Washington Trust Mortgage Company Rates, Fees & Info
WARWICK, RILEI: 549300L0OVX5O63S8C68
Tax ID: 45-4889921
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Mortgage Data
Review & Overview
Washington Trust Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Washington Trust Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Worcester, Barnstable Town, and Springfield among others. We have data for 10 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.75% | 6/22/25 |
| 30 Year Conventional Refi | 6.66% | 6/22/25 |
| 30 Year Cash-out Refi | 6.88% | 6/22/25 |
| 30 Year FHA Purchase | 6.72% | 6/22/25 |
| 30 Year USDA Refi | 6.72% | 6/22/25 |
| 15 Year Conventional Purchase | 5.44% | 6/22/25 |
| 15 Year Conventional Refi | 5.87% | 6/22/25 |
| 15 Year Cash-out Refi | 5.87% | 6/22/25 |
| 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. | ||
Washington Trust Mortgage Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
577Origination Dollar Volume (All Markets)
$291,475,000Relative Rate
Washington Trust Mortgage Company's average 30 year fixed mortgage rate was
6.71%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.16%.
Relative Fees (Closing Costs)
Washington Trust Mortgage Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,131.
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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 329 | $189,495,000 | $575,973 | $5,294 | 6.69% |
| Outside of Metro Areas | 114 | $45,870,000 | $402,368 | $4,955 | 6.64% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 59 | $26,585,000 | $450,593 | $5,052 | 6.60% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 44 | $17,130,000 | $389,318 | $4,590 | 6.51% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 11 | $5,485,000 | $498,636 | $4,826 | 6.87% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 8 | $2,220,000 | $277,500 | $5,163 | 6.00% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 7 | $2,095,000 | $299,286 | $4,202 | 6.46% |
| Concord, NH (FHA|USDA|VA) | 3 | $1,165,000 | $388,333 | $4,073 | 6.67% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $1,055,000 | $1,055,000 | $0 | 9.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 6.63% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 577 | $291,475,000 | $505,156 | $5,112 | 6.65% |
For 2024, Washington Trust Mortgage Company's most frequently originated type of loan was Conventional, with 577 originations.
Loan Reason
For 2024, Washington Trust Mortgage Company's most frequently cited loan purpose was Home Purchase, with 486 originations. The 2nd most popular reason was Refi, with 58 originations.
Loan Duration/Length
For 2024, Washington Trust Mortgage Company's most frequently cited loan duration was 30 Year, with 530 originations. The 2nd most popular length was 15 Year, with 31 originations.
Origination Fees/Closing Costs
Washington Trust Mortgage Company's average total fees were $5,131, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 398 originations.
Interest Rates
During 2024, Washington Trust Mortgage Company's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was 6-7%, with 351 originations.
Loan Sizing
2024 saw Washington Trust Mortgage Company place emphasis on $200k-400k loans with 180 originations, totaling $54,450,000 in origination value.
Applicant Income
Washington Trust Mortgage Company lent most frequently to those with incomes in the $250k+ range, with 184 originations. The second most popular income band? $150k-250k, with 166 originations.
Applicant Debt to Income Ratio
Washington Trust Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 103 originations. The next most common DTI ratio? 30-36%, with 101 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.74%
Washington Trust Mortgage Company has an average approval rate.
Pick Rate
Approvals leading to origination58.41%
Washington Trust Mortgage Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 577 | $291,475,000 | $505,156 |