Mass. Institute Of Tech. Federal Credit Union Mortgage Rates, Fees & Info
Cambridge, MALEI: 549300P1347BFCBHJV60
Tax ID: 04-2128083
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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, Providence, Barnstable Town, Portland, and Manchester among others. We have data for 56 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 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 4/16/25 |
| 30 Year Conventional Refi | 6.66% | 4/16/25 |
| 30 Year Cash-out Refi | 6.57% | 4/16/25 |
| 15 Year Conventional Purchase | 6.35% | 4/16/25 |
| 15 Year Conventional Refi | 6.67% | 4/16/25 |
| 15 Year Cash-out Refi | 6.67% | 4/16/25 |
| 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. | ||
Mass. Institute Of Tech. Federal Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
284Origination Dollar Volume (All Markets)
$85,080,000Awards
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION - 2024
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Mass. Institute Of Tech. Federal Credit Union's average 30 year fixed mortgage rate was
6.54%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.01%.
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 $4,614.
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) | 169 | $52,615,000 | $311,331 | $2,121 | 6.84% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 8 | $2,330,000 | $291,250 | $1,921 | 7.16% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 6 | $2,190,000 | $365,000 | $2,402 | 6.96% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 4 | $2,080,000 | $520,000 | $2,695 | 6.72% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 7 | $1,875,000 | $267,857 | $1,635 | 7.05% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 6 | $1,840,000 | $306,667 | $3,150 | 6.56% |
| Outside of Metro Areas | 4 | $1,340,000 | $335,000 | $4,546 | 6.47% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $1,448 | 7.38% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 6 | $1,000,000 | $166,667 | $2,323 | 6.42% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $3,098 | 6.83% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $1,798 | 6.88% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 6 | $910,000 | $151,667 | $1,259 | 7.10% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $10,054 | 5.88% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $2,026 | 7.17% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $3,542 | 6.63% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $4,872 | 6.38% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $7,234 | 6.50% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $5,334 | 6.31% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $13,592 | 6.25% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $3,029 | 6.88% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $5,213 | 6.81% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $3,907 | 6.88% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $3,797 | 6.63% |
| Kalispell, MT (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,811 | 7.25% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $4,469 | 6.25% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $2,909 | 6.31% |
| RENO, NV (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,438 | 6.88% |
| MADISON, WI (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,677 | 6.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $1,350 | 7.21% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $2,933 | 6.81% |
| Laconia, NH (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,652 | 6.75% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 7.75% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,635 | 6.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,781 | 6.75% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,965 | 6.50% |
| Lebanon, NH-VT (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $1,797 | 6.44% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,806 | 6.63% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,288 | 6.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 8.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 7.50% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,906 | 6.38% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,728 | 6.50% |
| Frankfort, KY (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $1,629 | 7.06% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 7.50% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 8.00% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,166 | 6.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.00% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 8.75% |
| MERCED, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.00% |
| Keene, NH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 6.50% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.75% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 7.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.50% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.75% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 6.75% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 284 | $85,080,000 | $299,577 | $2,355 | 6.86% |
For 2024, Mass. Institute Of Tech. Federal Credit Union's most frequently originated type of loan was Conventional, with 284 originations.
Loan Reason
For 2024, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Home Improvement, with 70 originations.
Loan Duration/Length
For 2024, Mass. Institute Of Tech. Federal Credit Union's most frequently cited loan duration was 30 Year, with 133 originations. The 2nd most popular length was 20 Year, with 69 originations.
Origination Fees/Closing Costs
Mass. Institute Of Tech. Federal Credit Union's average total fees were $4,614, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 217 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 184 | $66,780,000 | $362,935 |
| 7-8% | 87 | $14,025,000 | $161,207 |
| 5-6% | 10 | $3,930,000 | $393,000 |
| Over 8% | 3 | $345,000 | $115,000 |
During 2024, Mass. Institute Of Tech. Federal Credit Union's average interest rate for loans was 6.54%, while their most frequently originated rate bucket for loans was 6-7%, with 184 originations.
Loan Sizing
2024 saw Mass. Institute Of Tech. Federal Credit Union place emphasis on $100,000 or less loans with 75 originations, totaling $4,045,000 in origination value.
Applicant Income
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 129 originations. The second most popular income band? $250k+, with 79 originations.
Applicant Debt to Income Ratio
Mass. Institute Of Tech. Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 48 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.25%
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 origination63.38%
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 | 284 | $85,080,000 | $299,577 |