Peoples Bank Mortgage Rates, Fees & Info

Bellingham, WA

LEI: 5493001VH4ZJNSI25781

Tax ID: 91-0362750

4.2 stars - Updated: 2/25/24 - out of 5 stars, based on 34 reviews

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

Jump to:

Mortgage Data

Review & Overview

Peoples Bank is a smaller bank specializing in Home Purchase loans. Peoples Bank 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: Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoples Bank 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. Peoples Bank 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.

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
Home Equity Line of Credit (HELOC) 6.26% 2/25/24
30 Year Conventional Purchase 6.72% 2/25/24
30 Year Conventional Refi 6.54% 2/25/24
30 Year Cash-out Refi 6.76% 2/25/24
30 Year FHA Purchase 7.40% 2/25/24
30 Year VA Purchase 6.15% 2/25/24
30 Year USDA Purchase 6.27% 2/25/24
15 Year Conventional Purchase 6.29% 2/25/24
15 Year Conventional Refi 6.17% 2/25/24
15 Year Cash-out Refi 6.17% 2/25/24
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.

Peoples Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Peoples Bank. 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

1,142

Origination Dollar Volume (All Markets)

$441,260,000

Awards

Peoples Bank 30 Year Conventional Loans bronze Peoples Bank 30 Year Conventional Loans bronze Peoples Bank VA Loans bronze
Show all (3) awards

Relative Rate

Peoples Bank's average 30 year fixed mortgage rate was 5.03%.

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

This yields a difference of 0.27%.

Relative Fees (Closing Costs)

Peoples Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,526.

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
BELLINGHAM, WA (FHA|USDA|VA) 491 $195,565,000 $398,299 $7,269 5.05%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 228 $86,610,000 $379,868 $7,314 4.94%
Oak Harbor, WA (FHA|USDA|VA) 131 $47,145,000 $359,885 $9,839 5.03%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 112 $45,410,000 $405,446 $7,636 4.90%
WENATCHEE, WA (FHA|USDA|VA) 112 $41,260,000 $368,393 $8,320 4.89%
Outside of Metro Areas 20 $8,280,000 $414,000 $8,245 4.63%
Moses Lake, WA (FHA|USDA|VA) 24 $7,370,000 $307,083 $7,955 5.53%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 4 $3,670,000 $917,500 $18,769 4.56%
Port Angeles, WA (FHA|USDA|VA) 2 $1,090,000 $545,000 $10,249 5.06%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $1,060,000 $530,000 $12,371 4.88%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 4 $820,000 $205,000 $4,099 5.56%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $700,000 $350,000 $12,458 4.56%
Aberdeen, WA (FHA|USDA|VA) 4 $660,000 $165,000 $4,985 3.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $590,000 $295,000 $4,808 4.75%
LONGVIEW, WA (FHA|USDA|VA) 1 $555,000 $555,000 $8,869 3.50%
WALLA WALLA, WA (FHA|USDA|VA) 1 $245,000 $245,000 $0 6.14%
YAKIMA, WA (FHA|USDA|VA) 1 $125,000 $125,000 $4,817 5.00%
Ellensburg, WA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.00%
Peoples Bank's top markets include Bellingham, Mount Vernon, Oak Harbor, Seattle, and Wenatchee among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Similar Lenders

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

    Cashmere Valley Bank
    Similarity Rank: 510
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 648
    Wheatland Bank
    Similarity Rank: 1136
    NUMERICA CREDIT UNION
    Similarity Rank: 2112
    Chicago Financial Services, Inc.
    Similarity Rank: 2139
    IVY MORTGAGE, INC.
    Similarity Rank: 2166
    HORIZON
    Similarity Rank: 2345
    VERITY
    Similarity Rank: 2400
    CU HOME MORTGAGE SOLUTIONS, LLC
    Similarity Rank: 2405
    SOUND
    Similarity Rank: 2425

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 678 $357,960,000 $527,965 $7,661 4.78%
    HELOC 447 $75,725,000 $169,407 n/a 5.33%
    VA 9 $4,515,000 $501,667 $14,986 4.32%
    FHA 8 $3,060,000 $382,500 $14,440 4.52%

    For 2022, Peoples Bank's most frequently originated type of loan was Conventional, with 678 originations. Their 2nd most popular type was HELOC, with 447 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 535 $304,635,000 $569,411 $9,085 5.06%
    Home Improvement 204 $29,010,000 $142,206 $4,106 5.26%
    Other 164 $28,180,000 $171,829 $5,720 5.25%
    Cash Out Refi 120 $44,220,000 $368,500 $5,107 4.02%
    Refi 119 $35,215,000 $295,924 $4,070 4.85%

    For 2022, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 535 originations. The 2nd most popular reason was Home Improvement, with 204 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 910 $269,180,000 $295,802 $6,526 5.03%
    30+ year 109 $78,215,000 $717,569 $15,408 5.04%
    15 Year 66 $37,540,000 $568,788 $4,840 4.38%
    1 Year 22 $13,970,000 $635,000 $6,155 5.20%
    20 Year 13 $2,765,000 $212,692 $4,467 4.36%
    Other 12 $36,390,000 $3,032,500 $10,608 4.98%
    3 Year 5 $1,685,000 $337,000 $0 6.61%
    10 Year 5 $1,515,000 $303,000 $3,892 4.76%

    For 2022, Peoples Bank's most frequently cited loan duration was 30 Year, with 910 originations. The 2nd most popular length was 30+ year, with 109 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 248 $150,350,000 $606,250
    $1k-2k 163 $61,215,000 $375,552
    $2k-3k 88 $30,430,000 $345,795
    $<1k 66 $26,960,000 $408,485
    $3k-4k 57 $20,755,000 $364,123
    $4k-5k 42 $15,590,000 $371,190

    Peoples Bank's average total fees were $6,526, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 248 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 323 $141,595,000 $438,375
    5-6% 290 $110,650,000 $381,552
    4-5% 277 $109,995,000 $397,094
    6-7% 157 $52,865,000 $336,720
    7-8% 56 $12,140,000 $216,786
    2.5-3% 28 $11,600,000 $414,286
    Over 8% 7 $1,605,000 $229,286
    <2.5% 4 $810,000 $202,500

    During 2022, Peoples Bank's average interest rate for loans was 5.03%, while their most frequently originated rate bucket for loans was 3-4%, with 323 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 338 $99,330,000 $293,876 $6,001 4.98%
    $100k-200k 228 $29,980,000 $131,491 $4,154 5.16%
    $400k-600k 214 $103,260,000 $482,523 $7,961 4.88%
    $100,000 or less 172 $10,260,000 $59,651 $3,176 5.15%
    $600k-1MM 147 $103,345,000 $703,027 $10,647 4.81%
    $1MM+ 43 $95,085,000 $2,211,279 $19,807 4.65%

    2022 saw Peoples Bank place emphasis on $200k-400k loans with 338 originations, totaling $99,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 290 $89,990,000 $310,310 $7,765 5.04%
    $150k-250k 282 $114,100,000 $404,610 $8,893 5.09%
    $75k-100k 181 $48,585,000 $268,425 $6,811 4.79%
    $250k+ 146 $86,810,000 $594,589 $11,729 5.18%
    $50k-75k 135 $29,515,000 $218,630 $5,517 4.81%
    $50k or less 54 $7,310,000 $135,370 $4,109 4.66%

    Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 290 originations. The second most popular income band? $150k-250k, with 282 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 232 $70,490,000 $303,836 $6,904 4.76%
    30-36% 197 $62,355,000 $316,523 $7,454 4.93%
    <20% 91 $22,975,000 $252,473 $5,467 4.84%
    42% 69 $19,335,000 $280,217 $8,540 5.27%
    41% 63 $27,245,000 $432,460 $9,229 5.27%
    43% 57 $15,355,000 $269,386 $6,370 5.17%
    40% 49 $17,555,000 $358,265 $7,673 5.32%
    39% 46 $15,300,000 $332,609 $8,120 4.82%
    44% 42 $15,600,000 $371,429 $7,577 4.70%
    37% 40 $13,540,000 $338,500 $7,800 5.13%
    38% 38 $12,490,000 $328,684 $7,320 5.30%
    36% 35 $13,075,000 $373,571 $7,837 4.70%
    49% 28 $12,510,000 $446,786 $8,766 4.92%
    48% 25 $12,455,000 $498,200 $8,497 5.07%
    47% 24 $9,940,000 $414,167 $8,918 5.04%
    45% 22 $8,340,000 $379,091 $8,452 4.90%
    46% 17 $7,925,000 $466,176 $8,616 4.60%
    50-60% 16 $9,990,000 $624,375 $11,625 5.68%
    >60% 13 $9,435,000 $725,769 $13,173 5.01%

    Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 232 originations. The next most common DTI ratio? 30-36%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 933 $318,805,000 $341,699 $7,671 4.95%
    Not applicable 29 $58,865,000 $2,029,828 $0 5.63%
    Not provided 124 $42,370,000 $341,694 $9,165 5.19%
    Asian 26 $10,940,000 $420,769 $9,400 5.04%
    American Indian 17 $6,425,000 $377,941 $7,078 5.04%
    Asian Indian 6 $1,630,000 $271,667 $9,065 5.40%
    Native Hawaiian or Islander 3 $795,000 $265,000 $3,414 4.13%
    Other Asian 2 $720,000 $360,000 $4,210 4.63%
    Chinese 1 $675,000 $675,000 $13,393 3.75%
    Filipino 1 $35,000 $35,000 $0 4.00%

    Approval Rates

    Total approvals of all applications
    83.48%

    Peoples Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    69.35%

    Peoples Bank 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 1,142 $441,260,000 $386,392

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,142 $441,260,000 $386,392

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 199 $46,495,000 $233,643 $5,245 5.12%
    40-60% 172 $64,900,000 $377,326 $6,407 4.63%
    60-80% 317 $217,365,000 $685,694 $9,189 4.88%
    80-100% 153 $73,165,000 $478,203 $8,236 5.04%
    Over 100% 7 $11,215,000 $1,602,143 $20,016 4.68%
    Under 20% 293 $27,365,000 $93,396 $3,306 5.20%