Peoplesbank Mortgage Rates, Fees & Info

Holyoke, MA

LEI: 549300IYKILIU506KA05

Tax ID: 20-0262355

5 stars - Updated: 2/26/24 - out of 5 stars, based on 32 reviews

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

Jump to:

Mortgage Data

Review & Overview

Peoplesbank is a smaller bank specializing in Home Purchase loans. Peoplesbank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Norwich, Boston, and Philadelphia among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoplesbank 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. Peoplesbank 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.02% 2/26/24
30 Year Conventional Purchase 5.81% 2/26/24
30 Year Conventional Refi 6.18% 2/26/24
30 Year Cash-out Refi 6.08% 2/26/24
15 Year Conventional Purchase 5.93% 2/26/24
15 Year Conventional Refi 5.87% 2/26/24
15 Year Cash-out Refi 5.87% 2/26/24
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.

Peoplesbank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Peoplesbank. 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

1,029

Origination Dollar Volume (All Markets)

$330,965,000

Awards

PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans silver PeoplesBank 30 Year Conventional Loans bronze
Show all (4) awards

Relative Rate

Peoplesbank's average 30 year fixed mortgage rate was 4.55%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.21%.

Relative Fees (Closing Costs)

Peoplesbank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,787.

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.

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
SPRINGFIELD, MA (FHA|USDA|VA) 832 $165,620,000 $199,063 $2,844 3.63%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 136 $74,850,000 $550,368 $3,200 3.59%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 3 $30,965,000 $10,321,667 $0 4.25%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 24 $22,400,000 $933,333 $4,225 3.08%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $14,575,000 $2,915,000 $0 3.79%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $7,980,000 $3,990,000 $9,093 5.25%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $5,495,000 $1,831,667 $3,246 4.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 8 $3,490,000 $436,250 $4,119 3.64%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $1,900,000 $475,000 $4,053 3.88%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,580,000 $395,000 $3,947 2.84%
PITTSFIELD, MA (FHA|USDA|VA) 3 $715,000 $238,333 $3,482 3.92%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $645,000 $645,000 $4,420 4.50%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $590,000 $295,000 $0 1.99%
Torrington, CT (FHA|USDA|VA) 2 $160,000 $80,000 $3,337 3.37%
Peoplesbank's top markets include Springfield, Hartford, Norwich, Boston, and Philadelphia among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    Freedom Credit Union
    Similarity Rank: 228
    ATHOL CREDIT UNION
    Similarity Rank: 276
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    Sanborn Mortgage Corporation
    Similarity Rank: 348
    Florence Bank
    Similarity Rank: 400
    SIKORSKY FINANCIAL
    Similarity Rank: 413
    Greenfield Savings Bank
    Similarity Rank: 435
    The Torrington Savings Bank
    Similarity Rank: 475
    LUSO
    Similarity Rank: 528
    Country Bank for Savings
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 672 $282,530,000 $420,432 $2,940 4.47%
    HELOC 357 $48,435,000 $135,672 n/a 2.00%

    For 2022, Peoplesbank's most frequently originated type of loan was Conventional, with 672 originations. Their 2nd most popular type was HELOC, with 357 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 450 $215,560,000 $479,022 $3,889 4.31%
    Home Improvement 257 $40,285,000 $156,751 $204 2.83%
    Refi 189 $51,925,000 $274,735 $1,537 3.22%
    Other 67 $7,525,000 $112,313 $536 2.96%
    Cash Out Refi 66 $15,670,000 $237,424 $3,093 3.66%

    For 2022, Peoplesbank's most frequently cited loan purpose was Home Purchase, with 450 originations. The 2nd most popular reason was Home Improvement, with 257 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 438 $130,810,000 $298,653 $3,787 4.55%
    20 Year 435 $67,175,000 $154,425 $691 2.46%
    15 Year 69 $12,035,000 $174,420 $1,774 3.76%
    10 Year 51 $56,105,000 $1,100,098 $213 4.53%
    5 Year 15 $17,085,000 $1,139,000 $8 4.37%
    Other 9 $11,145,000 $1,238,333 $3,225 5.15%
    3 Year 7 $33,365,000 $4,766,429 $0 4.24%
    30+ year 5 $3,245,000 $649,000 $5,075 4.00%

    For 2022, Peoplesbank's most frequently cited loan duration was 30 Year, with 438 originations. The 2nd most popular length was 20 Year, with 435 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 566 $140,990,000 $249,099
    $1k-2k 6 $3,090,000 $515,000

    Peoplesbank's average total fees were $3,787, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 566 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 373 $53,015,000 $142,131
    4-5% 354 $164,010,000 $463,305
    3-4% 140 $60,150,000 $429,643
    5-6% 123 $44,435,000 $361,260
    6-7% 21 $4,415,000 $210,238
    2.5-3% 16 $4,440,000 $277,500
    7-8% 1 $335,000 $335,000
    Over 8% 1 $165,000 $165,000

    During 2022, Peoplesbank's average interest rate for loans was 4.55%, while their most frequently originated rate bucket for loans was <2.5%, with 373 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 338 $94,940,000 $280,888 $3,697 4.21%
    $100,000 or less 296 $15,670,000 $52,939 $199 2.96%
    $100k-200k 247 $35,285,000 $142,854 $2,662 3.32%
    $400k-600k 100 $46,740,000 $467,400 $4,203 4.00%
    $1MM+ 30 $126,460,000 $4,215,333 $5,978 4.28%
    $600k-1MM 18 $11,870,000 $659,444 $4,521 3.62%

    2022 saw Peoplesbank place emphasis on $200k-400k loans with 338 originations, totaling $94,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 267 $53,805,000 $201,517 $2,836 3.66%
    $50k-75k 193 $28,665,000 $148,523 $2,667 3.62%
    $150k-250k 179 $52,745,000 $294,665 $3,351 3.62%
    $75k-100k 177 $28,475,000 $160,876 $2,695 3.40%
    $50k or less 83 $9,105,000 $109,699 $2,492 3.68%
    $250k+ 64 $29,010,000 $453,281 $4,446 3.32%

    Peoplesbank lent most frequently to those with incomes in the $100k-150k range, with 267 originations. The second most popular income band? $50k-75k, with 193 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 228 $49,410,000 $216,711 $3,161 3.63%
    30-36% 193 $41,395,000 $214,482 $3,014 3.71%
    <20% 81 $20,325,000 $250,926 $3,329 3.67%
    42% 51 $10,045,000 $196,961 $3,103 3.42%
    44% 51 $8,375,000 $164,216 $2,443 3.37%
    43% 50 $9,350,000 $187,000 $1,883 3.57%
    39% 43 $8,755,000 $203,605 $2,519 3.62%
    40% 39 $6,115,000 $156,795 $2,013 3.56%
    41% 38 $6,240,000 $164,211 $2,652 3.52%
    37% 36 $6,910,000 $191,944 $3,058 3.35%
    38% 33 $7,705,000 $233,485 $3,390 3.65%
    36% 32 $7,070,000 $220,938 $3,302 3.26%
    45% 31 $7,235,000 $233,387 $3,201 3.35%
    46% 24 $4,760,000 $198,333 $2,780 3.29%
    47% 21 $3,835,000 $182,619 $2,787 2.96%
    48% 16 $3,040,000 $190,000 $2,572 3.11%
    49% 8 $2,200,000 $275,000 $2,983 3.07%
    50-60% 3 $1,005,000 $335,000 $3,589 3.29%

    Peoplesbank lent most frequently to those with DTI ratios of 20-30%, with 228 originations. The next most common DTI ratio? 30-36%, with 193 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 779 $159,605,000 $204,884 $2,862 3.54%
    Not applicable 44 $126,040,000 $2,864,545 $0 4.79%
    Not provided 126 $26,100,000 $207,143 $3,176 3.57%
    Asian 31 $9,405,000 $303,387 $3,413 3.88%
    Black 40 $7,180,000 $179,500 $3,128 3.67%
    American Indian 8 $2,590,000 $323,750 $3,509 4.00%
    Other Asian 1 $45,000 $45,000 $0 1.99%

    Approval Rates

    Total approvals of all applications
    89.27%

    Peoplesbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.55%

    Peoplesbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,029 $330,965,000 $321,638

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,029 $330,965,000 $321,638

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 178 $32,900,000 $184,831 $1,025 2.92%
    40-60% 141 $61,155,000 $433,723 $3,043 3.41%
    60-80% 254 $151,080,000 $594,803 $3,634 4.24%
    80-100% 224 $73,780,000 $329,375 $3,950 4.37%
    Under 20% 232 $12,050,000 $51,940 $49 2.85%