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, 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 4/17/25 |
| 30 Year Conventional Refi | 6.66% | 4/17/25 |
| 30 Year Cash-out Refi | 6.57% | 4/17/25 |
| 15 Year Conventional Purchase | 6.35% | 4/17/25 |
| 15 Year Conventional Refi | 6.67% | 4/17/25 |
| 15 Year Cash-out Refi | 6.67% | 4/17/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
274Origination Dollar Volume (All Markets)
$104,020,000Awards
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION - 2023
MASS. INSTITUTE OF TECH. FEDERAL CREDIT UNION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
Their top states include:
Similar Lenders
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications95.58%
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 origination52.55%
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 |