Washington State Employees Credit Union Mortgage Rates, Fees & Info

OLYMPIA, WA

LEI: 5493000FWM3I2HHQY149

Tax ID: 91-0683062

5 stars - out of 5 stars, based on 53 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Washington State Employees Credit Union is a smaller credit union specializing in Other and Home Purchase loans. Washington State Employees Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Seattle, Olympia, Spokane, Centralia, and Kennewick among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington State Employees Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Washington State Employees 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.

    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 6.45% 3/30/23
    30 Year Conventional Refi 6.40% 3/30/23
    30 Year Cash-out Refi 6.66% 3/30/23
    30 Year FHA Purchase 6.82% 3/30/23
    15 Year Conventional Purchase 5.81% 3/30/23
    15 Year Conventional Refi 6.46% 3/30/23
    15 Year Cash-out Refi 6.46% 3/30/23
    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.


    Originations

    2,851

    Origination Dollar Volume (All Markets)

    $563,025,000
    Show all (16) awards

    Relative Rate

    Washington State Employees Credit Union's average 30 year fixed mortgage rate was 4.72%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

    Washington State Employees Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,794.

    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 $4,750.

    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
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 991 $212,535,000 $214,465 $1,852 4.91%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 835 $156,865,000 $187,862 $1,754 4.94%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 259 $44,465,000 $171,680 $1,894 4.91%
    Centralia, WA (FHA|USDA|VA) 141 $21,385,000 $151,667 $1,313 5.16%
    KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 27 $16,725,000 $619,444 $1,480 4.78%
    Pullman, WA (FHA|USDA|VA) 92 $15,800,000 $171,739 $2,428 4.75%
    YAKIMA, WA (FHA|USDA|VA) 85 $12,635,000 $148,647 $1,884 4.73%
    Shelton, WA (FHA|USDA|VA) 68 $11,160,000 $164,118 $1,976 4.94%
    Outside of Metro Areas 39 $9,295,000 $238,333 $2,830 4.75%
    Aberdeen, WA (FHA|USDA|VA) 48 $8,730,000 $181,875 $1,829 5.00%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 39 $7,125,000 $182,692 $2,616 5.05%
    BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 27 $6,515,000 $241,296 $1,655 4.69%
    Ellensburg, WA (FHA|USDA|VA) 49 $6,425,000 $131,122 $1,168 5.13%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 21 $5,925,000 $282,143 $3,537 4.72%
    Oak Harbor, WA (FHA|USDA|VA) 16 $3,630,000 $226,875 $2,573 4.94%
    Outside of Metro Areas 11 $3,235,000 $294,091 $1,900 5.21%
    Moscow, ID (FHA|USDA|VA) 19 $2,775,000 $146,053 $1,957 4.60%
    BELLINGHAM, WA (FHA|USDA|VA) 16 $2,730,000 $170,625 $1,163 5.23%
    WENATCHEE, WA (FHA|USDA|VA) 11 $2,445,000 $222,273 $2,160 5.15%
    Moses Lake, WA (FHA|USDA|VA) 9 $2,305,000 $256,111 $3,040 4.95%
    Port Angeles, WA (FHA|USDA|VA) 10 $2,090,000 $209,000 $2,066 4.86%
    LONGVIEW, WA (FHA|USDA|VA) 7 $1,495,000 $213,571 $1,777 4.80%
    BEND, OR (FHA|USDA|VA) 4 $1,140,000 $285,000 $2,353 4.81%
    BOISE CITY, ID (FHA|USDA|VA) 2 $970,000 $485,000 $2,612 4.13%
    WALLA WALLA, WA (FHA|USDA|VA) 4 $960,000 $240,000 $2,501 5.65%
    Sandpoint, ID (FHA|USDA|VA) 4 $640,000 $160,000 $3,407 5.07%
    Newport, OR (FHA|USDA|VA) 1 $525,000 $525,000 $3,765 3.50%
    LEWISTON, ID-WA (FHA|USDA|VA) 5 $485,000 $97,000 $2,367 4.13%
    CORVALLIS, OR (FHA|USDA|VA) 1 $365,000 $365,000 $2,640 5.00%
    Brookings, OR (FHA|USDA|VA) 1 $365,000 $365,000 $4,552 6.13%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 2 $300,000 $150,000 $3,101 4.25%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 2 $280,000 $140,000 $2,611 4.45%
    IDAHO FALLS, ID (FHA|USDA|VA) 1 $225,000 $225,000 $0 4.00%
    Roseburg, OR (FHA|USDA|VA) 1 $205,000 $205,000 $5,556 3.25%
    MEDFORD, OR (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.69%
    SALEM, OR (FHA|USDA|VA) 2 $120,000 $60,000 $0 6.14%
    Washington State Employees Credit Union's top markets include Seattle, Olympia, Spokane, Centralia, and Kennewick among others.

    Their top states include:
  • Washington (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)

    • Similar Lenders

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

    People's Community Federal Credit Union
    Similarity Rank: 172
    SPOKANE FIREFIGHTERS CREDIT UNION
    Similarity Rank: 315
    CASTPARTS EMPLOYEES
    Similarity Rank: 440
    PENINSULA COMMUNITY
    Similarity Rank: 616
    Cashmere Valley Bank
    Similarity Rank: 860
    Pacific NW Federal Credit Union
    Similarity Rank: 962
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 1240
    Olympia Federal Savings & Loan Association
    Similarity Rank: 1375
    COAST 2 COAST FUNDING GROUP, INC.
    Similarity Rank: 1540
    SELCO COMMUNITY
    Similarity Rank: 1955

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,572 $405,860,000 $258,181 $1,842 5.01%
    HELOC 1,276 $155,860,000 $122,147 n/a 4.81%
    FHA 3 $1,305,000 $435,000 $12,591 6.04%

    For 2022, Washington State Employees Credit Union's most frequently originated type of loan was Conventional, with 1,572 originations. Their 2nd most popular type was HELOC, with 1,276 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 1,561 $178,145,000 $114,122 $16 5.02%
    Home Purchase 451 $194,265,000 $430,743 $3,857 4.63%
    Home Improvement 308 $21,010,000 $68,214 $8 5.77%
    Cash Out Refi 292 $100,610,000 $344,555 $3,332 3.97%
    Refi 239 $68,995,000 $288,682 $1,074 4.90%

    For 2022, Washington State Employees Credit Union's most frequently cited loan purpose was Other, with 1,561 originations. The 2nd most popular reason was Home Purchase, with 451 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,907 $399,415,000 $209,447 $3,794 4.72%
    20 Year 590 $57,660,000 $97,729 $251 5.66%
    10 Year 203 $79,575,000 $391,995 $243 5.44%
    15 Year 151 $26,375,000 $174,669 $1,855 3.88%

    For 2022, Washington State Employees Credit Union's most frequently cited loan duration was 30 Year, with 1,907 originations. The 2nd most popular length was 20 Year, with 590 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,267 $250,255,000 $197,518
    $1k-2k 101 $27,945,000 $276,683
    $2k-3k 70 $22,600,000 $322,857
    $3k-4k 36 $13,000,000 $361,111
    $5k+ 34 $13,920,000 $409,412
    $4k-5k 28 $10,720,000 $382,857

    Washington State Employees Credit Union's average total fees were $3,794, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,267 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 882 $177,850,000 $201,644
    5-6% 729 $124,445,000 $170,706
    4-5% 584 $156,180,000 $267,432
    6-7% 369 $48,045,000 $130,203
    7-8% 110 $10,610,000 $96,455
    2.5-3% 98 $31,210,000 $318,469
    Over 8% 44 $4,230,000 $96,136
    <2.5% 35 $10,455,000 $298,714

    During 2022, Washington State Employees Credit Union's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 3-4%, with 882 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,209 $65,435,000 $54,123 $72 5.23%
    $100k-200k 715 $96,725,000 $135,280 $1,368 4.87%
    $200k-400k 609 $173,665,000 $285,164 $3,289 4.64%
    $400k-600k 230 $107,540,000 $467,565 $4,115 4.43%
    $600k-1MM 62 $44,570,000 $718,871 $4,248 4.41%
    $1MM+ 26 $75,090,000 $2,888,077 $4,556 4.32%

    2022 saw Washington State Employees Credit Union place emphasis on $100,000 or less loans with 1,209 originations, totaling $65,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 840 $140,640,000 $167,429 $1,773 4.97%
    $150k-250k 672 $145,750,000 $216,890 $2,103 4.96%
    $75k-100k 511 $73,955,000 $144,726 $1,837 4.90%
    $50k-75k 379 $46,495,000 $122,678 $1,672 4.81%
    $250k+ 198 $62,820,000 $317,273 $2,393 5.11%
    $50k or less 136 $12,670,000 $93,162 $1,549 4.60%

    Washington State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 840 originations. The second most popular income band? $150k-250k, with 672 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 754 $128,260,000 $170,106 $1,851 4.69%
    30-36% 671 $104,195,000 $155,283 $1,590 5.02%
    <20% 275 $39,265,000 $142,782 $1,636 4.61%
    39% 184 $25,230,000 $137,120 $1,050 5.43%
    42% 133 $25,685,000 $193,120 $2,000 4.99%
    38% 121 $21,895,000 $180,950 $1,671 4.98%
    37% 117 $23,085,000 $197,308 $1,774 5.09%
    40% 109 $20,895,000 $191,697 $1,746 5.23%
    36% 97 $19,335,000 $199,330 $1,965 5.12%
    41% 89 $17,445,000 $196,011 $2,544 4.91%
    43% 81 $20,525,000 $253,395 $2,549 5.19%
    44% 65 $12,455,000 $191,615 $2,639 4.98%
    45% 52 $13,280,000 $255,385 $2,399 5.15%
    49% 24 $7,270,000 $302,917 $3,834 4.61%
    46% 18 $6,330,000 $351,667 $3,918 5.05%
    47% 14 $3,820,000 $272,857 $2,739 4.61%
    48% 11 $5,025,000 $456,818 $2,958 3.95%
    50-60% 1 $585,000 $585,000 $15,578 7.13%

    Washington State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 754 originations. The next most common DTI ratio? 30-36%, with 671 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,164 $364,250,000 $168,323 $1,795 4.93%
    Not applicable 33 $68,135,000 $2,064,697 $0 4.50%
    Not provided 363 $67,315,000 $185,441 $1,873 4.95%
    Asian 165 $35,825,000 $217,121 $2,460 4.82%
    Black 71 $14,405,000 $202,887 $2,451 5.03%
    American Indian 34 $5,690,000 $167,353 $1,699 4.88%
    Native Hawaiian or Islander 17 $4,525,000 $266,176 $2,716 5.01%
    Korean 1 $1,505,000 $1,505,000 $4,585 5.25%
    Asian Indian 1 $595,000 $595,000 $3,039 4.50%
    Chinese 1 $555,000 $555,000 $2,254 5.50%
    Other Pacific Islander 1 $225,000 $225,000 $0 4.49%

    Approval Rates

    Total approvals of all applications
    63.68%

    Washington State Employees Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    82.50%

    Washington State Employees Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,851 $563,025,000 $197,483

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,851 $563,025,000 $197,483

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 552 $99,000,000 $179,348 $1,338 4.84%
    40-60% 275 $109,285,000 $397,400 $2,742 4.23%
    60-80% 283 $134,975,000 $476,943 $3,729 4.38%
    80-100% 249 $109,615,000 $440,221 $4,226 4.71%
    Under 20% 1,491 $109,975,000 $73,759 $94 5.22%