Burke & Herbert Bank & Trust Company Mortgage Rates, Fees & Info
Alexandria, VALEI: 549300OS8C7J7ZWMNL70
Tax ID: 54-0155785
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Mortgage Data
Review & Overview
Burke & Herbert Bank & Trust Company is a smaller bank specializing in Home Purchase and Refi loans. Burke & Herbert Bank & Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Clarksburg, Morgantown, Charleston, and Huntington among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)Burke & Herbert Bank & Trust Company 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. Burke & Herbert Bank & Trust 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 7.40% | 4/5/25 |
| 30 Year Conventional Purchase | 6.85% | 4/5/25 |
| 30 Year Conventional Refi | 7.01% | 4/5/25 |
| 30 Year Cash-out Refi | 7.03% | 4/5/25 |
| 30 Year FHA Purchase | 6.72% | 4/5/25 |
| 15 Year Conventional Purchase | 7.42% | 4/5/25 |
| 15 Year Conventional Refi | 6.82% | 4/5/25 |
| 15 Year Cash-out Refi | 6.82% | 4/5/25 |
| 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. | ||
Burke & Herbert Bank & Trust Company Mortgage Calculator
Your Estimates
Estimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from Burke & Herbert Bank & Trust Company. 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
480Origination Dollar Volume (All Markets)
$162,180,000Awards
Burke & Herbert Bank & Trust Company - 2024
Burke & Herbert Bank & Trust Company is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Burke & Herbert Bank & Trust Company's average 30 year fixed mortgage rate was
6.78%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.23%.
Relative Fees (Closing Costs)
Burke & Herbert Bank & Trust Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,963.
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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 171 | $63,225,000 | $369,737 | $6,224 | 7.20% |
| Clarksburg, WV (FHA|USDA|VA) | 5 | $26,665,000 | $5,333,000 | $3,936 | 8.16% |
| Outside of Metro Areas | 110 | $17,470,000 | $158,818 | $3,750 | 7.86% |
| MORGANTOWN, WV (FHA|USDA|VA) | 6 | $10,780,000 | $1,796,667 | $5,111 | 7.59% |
| CHARLESTON, WV (FHA|USDA|VA) | 28 | $7,130,000 | $254,643 | $3,816 | 7.59% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 24 | $6,380,000 | $265,833 | $3,847 | 7.64% |
| HARRISONBURG, VA (FHA|USDA|VA) | 16 | $4,570,000 | $285,625 | $3,875 | 7.81% |
| Bluefield, WV-VA (FHA|USDA|VA) | 39 | $4,005,000 | $102,692 | $3,301 | 8.04% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $2,755,000 | $2,755,000 | $9,582 | 6.63% |
| BECKLEY, WV (FHA|USDA|VA) | 16 | $2,230,000 | $139,375 | $3,693 | 8.29% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 6 | $2,180,000 | $363,333 | $4,045 | 8.25% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $1,585,000 | $1,585,000 | $5,381 | 7.63% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 6 | $1,570,000 | $261,667 | $4,757 | 6.13% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 5 | $1,495,000 | $299,000 | $0 | 7.61% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 13 | $1,405,000 | $108,077 | $3,482 | 8.22% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $8,058 | 7.22% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $3,696 | 6.71% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $5,077 | 6.83% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $3,457 | 7.81% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $3,931 | 7.68% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $14,762 | 7.13% |
| Point Pleasant, WV-OH (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $0 | 8.20% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,687 | 6.38% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $6,445 | 6.88% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 8.50% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,329 | 6.88% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,583 | 7.38% |
| DOVER, DE (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,393 | 7.00% |
| Fairmont, WV (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 8.45% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $7,454 | 8.00% |
| STAUNTON, VA (FHA|USDA|VA) | 3 | $175,000 | $58,333 | $3,449 | 7.88% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 9.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 7.49% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,915 | 6.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Burke & Herbert Bank & Trust 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 | 311 | $137,415,000 | $441,849 | $4,697 | 7.14% |
| HELOC | 169 | $24,765,000 | $146,538 | n/a | 8.41% |
For 2024, Burke & Herbert Bank & Trust Company's most frequently originated type of loan was Conventional, with 311 originations. Their 2nd most popular type was HELOC, with 169 originations.
Loan Reason
For 2024, Burke & Herbert Bank & Trust Company's most frequently cited loan purpose was Home Purchase, with 231 originations. The 2nd most popular reason was Other, with 100 originations.
Loan Duration/Length
For 2024, Burke & Herbert Bank & Trust Company's most frequently cited loan duration was 30 Year, with 197 originations. The 2nd most popular length was 30+ year, with 102 originations.
Origination Fees/Closing Costs
Burke & Herbert Bank & Trust Company's average total fees were $4,963, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 209 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 164 | $74,460,000 | $454,024 |
| 6-7% | 146 | $61,230,000 | $419,384 |
| Over 8% | 145 | $19,035,000 | $131,276 |
| 5-6% | 24 | $6,880,000 | $286,667 |
| 4-5% | 1 | $575,000 | $575,000 |
During 2024, Burke & Herbert Bank & Trust Company's average interest rate for loans was 6.78%, while their most frequently originated rate bucket for loans was 7-8%, with 164 originations.
Loan Sizing
2024 saw Burke & Herbert Bank & Trust Company place emphasis on $100,000 or less loans with 135 originations, totaling $8,125,000 in origination value.
Applicant Income
Burke & Herbert Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 105 originations. The second most popular income band? $250k+, with 91 originations.
Applicant Debt to Income Ratio
Burke & Herbert Bank & Trust Company lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 85 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.41%
Burke & Herbert Bank & Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination76.25%
Burke & Herbert Bank & Trust Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 513.5 | 1 | $15,000 | $15,000 |
| NA | 479 | $162,165,000 | $338,549 |