The People's Credit Union Mortgage Rates, Fees & Info

Middletown, RI

LEI: 254900OVHD0ZZK65EQ86

Tax ID: 05-0198580

5 stars - Updated: 12/8/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

The People's Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. The People's Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, New York, Norwich, and Salisbury among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

The People's 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. The People's 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
30 Year Conventional Purchase 6.33% 12/8/24
30 Year Conventional Refi 6.30% 12/8/24
30 Year Cash-out Refi 6.26% 12/8/24
15 Year Conventional Purchase 4.78% 12/8/24
15 Year Conventional Refi 5.76% 12/8/24
15 Year Cash-out Refi 5.76% 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.

The People's Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from The People's 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

230

Origination Dollar Volume (All Markets)

$41,410,000

Awards

The People's Credit Union 30 Year Conventional Loans silver The People's Credit Union 30 Year Conventional Loans silver The People's Credit Union 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

The People's Credit Union's average 30 year fixed mortgage rate was 6.11%.

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

This yields a difference of -0.37%.

Relative Fees (Closing Costs)

The People's Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,830.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 163 $34,465,000 $211,442 $1,340 5.98%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $1,340,000 $167,500 $1,697 6.61%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $825,000 $91,667 $848 6.97%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $815,000 $163,000 $3,716 7.43%
SALISBURY, MD-DE (FHA|USDA|VA) 5 $545,000 $109,000 $593 6.59%
DOVER, DE (FHA|USDA|VA) 5 $505,000 $101,000 $0 6.89%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $415,000 $415,000 $3,599 5.88%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $325,000 $108,333 $0 6.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $325,000 $108,333 $0 7.48%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $315,000 $105,000 $0 6.88%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $315,000 $105,000 $0 7.48%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $270,000 $67,500 $0 7.06%
PITTSFIELD, MA (FHA|USDA|VA) 4 $210,000 $52,500 $0 7.43%
Concord, NH (FHA|USDA|VA) 3 $205,000 $68,333 $0 6.57%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 5 $195,000 $39,000 $0 7.02%
ROCHESTER, NY (FHA|USDA|VA) 2 $110,000 $55,000 $0 7.38%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.63%
UTICA-ROME, NY (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.20%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.20%
KINGSTON, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.75%
The People's Credit Union's top markets include Providence, Boston, New York, Norwich, and Salisbury among others.

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

    We use machine learning to identify the top lenders compared against The People's Credit Union 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 230 $41,410,000 $180,043 $1,357 6.27%

    For 2023, The People's Credit Union's most frequently originated type of loan was Conventional, with 230 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 101 $22,845,000 $226,188 $3,547 6.69%
    Home Improvement 52 $3,630,000 $69,808 $40 5.87%
    Cash Out Refi 32 $9,760,000 $305,000 $1,970 6.11%
    Other 25 $2,555,000 $102,200 $240 6.09%
    Refi 20 $2,620,000 $131,000 $881 5.65%

    For 2023, The People's Credit Union's most frequently cited loan purpose was Home Purchase, with 101 originations. The 2nd most popular reason was Home Improvement, with 52 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 74 $5,530,000 $74,730 $97 5.58%
    20 Year 74 $7,120,000 $96,216 $586 7.03%
    30 Year 40 $18,630,000 $465,750 $3,830 6.11%
    15 Year 27 $4,455,000 $165,000 $331 6.11%
    Other 13 $985,000 $75,769 $424 6.61%
    30+ year 2 $4,690,000 $2,345,000 $23,225 6.38%

    For 2023, The People's Credit Union's most frequently cited loan duration was 10 Year, with 74 originations. The 2nd most popular length was 20 Year, with 74 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 218 $32,570,000 $149,404
    $1k-2k 1 $165,000 $165,000
    $2k-3k 1 $325,000 $325,000
    $3k-4k 1 $995,000 $995,000
    $5k+ 1 $4,525,000 $4,525,000

    The People's Credit Union's average total fees were $3,830, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 218 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 92 $22,880,000 $248,696
    5-6% 83 $11,785,000 $141,988
    7-8% 33 $4,245,000 $128,636
    4-5% 13 $1,405,000 $108,077
    Over 8% 9 $1,095,000 $121,667

    During 2023, The People's Credit Union's average interest rate for loans was 6.11%, while their most frequently originated rate bucket for loans was 6-7%, with 92 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 127 $7,135,000 $56,181 $83 6.25%
    $100k-200k 56 $7,780,000 $138,929 $797 6.40%
    $200k-400k 24 $7,320,000 $305,000 $2,857 6.05%
    $400k-600k 13 $6,065,000 $466,538 $3,666 6.09%
    $600k-1MM 6 $4,890,000 $815,000 $5,392 6.31%
    $1MM+ 4 $8,220,000 $2,055,000 $14,527 6.84%

    2023 saw The People's Credit Union place emphasis on $100,000 or less loans with 127 originations, totaling $7,135,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $6,600,000 $117,857 $738 6.00%
    $150k-250k 52 $10,710,000 $205,962 $1,193 5.94%
    $50k-75k 41 $3,195,000 $77,927 $381 6.59%
    $75k-100k 40 $3,680,000 $92,000 $915 6.58%
    $250k+ 18 $13,760,000 $764,444 $5,392 6.17%
    $50k or less 17 $1,115,000 $65,588 $939 6.74%

    The People's Credit Union lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 56 $10,300,000 $183,929 $1,508 6.08%
    30-36% 56 $11,140,000 $198,929 $1,968 6.37%
    42% 29 $3,135,000 $108,103 $606 6.30%
    <20% 14 $3,010,000 $215,000 $1,424 5.83%
    40% 14 $3,010,000 $215,000 $1,710 6.74%
    38% 13 $1,295,000 $99,615 $411 6.51%
    39% 13 $1,515,000 $116,538 $804 5.96%
    36% 8 $750,000 $93,750 $42 6.07%
    41% 7 $2,025,000 $289,286 $3,137 6.76%
    37% 7 $865,000 $123,571 $734 6.23%
    43% 5 $855,000 $171,000 $0 6.77%
    44% 3 $1,195,000 $398,333 $4,258 6.46%
    46% 2 $230,000 $115,000 $2,746 6.06%
    45% 1 $495,000 $495,000 $3,812 6.00%

    The People's Credit Union lent most frequently to those with DTI ratios of 20-30%, with 56 originations. The next most common DTI ratio? 30-36%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 197 $34,715,000 $176,218 $1,381 6.21%
    Not provided 24 $4,530,000 $188,750 $1,759 6.79%
    Not applicable 2 $1,590,000 $795,000 $0 6.50%
    Black 3 $265,000 $88,333 $0 6.13%
    Asian Indian 1 $155,000 $155,000 $0 6.38%
    Asian 2 $110,000 $55,000 $238 5.81%
    Native Hawaiian or Islander 1 $45,000 $45,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    79.34%

    The People's Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    74.78%

    The People's Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1003.75 3 $145,000 $48,333
    1012.2 7 $635,000 $90,714
    1026.6 12 $1,160,000 $96,667
    1029.2 1 $85,000 $85,000
    1043.6 1 $135,000 $135,000
    688.5 1 $65,000 $65,000
    688.6 6 $350,000 $58,333
    695.75 1 $45,000 $45,000
    729.2 2 $300,000 $150,000
    743.6 5 $355,000 $71,000
    899.2 2 $170,000 $85,000
    913.5 1 $25,000 $25,000
    913.6 2 $250,000 $125,000
    920.75 4 $250,000 $62,500
    929.2 2 $230,000 $115,000
    943.6 4 $300,000 $75,000
    982.2 2 $200,000 $100,000
    996.5 1 $75,000 $75,000
    996.6 1 $95,000 $95,000
    NA 172 $36,540,000 $212,442

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    230 $41,410,000 $180,043

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $4,855,000 $131,216 $754 5.93%
    40-60% 17 $5,105,000 $300,294 $3,295 6.17%
    60-80% 39 $10,895,000 $279,359 $3,788 6.71%
    80-100% 45 $14,825,000 $329,444 $5,905 6.89%
    Under 20% 92 $5,730,000 $62,283 $105 5.93%