% |
| Mineral Wells, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,857 | 5.63% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,692 | 9.13% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,497 | 8.88% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,102 | 4.88% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,502 | 8.88% |
| Pahrump, NV (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,997 | 8.25% |
| Brookhaven, MS (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,885 | 11.00% |
| REDDING, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $1,617 | 12.00% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 118 | $23,680,000 | $200,678 | $2,973 | 7.14% |
| HELOC | 2 | $270,000 | $135,000 | n/a | 8.63% |
For 2023, Operating Engineers Local Union #3's most frequently originated type of loan was Conventional, with 118 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2023, Operating Engineers Local Union #3's most frequently cited loan purpose was Other, with 49 originations. The 2nd most popular reason was Home Purchase, with 41 originations.
Loan Duration/Length
For 2023, Operating Engineers Local Union #3's most frequently cited loan duration was 30 Year, with 51 originations. The 2nd most popular length was 20 Year, with 43 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 69 | $19,075,000 | $276,449 |
| $2k-3k | 1 | $285,000 | $285,000 |
Operating Engineers Local Union #3's average total fees were $3,824, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 69 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 49 | $4,485,000 | $91,531 |
| 5-6% | 36 | $10,850,000 | $301,389 |
| 6-7% | 19 | $5,505,000 | $289,737 |
| 4-5% | 13 | $2,455,000 | $188,846 |
| 7-8% | 3 | $655,000 | $218,333 |
During 2023, Operating Engineers Local Union #3's average interest rate for loans was 6.03%, while their most frequently originated rate bucket for loans was Over 8%, with 49 originations.
Loan Sizing
2023 saw Operating Engineers Local Union #3 place emphasis on $100,000 or less loans with 39 originations, totaling $2,565,000 in origination value.
Applicant Income
Operating Engineers Local Union #3 lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $75k-100k, with 34 originations.
Applicant Debt to Income Ratio
Operating Engineers Local Union #3 lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 42%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications72.53%
Operating Engineers Local Union #3 has a below average approval rate.
Pick Rate
Approvals leading to origination-60.00%
Operating Engineers Local Union #3 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 |
|---|---|---|---|
| NA | 120 | $23,950,000 | $199,583 |