Berkshire Bank Mortgage Rates, Fees & Info
Pittsfield, MALEI: 549300LR1ZETOWYE9Z89
Tax ID: 04-3312097
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Mortgage Data
Review & Overview
Berkshire Bank is a smaller bank specializing in Home Purchase loans. Berkshire Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Boston, Worcester, Albany, Providence, and Pittsfield among others. We have data for 48 markets. (Some data included below & more in-depth data is available with an active subscription.)Berkshire Bank 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. Berkshire Bank 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 relatively high 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) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 5.89% | 12/16/24 |
| 30 Year Conventional Refi | 5.94% | 12/16/24 |
| 30 Year Cash-out Refi | 6.24% | 12/16/24 |
| 30 Year FHA Purchase | 7.07% | 12/16/24 |
| 30 Year FHA Refi | 6.90% | 12/16/24 |
| 30 Year VA Purchase | 6.73% | 12/16/24 |
| 15 Year Conventional Purchase | 5.93% | 12/16/24 |
| 15 Year Conventional Refi | 6.12% | 12/16/24 |
| 15 Year Cash-out Refi | 6.12% | 12/16/24 |
| 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. | ||
Berkshire Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from Berkshire Bank. 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
1,558Origination Dollar Volume (All Markets)
$818,770,000Awards
Berkshire Bank - 2023
Berkshire Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Berkshire Bank's average 30 year fixed mortgage rate was
5.92%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.56%.
Relative Fees (Closing Costs)
Berkshire Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,687.
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 $9,089.
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) | 620 | $489,740,000 | $789,903 | $5,745 | 5.74% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 165 | $46,945,000 | $284,515 | $5,043 | 5.94% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 47 | $32,195,000 | $685,000 | $5,488 | 6.14% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 90 | $29,440,000 | $327,111 | $5,078 | 5.92% |
| PITTSFIELD, MA (FHA|USDA|VA) | 127 | $24,135,000 | $190,039 | $4,648 | 5.44% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 125 | $23,135,000 | $185,080 | $4,432 | 5.86% |
| GLENS FALLS, NY (FHA|USDA|VA) | 22 | $19,760,000 | $898,182 | $4,137 | 6.49% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 23 | $19,115,000 | $831,087 | $6,921 | 5.77% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $17,595,000 | $5,865,000 | $4,570 | 6.61% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 63 | $14,295,000 | $226,905 | $5,426 | 5.67% |
| Torrington, CT (FHA|USDA|VA) | 4 | $11,100,000 | $2,775,000 | $5,840 | 6.40% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 18 | $10,720,000 | $595,556 | $5,000 | 5.64% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 9 | $10,125,000 | $1,125,000 | $9,179 | 5.53% |
| Lebanon, NH-VT (FHA|USDA|VA) | 16 | $8,850,000 | $553,125 | $4,914 | 6.07% |
| SYRACUSE, NY (FHA|USDA|VA) | 34 | $7,650,000 | $225,000 | $3,880 | 6.63% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 3 | $5,545,000 | $1,848,333 | $0 | 6.27% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 36 | $5,030,000 | $139,722 | $1,970 | 5.89% |
| UTICA-ROME, NY (FHA|USDA|VA) | 41 | $4,715,000 | $115,000 | $3,872 | 6.60% |
| Outside of Metro Areas | 15 | $4,165,000 | $277,667 | $3,949 | 6.51% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 8 | $3,720,000 | $465,000 | $5,297 | 6.45% |
| Hudson, NY (FHA|USDA|VA) | 16 | $3,560,000 | $222,500 | $5,064 | 6.43% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 5 | $3,195,000 | $639,000 | $4,761 | 5.78% |
| Vineyard Haven, MA (FHA|USDA|VA) | 5 | $3,155,000 | $631,000 | $7,679 | 5.08% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 4 | $3,070,000 | $767,500 | $6,903 | 5.72% |
| Bennington, VT (FHA|USDA|VA) | 17 | $3,045,000 | $179,118 | $6,367 | 4.99% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $2,485,000 | $828,333 | $5,596 | 5.50% |
| Concord, NH (FHA|USDA|VA) | 2 | $2,010,000 | $1,005,000 | $6,062 | 5.25% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 4 | $1,530,000 | $382,500 | $6,896 | 5.00% |
| Rutland, VT (FHA|USDA|VA) | 7 | $1,395,000 | $199,286 | $4,321 | 5.14% |
| ROCHESTER, NY (FHA|USDA|VA) | 3 | $1,225,000 | $408,333 | $3,653 | 5.71% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 3 | $1,205,000 | $401,667 | $6,807 | 5.33% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $3,747 | 7.13% |
| Laconia, NH (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $4,568 | 7.38% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,475 | 7.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,545 | 5.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $10,428 | 8.13% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,542 | 6.25% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 5.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,032 | 5.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 6.50% |
| Gloversville, NY (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $796 | 6.44% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,767 | 7.63% |
| Amsterdam, NY (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $6,095 | 6.40% |
| Plattsburgh, NY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,663 | 7.63% |
| Keene, NH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,270 | 6.25% |
| Oneonta, NY (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,811 | 6.81% |
| Auburn, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.00% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
Similar Lenders
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Product Mix
For 2023, Berkshire Bank's most frequently originated type of loan was Conventional, with 863 originations. Their 2nd most popular type was HELOC, with 664 originations.
Loan Reason
For 2023, Berkshire Bank's most frequently cited loan purpose was Home Purchase, with 836 originations. The 2nd most popular reason was Home Improvement, with 280 originations.
Loan Duration/Length
For 2023, Berkshire Bank's most frequently cited loan duration was 30 Year, with 809 originations. The 2nd most popular length was 20 Year, with 656 originations.
Origination Fees/Closing Costs
Berkshire Bank's average total fees were $5,687, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 616 originations.
Interest Rates
During 2023, Berkshire Bank's average interest rate for loans was 5.92%, while their most frequently originated rate bucket for loans was 5-6%, with 612 originations.
Loan Sizing
2023 saw Berkshire Bank place emphasis on $600k-1MM loans with 320 originations, totaling $247,640,000 in origination value.
Applicant Income
Berkshire Bank lent most frequently to those with incomes in the $250k+ range, with 528 originations. The second most popular income band? $150k-250k, with 371 originations.
Applicant Debt to Income Ratio
Berkshire Bank lent most frequently to those with DTI ratios of 30-36%, with 284 originations. The next most common DTI ratio? 20-30%, with 278 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.63%
Berkshire Bank has a below average approval rate.
Pick Rate
Approvals leading to origination83.50%
Berkshire Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,558 | $818,770,000 | $525,526 |