Worcester Mortgage Rates, Fees & Info
Worcester, MALEI: 549300JH0WD7YX0UUZ21
Tax ID: 04-1990205
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Worcester is a smaller mortgage company specializing in Refi and Other loans. Worcester has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Barnstable Town, Manchester, and Boston among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Worcester 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. Worcester 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 about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.39% | 5/4/24 |
| 15 Year Conventional Refi | 5.17% | 5/4/24 |
| 15 Year Cash-out Refi | 5.17% | 5/4/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
44Origination Dollar Volume (All Markets)
$5,470,000Top 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 |
|---|---|---|---|---|---|
| WORCESTER, MA-CT (FHA|USDA|VA) | 40 | $4,780,000 | $119,500 | $1,033 | 3.41% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $4,199 | 3.06% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $280 | 4.12% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $280 | 3.88% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 44 | $5,470,000 | $124,318 | $1,143 | 3.42% |
For 2020, Worcester's most frequently originated type of loan was Conventional, with 44 originations.
Loan Reason
For 2020, Worcester's most frequently cited loan purpose was Refi, with 21 originations. The 2nd most popular reason was Home Improvement, with 9 originations.
Loan Duration/Length
For 2020, Worcester's most frequently cited loan duration was 10 Year, with 20 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 34 | $2,620,000 | $77,059 |
| $1k-2k | 6 | $1,340,000 | $223,333 |
| $2k-3k | 3 | $1,005,000 | $335,000 |
| $3k-4k | 1 | $505,000 | $505,000 |
Worcester's average total fees were $4,838, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 20 | $3,470,000 | $173,500 |
| 3-4% | 15 | $1,265,000 | $84,333 |
| 4-5% | 9 | $735,000 | $81,667 |
During 2020, Worcester's average interest rate for loans was 3.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 20 originations.
Loan Sizing
2020 saw Worcester place emphasis on $100,000 or less loans with 24 originations, totaling $1,070,000 in origination value.
Applicant Income
Worcester lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $150k-250k, with 9 originations.
Applicant Debt to Income Ratio
Worcester lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? 30-36%, with 12 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.86%
Worcester has a below average approval rate.
Pick Rate
Approvals leading to origination75.00%
Worcester has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 44 | $5,470,000 | $124,318 |