Workers Credit Union Mortgage Rates, Fees & Info

Fitchburg, MA

LEI: 254900MSO8KVQ05D2J27

Tax ID: 04-2079901

5 stars - Updated: 12/8/24 - out of 5 stars, based on 26 reviews

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

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Mortgage Data

Review & Overview

Workers Credit Union is a smaller credit union specializing in Home Improvement, Cash Out Refi, and Home Purchase loans. Workers Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Worcester, Springfield, Manchester, and Providence among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Workers Credit Union 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. Workers Credit Union 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.20% 12/8/24
30 Year Conventional Purchase 5.97% 12/8/24
30 Year Conventional Refi 5.96% 12/8/24
30 Year Cash-out Refi 6.00% 12/8/24
15 Year Conventional Purchase 5.15% 12/8/24
15 Year Conventional Refi 5.69% 12/8/24
15 Year Cash-out Refi 5.69% 12/8/24
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.

Workers Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Workers 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

681

Origination Dollar Volume (All Markets)

$99,205,000

Awards

Workers Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Workers Credit Union's average 30 year fixed mortgage rate was 6.34%.

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

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Workers Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,567.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 288 $50,500,000 $175,347 $1,291 7.33%
WORCESTER, MA-CT (FHA|USDA|VA) 304 $36,270,000 $119,309 $1,211 7.36%
SPRINGFIELD, MA (FHA|USDA|VA) 38 $4,170,000 $109,737 $1,549 7.39%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 19 $2,595,000 $136,579 $657 7.33%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 9 $2,485,000 $276,111 $3,225 6.74%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,195,000 $170,714 $1,109 6.71%
Lebanon, NH-VT (FHA|USDA|VA) 5 $895,000 $179,000 $2,546 6.90%
Concord, NH (FHA|USDA|VA) 2 $330,000 $165,000 $0 7.38%
PITTSFIELD, MA (FHA|USDA|VA) 3 $255,000 $85,000 $1,643 7.08%
Vineyard Haven, MA (FHA|USDA|VA) 1 $255,000 $255,000 $0 6.50%
Keene, NH (FHA|USDA|VA) 4 $220,000 $55,000 $129 7.22%
Outside of Metro Areas 1 $35,000 $35,000 $0 7.38%
Workers Credit Union's top markets include Boston, Worcester, Springfield, Manchester, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Similar Lenders

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

    Florence Bank
    Similarity Rank: 22
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    Similarity Rank: 24
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 350 $59,040,000 $168,686 $1,276 6.89%
    HELOC 331 $40,165,000 $121,344 n/a 7.78%

    For 2023, Workers Credit Union's most frequently originated type of loan was Conventional, with 350 originations. Their 2nd most popular type was HELOC, with 331 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 273 $24,245,000 $88,810 $151 7.49%
    Other 156 $14,720,000 $94,359 $254 7.49%
    Cash Out Refi 140 $20,080,000 $143,429 $674 7.45%
    Home Purchase 104 $36,610,000 $352,019 $4,249 6.68%
    Refi 8 $3,550,000 $443,750 $2,966 4.86%

    For 2023, Workers Credit Union's most frequently cited loan purpose was Home Improvement, with 273 originations. The 2nd most popular reason was Other, with 156 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 468 $54,220,000 $115,855 $140 7.68%
    30 Year 85 $34,205,000 $402,412 $4,567 6.34%
    10 Year 54 $3,730,000 $69,074 $122 6.90%
    15 Year 46 $3,940,000 $85,652 $510 7.00%
    5 Year 15 $615,000 $41,000 $88 6.63%
    Other 11 $725,000 $65,909 $387 5.61%
    1 Year 2 $1,770,000 $885,000 $0 0.00%

    For 2023, Workers Credit Union's most frequently cited loan duration was 20 Year, with 468 originations. The 2nd most popular length was 30 Year, with 85 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 294 $33,870,000 $115,204
    $1k-2k 31 $15,335,000 $494,677
    $2k-3k 10 $2,490,000 $249,000
    $5k+ 8 $3,520,000 $440,000
    $4k-5k 3 $1,225,000 $408,333
    $3k-4k 1 $305,000 $305,000

    Workers Credit Union's average total fees were $4,567, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 294 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 281 $32,025,000 $113,968
    6-7% 204 $29,810,000 $146,127
    Over 8% 118 $13,100,000 $111,017
    5-6% 68 $21,750,000 $319,853
    4-5% 7 $565,000 $80,714
    <2.5% 3 $1,955,000 $651,667

    During 2023, Workers Credit Union's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 7-8%, with 281 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 344 $18,860,000 $54,826 $99 7.47%
    $100k-200k 186 $24,800,000 $133,333 $805 7.45%
    $200k-400k 109 $30,055,000 $275,734 $3,119 7.14%
    $400k-600k 29 $14,355,000 $495,000 $5,135 6.34%
    $600k-1MM 11 $8,315,000 $755,909 $6,079 5.85%
    $1MM+ 2 $2,820,000 $1,410,000 $5,825 2.94%

    2023 saw Workers Credit Union place emphasis on $100,000 or less loans with 344 originations, totaling $18,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 181 $23,975,000 $132,459 $1,181 7.40%
    $150k-250k 173 $30,365,000 $175,520 $1,831 7.45%
    $75k-100k 124 $12,720,000 $102,581 $906 7.31%
    $50k-75k 102 $9,190,000 $90,098 $722 7.25%
    $250k+ 65 $18,465,000 $284,077 $2,503 7.23%
    $50k or less 28 $1,830,000 $65,357 $780 7.01%

    Workers Credit Union lent most frequently to those with incomes in the $100k-150k range, with 181 originations. The second most popular income band? $150k-250k, with 173 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 104 $16,210,000 $155,865 $1,394 7.19%
    30-36% 103 $14,885,000 $144,515 $890 7.28%
    49% 50 $6,010,000 $120,200 $688 7.43%
    39% 41 $5,195,000 $126,707 $1,083 7.76%
    47% 41 $5,775,000 $140,854 $616 7.49%
    43% 36 $5,130,000 $142,500 $524 7.26%
    44% 33 $5,475,000 $165,909 $1,404 7.43%
    42% 33 $4,505,000 $136,515 $1,363 7.30%
    48% 32 $4,860,000 $151,875 $1,947 7.30%
    45% 31 $4,345,000 $140,161 $1,676 7.35%
    46% 28 $4,660,000 $166,429 $1,944 7.33%
    37% 28 $4,150,000 $148,214 $2,988 7.54%
    <20% 26 $3,260,000 $125,385 $1,516 7.30%
    38% 24 $3,660,000 $152,500 $2,036 7.32%
    40% 23 $3,175,000 $138,043 $1,508 7.09%
    41% 21 $3,205,000 $152,619 $1,023 7.43%
    36% 16 $1,880,000 $117,500 $1,674 7.32%
    >60% 5 $365,000 $73,000 $0 8.40%
    50-60% 3 $165,000 $55,000 $279 6.13%

    Workers Credit Union lent most frequently to those with DTI ratios of 20-30%, with 104 originations. The next most common DTI ratio? 30-36%, with 103 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 560 $75,830,000 $135,411 $1,225 7.35%
    Not provided 62 $11,690,000 $188,548 $1,509 7.62%
    Black 24 $4,620,000 $192,500 $1,783 6.97%
    Not applicable 3 $2,295,000 $765,000 $0 2.10%
    Asian 13 $2,165,000 $166,538 $1,503 6.68%
    Asian Indian 4 $1,060,000 $265,000 $1,399 7.84%
    American Indian 8 $560,000 $70,000 $0 7.59%
    Other Asian 4 $460,000 $115,000 $1,299 5.94%
    Other Pacific Islander 2 $270,000 $135,000 $575 8.13%
    Korean 1 $255,000 $255,000 $3,012 6.00%

    Approval Rates

    Total approvals of all applications
    76.93%

    Workers Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.30%

    Workers Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 681 $99,205,000 $145,675

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    681 $99,205,000 $145,675

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 184 $26,340,000 $143,152 $301 7.55%
    40-60% 57 $14,815,000 $259,912 $2,734 7.20%
    60-80% 49 $16,625,000 $339,286 $3,642 6.77%
    80-100% 34 $16,220,000 $477,059 $5,278 6.05%
    Under 20% 354 $22,910,000 $64,718 $106 7.47%