Massmutual Mortgage Rates, Fees & Info

Springfield, MA

LEI: 549300217ZPIHWEYT887

Tax ID: 04-6051174

5 stars - Updated: 10/13/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

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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Originations

266

Origination Dollar Volume (All Markets)

$27,820,000

Relative 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%
Massmutual's top markets include Springfield, Hartford, Phoenix, Boston, and Charlotte among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 114 $9,030,000 $79,211 $0 7.19%
    Other 91 $8,515,000 $93,571 $2,030 7.00%
    Refi 34 $4,120,000 $121,176 $0 6.76%
    Home Purchase 26 $6,050,000 $232,692 $4,824 6.88%
    Cash Out Refi 1 $105,000 $105,000 $3,061 5.88%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 172 $19,070,000 $110,872 $4,346 7.56%
    10 Year 38 $2,490,000 $65,526 $0 6.03%
    15 Year 20 $1,640,000 $82,000 $2,009 6.24%
    5 Year 20 $940,000 $47,000 $0 5.75%
    30 Year 12 $3,380,000 $281,667 $4,953 6.43%
    Other 4 $300,000 $75,000 $0 6.00%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 6 $1,280,000 $213,333
    $3k-4k 3 $845,000 $281,667
    $1k-2k 2 $390,000 $195,000
    $2k-3k 2 $590,000 $295,000
    $4k-5k 1 $505,000 $505,000
    $5k+ 1 $295,000 $295,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 166 $8,700,000 $52,410 $0 6.99%
    $100k-200k 61 $8,105,000 $132,869 $2,595 7.01%
    $200k-400k 36 $9,600,000 $266,667 $5,548 7.27%
    $400k-600k 3 $1,415,000 $471,667 $7,843 7.38%

    2023 saw Massmutual place emphasis on $100,000 or less loans with 166 originations, totaling $8,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 80 $6,790,000 $84,875 $6,416 7.05%
    $150k-250k 66 $8,110,000 $122,879 $3,990 6.94%
    $75k-100k 44 $3,300,000 $75,000 $3,554 6.97%
    $250k+ 38 $6,590,000 $173,421 $3,061 7.21%
    $50k-75k 21 $1,665,000 $79,286 $3,296 7.07%
    $50k or less 17 $1,365,000 $80,294 $5,423 7.06%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 68 $6,830,000 $100,441 $3,038 7.15%
    30-36% 49 $4,855,000 $99,082 $4,580 6.85%
    <20% 35 $4,215,000 $120,429 $2,525 7.04%
    38% 11 $1,635,000 $148,636 $5,954 7.06%
    37% 10 $1,000,000 $100,000 $0 6.98%
    42% 9 $885,000 $98,333 $0 7.72%
    36% 9 $755,000 $83,889 $0 7.69%
    39% 9 $655,000 $72,778 $0 7.06%
    41% 9 $595,000 $66,111 $0 7.08%
    48% 9 $745,000 $82,778 $7,481 6.97%
    43% 7 $455,000 $65,000 $0 6.71%
    45% 7 $1,405,000 $200,714 $6,460 7.32%
    46% 7 $875,000 $125,000 $6,591 6.70%
    40% 7 $715,000 $102,143 $3,070 6.95%
    44% 5 $615,000 $123,000 $0 6.65%
    >60% 4 $370,000 $92,500 $0 7.06%
    49% 4 $340,000 $85,000 $0 6.38%
    50-60% 4 $670,000 $167,500 $5,423 6.50%
    47% 2 $190,000 $95,000 $0 6.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 185 $18,115,000 $97,919 $4,556 7.00%
    Not provided 60 $7,060,000 $117,667 $2,644 7.10%
    Black 13 $1,725,000 $132,692 $7,843 7.24%
    American Indian 4 $470,000 $117,500 $0 7.75%
    Asian 3 $365,000 $121,667 $0 6.42%
    Asian Indian 1 $85,000 $85,000 $0 6.00%

    Approval Rates

    Total approvals of all applications
    90.03%

    Massmutual has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.59%

    Massmutual has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 266 $27,820,000 $104,586

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    266 $27,820,000 $104,586

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 85 $10,645,000 $125,235 $2,426 7.11%
    40-60% 19 $3,275,000 $172,368 $2,546 7.50%
    60-80% 14 $3,630,000 $259,286 $4,115 7.05%
    80-100% 6 $2,060,000 $343,333 $6,495 6.75%
    Under 20% 142 $8,210,000 $57,817 $0 6.93%