Peoples Bank Mortgage Rates, Fees & Info

Newton, NC

LEI: 5493006HXEF6V2NZED40

Tax ID: 56-0354890

5 stars - Updated: 7/11/24 - out of 5 stars, based on 24 reviews

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

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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 low ratio of USDA loans. Their top markets by origination volume include: Charlotte, Hickory, Raleigh, Winston, and North Wilkesboro among others. We have data for 20 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 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.

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% 7/11/24
30 Year Conventional Purchase 6.59% 7/11/24
30 Year Conventional Refi 6.45% 7/11/24
30 Year Cash-out Refi 6.85% 7/11/24
15 Year Conventional Purchase 5.68% 7/11/24
15 Year Conventional Refi 6.14% 7/11/24
15 Year Cash-out Refi 6.14% 7/11/24
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

565

Origination Dollar Volume (All Markets)

$133,235,000

Awards

Peoples Bank 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Peoples Bank's average 30 year fixed mortgage rate was 6.71%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.23%.

Relative Fees (Closing Costs)

Peoples Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,764.

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 249 $74,495,000 $299,177 $6,649 7.88%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 254 $40,410,000 $159,094 $4,959 8.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 16 $5,130,000 $320,625 $4,104 7.97%
WINSTON-SALEM, NC (FHA|USDA|VA) 16 $4,280,000 $267,500 $4,464 7.58%
Outside of Metro Areas 1 $1,905,000 $1,905,000 $0 5.99%
North Wilkesboro, NC (FHA|USDA|VA) 3 $1,215,000 $405,000 $0 8.58%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 5 $875,000 $175,000 $0 7.98%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $785,000 $261,667 $6,246 8.13%
ASHEVILLE, NC (FHA|USDA|VA) 2 $780,000 $390,000 $0 6.90%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $770,000 $385,000 $0 7.13%
Boone, NC (FHA|USDA|VA) 2 $550,000 $275,000 $5,015 7.05%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $450,000 $225,000 $0 7.85%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $420,000 $210,000 $3,837 7.16%
Albemarle, NC (FHA|USDA|VA) 1 $285,000 $285,000 $3,338 5.95%
Shelby, NC (FHA|USDA|VA) 2 $280,000 $140,000 $4,869 8.06%
BURLINGTON, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.75%
GOLDSBORO, NC (FHA|USDA|VA) 1 $175,000 $175,000 $0 8.00%
Wilson, NC (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.50%
Mount Airy, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.95%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.75%
Peoples Bank's top markets include Charlotte, Hickory, Raleigh, Winston, and North Wilkesboro among others.

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

    SCIENT Federal Credit Union
    Similarity Rank: 110
    Allen Tate Mortgage Partners, LLC
    Similarity Rank: 1377
    United Bank
    Similarity Rank: 1584
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 2058
    Shea Mortgage Inc.
    Similarity Rank: 2204
    Southern Bank and Trust Company
    Similarity Rank: 2592
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 2849
    Peoples Bank
    Similarity Rank: 2860
    First Community Bank
    Similarity Rank: 2925

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 364 $50,780,000 $139,505 n/a 8.37%
    Conventional 199 $82,035,000 $412,236 $5,818 7.27%
    USDA 2 $420,000 $210,000 $6,635 7.19%

    For 2023, Peoples Bank's most frequently originated type of loan was HELOC, with 364 originations. Their 2nd most popular type was Conventional, with 199 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 189 $22,895,000 $121,138 $0 8.44%
    Home Purchase 171 $66,925,000 $391,374 $6,002 7.24%
    Other 127 $19,655,000 $154,764 $0 8.32%
    Refi 73 $22,815,000 $312,534 $4,178 8.00%
    Cash Out Refi 5 $945,000 $189,000 $3,504 6.57%

    For 2023, Peoples Bank's most frequently cited loan purpose was Home Improvement, with 189 originations. The 2nd most popular reason was Home Purchase, with 171 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 360 $50,180,000 $139,389 $0 8.37%
    5 Year 63 $27,345,000 $434,048 $0 7.48%
    30 Year 56 $17,280,000 $308,571 $4,764 6.71%
    Other 51 $21,975,000 $430,882 $0 7.50%
    30+ year 28 $15,650,000 $558,929 $7,946 7.22%
    1 Year 6 $760,000 $126,667 $0 9.08%
    3 Year 1 $45,000 $45,000 $0 9.50%

    For 2023, Peoples Bank's most frequently cited loan duration was 15 Year, with 360 originations. The 2nd most popular length was 5 Year, with 63 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 28 $7,020,000 $250,714
    $2k-3k 19 $6,395,000 $336,579
    $3k-4k 13 $6,115,000 $470,385
    $4k-5k 9 $5,845,000 $649,444
    $<1k 7 $2,285,000 $326,429
    $5k+ 7 $5,165,000 $737,857

    Peoples Bank's average total fees were $4,764, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 299 $41,965,000 $140,351
    7-8% 156 $36,870,000 $236,346
    6-7% 94 $41,090,000 $437,128
    5-6% 12 $12,410,000 $1,034,167
    3-4% 2 $510,000 $255,000

    During 2023, Peoples Bank's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was Over 8%, with 299 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 182 $25,650,000 $140,934 $4,202 8.05%
    $100,000 or less 174 $10,630,000 $61,092 $2,917 8.46%
    $200k-400k 140 $38,000,000 $271,429 $5,153 7.68%
    $400k-600k 38 $18,550,000 $488,158 $6,133 7.25%
    $600k-1MM 18 $13,220,000 $734,444 $8,691 7.11%
    $1MM+ 13 $27,185,000 $2,091,154 $13,062 7.00%

    2023 saw Peoples Bank place emphasis on $100k-200k loans with 182 originations, totaling $25,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 112 $22,450,000 $200,446 $5,504 7.97%
    $50k-75k 87 $11,085,000 $127,414 $5,037 8.09%
    $150k-250k 84 $21,520,000 $256,190 $6,634 8.06%
    $75k-100k 72 $10,110,000 $140,417 $4,673 8.12%
    $250k+ 53 $18,325,000 $345,755 $7,703 7.95%
    $50k or less 52 $4,050,000 $77,885 $4,192 8.23%

    Peoples Bank lent most frequently to those with incomes in the $100k-150k range, with 112 originations. The second most popular income band? $50k-75k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 95 $14,785,000 $155,632 $5,400 8.13%
    42% 76 $14,330,000 $188,553 $6,359 8.27%
    30-36% 70 $11,500,000 $164,286 $5,214 8.10%
    <20% 52 $8,540,000 $164,231 $5,331 8.16%
    41% 25 $4,925,000 $197,000 $6,268 8.11%
    40% 24 $5,620,000 $234,167 $5,696 7.91%
    38% 21 $2,935,000 $139,762 $5,781 8.33%
    39% 19 $5,705,000 $300,263 $6,225 7.67%
    37% 19 $4,205,000 $221,316 $5,404 7.66%
    43% 14 $3,610,000 $257,857 $9,529 8.08%
    36% 13 $3,055,000 $235,000 $5,688 7.95%
    44% 5 $975,000 $195,000 $4,958 7.38%
    45% 2 $1,680,000 $840,000 $7,864 7.56%
    47% 2 $330,000 $165,000 $3,656 7.31%
    >60% 2 $220,000 $110,000 $0 8.13%

    Peoples Bank lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 42%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 425 $79,075,000 $186,059 $5,767 8.08%
    Not applicable 96 $44,360,000 $462,083 $0 7.58%
    Not provided 19 $4,135,000 $217,632 $5,814 7.73%
    Asian 11 $3,255,000 $295,909 $6,038 7.64%
    Black 8 $1,630,000 $203,750 $7,962 8.12%
    American Indian 3 $455,000 $151,667 $0 8.67%
    Other Asian 1 $195,000 $195,000 $0 8.75%
    Asian Indian 1 $105,000 $105,000 $0 7.75%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 9.25%

    Approval Rates

    Total approvals of all applications
    76.48%

    Peoples Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.59%

    Peoples Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 565 $133,235,000 $235,814

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    565 $133,235,000 $235,814

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 173 $22,605,000 $130,665 $4,648 8.29%
    40-60% 97 $30,405,000 $313,454 $5,034 7.96%
    60-80% 92 $40,200,000 $436,957 $6,638 7.45%
    80-100% 106 $32,330,000 $305,000 $6,007 7.43%
    Under 20% 97 $7,695,000 $79,330 $3,211 8.55%