Peoples Bank Mortgage Rates, Fees & Info

Newton, NC

LEI: 5493006HXEF6V2NZED40

Tax ID: 56-0354890

5 stars - Updated: 9/25/23 - out of 5 stars, based on 30 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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

    Peoples Bank is a smaller bank specializing in Home Purchase and Refi loans. Peoples Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Hickory, Raleigh, Durham, and Winston among others. We have data for 22 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 an average pick rate when compared to similar lenders. Peoples Bank 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
    Home Equity Line of Credit (HELOC) 6.27% 9/25/23
    30 Year Conventional Purchase 6.59% 9/25/23
    30 Year Conventional Refi 6.45% 9/25/23
    30 Year Cash-out Refi 6.85% 9/25/23
    15 Year Conventional Purchase 5.68% 9/25/23
    15 Year Conventional Refi 6.14% 9/25/23
    15 Year Cash-out Refi 6.14% 9/25/23
    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.

    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

    875

    Origination Dollar Volume (All Markets)

    $202,885,000

    Awards

    Peoples Bank 30 Year Conventional Loans gold Peoples Bank 30 Year Conventional Loans bronze Peoples Bank 30 Year Conventional Loans silver Peoples Bank 30 Year Conventional Loans silver
    Show all (4) awards

    Relative Rate

    Peoples Bank's average 30 year fixed mortgage rate was 4.5%.

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

    This yields a difference of -0.26%.

    Relative Fees (Closing Costs)

    Peoples Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,639.

    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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 369 $86,815,000 $235,271 $4,884 4.34%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 381 $79,685,000 $209,147 $4,263 4.33%
    RALEIGH-CARY, NC (FHA|USDA|VA) 52 $14,880,000 $286,154 $3,504 4.01%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 24 $6,910,000 $287,917 $3,637 4.25%
    WINSTON-SALEM, NC (FHA|USDA|VA) 13 $3,575,000 $275,000 $2,110 4.52%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 6 $1,800,000 $300,000 $7,901 4.92%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $1,190,000 $297,500 $0 5.26%
    Marion, NC (FHA|USDA|VA) 5 $1,155,000 $231,000 $0 4.25%
    ASHEVILLE, NC (FHA|USDA|VA) 3 $1,105,000 $368,333 $3,983 4.61%
    BURLINGTON, NC (FHA|USDA|VA) 3 $1,055,000 $351,667 $2,974 5.36%
    Outside of Metro Areas 1 $885,000 $885,000 $0 5.13%
    Boone, NC (FHA|USDA|VA) 2 $820,000 $410,000 $6,633 4.94%
    Forest City, NC (FHA|USDA|VA) 1 $585,000 $585,000 $0 4.85%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $510,000 $255,000 $4,628 6.31%
    Kinston, NC (FHA|USDA|VA) 1 $475,000 $475,000 $0 4.75%
    Albemarle, NC (FHA|USDA|VA) 1 $385,000 $385,000 $3,186 4.95%
    Wilson, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 5.75%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 3.75%
    ROCKY MOUNT, NC (FHA|USDA|VA) 2 $230,000 $115,000 $0 5.09%
    North Wilkesboro, NC (FHA|USDA|VA) 1 $135,000 $135,000 $0 7.25%
    Shelby, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.50%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.00%
    Peoples Bank's top markets include Charlotte, Hickory, Raleigh, Durham, and Winston among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Virginia (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.

    UNITED SECURITY FINANCIAL CORP
    Similarity Rank: 624
    Telco Community Credit Union
    Similarity Rank: 657
    OCEANSIDE MORTGAGE COMPANY
    Similarity Rank: 700
    Countybank
    Similarity Rank: 2058
    Shea Mortgage Inc.
    Similarity Rank: 2920
    Peoples Bank
    Similarity Rank: 3014
    Arthur State Bank
    Similarity Rank: 3654
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 3660
    Opendoor Home Loans LLC
    Similarity Rank: 4300
    American National Bank and Trust Company
    Similarity Rank: 4356

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 536 $77,610,000 $144,795 n/a 4.12%
    Conventional 339 $125,275,000 $369,543 $4,532 4.71%

    For 2022, Peoples Bank's most frequently originated type of loan was HELOC, with 536 originations. Their 2nd most popular type was Conventional, with 339 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 243 $95,995,000 $395,041 $5,151 4.87%
    Home Improvement 239 $29,165,000 $122,029 $4,834 4.30%
    Other 217 $31,415,000 $144,770 $3,399 3.81%
    Refi 163 $42,945,000 $263,466 $3,139 4.40%
    Cash Out Refi 13 $3,365,000 $258,846 $3,203 3.95%

    For 2022, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 243 originations. The 2nd most popular reason was Home Improvement, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 532 $77,030,000 $144,793 $3,241 4.09%
    30 Year 109 $33,095,000 $303,624 $3,639 4.50%
    Other 93 $31,205,000 $335,538 $0 4.78%
    5 Year 78 $25,390,000 $325,513 $0 5.12%
    30+ year 40 $22,380,000 $559,500 $7,376 4.69%
    1 Year 10 $1,870,000 $187,000 $0 5.13%
    20 Year 6 $1,120,000 $186,667 $2,962 4.19%
    10 Year 4 $9,470,000 $2,367,500 $2,053 4.40%
    3 Year 3 $1,325,000 $441,667 $0 4.08%

    For 2022, Peoples Bank's most frequently cited loan duration was 15 Year, with 532 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
    $<1k 66 $21,670,000 $328,333
    $1k-2k 33 $6,505,000 $197,121
    $2k-3k 21 $6,805,000 $324,048
    $3k-4k 16 $7,400,000 $462,500
    $4k-5k 15 $10,645,000 $709,667
    $5k+ 4 $3,970,000 $992,500

    Peoples Bank's average total fees were $3,639, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 230 $74,760,000 $325,043
    3-4% 223 $56,955,000 $255,404
    <2.5% 132 $15,020,000 $113,788
    5-6% 123 $30,605,000 $248,821
    6-7% 75 $12,805,000 $170,733
    2.5-3% 47 $7,595,000 $161,596
    7-8% 42 $4,890,000 $116,429
    Over 8% 3 $255,000 $85,000

    During 2022, Peoples Bank's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 230 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 283 $16,935,000 $59,841 $3,029 4.32%
    $200k-400k 242 $65,520,000 $270,744 $4,113 4.30%
    $100k-200k 234 $32,640,000 $139,487 $3,083 4.31%
    $400k-600k 61 $28,845,000 $472,869 $5,306 4.64%
    $600k-1MM 41 $30,825,000 $751,829 $7,580 4.67%
    $1MM+ 14 $28,120,000 $2,008,571 $8,882 4.11%

    2022 saw Peoples Bank place emphasis on $100,000 or less loans with 283 originations, totaling $16,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 162 $27,960,000 $172,593 $4,576 4.18%
    $150k-250k 149 $39,485,000 $265,000 $5,657 4.22%
    $50k-75k 120 $13,680,000 $114,000 $3,233 4.26%
    $75k-100k 108 $16,580,000 $153,519 $3,770 3.96%
    $50k or less 96 $7,980,000 $83,125 $3,168 4.49%
    $250k+ 85 $36,855,000 $433,588 $6,841 4.40%

    Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 162 originations. The second most popular income band? $150k-250k, with 149 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 165 $30,545,000 $185,121 $4,715 4.01%
    30-36% 131 $21,635,000 $165,153 $3,956 4.17%
    <20% 99 $20,945,000 $211,566 $3,496 4.03%
    42% 81 $16,065,000 $198,333 $5,827 4.60%
    43% 35 $6,515,000 $186,143 $4,395 4.42%
    40% 31 $7,875,000 $254,032 $5,482 4.91%
    38% 27 $4,365,000 $161,667 $3,729 3.86%
    39% 26 $6,240,000 $240,000 $5,947 3.70%
    36% 24 $4,460,000 $185,833 $5,799 4.39%
    37% 23 $4,665,000 $202,826 $3,781 4.61%
    41% 22 $3,170,000 $144,091 $3,877 4.06%
    44% 17 $5,125,000 $301,471 $5,597 3.91%
    45% 2 $180,000 $90,000 $3,070 3.87%
    50-60% 2 $1,120,000 $560,000 $0 3.00%
    46% 1 $255,000 $255,000 $0 3.99%
    47% 1 $355,000 $355,000 $0 6.50%

    Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 30-36%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 646 $127,360,000 $197,152 $4,600 4.29%
    Not applicable 149 $58,705,000 $393,993 $0 4.91%
    Not provided 29 $6,745,000 $232,586 $3,433 3.19%
    Asian 18 $5,580,000 $310,000 $7,778 3.79%
    Black 20 $2,590,000 $129,500 $3,359 4.01%
    American Indian 7 $835,000 $119,286 $2,938 4.27%
    Native Hawaiian or Islander 3 $605,000 $201,667 $0 5.41%
    Asian Indian 2 $350,000 $175,000 $0 3.62%
    Other Asian 1 $115,000 $115,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    76.31%

    Peoples Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.06%

    Peoples Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 875 $202,885,000 $231,869

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    875 $202,885,000 $231,869

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 261 $38,655,000 $148,103 $3,038 4.17%
    40-60% 141 $39,755,000 $281,950 $4,674 4.18%
    60-80% 160 $55,080,000 $344,250 $4,610 4.71%
    80-100% 155 $57,705,000 $372,290 $4,874 4.65%
    Over 100% 1 $455,000 $455,000 $0 3.85%
    Under 20% 157 $11,235,000 $71,561 $0 4.14%