Library Of Congress Mortgage Rates, Fees & Info
Washington, DCLEI: 549300P1ORVTMT2T7756
Tax ID: 53-0201233
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Mortgage Data
Review & Overview
Library Of Congress is a smaller mortgage company specializing in Home Improvement and Other loans. Library Of Congress has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, Philadelphia, Chambersburg, and New York among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Library Of Congress 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. Library Of Congress 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 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 | 6.72% | 4/5/25 |
| 30 Year Conventional Refi | 6.72% | 4/5/25 |
| 15 Year Conventional Refi | 6.00% | 4/5/25 |
| 15 Year Cash-out Refi | 6.00% | 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. | ||
Library Of Congress Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
108Origination Dollar Volume (All Markets)
$12,910,000Relative Rate
Library Of Congress's average 30 year fixed mortgage rate was
6.75%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 0.2%.
Relative Fees (Closing Costs)
Library Of Congress's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,680.
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) | 83 | $9,825,000 | $118,373 | $9,112 | 4.45% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 12 | $1,670,000 | $139,167 | $20,092 | 4.24% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $7,684 | 4.38% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 3.50% |
| Outside of Metro Areas | 2 | $160,000 | $80,000 | $0 | 4.95% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 3.50% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $0 | 3.50% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.50% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.50% |
| Easton, MD (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 6.40% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against LIBRARY OF CONGRESS 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 |
|---|---|---|---|---|---|
| HELOC | 76 | $8,630,000 | $113,553 | n/a | 3.50% |
| Conventional | 32 | $4,280,000 | $133,750 | $10,306 | 6.48% |
For 2024, Library Of Congress's most frequently originated type of loan was HELOC, with 76 originations. Their 2nd most popular type was Conventional, with 32 originations.
Loan Reason
For 2024, Library Of Congress's most frequently cited loan purpose was Home Improvement, with 56 originations. The 2nd most popular reason was Other, with 44 originations.
Loan Duration/Length
For 2024, Library Of Congress's most frequently cited loan duration was 15 Year, with 96 originations. The 2nd most popular length was 30 Year, with 7 originations.
Origination Fees/Closing Costs
Library Of Congress's average total fees were $10,680, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 76 | $8,630,000 | $113,553 |
| 6-7% | 30 | $3,730,000 | $124,333 |
| 5-6% | 1 | $425,000 | $425,000 |
| 7-8% | 1 | $125,000 | $125,000 |
During 2024, Library Of Congress's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 3-4%, with 76 originations.
Loan Sizing
2024 saw Library Of Congress place emphasis on $100,000 or less loans with 67 originations, totaling $4,355,000 in origination value.
Applicant Income
Library Of Congress lent most frequently to those with incomes in the $150k-250k range, with 37 originations. The second most popular income band? $100k-150k, with 26 originations.
Applicant Debt to Income Ratio
Library Of Congress lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? <20%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.50%
Library Of Congress has an average approval rate.
Pick Rate
Approvals leading to origination83.33%
Library Of Congress has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 108 | $12,910,000 | $119,537 |