Fall River Municipal Credit Union Mortgage Rates, Fees & Info

FALL RIVER, MA

LEI: 254900XIGAR8HM0KJZ26

Tax ID: 04-1298900

5 stars - Updated: 4/5/25 - out of 5 stars, based on 12 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Fall River Municipal Credit Union is a smaller credit union specializing in Home Purchase loans. Fall River Municipal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, and Barnstable Town among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fall River Municipal 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. Fall River Municipal 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.72% 4/5/25
    30 Year Conventional Purchase 3.66% 4/5/25
    30 Year Conventional Refi 4.51% 4/5/25
    30 Year Cash-out Refi 4.35% 4/5/25
    15 Year Conventional Purchase 6.36% 4/5/25
    15 Year Conventional Refi 6.00% 4/5/25
    15 Year Cash-out Refi 6.00% 4/5/25
    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.

    Fall River 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 Fall River 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

    142

    Origination Dollar Volume (All Markets)

    $18,820,000

    Awards

    FALL RIVER MUNICIPAL CREDIT UNION 30 Year Conventional Loans gold FALL RIVER MUNICIPAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Fall River Municipal Credit Union's average 30 year fixed mortgage rate was 6%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.55%.

    Relative Fees (Closing Costs)

    Fall River Municipal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,590.

    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 $8,356.

    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) 115 $14,185,000 $123,348 $812 6.91%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 21 $3,045,000 $145,000 $1,116 7.03%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 6 $1,590,000 $265,000 $6,766 6.50%
    Fall River Municipal Credit Union's top markets include Providence, Boston, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

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

    OCEAN STATE CREDIT UNION
    Similarity Rank: 63
    SOMERSET
    Similarity Rank: 72
    ROCKLAND
    Similarity Rank: 100
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 108
    Southern Mass Credit Union
    Similarity Rank: 112
    St. Anne's Credit Union of Fall River, Mass.
    Similarity Rank: 120
    Centreville Bank
    Similarity Rank: 120
    Bridgewater Savings Bank
    Similarity Rank: 144
    Bristol County Savings Bank
    Similarity Rank: 150
    The Washington Trust Company, of Westerly
    Similarity Rank: 240

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 141 $18,695,000 $132,589 $980 6.91%
    HELOC 1 $125,000 $125,000 n/a 6.75%

    For 2024, Fall River Municipal Credit Union's most frequently originated type of loan was Conventional, with 141 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $10,760,000 $163,030 $5,797 6.98%
    Home Improvement 29 $2,115,000 $72,931 $68 7.09%
    Other 17 $1,145,000 $67,353 $0 6.97%
    Cash Out Refi 17 $2,895,000 $170,294 $889 6.67%
    Refi 13 $1,905,000 $146,538 $1,274 6.41%

    For 2024, Fall River Municipal Credit Union's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Home Improvement, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 49 $5,105,000 $104,184 $62 7.26%
    Other 30 $4,740,000 $158,000 $746 7.24%
    10 Year 20 $1,330,000 $66,500 $41 6.82%
    15 Year 16 $1,340,000 $83,750 $0 6.96%
    30 Year 16 $5,830,000 $364,375 $4,590 6.00%
    5 Year 11 $475,000 $43,182 $14 5.92%

    For 2024, Fall River Municipal Credit Union's most frequently cited loan duration was 20 Year, with 49 originations. The 2nd most popular length was Other, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 78 $10,540,000 $135,128

    Fall River Municipal Credit Union's average total fees were $4,590, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 65 $6,655,000 $102,385
    7-8% 52 $6,640,000 $127,692
    5-6% 19 $4,875,000 $256,579
    Over 8% 6 $650,000 $108,333

    During 2024, Fall River Municipal Credit Union's average interest rate for loans was 6.00%, while their most frequently originated rate bucket for loans was 6-7%, with 65 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 70 $4,250,000 $60,714 $37 6.89%
    $100k-200k 52 $7,410,000 $142,500 $757 7.15%
    $200k-400k 14 $3,940,000 $281,429 $3,350 6.66%
    $400k-600k 5 $2,615,000 $523,000 $6,541 5.45%
    $600k-1MM 1 $605,000 $605,000 $4,953 7.00%

    2024 saw Fall River Municipal Credit Union place emphasis on $100,000 or less loans with 70 originations, totaling $4,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 40 $4,290,000 $107,250 $320 6.94%
    $75k-100k 32 $4,210,000 $131,563 $1,041 7.11%
    $50k-75k 31 $3,285,000 $105,968 $9 7.13%
    $150k-250k 17 $3,475,000 $204,412 $1,866 6.51%
    $50k or less 13 $1,135,000 $87,308 $0 6.80%
    $250k+ 9 $2,425,000 $269,444 $2,860 6.26%

    Fall River Municipal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $75k-100k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 34 $4,040,000 $118,824 $749 6.71%
    30-36% 20 $4,100,000 $205,000 $1,974 6.84%
    <20% 10 $660,000 $66,000 $0 6.52%
    44% 9 $1,205,000 $133,889 $1,639 7.03%
    41% 8 $890,000 $111,250 $1,457 6.82%
    46% 8 $850,000 $106,250 $95 7.24%
    48% 7 $705,000 $100,714 $792 7.37%
    39% 7 $1,235,000 $176,429 $1,561 6.99%
    38% 6 $1,010,000 $168,333 $3,223 7.10%
    36% 6 $1,150,000 $191,667 $2,016 6.93%
    45% 6 $510,000 $85,000 $187 7.62%
    49% 5 $345,000 $69,000 $0 7.14%
    40% 4 $560,000 $140,000 $0 6.81%
    47% 4 $590,000 $147,500 $0 7.00%
    42% 4 $630,000 $157,500 $0 7.13%
    43% 3 $285,000 $95,000 $0 6.50%
    37% 1 $55,000 $55,000 $0 6.50%

    Fall River Municipal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 34 originations. The next most common DTI ratio? 30-36%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 132 $16,930,000 $128,258 $897 6.92%
    Not provided 6 $1,430,000 $238,333 $3,667 6.71%
    American Indian 2 $250,000 $125,000 $0 7.00%
    Black 2 $210,000 $105,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    71.21%

    Fall River Municipal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    67.61%

    Fall River 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
    NA 142 $18,820,000 $132,535

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    142 $18,820,000 $132,535

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $3,755,000 $121,129 $830 6.88%
    40-60% 17 $2,835,000 $166,765 $2,230 6.70%
    60-80% 25 $4,775,000 $191,000 $4,685 6.89%
    80-100% 21 $4,785,000 $227,857 $5,535 7.32%
    Under 20% 48 $2,670,000 $55,625 $38 6.84%