Salem Five Cents Savings Bank Mortgage Rates, Fees & Info
Salem, MALEI: 5493006NTCY0P06JR884
Tax ID: 04-1802790
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Mortgage Data
Review & Overview
Salem Five Cents Savings Bank is a smaller bank specializing in Refi and Home Purchase loans. Salem Five Cents Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Barnstable Town, and Manchester among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Salem Five Cents Savings 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.65% | 6/22/25 |
| 30 Year Conventional Purchase | 6.72% | 6/22/25 |
| 30 Year Conventional Refi | 6.72% | 6/22/25 |
| 30 Year Cash-out Refi | 6.72% | 6/22/25 |
| 15 Year Conventional Purchase | 6.00% | 6/22/25 |
| 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. | ||
Salem Five Cents Savings Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
834Origination Dollar Volume (All Markets)
$259,930,000Relative Rate
Salem Five Cents Savings Bank's average 30 year fixed mortgage rate was
5.49%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -1.06%.
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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 723 | $230,835,000 | $319,274 | $0 | 7.12% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 30 | $8,020,000 | $267,333 | $0 | 7.03% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 24 | $5,910,000 | $246,250 | $0 | 7.07% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 20 | $5,550,000 | $277,500 | $0 | 7.14% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 11 | $3,575,000 | $325,000 | $0 | 6.91% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 9 | $1,555,000 | $172,778 | $0 | 7.14% |
| Outside of Metro Areas | 5 | $1,275,000 | $255,000 | $0 | 7.19% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 4 | $1,270,000 | $317,500 | $0 | 7.37% |
| PITTSFIELD, MA (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $0 | 6.94% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 6.93% |
| Concord, NH (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $0 | 7.24% |
| Laconia, NH (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.74% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 748 | $145,460,000 | $194,465 | n/a | 7.08% |
| Conventional | 86 | $114,470,000 | $1,331,047 | $0 | 7.40% |
For 2024, Salem Five Cents Savings Bank's most frequently originated type of loan was HELOC, with 748 originations. Their 2nd most popular type was Conventional, with 86 originations.
Loan Reason
For 2024, Salem Five Cents Savings Bank's most frequently cited loan purpose was Home Improvement, with 286 originations. The 2nd most popular reason was Refi, with 230 originations.
Loan Duration/Length
For 2024, Salem Five Cents Savings Bank's most frequently cited loan duration was 20 Year, with 748 originations. The 2nd most popular length was 10 Year, with 67 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 608 | $142,950,000 | $235,115 |
| 6-7% | 208 | $51,940,000 | $249,712 |
| Over 8% | 16 | $49,890,000 | $3,118,125 |
| 5-6% | 2 | $15,150,000 | $7,575,000 |
During 2024, Salem Five Cents Savings Bank's average interest rate for loans was 5.49%, while their most frequently originated rate bucket for loans was 7-8%, with 608 originations.
Loan Sizing
2024 saw Salem Five Cents Savings Bank place emphasis on $100k-200k loans with 254 originations, totaling $34,810,000 in origination value.
Applicant Income
Salem Five Cents Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 254 originations. The second most popular income band? $250k+, with 187 originations.
Applicant Debt to Income Ratio
Salem Five Cents Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 44%, with 125 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.82%
Salem Five Cents Savings Bank has an average approval rate.
Pick Rate
Approvals leading to origination78.42%
Salem Five Cents Savings Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 834 | $259,930,000 | $311,667 |