Seattle Metropolitan Credit Union Mortgage Rates, Fees & InfoSeattle, WA
Tax ID: 91-0176215
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSeattle Metropolitan Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Seattle Metropolitan Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Spokane, Centralia, Ellensburg, and Kennewick among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)
Seattle Metropolitan Credit Union 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. Seattle Metropolitan Credit Union 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||8.31%||3/27/23|
|30 Year Conventional Refi||7.01%||3/27/23|
|30 Year Cash-out Refi||6.63%||3/27/23|
|15 Year Conventional Purchase||5.97%||3/27/23|
|15 Year Conventional Refi||6.05%||3/27/23|
|15 Year Cash-out Refi||6.05%||3/27/23|
|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.|
Origination Dollar Volume (All Markets)$102,260,000
Seattle Metropolitan Credit Union's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.92%.
Relative Fees (Closing Costs)
Seattle Metropolitan Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,531.
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.
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|
|Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA)||220||$72,380,000||$329,000||$2,832||6.00%|
|SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA)||9||$9,965,000||$1,107,222||$4,902||3.86%|
|Centralia, WA (FHA|USDA|VA)||3||$7,425,000||$2,475,000||$6,960||6.29%|
|Ellensburg, WA (FHA|USDA|VA)||4||$2,030,000||$507,500||$3,648||5.31%|
|Outside of Metro Areas||4||$1,790,000||$447,500||$4,697||3.63%|
|KENNEWICK-RICHLAND, WA (FHA|USDA|VA)||4||$1,290,000||$322,500||$5,920||6.25%|
|Port Angeles, WA (FHA|USDA|VA)||1||$1,145,000||$1,145,000||$13,781||3.25%|
|BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA)||7||$985,000||$140,714||$2,309||6.08%|
|BELLINGHAM, WA (FHA|USDA|VA)||4||$960,000||$240,000||$2,270||8.25%|
|Aberdeen, WA (FHA|USDA|VA)||3||$935,000||$311,667||$5,763||5.92%|
|PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA)||4||$750,000||$187,500||$3,348||7.34%|
|MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA)||4||$750,000||$187,500||$3,398||6.93%|
|YAKIMA, WA (FHA|USDA|VA)||6||$750,000||$125,000||$2,348||8.91%|
|Oak Harbor, WA (FHA|USDA|VA)||1||$455,000||$455,000||$8,171||6.63%|
|Shelton, WA (FHA|USDA|VA)||2||$310,000||$155,000||$2,457||7.81%|
|WENATCHEE, WA (FHA|USDA|VA)||1||$245,000||$245,000||$3,547||8.75%|
|OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA)||1||$95,000||$95,000||$700||8.74%|
Their top states include:
We use machine learning to identify the top lenders compared against Seattle Metropolitan Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Seattle Metropolitan Credit Union's most frequently originated type of loan was Conventional, with 278 originations.
For 2022, Seattle Metropolitan Credit Union's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Home Improvement, with 72 originations.
For 2022, Seattle Metropolitan Credit Union's most frequently cited loan duration was 30 Year, with 105 originations. The 2nd most popular length was 20 Year, with 71 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Seattle Metropolitan Credit Union's average total fees were $6,531, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 138 originations.
During 2022, Seattle Metropolitan Credit Union's average interest rate for loans was 5.68%, while their most frequently originated rate bucket for loans was 6-7%, with 68 originations.
2022 saw Seattle Metropolitan Credit Union place emphasis on $100,000 or less loans with 96 originations, totaling $5,140,000 in origination value.
Seattle Metropolitan Credit Union lent most frequently to those with incomes in the $100k-150k range, with 79 originations. The second most popular income band? $150k-250k, with 68 originations.
Applicant Debt to Income Ratio
Seattle Metropolitan Credit Union lent most frequently to those with DTI ratios of 30-36%, with 44 originations. The next most common DTI ratio? 20-30%, with 38 originations.
Approval RatesTotal approvals of all applications
Seattle Metropolitan Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Seattle Metropolitan Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
|Points||Originations||Total Value||Average Loan|