Massmutual Mortgage Rates, Fees & Info
Springfield, MALEI: 549300217ZPIHWEYT887
Tax ID: 04-6051174
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Mortgage Data
Review & Overview
Massmutual is a smaller mortgage company specializing in Home Improvement, Other, and Home Purchase loans. Massmutual has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Phoenix, Boston, and Charlotte among others. We have data for 41 markets. (Some data included below & more in-depth data is available with an active subscription.)Massmutual has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Massmutual 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 relatively high rates.
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Originations
266Origination Dollar Volume (All Markets)
$27,820,000Relative Rate
Massmutual's average 30 year fixed mortgage rate was
6.43%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.05%.
Relative Fees (Closing Costs)
Massmutual's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,953.
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 |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 111 | $10,295,000 | $92,748 | $4,859 | 6.99% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 47 | $4,055,000 | $86,277 | $3,229 | 7.05% |
| Outside of Metro Areas | 36 | $3,340,000 | $92,778 | $0 | 6.74% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $0 | 7.25% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 6 | $810,000 | $135,000 | $2,219 | 7.02% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $0 | 7.38% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $0 | 7.92% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $0 | 6.75% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 7.50% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $1,989 | 7.78% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 7.88% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $0 | 7.20% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $7,481 | 6.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 7.13% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $6,591 | 6.38% |
| Seneca, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,160 | 5.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,346 | 7.00% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $0 | 6.83% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 7.38% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 7.50% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 7.50% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 7.75% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 7.38% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 8.25% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,030 | 5.13% |
| Torrington, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.25% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.25% |
| Rutland, VT (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 6.50% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.50% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.75% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.00% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.50% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 8.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.75% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 8.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 8.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.75% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.00% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 8.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 134 | $14,550,000 | $108,582 | n/a | 7.85% |
| Conventional | 132 | $13,270,000 | $100,530 | $4,520 | 6.20% |
For 2023, Massmutual's most frequently originated type of loan was HELOC, with 134 originations. Their 2nd most popular type was Conventional, with 132 originations.
Loan Reason
For 2023, Massmutual's most frequently cited loan purpose was Home Improvement, with 114 originations. The 2nd most popular reason was Other, with 91 originations.
Loan Duration/Length
For 2023, Massmutual's most frequently cited loan duration was 20 Year, with 172 originations. The 2nd most popular length was 10 Year, with 38 originations.
Origination Fees/Closing Costs
Massmutual's average total fees were $4,953, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 96 | $11,380,000 | $118,542 |
| 5-6% | 67 | $4,725,000 | $70,522 |
| 6-7% | 62 | $7,430,000 | $119,839 |
| Over 8% | 41 | $4,285,000 | $104,512 |
During 2023, Massmutual's average interest rate for loans was 6.43%, while their most frequently originated rate bucket for loans was 7-8%, with 96 originations.
Loan Sizing
2023 saw Massmutual place emphasis on $100,000 or less loans with 166 originations, totaling $8,700,000 in origination value.
Applicant Income
Massmutual lent most frequently to those with incomes in the $100k-150k range, with 80 originations. The second most popular income band? $150k-250k, with 66 originations.
Applicant Debt to Income Ratio
Massmutual lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.03%
Massmutual has an average approval rate.
Pick Rate
Approvals leading to origination84.59%
Massmutual has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 266 | $27,820,000 | $104,586 |