Northwestern Mutual Mortgage Rates, Fees & Info
Milwaukee, WILEI: 549300E02I9FR0A6YT35
Tax ID: 39-0509565
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Mortgage Data
Review & Overview
Northwestern Mutual is a smaller mortgage company specializing in Home Purchase loans. Northwestern Mutual has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Sheboygan, Racine, and Green Bay among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Northwestern Mutual has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Northwestern Mutual is typically a low 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 | 6.10% | 4/22/24 |
| 30 Year Conventional Refi | 6.91% | 4/22/24 |
| 30 Year Cash-out Refi | 5.94% | 4/22/24 |
| 15 Year Conventional Purchase | 6.78% | 4/22/24 |
| 15 Year Conventional Refi | 5.57% | 4/22/24 |
| 15 Year Cash-out Refi | 5.57% | 4/22/24 |
| 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. | ||
Northwestern Mutual Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Northwestern Mutual. 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
37Origination Dollar Volume (All Markets)
$9,265,000Awards
NORTHWESTERN MUTUAL - 2023
NORTHWESTERN MUTUAL is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Northwestern Mutual's average 30 year fixed mortgage rate was
6.38%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.11%.
Relative Fees (Closing Costs)
Northwestern Mutual's average total fees/closing costs for a 30 year fixed rate
mortgage were $1,531.
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 $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 |
|---|---|---|---|---|---|
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 33 | $8,465,000 | $256,515 | $1,117 | 6.78% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $1,453 | 6.15% |
| RACINE, WI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $493 | 6.48% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $310 | 9.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against NORTHWESTERN MUTUAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 44
Similarity Rank: 54
Similarity Rank: 112
Similarity Rank: 192
Similarity Rank: 203
Similarity Rank: 270
Similarity Rank: 300
Similarity Rank: 330
Similarity Rank: 403
Similarity Rank: 535
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 37 | $9,265,000 | $250,405 | $1,070 | 6.81% |
For 2023, Northwestern Mutual's most frequently originated type of loan was Conventional, with 37 originations.
Loan Reason
For 2023, Northwestern Mutual's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Other, with 13 originations.
Loan Duration/Length
For 2023, Northwestern Mutual's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 10 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 37 | $9,265,000 | $250,405 |
Northwestern Mutual's average total fees were $1,531, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 37 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 18 | $4,460,000 | $247,778 |
| 5-6% | 7 | $2,995,000 | $427,857 |
| 7-8% | 6 | $1,260,000 | $210,000 |
| Over 8% | 5 | $475,000 | $95,000 |
| 4-5% | 1 | $75,000 | $75,000 |
During 2023, Northwestern Mutual's average interest rate for loans was 6.38%, while their most frequently originated rate bucket for loans was 6-7%, with 18 originations.
Loan Sizing
2023 saw Northwestern Mutual place emphasis on $100,000 or less loans with 11 originations, totaling $585,000 in origination value.
Applicant Income
Northwestern Mutual lent most frequently to those with incomes in the $150k-250k range, with 12 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Northwestern Mutual lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.87%
Northwestern Mutual has an average approval rate.
Pick Rate
Approvals leading to origination91.89%
Northwestern Mutual has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 37 | $9,265,000 | $250,405 |