The Washington Trust Company Of Westerly Mortgage Rates, Fees & Info

Westerly, RI

LEI: 549300HKYBSATM44Q425

Tax ID: 05-0235370

5 stars - Updated: 4/5/25 - out of 5 stars, based on 34 reviews

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    The Washington Trust Company Of Westerly is a smaller mortgage company specializing in Home Purchase loans. The Washington Trust Company Of Westerly has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, Worcester, and Springfield among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Washington Trust Company Of Westerly 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. The Washington Trust Company Of Westerly 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 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.

    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
    Home Equity Line of Credit (HELOC) 6.74% 4/5/25
    30 Year Conventional Purchase 6.01% 4/5/25
    30 Year Conventional Refi 6.72% 4/5/25
    30 Year Cash-out Refi 6.87% 4/5/25
    30 Year FHA Purchase 6.88% 4/5/25
    30 Year FHA Refi 6.85% 4/5/25
    30 Year VA Purchase 6.25% 4/5/25
    30 Year VA Refi 6.21% 4/5/25
    15 Year Conventional Purchase 6.91% 4/5/25
    15 Year Conventional Refi 7.71% 4/5/25
    15 Year Cash-out Refi 7.71% 4/5/25
    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.

    The Washington Trust Company Of Westerly Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Washington Trust Company Of Westerly. 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

    1,132

    Origination Dollar Volume (All Markets)

    $332,880,000
    Show all (6) awards

    Relative Rate

    The Washington Trust Company Of Westerly's average 30 year fixed mortgage rate was 6.12%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.43%.

    Relative Fees (Closing Costs)

    The Washington Trust Company Of Westerly's average total fees/closing costs for a 30 year fixed rate mortgage were $5,216.

    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 $8,356.

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 947 $255,145,000 $269,424 $4,486 6.80%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 90 $43,750,000 $486,111 $7,626 7.66%
    Outside of Metro Areas 70 $25,770,000 $368,143 $4,948 7.35%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 12 $3,690,000 $307,500 $6,712 7.81%
    WORCESTER, MA-CT (FHA|USDA|VA) 10 $3,640,000 $364,000 $9,826 6.45%
    SPRINGFIELD, MA (FHA|USDA|VA) 3 $885,000 $295,000 $10,097 6.83%
    The Washington Trust Company Of Westerly's top markets include Providence, Boston, Barnstable Town, Worcester, and Springfield among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against The Washington Trust Company of Westerly based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    OCEAN STATE CREDIT UNION
    Similarity Rank: 63
    SOMERSET
    Similarity Rank: 72
    Piscataqua Savings Bank
    Similarity Rank: 100
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 108
    Southern Mass Credit Union
    Similarity Rank: 112
    Centreville Bank
    Similarity Rank: 120
    St. Mary's Credit Union
    Similarity Rank: 220
    The Washington Trust Company, of Westerly
    Similarity Rank: 240
    Sharon & Crescent United Credit Union
    Similarity Rank: 245
    UniBank for Savings
    Similarity Rank: 300

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 569 $196,205,000 $344,824 $3,180 6.39%
    HELOC 456 $88,740,000 $194,605 n/a 7.76%
    FHA 93 $41,195,000 $442,957 $13,272 6.10%
    VA 14 $6,740,000 $481,429 $7,496 6.09%

    For 2024, The Washington Trust Company Of Westerly's most frequently originated type of loan was Conventional, with 569 originations. Their 2nd most popular type was HELOC, with 456 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 603 $214,315,000 $355,415 $5,302 6.34%
    Home Improvement 239 $34,995,000 $146,423 $575 7.60%
    Refi 164 $59,230,000 $361,159 $4,371 7.70%
    Other 98 $13,520,000 $137,959 $649 7.53%
    Cash Out Refi 28 $10,820,000 $386,429 $5,109 6.68%

    For 2024, The Washington Trust Company Of Westerly's most frequently cited loan purpose was Home Purchase, with 603 originations. The 2nd most popular reason was Home Improvement, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 579 $197,755,000 $341,546 $5,216 6.12%
    Other 456 $88,740,000 $194,605 $0 7.76%
    10 Year 37 $3,505,000 $94,730 $377 7.59%
    15 Year 21 $3,905,000 $185,952 $1,400 7.61%
    5 Year 14 $1,060,000 $75,714 $8 7.52%
    30+ year 13 $12,145,000 $934,231 $8,346 7.89%
    20 Year 10 $760,000 $76,000 $0 8.27%
    3 Year 2 $25,010,000 $12,505,000 $0 7.92%

    For 2024, The Washington Trust Company Of Westerly's most frequently cited loan duration was 30 Year, with 579 originations. The 2nd most popular length was Other, with 456 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 352 $148,610,000 $422,188
    $<1k 216 $28,350,000 $131,250
    $2k-3k 37 $15,255,000 $412,297
    $5k+ 16 $7,340,000 $458,750
    $3k-4k 13 $6,625,000 $509,615
    $4k-5k 9 $3,135,000 $348,333

    The Washington Trust Company Of Westerly's average total fees were $5,216, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 352 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 502 $139,060,000 $277,012
    Over 8% 246 $72,970,000 $296,626
    7-8% 141 $55,575,000 $394,149
    5-6% 118 $38,880,000 $329,492
    4-5% 114 $23,970,000 $210,263
    3-4% 10 $2,400,000 $240,000
    <2.5% 1 $25,000 $25,000

    During 2024, The Washington Trust Company Of Westerly's average interest rate for loans was 6.12%, while their most frequently originated rate bucket for loans was 6-7%, with 502 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 354 $104,940,000 $296,441 $5,386 6.69%
    $100,000 or less 300 $17,330,000 $57,767 $298 6.94%
    $100k-200k 214 $29,660,000 $138,598 $2,328 7.45%
    $400k-600k 190 $91,600,000 $482,105 $7,740 6.58%
    $600k-1MM 54 $38,670,000 $716,111 $8,172 7.03%
    $1MM+ 20 $50,680,000 $2,534,000 $9,484 7.55%

    2024 saw The Washington Trust Company Of Westerly place emphasis on $200k-400k loans with 354 originations, totaling $104,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 291 $74,075,000 $254,553 $5,067 6.59%
    $150k-250k 267 $73,945,000 $276,948 $5,153 7.24%
    $75k-100k 199 $41,505,000 $208,568 $4,212 6.39%
    $250k+ 189 $90,155,000 $477,011 $5,909 7.64%
    $50k-75k 126 $18,170,000 $144,206 $3,627 6.53%
    $50k or less 33 $3,865,000 $117,121 $3,335 7.30%

    The Washington Trust Company Of Westerly lent most frequently to those with incomes in the $100k-150k range, with 291 originations. The second most popular income band? $150k-250k, with 267 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 206 $45,770,000 $222,184 $3,636 7.01%
    20-30% 196 $43,730,000 $223,112 $3,324 7.05%
    42% 139 $29,385,000 $211,403 $3,180 7.21%
    <20% 60 $18,370,000 $306,167 $4,166 7.31%
    41% 60 $16,400,000 $273,333 $3,983 6.61%
    39% 55 $14,315,000 $260,273 $4,249 6.61%
    37% 51 $16,115,000 $315,980 $4,013 6.55%
    40% 51 $16,335,000 $320,294 $3,791 6.82%
    38% 43 $12,905,000 $300,116 $4,533 7.36%
    36% 43 $10,925,000 $254,070 $4,549 7.09%
    43% 43 $16,335,000 $379,884 $4,547 6.55%
    45% 30 $9,990,000 $333,000 $7,593 6.70%
    44% 30 $8,970,000 $299,000 $4,375 6.40%
    50-60% 29 $12,005,000 $413,966 $12,511 6.09%
    46% 24 $10,180,000 $424,167 $8,225 6.39%
    49% 22 $8,800,000 $400,000 $5,919 6.96%
    48% 19 $7,025,000 $369,737 $5,943 6.51%
    47% 19 $7,225,000 $380,263 $7,377 6.71%
    >60% 1 $225,000 $225,000 $0 7.88%

    The Washington Trust Company Of Westerly lent most frequently to those with DTI ratios of 30-36%, with 206 originations. The next most common DTI ratio? 20-30%, with 196 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 841 $226,345,000 $269,138 $4,288 7.07%
    Not provided 137 $38,475,000 $280,839 $4,971 6.92%
    Black 107 $30,175,000 $282,009 $6,690 5.75%
    Not applicable 8 $26,740,000 $3,342,500 $0 7.97%
    Asian 25 $7,155,000 $286,200 $5,094 6.96%
    American Indian 10 $2,720,000 $272,000 $4,513 5.66%
    Native Hawaiian or Islander 3 $695,000 $231,667 $2,895 5.92%
    Other Asian 1 $575,000 $575,000 $5,198 6.99%

    Approval Rates

    Total approvals of all applications
    79.64%

    The Washington Trust Company Of Westerly has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    75.18%

    The Washington Trust Company Of Westerly has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,132 $332,880,000 $294,064

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,132 $332,880,000 $294,064

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 221 $51,895,000 $234,819 $2,463 7.53%
    40-60% 109 $68,775,000 $630,963 $4,754 7.28%
    60-80% 196 $82,550,000 $421,173 $4,768 6.41%
    80-100% 221 $95,165,000 $430,611 $8,190 6.21%
    Over 100% 3 $1,265,000 $421,667 $13,111 6.25%
    Under 20% 382 $33,230,000 $86,990 $348 7.13%