Peoples Bank Mortgage Rates, Fees & Info
Newton, NCLEI: 5493006HXEF6V2NZED40
Tax ID: 56-0354890
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 6.59% | 11/17/24 |
| 30 Year Conventional Refi | 6.45% | 11/17/24 |
| 30 Year Cash-out Refi | 6.85% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 6.14% | 11/17/24 |
| 15 Year Cash-out Refi | 6.14% | 11/17/24 |
| 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
565Origination Dollar Volume (All Markets)
$133,235,000Awards
Peoples Bank - 2023
Peoples Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Their top states include:
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.
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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
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
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
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
2023 saw Peoples Bank place emphasis on $100k-200k loans with 182 originations, totaling $25,650,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications76.48%
Peoples Bank has a below average approval rate.
Pick Rate
Approvals leading to origination81.59%
Peoples Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 565 | $133,235,000 | $235,814 |