Municipal Employees Credit Union Of Oklahoma City Mortgage Rates, Fees & Info
Oklahoma City, OKLEI: 254900Y4P4X4Y1L26R43
Tax ID: 73-0366010
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Municipal Employees Credit Union Of Oklahoma City is a smaller credit union specializing in Cash Out Refi loans. Municipal Employees Credit Union Of Oklahoma City has a high proportion of conventional loans. Their top (well, only) market is Oklahoma City.Municipal Employees Credit Union Of Oklahoma City has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Municipal Employees Credit Union Of Oklahoma City 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 11/17/24 |
| 30 Year Conventional Refi | 5.97% | 11/17/24 |
| 30 Year Cash-out Refi | 6.86% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 6.37% | 11/17/24 |
| 15 Year Cash-out Refi | 6.37% | 11/17/24 |
| 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. | ||
Municipal Employees Credit Union Of Oklahoma City Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
12Origination Dollar Volume (All Markets)
$860,000Relative Rate
Municipal Employees Credit Union Of Oklahoma City's average 30 year fixed mortgage rate was
9.06%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 2.58%.
Relative Fees (Closing Costs)
Municipal Employees Credit Union Of Oklahoma City's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,475.
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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 12 | $860,000 | $71,667 | $1,534 | 8.89% |
Similar Lenders
We use machine learning to identify the top lenders compared against Municipal Employees Credit Union of Oklahoma City 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 | 12 | $860,000 | $71,667 | $1,534 | 8.89% |
For 2023, Municipal Employees Credit Union Of Oklahoma City's most frequently originated type of loan was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 12 | $860,000 | $71,667 | $1,534 | 8.89% |
For 2023, Municipal Employees Credit Union Of Oklahoma City's most frequently cited loan purpose was Cash Out Refi, with 12 originations.
Loan Duration/Length
For 2023, Municipal Employees Credit Union Of Oklahoma City's most frequently cited loan duration was 10 Year, with 6 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $735,000 | $66,818 |
| $1k-2k | 1 | $125,000 | $125,000 |
Municipal Employees Credit Union Of Oklahoma City's average total fees were $1,475, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 9 | $605,000 | $67,222 |
| 7-8% | 3 | $255,000 | $85,000 |
During 2023, Municipal Employees Credit Union Of Oklahoma City's average interest rate for loans was 9.06%, while their most frequently originated rate bucket for loans was Over 8%, with 9 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 9 | $485,000 | $53,889 | $1,104 | 8.94% |
| $100k-200k | 3 | $375,000 | $125,000 | $2,823 | 8.71% |
2023 saw Municipal Employees Credit Union Of Oklahoma City place emphasis on $100,000 or less loans with 9 originations, totaling $485,000 in origination value.
Applicant Income
Municipal Employees Credit Union Of Oklahoma City lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Municipal Employees Credit Union Of Oklahoma City lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.33%
Municipal Employees Credit Union Of Oklahoma City has a below average approval rate.
Pick Rate
Approvals leading to origination91.67%
Municipal Employees Credit Union Of Oklahoma City has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 12 | $860,000 | $71,667 |