Washington Trust Mortgage Company Rates, Fees & Info

WARWICK, RI

LEI: 549300L0OVX5O63S8C68

Tax ID: 45-4889921

5 stars - out of 5 stars, based on 36 reviews

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

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Mortgage Data

  • SimulatedRates™
  • 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

    Washington Trust Mortgage Company is a smaller mortgage company specializing in loans. Washington Trust Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Hartford, and Barnstable Town among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Washington Trust Mortgage Company has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Washington Trust Mortgage Company 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.

    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
    30 Year Conventional Purchase 5.94% 3/27/23
    30 Year Conventional Refi 6.22% 3/27/23
    30 Year Cash-out Refi 6.38% 3/27/23
    15 Year Conventional Purchase 5.02% 3/27/23
    15 Year Conventional Refi 5.91% 3/27/23
    15 Year Cash-out Refi 5.91% 3/27/23
    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.


    Originations

    1,322

    Origination Dollar Volume (All Markets)

    $904,130,000

    Awards

    WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans bronze WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans bronze WASHINGTON TRUST MORTGAGE COMPANY 30 Year Conventional Loans gold
    Show all (3) awards

    Relative Rate

    Washington Trust Mortgage Company's average 30 year fixed mortgage rate was 4.33%.

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

    This yields a difference of -0.43%.

    Relative Fees (Closing Costs)

    Washington Trust Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $5,201.

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 906 $720,110,000 $794,823 $5,543 4.25%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 112 $48,910,000 $436,696 $4,080 4.51%
    WORCESTER, MA-CT (FHA|USDA|VA) 88 $39,470,000 $448,523 $4,557 4.50%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 95 $35,825,000 $377,105 $4,493 4.33%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 27 $16,385,000 $606,852 $4,837 4.16%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 14 $7,600,000 $542,857 $4,655 4.24%
    Outside of Metro Areas 7 $7,385,000 $1,055,000 $8,586 4.66%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 7 $6,205,000 $886,429 $8,943 3.77%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 24 $5,640,000 $235,000 $3,305 4.10%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 12 $5,290,000 $440,833 $4,286 4.88%
    SPRINGFIELD, MA (FHA|USDA|VA) 14 $4,410,000 $315,000 $5,593 4.31%
    Torrington, CT (FHA|USDA|VA) 4 $1,730,000 $432,500 $5,067 4.50%
    Lebanon, NH-VT (FHA|USDA|VA) 4 $1,640,000 $410,000 $3,536 4.75%
    Laconia, NH (FHA|USDA|VA) 2 $990,000 $495,000 $3,849 4.63%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $965,000 $965,000 $5,817 3.25%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $930,000 $465,000 $3,915 3.56%
    Concord, NH (FHA|USDA|VA) 2 $440,000 $220,000 $3,499 5.88%
    Keene, NH (FHA|USDA|VA) 1 $205,000 $205,000 $2,786 3.12%
    Washington Trust Mortgage Company's top markets include Boston, Providence, Worcester, Hartford, and Barnstable Town among others.

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

    • Similar Lenders

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

    Homestar Mortgage, Inc.
    Similarity Rank: 52
    SOMERSET
    Similarity Rank: 87
    Freedom Credit Union
    Similarity Rank: 228
    GREATER SPRINGFIELD CREDIT UNION
    Similarity Rank: 336
    SCIENT Federal Credit Union
    Similarity Rank: 338
    Sanborn Mortgage Corporation
    Similarity Rank: 348
    OCEAN STATE CREDIT UNION
    Similarity Rank: 360
    Rhode Island Credit Union
    Similarity Rank: 393
    Ridgewood Savings Bank
    Similarity Rank: 394
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 396

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,322 $904,130,000 $683,911 $5,212 4.30%

    For 2022, Washington Trust Mortgage Company's most frequently originated type of loan was Conventional, with 1,322 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,089 $760,585,000 $698,425 $5,457 4.41%
    Cash Out Refi 117 $67,685,000 $578,504 $4,005 3.95%
    Refi 91 $61,195,000 $672,473 $4,061 3.56%
    Other 19 $10,685,000 $562,368 $3,704 4.03%
    Home Improvement 6 $3,980,000 $663,333 $4,389 3.98%

    For 2022, Washington Trust Mortgage Company's most frequently cited loan purpose was Home Purchase, with 1,089 originations. The 2nd most popular reason was Cash Out Refi, with 117 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,248 $850,430,000 $681,434 $5,201 4.33%
    15 Year 39 $22,935,000 $588,077 $4,643 3.58%
    30+ year 19 $24,745,000 $1,302,368 $7,863 4.44%
    20 Year 12 $5,280,000 $440,000 $3,605 3.50%
    10 Year 3 $385,000 $128,333 $3,322 3.63%
    Other 1 $355,000 $355,000 $6,601 2.88%

    For 2022, Washington Trust Mortgage Company's most frequently cited loan duration was 30 Year, with 1,248 originations. The 2nd most popular length was 15 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,046 $751,690,000 $718,633
    $5k+ 54 $47,000,000 $870,370
    $2k-3k 35 $17,335,000 $495,286
    $3k-4k 22 $8,820,000 $400,909
    $4k-5k 18 $8,380,000 $465,556
    $<1k 13 $4,475,000 $344,231

    Washington Trust Mortgage Company's average total fees were $5,201, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,046 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 502 $331,120,000 $659,602
    3-4% 439 $335,995,000 $765,364
    5-6% 237 $128,925,000 $543,987
    2.5-3% 96 $84,650,000 $881,771
    6-7% 37 $20,225,000 $546,622
    <2.5% 7 $1,495,000 $213,571
    7-8% 4 $1,720,000 $430,000

    During 2022, Washington Trust Mortgage Company's average interest rate for loans was 4.33%, while their most frequently originated rate bucket for loans was 4-5%, with 502 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 423 $321,685,000 $760,485 $5,230 4.05%
    $200k-400k 322 $98,510,000 $305,932 $4,029 4.60%
    $400k-600k 264 $130,310,000 $493,598 $4,643 4.57%
    $1MM+ 240 $343,060,000 $1,429,417 $7,672 4.04%
    $100k-200k 63 $10,065,000 $159,762 $3,321 4.50%
    $100,000 or less 10 $500,000 $50,000 $1,306 3.64%

    2022 saw Washington Trust Mortgage Company place emphasis on $600k-1MM loans with 423 originations, totaling $321,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 554 $537,970,000 $971,065 $6,330 4.17%
    $150k-250k 380 $227,680,000 $599,158 $4,873 4.32%
    $100k-150k 217 $90,395,000 $416,567 $4,162 4.43%
    $75k-100k 92 $29,120,000 $316,522 $3,925 4.53%
    $50k-75k 69 $17,285,000 $250,507 $3,856 4.50%
    $50k or less 10 $1,680,000 $168,000 $3,203 4.64%

    Washington Trust Mortgage Company lent most frequently to those with incomes in the $250k+ range, with 554 originations. The second most popular income band? $150k-250k, with 380 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 352 $239,890,000 $681,506 $5,161 4.18%
    30-36% 313 $219,265,000 $700,527 $5,215 4.33%
    <20% 120 $79,700,000 $664,167 $5,391 4.18%
    39% 68 $45,840,000 $674,118 $4,919 4.33%
    36% 63 $47,235,000 $749,762 $6,049 4.44%
    38% 63 $46,005,000 $730,238 $4,869 4.19%
    37% 62 $47,360,000 $763,871 $5,972 4.12%
    41% 52 $38,820,000 $746,538 $5,922 4.40%
    42% 50 $35,150,000 $703,000 $4,760 4.46%
    44% 30 $16,650,000 $555,000 $4,813 4.61%
    40% 29 $20,955,000 $722,586 $5,274 4.48%
    43% 21 $12,735,000 $606,429 $4,698 4.55%
    45% 19 $12,145,000 $639,211 $4,887 4.49%
    48% 19 $10,085,000 $530,789 $5,025 4.99%
    47% 18 $8,060,000 $447,778 $3,894 4.24%
    49% 18 $7,990,000 $443,889 $4,936 4.63%
    46% 15 $11,855,000 $790,333 $5,099 4.40%
    50-60% 10 $4,390,000 $439,000 $4,227 4.25%

    Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 352 originations. The next most common DTI ratio? 30-36%, with 313 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 718 $464,520,000 $646,964 $4,899 4.29%
    Asian 305 $231,835,000 $760,115 $5,918 4.30%
    Not provided 224 $163,610,000 $730,402 $5,380 4.32%
    Asian Indian 31 $21,065,000 $679,516 $5,687 4.14%
    Chinese 15 $11,645,000 $776,333 $5,697 4.31%
    Black 28 $11,210,000 $400,357 $4,230 4.66%
    Korean 1 $245,000 $245,000 $5,881 4.38%

    Approval Rates

    Total approvals of all applications
    96.24%

    Washington Trust Mortgage Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    76.63%

    Washington Trust Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,322 $904,130,000 $683,911

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,322 $904,130,000 $683,911

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $20,860,000 $401,154 $3,994 4.43%
    40-60% 156 $93,840,000 $601,538 $5,078 4.17%
    60-80% 687 $490,915,000 $714,578 $5,412 4.29%
    80-100% 414 $295,780,000 $714,444 $5,179 4.38%
    Under 20% 13 $2,735,000 $210,385 $2,439 3.37%