Luther Burbank Savings Mortgage Rates, Fees & InfoSanta Rosa, CA
Tax ID: 94-2906968
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewLuther Burbank Savings is a small bank specializing in Home Purchase loans. Luther Burbank Savings has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Seattle, San Jose, and San Diego among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)
Luther Burbank Savings 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. Luther Burbank Savings is typically an average 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.57%||11/30/23|
|30 Year Conventional Refi||6.52%||11/30/23|
|30 Year Cash-out Refi||6.73%||11/30/23|
|15 Year Conventional Purchase||5.68%||11/30/23|
|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.|
Luther Burbank Savings Mortgage Calculator
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This is not an official calculator from Luther Burbank Savings. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$2,041,905,000
Luther Burbank Savings's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.61%.
Relative Fees (Closing Costs)
Luther Burbank Savings's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,243.
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.
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|
|Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA)||603||$1,003,405,000||$1,664,022||$10,169||3.80%|
|San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA)||206||$303,980,000||$1,475,631||$8,692||4.23%|
|Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA)||262||$237,950,000||$908,206||$6,584||3.32%|
|SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA)||100||$160,340,000||$1,603,400||$7,060||4.13%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||79||$110,585,000||$1,399,810||$12,440||4.66%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||13||$34,945,000||$2,688,077||$0||3.73%|
|SANTA ROSA-PETALUMA, CA (FHA|USDA|VA)||35||$23,715,000||$677,571||$7,210||3.96%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||20||$23,310,000||$1,165,500||$6,873||4.59%|
|PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA)||14||$23,050,000||$1,646,429||$4,003||4.47%|
|PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA)||13||$23,025,000||$1,771,154||$0||3.97%|
|SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA)||16||$21,410,000||$1,338,125||$0||4.06%|
|DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA)||9||$18,435,000||$2,048,333||$0||3.84%|
|SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA)||9||$10,915,000||$1,212,778||$9,243||4.89%|
|FRESNO, CA (FHA|USDA|VA)||7||$8,205,000||$1,172,143||$0||4.36%|
|SALEM, OR (FHA|USDA|VA)||2||$7,040,000||$3,520,000||$0||4.18%|
|SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA)||2||$6,700,000||$3,350,000||$0||4.25%|
|SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA)||3||$5,655,000||$1,885,000||$4,269||3.48%|
|SALINAS, CA (FHA|USDA|VA)||4||$5,480,000||$1,370,000||$4,222||4.18%|
|BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA)||4||$4,650,000||$1,162,500||$7,467||4.91%|
|STOCKTON, CA (FHA|USDA|VA)||2||$2,100,000||$1,050,000||$0||4.05%|
|MERCED, CA (FHA|USDA|VA)||1||$1,905,000||$1,905,000||$0||3.55%|
|Oak Harbor, WA (FHA|USDA|VA)||1||$1,305,000||$1,305,000||$0||2.88%|
|YAKIMA, WA (FHA|USDA|VA)||1||$1,145,000||$1,145,000||$0||3.65%|
|NAPA, CA (FHA|USDA|VA)||1||$1,005,000||$1,005,000||$0||5.50%|
|OGDEN-CLEARFIELD, UT (FHA|USDA|VA)||1||$945,000||$945,000||$0||5.15%|
|YUBA CITY, CA (FHA|USDA|VA)||1||$705,000||$705,000||$0||4.05%|
We use machine learning to identify the top lenders compared against Luther Burbank Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Luther Burbank Savings's most frequently originated type of loan was Conventional, with 1,409 originations.
For 2022, Luther Burbank Savings's most frequently cited loan purpose was Home Purchase, with 1,165 originations. The 2nd most popular reason was Refi, with 134 originations.
For 2022, Luther Burbank Savings's most frequently cited loan duration was 30 Year, with 1,264 originations. The 2nd most popular length was 3 Year, with 95 originations.
Origination Fees/Closing Costs
Luther Burbank Savings's average total fees were $8,243, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.
During 2022, Luther Burbank Savings's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 3-4%, with 528 originations.
2022 saw Luther Burbank Savings place emphasis on $1MM+ loans with 839 originations, totaling $1,731,875,000 in origination value.
Luther Burbank Savings lent most frequently to those with incomes in the $250k+ range, with 403 originations. The second most popular income band? $150k-250k, with 149 originations.
Applicant Debt to Income Ratio
Luther Burbank Savings lent most frequently to those with DTI ratios of 30-36%, with 107 originations. The next most common DTI ratio? 44%, with 105 originations.
Approval RatesTotal approvals of all applications
Luther Burbank Savings has an average approval rate.
Pick RateApprovals leading to origination
Luther Burbank Savings has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|
Occupancy Type Mix
|Dwelling Type||Originations||Total Value||Average Loan|