Mass. Institute Of Tech. Federal Credit Union Mortgage Rates, Fees & Info

Cambridge, MA

LEI: 549300P1347BFCBHJV60

Tax ID: 04-2128083

5 stars - Updated: 4/14/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Mass. Institute Of Tech. Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Mass. Institute Of Tech. Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Washington, New York, Chicago, and Los Angeles among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mass. Institute Of Tech. Federal Credit Union 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. Mass. Institute Of Tech. Federal Credit Union 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.

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Originations

274

Origination Dollar Volume (All Markets)

$104,020,000

Awards

MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION 30 Year Conventional Loans bronze MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Mass. Institute Of Tech. Federal Credit Union's average 30 year fixed mortgage rate was 6.01%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.47%.

Relative Fees (Closing Costs)

Mass. Institute Of Tech. Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,881.

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) 163 $64,715,000 $397,025 $2,818 6.53%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 9 $4,045,000 $449,444 $3,770 6.21%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 5 $2,615,000 $523,000 $7,074 5.28%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $2,495,000 $356,429 $4,998 6.45%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 5 $2,095,000 $419,000 $2,714 6.73%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $1,990,000 $497,500 $6,546 6.16%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,650,000 $412,500 $727 7.16%
Outside of Metro Areas 4 $1,620,000 $405,000 $3,557 6.38%
WORCESTER, MA-CT (FHA|USDA|VA) 10 $1,550,000 $155,000 $925 7.21%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 4 $1,510,000 $377,500 $3,650 5.66%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $1,470,000 $735,000 $5,049 7.06%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $1,240,000 $620,000 $5,409 7.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,205,000 $401,667 $6,953 6.38%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $1,195,000 $239,000 $1,480 6.80%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $1,025,000 $205,000 $2,914 6.18%
Keene, NH (FHA|USDA|VA) 2 $800,000 $400,000 $4,233 6.31%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $770,000 $385,000 $4,296 5.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $660,000 $330,000 $5,286 5.69%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $625,000 $625,000 $3,056 5.50%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 1 $605,000 $605,000 $4,247 6.88%
Newberry, SC (FHA|USDA|VA) 1 $575,000 $575,000 $11,646 5.75%
RICHMOND, VA (FHA|USDA|VA) 1 $565,000 $565,000 $4,260 6.00%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $555,000 $555,000 $4,882 4.99%
PITTSBURGH, PA (FHA|USDA|VA) 1 $515,000 $515,000 $5,485 5.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $505,000 $505,000 $6,317 6.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $500,000 $250,000 $3,664 6.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $465,000 $465,000 $3,201 5.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $455,000 $455,000 $3,552 5.88%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $385,000 $385,000 $5,710 5.88%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $375,000 $375,000 $3,907 6.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $375,000 $375,000 $4,476 5.00%
MADISON, WI (FHA|USDA|VA) 1 $365,000 $365,000 $4,123 7.38%
BATON ROUGE, LA (FHA|USDA|VA) 1 $355,000 $355,000 $4,288 6.00%
SYRACUSE, NY (FHA|USDA|VA) 1 $325,000 $325,000 $5,490 6.50%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $295,000 $295,000 $4,587 6.88%
BOULDER, CO (FHA|USDA|VA) 1 $285,000 $285,000 $3,749 7.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,427 5.75%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $265,000 $265,000 $3,471 6.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $265,000 $265,000 $4,696 7.25%
Lebanon, NH-VT (FHA|USDA|VA) 1 $265,000 $265,000 $3,838 6.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $255,000 $255,000 $3,517 6.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,311 5.88%
Frankfort, KY (FHA|USDA|VA) 1 $235,000 $235,000 $3,012 5.00%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $225,000 $225,000 $4,283 5.50%
ITHACA, NY (FHA|USDA|VA) 1 $205,000 $205,000 $4,631 4.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $205,000 $205,000 $3,260 6.75%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $175,000 $175,000 $2,069 6.75%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $165,000 $165,000 $2,870 5.88%
Torrington, CT (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $115,000 $115,000 $0 7.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $115,000 $115,000 $0 7.25%
TUCSON, AZ (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.75%
Mass. Institute Of Tech. Federal Credit Union's top markets include Boston, Washington, New York, Chicago, and Los Angeles among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION 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 274 $104,020,000 $379,635 $3,177 6.46%

    For 2023, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 274 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 162 $84,420,000 $521,111 $4,918 6.03%
    Home Improvement 64 $8,410,000 $131,406 $220 7.21%
    Cash Out Refi 19 $6,205,000 $326,579 $1,531 6.89%
    Other 16 $1,410,000 $88,125 $223 7.38%
    Refi 13 $3,575,000 $275,000 $2,070 6.27%

    For 2023, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 162 originations. The 2nd most popular reason was Home Improvement, with 64 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 168 $88,280,000 $525,476 $4,881 6.01%
    20 Year 42 $6,990,000 $166,429 $0 7.58%
    15 Year 31 $5,825,000 $187,903 $1,517 6.99%
    10 Year 25 $2,585,000 $103,400 $133 6.87%
    5 Year 8 $340,000 $42,500 $0 6.59%

    For 2023, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 30 Year, with 168 originations. The 2nd most popular length was 20 Year, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 198 $68,580,000 $346,364
    $1k-2k 51 $21,915,000 $429,706
    $2k-3k 11 $6,105,000 $555,000
    $5k+ 6 $3,300,000 $550,000
    $3k-4k 5 $2,705,000 $541,000
    $4k-5k 3 $1,415,000 $471,667

    Mass. Institute Of Tech. Federal Credit Union's average total fees were $4,881, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 198 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 105 $37,835,000 $360,333
    7-8% 75 $17,895,000 $238,600
    5-6% 46 $20,060,000 $436,087
    4-5% 44 $27,780,000 $631,364
    Over 8% 4 $450,000 $112,500

    During 2023, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 6.01%, while their most frequently originated rate bucket for loans was 6-7%, with 105 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 71 $21,215,000 $298,803 $3,409 6.36%
    $400k-600k 64 $32,130,000 $502,031 $4,731 6.22%
    $100,000 or less 51 $2,815,000 $55,196 $56 7.18%
    $600k-1MM 47 $33,165,000 $705,638 $5,498 5.92%
    $100k-200k 33 $4,655,000 $141,061 $529 7.01%
    $1MM+ 8 $10,040,000 $1,255,000 $5,869 5.48%

    2023 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $200k-400k loans with 71 originations, totaling $21,215,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 123 $44,345,000 $360,528 $3,299 6.53%
    $250k+ 82 $41,610,000 $507,439 $3,463 6.43%
    $100k-150k 49 $13,025,000 $265,816 $2,723 6.44%
    $75k-100k 13 $2,635,000 $202,692 $2,435 6.21%
    $50k-75k 4 $480,000 $120,000 $1,455 6.31%
    $50k or less 1 $85,000 $85,000 $0 8.00%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 123 originations. The second most popular income band? $250k+, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 92 $36,470,000 $396,413 $3,406 6.37%
    30-36% 50 $19,220,000 $384,400 $3,123 6.49%
    <20% 27 $9,505,000 $352,037 $3,858 6.02%
    42% 22 $6,370,000 $289,545 $2,617 6.74%
    36% 13 $3,405,000 $261,923 $1,997 6.81%
    37% 11 $4,795,000 $435,909 $3,311 6.47%
    39% 10 $2,970,000 $297,000 $2,362 6.93%
    40% 9 $2,315,000 $257,222 $1,447 6.75%
    41% 8 $2,980,000 $372,500 $2,722 6.59%
    38% 8 $3,630,000 $453,750 $2,720 6.41%
    45% 7 $3,115,000 $445,000 $2,415 6.80%
    44% 6 $1,520,000 $253,333 $1,436 6.94%
    49% 3 $2,915,000 $971,667 $10,806 5.96%
    43% 2 $680,000 $340,000 $4,166 5.50%
    46% 2 $780,000 $390,000 $2,684 6.94%
    47% 2 $2,410,000 $1,205,000 $7,694 4.88%
    48% 1 $295,000 $295,000 $3,599 6.38%
    50-60% 1 $645,000 $645,000 $6,025 6.75%

    Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 92 originations. The next most common DTI ratio? 30-36%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 164 $61,590,000 $375,549 $3,204 6.45%
    Asian 48 $22,080,000 $460,000 $3,654 6.16%
    Not provided 43 $16,295,000 $378,953 $2,939 6.71%
    Black 15 $2,995,000 $199,667 $2,208 6.78%
    American Indian 3 $705,000 $235,000 $1,420 6.58%
    Native Hawaiian or Islander 1 $355,000 $355,000 $5,832 6.38%

    Approval Rates

    Total approvals of all applications
    95.58%

    Mass. Institute Of Tech. Federal Credit Union 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
    52.55%

    Mass. Institute Of Tech. Federal Credit Union 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 274 $104,020,000 $379,635

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    274 $104,020,000 $379,635

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $6,635,000 $245,741 $1,663 6.84%
    40-60% 32 $14,010,000 $437,813 $4,096 6.32%
    60-80% 57 $30,305,000 $531,667 $5,085 6.21%
    80-100% 83 $46,475,000 $559,940 $4,841 5.88%
    Under 20% 75 $6,595,000 $87,933 $38 7.21%