Southwest Airlines Federal Credit Union Mortgage Rates, Fees & Info

Dallas, TX

LEI: 549300DQLGJ1YQRRHH73

Tax ID: 75-1486899

5 stars - Updated: 5/26/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Southwest Airlines Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Southwest Airlines Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Dallas, Phoenix, Houston, Chicago, and Denver among others. We have data for 80 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southwest Airlines Federal Credit Union has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Southwest Airlines Federal 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 5.91% 5/26/24
30 Year Conventional Refi 5.94% 5/26/24
30 Year Cash-out Refi 6.62% 5/26/24
15 Year Conventional Purchase 5.63% 5/26/24
15 Year Conventional Refi 5.53% 5/26/24
15 Year Cash-out Refi 5.53% 5/26/24
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.

Southwest Airlines Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Southwest Airlines Federal Credit Union. 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

378

Origination Dollar Volume (All Markets)

$48,220,000

Relative Rate

Southwest Airlines Federal Credit Union's average 30 year fixed mortgage rate was 6.39%.

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

This yields a difference of -0.09%.

Relative Fees (Closing Costs)

Southwest Airlines Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,387.

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 115 $17,375,000 $151,087 $2,479 5.71%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 54 $5,520,000 $102,222 $1,353 5.53%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 22 $3,320,000 $150,909 $2,615 5.93%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 15 $1,585,000 $105,667 $1,328 5.76%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 12 $1,300,000 $108,333 $1,689 5.76%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 11 $1,275,000 $115,909 $1,653 5.43%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 16 $1,240,000 $77,500 $821 5.68%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $1,130,000 $113,000 $2,023 5.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 9 $1,065,000 $118,333 $1,777 5.42%
Outside of Metro Areas 4 $730,000 $182,500 $2,416 5.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $690,000 $115,000 $1,028 5.33%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $655,000 $131,000 $2,314 5.45%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $615,000 $205,000 $1,352 6.33%
Oxford, MS (FHA|USDA|VA) 1 $585,000 $585,000 $9,889 6.63%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $580,000 $290,000 $6,183 6.69%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $555,000 $185,000 $3,530 5.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $550,000 $275,000 $5,457 5.81%
Grenada, MS (FHA|USDA|VA) 1 $505,000 $505,000 $9,362 6.75%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 2 $500,000 $250,000 $6,880 7.19%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $455,000 $151,667 $2,292 6.08%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 6 $450,000 $75,000 $750 5.83%
SANTA FE, NM (FHA|USDA|VA) 1 $445,000 $445,000 $17,826 5.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $395,000 $131,667 $324 6.75%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $340,000 $170,000 $3,220 5.56%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $310,000 $155,000 $1,556 5.00%
HOT SPRINGS, AR (FHA|USDA|VA) 2 $290,000 $145,000 $2,486 5.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $285,000 $285,000 $12,811 5.38%
BELLINGHAM, WA (FHA|USDA|VA) 1 $285,000 $285,000 $6,350 6.38%
ROCHESTER, NY (FHA|USDA|VA) 2 $250,000 $125,000 $2,701 6.00%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $225,000 $225,000 $5,510 5.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $220,000 $55,000 $314 5.31%
Athens, TX (FHA|USDA|VA) 1 $215,000 $215,000 $5,558 5.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $195,000 $195,000 $5,016 6.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,394 5.75%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $185,000 $61,667 $602 6.42%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $180,000 $90,000 $1,583 5.75%
GAINESVILLE, GA (FHA|USDA|VA) 2 $170,000 $85,000 $314 5.50%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $155,000 $155,000 $2,999 5.25%
TULSA, OK (FHA|USDA|VA) 1 $155,000 $155,000 $2,603 5.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $155,000 $155,000 $2,754 5.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $150,000 $75,000 $334 5.13%
Lake City, FL (FHA|USDA|VA) 1 $145,000 $145,000 $4,416 6.38%
Arkadelphia, AR (FHA|USDA|VA) 1 $115,000 $115,000 $3,241 6.25%
ROCKFORD, IL (FHA|USDA|VA) 1 $115,000 $115,000 $2,319 5.75%
LANCASTER, PA (FHA|USDA|VA) 1 $115,000 $115,000 $3,437 5.75%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $105,000 $105,000 $334 5.75%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $105,000 $105,000 $314 5.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $105,000 $105,000 $334 5.25%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $105,000 $105,000 $289 5.75%
Key West, FL (FHA|USDA|VA) 1 $105,000 $105,000 $309 5.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $105,000 $105,000 $294 5.25%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $105,000 $105,000 $334 5.50%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $100,000 $50,000 $327 5.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $100,000 $50,000 $348 5.38%
COLUMBIA, SC (FHA|USDA|VA) 1 $95,000 $95,000 $381 5.75%
Taos, NM (FHA|USDA|VA) 1 $95,000 $95,000 $2,599 6.00%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $85,000 $85,000 $381 5.75%
FORT COLLINS, CO (FHA|USDA|VA) 1 $85,000 $85,000 $422 5.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $85,000 $85,000 $334 5.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $75,000 $75,000 $289 4.75%
PANAMA CITY, FL (FHA|USDA|VA) 1 $75,000 $75,000 $336 5.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $70,000 $35,000 $324 5.25%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $65,000 $65,000 $334 5.75%
ROCHESTER, MN (FHA|USDA|VA) 1 $55,000 $55,000 $314 5.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $55,000 $55,000 $334 5.75%
Ardmore, OK (FHA|USDA|VA) 1 $55,000 $55,000 $3,809 5.50%
PITTSBURGH, PA (FHA|USDA|VA) 1 $45,000 $45,000 $334 5.25%
Glasgow, KY (FHA|USDA|VA) 1 $45,000 $45,000 $361 4.75%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $35,000 $35,000 $309 5.25%
LOUISVILLE, KY (FHA|USDA|VA) 1 $35,000 $35,000 $336 4.75%
Cambridge, MD (FHA|USDA|VA) 1 $35,000 $35,000 $319 5.25%
Ottumwa, IA (FHA|USDA|VA) 1 $35,000 $35,000 $314 4.75%
WICHITA FALLS, TX (FHA|USDA|VA) 1 $35,000 $35,000 $286 4.75%
EL PASO, TX (FHA|USDA|VA) 1 $25,000 $25,000 $239 5.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $25,000 $25,000 $334 5.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $25,000 $25,000 $314 5.25%
STOCKTON, CA (FHA|USDA|VA) 1 $25,000 $25,000 $314 5.75%
Bartlesville, OK (FHA|USDA|VA) 1 $25,000 $25,000 $314 4.75%
COLUMBUS, OH (FHA|USDA|VA) 1 $25,000 $25,000 $317 4.50%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $15,000 $15,000 $309 4.75%
Southwest Airlines Federal Credit Union's top markets include Dallas, Phoenix, Houston, Chicago, and Denver among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Southwest Airlines Federal 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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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 363 $46,705,000 $128,664 $2,009 5.52%
    HELOC 15 $1,515,000 $101,000 n/a 8.92%

    For 2023, Southwest Airlines Federal Credit Union's most frequently originated type of loan was Conventional, with 363 originations. Their 2nd most popular type was HELOC, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 240 $21,090,000 $87,875 $955 5.52%
    Home Improvement 70 $5,910,000 $84,429 $630 5.62%
    Home Purchase 61 $19,865,000 $325,656 $7,258 6.22%
    Refi 7 $1,355,000 $193,571 $3,761 6.00%

    For 2023, Southwest Airlines Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 240 originations. The 2nd most popular reason was Home Improvement, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 192 $19,000,000 $98,958 $1,206 5.53%
    10 Year 75 $6,245,000 $83,267 $815 5.18%
    30 Year 51 $17,475,000 $342,647 $7,387 6.39%
    5 Year 38 $2,100,000 $55,263 $548 4.91%
    20 Year 22 $3,400,000 $154,545 $5,582 8.00%

    For 2023, Southwest Airlines Federal Credit Union's most frequently cited loan duration was 15 Year, with 192 originations. The 2nd most popular length was 10 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 291 $24,285,000 $83,454
    $3k-4k 23 $7,205,000 $313,261
    $2k-3k 19 $3,975,000 $209,211
    $5k+ 13 $6,625,000 $509,615
    $4k-5k 9 $3,705,000 $411,667
    $1k-2k 8 $910,000 $113,750

    Southwest Airlines Federal Credit Union's average total fees were $7,387, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 291 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 241 $27,305,000 $113,299
    4-5% 80 $5,770,000 $72,125
    6-7% 32 $10,270,000 $320,938
    Over 8% 14 $1,260,000 $90,000
    7-8% 11 $3,615,000 $328,636

    During 2023, Southwest Airlines Federal Credit Union's average interest rate for loans was 6.39%, while their most frequently originated rate bucket for loans was 5-6%, with 241 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 216 $11,860,000 $54,907 $355 5.43%
    $100k-200k 85 $11,235,000 $132,176 $2,025 5.73%
    $200k-400k 59 $16,035,000 $271,780 $5,462 6.19%
    $400k-600k 16 $7,760,000 $485,000 $10,033 6.27%
    $600k-1MM 2 $1,330,000 $665,000 $12,577 6.81%

    2023 saw Southwest Airlines Federal Credit Union place emphasis on $100,000 or less loans with 216 originations, totaling $11,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 103 $12,175,000 $118,204 $1,758 5.56%
    $150k-250k 96 $13,350,000 $139,063 $2,258 5.81%
    $250k+ 66 $12,200,000 $184,848 $3,139 5.80%
    $75k-100k 54 $5,140,000 $95,185 $1,362 5.57%
    $50k-75k 39 $2,975,000 $76,282 $1,011 5.43%
    $50k or less 10 $560,000 $56,000 $1,310 5.53%

    Southwest Airlines Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 103 originations. The second most popular income band? $150k-250k, with 96 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 98 $10,250,000 $104,592 $1,519 5.71%
    30-36% 66 $7,490,000 $113,485 $1,527 5.53%
    <20% 46 $5,930,000 $128,913 $2,317 5.44%
    42% 27 $2,595,000 $96,111 $1,216 5.73%
    41% 23 $2,355,000 $102,391 $1,461 5.47%
    40% 15 $1,635,000 $109,000 $1,198 5.85%
    38% 15 $1,795,000 $119,667 $1,549 5.57%
    39% 15 $3,075,000 $205,000 $3,326 5.59%
    37% 13 $1,245,000 $95,769 $1,261 5.59%
    36% 12 $1,100,000 $91,667 $947 5.44%
    44% 8 $1,110,000 $138,750 $2,213 5.98%
    43% 6 $810,000 $135,000 $2,320 5.77%
    46% 4 $410,000 $102,500 $2,551 5.84%
    47% 2 $80,000 $40,000 $344 5.75%
    49% 1 $165,000 $165,000 $4,470 7.13%

    Southwest Airlines Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 98 originations. The next most common DTI ratio? 30-36%, with 66 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 286 $26,260,000 $91,818 $1,069 5.56%
    White 78 $19,320,000 $247,692 $5,149 6.03%
    Black 8 $1,110,000 $138,750 $2,225 5.69%
    Asian 4 $1,080,000 $270,000 $4,818 5.88%
    American Indian 2 $450,000 $225,000 $4,539 5.31%

    Approval Rates

    Total approvals of all applications
    74.75%

    Southwest Airlines Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    99.74%

    Southwest Airlines Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 378 $48,220,000 $127,566

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    378 $48,220,000 $127,566

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 69 $7,815,000 $113,261 $1,281 5.55%
    40-60% 14 $2,390,000 $170,714 $2,700 5.73%
    60-80% 25 $6,575,000 $263,000 $6,279 6.13%
    80-100% 21 $7,545,000 $359,286 $7,921 6.37%
    Under 20% 222 $15,720,000 $70,811 $583 5.51%