Berkshire Bank Mortgage Rates, Fees & Info

Pittsfield, MA

LEI: 549300LR1ZETOWYE9Z89

Tax ID: 04-3312097

5 stars - Updated: 4/14/24 - out of 5 stars, based on 39 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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% 4/14/24
30 Year Conventional Purchase 5.89% 4/14/24
30 Year Conventional Refi 5.94% 4/14/24
30 Year Cash-out Refi 6.24% 4/14/24
30 Year FHA Purchase 7.07% 4/14/24
30 Year FHA Refi 6.90% 4/14/24
30 Year VA Purchase 6.73% 4/14/24
15 Year Conventional Purchase 5.93% 4/14/24
15 Year Conventional Refi 6.12% 4/14/24
15 Year Cash-out Refi 6.12% 4/14/24
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

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

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

1,558

Origination Dollar Volume (All Markets)

$818,770,000
Show all (7) awards

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%
Berkshire Bank's top markets include Boston, Worcester, Albany, Providence, and Pittsfield among others.

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

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

    Florence Bank
    Similarity Rank: 22
    Bank of Richmondville
    Similarity Rank: 32
    SECNY Federal Credit Union
    Similarity Rank: 36
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    LUSO
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    OCEAN STATE CREDIT UNION
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    The Torrington Savings Bank
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    Greenfield Savings Bank
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    SOMERSET
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 863 $691,485,000 $801,257 $5,273 6.04%
    HELOC 664 $116,610,000 $175,617 n/a 5.57%
    FHA 28 $8,240,000 $294,286 $9,510 6.20%
    VA 3 $2,435,000 $811,667 $13,517 6.04%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 836 $657,660,000 $786,675 $5,762 5.90%
    Home Improvement 280 $48,810,000 $174,321 $1,582 5.93%
    Refi 238 $62,730,000 $263,571 $4,648 5.41%
    Other 148 $30,040,000 $202,973 $2,418 5.87%
    Cash Out Refi 56 $19,530,000 $348,750 $3,901 6.33%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 809 $560,945,000 $693,381 $5,687 5.92%
    20 Year 656 $115,640,000 $176,280 $1,124 5.63%
    Other 38 $52,860,000 $1,391,053 $0 6.52%
    10 Year 23 $15,565,000 $676,739 $1,501 6.74%
    15 Year 21 $4,855,000 $231,190 $2,339 6.83%
    5 Year 10 $62,900,000 $6,290,000 $0 6.82%
    1 Year 1 $6,005,000 $6,005,000 $0 8.05%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 616 $436,760,000 $709,026
    $2k-3k 65 $40,785,000 $627,462
    $<1k 34 $4,620,000 $135,882
    $5k+ 30 $26,310,000 $877,000
    $3k-4k 25 $18,255,000 $730,200
    $4k-5k 9 $7,135,000 $792,778

    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

    Loan Rate Originations Total Value Average Loan
    5-6% 612 $292,280,000 $477,582
    6-7% 451 $224,915,000 $498,703
    4-5% 247 $145,585,000 $589,413
    7-8% 125 $94,235,000 $753,880
    3-4% 64 $18,380,000 $287,188
    Over 8% 39 $41,385,000 $1,061,154
    2.5-3% 19 $1,975,000 $103,947
    <2.5% 1 $15,000 $15,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 320 $247,640,000 $773,875 $5,622 5.64%
    $200k-400k 316 $86,570,000 $273,956 $5,029 5.76%
    $100,000 or less 312 $18,000,000 $57,692 $1,937 6.15%
    $100k-200k 249 $33,215,000 $133,394 $3,777 5.76%
    $1MM+ 191 $350,385,000 $1,834,476 $7,250 5.73%
    $400k-600k 170 $82,960,000 $488,000 $4,958 6.05%

    2023 saw Berkshire Bank place emphasis on $600k-1MM loans with 320 originations, totaling $247,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 528 $422,930,000 $801,004 $6,143 5.69%
    $150k-250k 371 $160,125,000 $431,604 $5,095 5.89%
    $100k-150k 237 $52,105,000 $219,852 $4,795 5.93%
    $75k-100k 153 $26,115,000 $170,686 $4,921 5.91%
    $50k-75k 135 $16,265,000 $120,481 $4,090 6.07%
    $50k or less 77 $5,255,000 $68,247 $3,929 5.90%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 284 $141,840,000 $499,437 $5,538 5.82%
    20-30% 278 $120,630,000 $433,921 $5,240 5.84%
    <20% 103 $37,025,000 $359,466 $4,853 5.67%
    42% 98 $47,320,000 $482,857 $5,355 5.97%
    44% 94 $48,530,000 $516,277 $5,741 5.74%
    49% 83 $18,515,000 $223,072 $4,939 5.74%
    43% 75 $45,645,000 $608,600 $6,190 5.57%
    41% 67 $32,605,000 $486,642 $5,267 6.16%
    40% 64 $31,570,000 $493,281 $5,520 5.72%
    38% 63 $31,845,000 $505,476 $5,170 6.05%
    37% 60 $33,660,000 $561,000 $5,577 5.99%
    39% 51 $28,725,000 $563,235 $5,302 5.97%
    36% 50 $24,510,000 $490,200 $5,409 5.96%
    48% 38 $9,310,000 $245,000 $5,510 5.64%
    47% 38 $10,330,000 $271,842 $4,156 5.94%
    46% 34 $9,230,000 $271,471 $5,984 5.63%
    45% 23 $10,075,000 $438,043 $5,475 5.38%
    50-60% 12 $3,920,000 $326,667 $10,012 5.70%
    >60% 6 $400,000 $66,667 $0 2.99%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 984 $343,760,000 $349,350 $5,183 5.82%
    Not provided 331 $210,185,000 $635,000 $5,747 5.86%
    Not applicable 35 $132,685,000 $3,791,000 $0 7.04%
    Asian 165 $120,635,000 $731,121 $5,662 5.57%
    Black 31 $6,515,000 $210,161 $6,224 6.31%
    Asian Indian 7 $4,475,000 $639,286 $5,054 6.09%
    American Indian 5 $515,000 $103,000 $6,301 5.65%

    Approval Rates

    Total approvals of all applications
    82.63%

    Berkshire Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    83.50%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,558 $818,770,000 $525,526

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 315 $114,045,000 $362,048 $3,437 5.69%
    40-60% 203 $109,965,000 $541,700 $5,041 5.44%
    60-80% 407 $324,855,000 $798,170 $5,588 5.84%
    80-100% 331 $230,085,000 $695,121 $6,045 6.03%
    Over 100% 1 $535,000 $535,000 $16,002 5.63%
    Under 20% 301 $39,285,000 $130,515 $1,651 6.07%