Northwestern Mutual Mortgage Rates, Fees & Info

Milwaukee, WI

LEI: 549300E02I9FR0A6YT35

Tax ID: 39-0509565

5 stars - Updated: 10/13/24 - out of 5 stars, based on 6 reviews

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

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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% 10/13/24
30 Year Conventional Refi 6.91% 10/13/24
30 Year Cash-out Refi 5.94% 10/13/24
15 Year Conventional Purchase 6.78% 10/13/24
15 Year Conventional Refi 5.57% 10/13/24
15 Year Cash-out Refi 5.57% 10/13/24
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

37

Origination Dollar Volume (All Markets)

$9,265,000

Awards

NORTHWESTERN MUTUAL 30 Year Conventional Loans gold NORTHWESTERN MUTUAL 30 Year Conventional Loans gold NORTHWESTERN MUTUAL 30 Year Conventional Loans gold
Show all (3) awards

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%
Northwestern Mutual's top markets include Milwaukee, Sheboygan, Racine, and Green Bay among others.

Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • 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.

    NORTHWESTERN MUTUAL
    Similarity Rank: 44
    Glacier Hills Credit Union
    Similarity Rank: 54
    National Exchange Bank and Trust
    Similarity Rank: 112
    Citizens Bank
    Similarity Rank: 192
    Empower Credit Union
    Similarity Rank: 203
    PyraMax Bank, FSB
    Similarity Rank: 270
    EDUCATORS CREDIT UNION
    Similarity Rank: 300
    Westbury Bank
    Similarity Rank: 330
    Tri City National Bank
    Similarity Rank: 403
    PRIME FINANCIAL CREDIT UNION
    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $6,150,000 $384,375 $1,667 6.38%
    Other 13 $1,425,000 $109,615 $524 7.40%
    Home Improvement 3 $165,000 $55,000 $305 7.17%
    Cash Out Refi 3 $985,000 $328,333 $1,164 6.27%
    Refi 2 $540,000 $270,000 $857 6.65%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $7,050,000 $391,667 $1,531 6.38%
    10 Year 9 $655,000 $72,778 $394 6.86%
    15 Year 8 $1,310,000 $163,750 $818 7.69%
    20 Year 1 $235,000 $235,000 $1,660 7.00%
    Other 1 $15,000 $15,000 $303 7.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 11 $585,000 $53,182 $344 7.36%
    $200k-400k 11 $3,215,000 $292,273 $1,485 6.47%
    $400k-600k 8 $3,940,000 $492,500 $1,661 6.24%
    $100k-200k 6 $820,000 $136,667 $760 7.35%
    $600k-1MM 1 $705,000 $705,000 $1,635 5.75%

    2023 saw Northwestern Mutual place emphasis on $100,000 or less loans with 11 originations, totaling $585,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 12 $2,830,000 $235,833 $999 6.71%
    $100k-150k 8 $1,780,000 $222,500 $959 7.06%
    $250k+ 8 $3,330,000 $416,250 $1,351 6.49%
    $75k-100k 7 $1,085,000 $155,000 $1,030 7.07%
    $50k-75k 2 $240,000 $120,000 $966 6.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 13 $3,235,000 $248,846 $1,107 7.17%
    20-30% 9 $2,835,000 $315,000 $1,336 6.79%
    <20% 8 $1,520,000 $190,000 $835 6.26%
    38% 1 $325,000 $325,000 $1,660 6.25%
    39% 1 $415,000 $415,000 $1,628 6.40%
    40% 1 $105,000 $105,000 $300 7.50%
    42% 1 $85,000 $85,000 $303 8.25%
    44% 1 $15,000 $15,000 $303 7.00%
    36% 1 $145,000 $145,000 $678 6.65%
    37% 1 $585,000 $585,000 $1,635 5.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 26 $5,890,000 $226,538 $1,012 6.95%
    Not provided 6 $1,880,000 $313,333 $1,032 6.26%
    Asian 2 $720,000 $360,000 $1,698 6.83%
    Asian Indian 1 $515,000 $515,000 $1,753 6.25%
    Chinese 1 $205,000 $205,000 $1,653 6.35%
    American Indian 1 $55,000 $55,000 $310 7.50%

    Approval Rates

    Total approvals of all applications
    94.87%

    Northwestern Mutual has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.89%

    Northwestern Mutual has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 37 $9,265,000 $250,405

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    37 $9,265,000 $250,405

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $765,000 $109,286 $508 7.46%
    40-60% 2 $450,000 $225,000 $857 6.65%
    60-80% 10 $4,380,000 $438,000 $1,512 6.24%
    80-100% 10 $3,290,000 $329,000 $1,673 6.53%
    Under 20% 8 $380,000 $47,500 $311 7.34%