Washington Trust Bank Mortgage Rates, Fees & Info

Spokane, WA

LEI: 549300P2GEYNMH5OQA71

Tax ID: 91-0462347

5 stars - Updated: 6/16/24 - out of 5 stars, based on 36 reviews

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

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Mortgage Data

Review & Overview

Washington Trust Bank is a smaller bank specializing in Home Purchase loans. Washington Trust Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Seattle, Spokane, Boise City, Portland, and Hailey among others. We have data for 65 markets. (Some data included below & more in-depth data is available with an active subscription.)

Washington Trust Bank 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. Washington Trust Bank 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.88% 6/16/24
30 Year Conventional Purchase 6.59% 6/16/24
30 Year Conventional Refi 6.57% 6/16/24
30 Year Cash-out Refi 6.71% 6/16/24
30 Year FHA Purchase 7.45% 6/16/24
30 Year VA Purchase 6.12% 6/16/24
30 Year VA Refi 6.09% 6/16/24
30 Year USDA Purchase 6.57% 6/16/24
15 Year Conventional Purchase 6.41% 6/16/24
15 Year Conventional Refi 5.98% 6/16/24
15 Year Cash-out Refi 5.98% 6/16/24
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.

Washington Trust Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Washington Trust Bank. 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

1,270

Origination Dollar Volume (All Markets)

$552,330,000
Show all (5) awards

Relative Rate

Washington Trust Bank's average 30 year fixed mortgage rate was 6.61%.

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

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

Washington Trust Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,517.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 160 $160,030,000 $1,000,188 $7,034 7.66%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 493 $129,985,000 $263,661 $5,057 8.01%
Outside of Metro Areas 102 $40,390,000 $395,980 $4,161 8.14%
BOISE CITY, ID (FHA|USDA|VA) 127 $34,445,000 $271,220 $7,298 8.19%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 34 $17,490,000 $514,412 $8,189 7.34%
Hailey, ID (FHA|USDA|VA) 3 $14,315,000 $4,771,667 $6,269 7.13%
Sandpoint, ID (FHA|USDA|VA) 35 $13,865,000 $396,143 $9,583 8.06%
BEND, OR (FHA|USDA|VA) 28 $12,910,000 $461,071 $9,420 7.21%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 13 $11,385,000 $875,769 $6,443 6.99%
WENATCHEE, WA (FHA|USDA|VA) 41 $10,625,000 $259,146 $6,038 8.41%
Outside of Metro Areas 28 $10,620,000 $379,286 $5,292 7.69%
Moses Lake, WA (FHA|USDA|VA) 52 $9,960,000 $191,538 $3,025 8.02%
Pullman, WA (FHA|USDA|VA) 29 $8,815,000 $303,966 $3,951 7.84%
Moscow, ID (FHA|USDA|VA) 14 $8,010,000 $572,143 $8,815 8.13%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 17 $7,905,000 $465,000 $5,699 6.21%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $7,830,000 $1,305,000 $5,883 7.00%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $6,665,000 $2,221,667 $0 7.46%
Ellensburg, WA (FHA|USDA|VA) 7 $6,595,000 $942,143 $6,283 7.45%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $5,005,000 $5,005,000 $0 6.25%
BELLINGHAM, WA (FHA|USDA|VA) 4 $3,760,000 $940,000 $9,337 7.81%
Kalispell, MT (FHA|USDA|VA) 3 $2,605,000 $868,333 $4,594 7.21%
Astoria, OR (FHA|USDA|VA) 3 $2,435,000 $811,667 $7,595 6.60%
Heber, UT (FHA|USDA|VA) 2 $2,090,000 $1,045,000 $9,453 7.00%
LEWISTON, ID-WA (FHA|USDA|VA) 8 $1,820,000 $227,500 $5,751 7.69%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 5 $1,695,000 $339,000 $5,447 7.53%
Kapaa, HI (FHA|USDA|VA) 1 $1,565,000 $1,565,000 $23,658 5.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $1,555,000 $1,555,000 $5,994 5.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $1,440,000 $720,000 $7,139 6.81%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 2 $1,390,000 $695,000 $4,307 6.94%
Aberdeen, WA (FHA|USDA|VA) 2 $1,190,000 $595,000 $5,501 6.06%
FORT COLLINS, CO (FHA|USDA|VA) 2 $1,150,000 $575,000 $4,769 7.25%
CORVALLIS, OR (FHA|USDA|VA) 3 $885,000 $295,000 $9,452 6.58%
WALLA WALLA, WA (FHA|USDA|VA) 1 $835,000 $835,000 $3,974 7.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $825,000 $825,000 $0 8.75%
IDAHO FALLS, ID (FHA|USDA|VA) 1 $755,000 $755,000 $0 8.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $685,000 $685,000 $6,826 6.88%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $665,000 $665,000 $6,965 6.50%
VALLEJO, CA (FHA|USDA|VA) 1 $625,000 $625,000 $8,055 6.88%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $605,000 $605,000 $0 9.50%
Ontario, OR-ID (FHA|USDA|VA) 3 $605,000 $201,667 $12,909 8.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $555,000 $555,000 $10,521 5.88%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $455,000 $455,000 $4,787 6.50%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $425,000 $425,000 $16,722 7.63%
Mountain Home, ID (FHA|USDA|VA) 3 $385,000 $128,333 $2,635 7.88%
MISSOULA, MT (FHA|USDA|VA) 1 $375,000 $375,000 $4,100 6.13%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $375,000 $375,000 $10,642 5.63%
SALEM, OR (FHA|USDA|VA) 1 $345,000 $345,000 $5,097 7.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $315,000 $315,000 $7,815 6.63%
Burley, ID (FHA|USDA|VA) 1 $305,000 $305,000 $9,318 7.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $7,600 5.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $275,000 $275,000 $10,190 6.63%
MEDFORD, OR (FHA|USDA|VA) 1 $275,000 $275,000 $0 6.38%
Oak Harbor, WA (FHA|USDA|VA) 1 $255,000 $255,000 $0 8.75%
TWIN FALLS, ID (FHA|USDA|VA) 1 $245,000 $245,000 $4,568 6.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 7.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $0 8.50%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $190,000 $95,000 $0 7.88%
TUCSON, AZ (FHA|USDA|VA) 1 $185,000 $185,000 $0 7.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.75%
Aberdeen, SD (FHA|USDA|VA) 1 $135,000 $135,000 $4,529 6.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $105,000 $105,000 $6,460 6.38%
TOLEDO, OH (FHA|USDA|VA) 1 $75,000 $75,000 $4,313 7.38%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $65,000 $65,000 $0 9.75%
Othello, WA (FHA|USDA|VA) 2 $50,000 $25,000 $0 9.13%
Rexburg, ID (FHA|USDA|VA) 1 $35,000 $35,000 $0 9.25%
Washington Trust Bank's top markets include Seattle, Spokane, Boise City, Portland, and Hailey among others.

Their top states include:
  • Washington (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Washington Trust Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    PIONEER
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    SELCO COMMUNITY
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    INROADS
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    HAPO COMMUNITY CREDIT UNION
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    LO, INC.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 727 $224,385,000 $308,645 n/a 8.62%
    Conventional 524 $321,530,000 $613,607 $5,480 6.88%
    FHA 15 $5,255,000 $350,333 $13,227 6.89%
    VA 4 $1,160,000 $290,000 $10,044 6.72%

    For 2023, Washington Trust Bank's most frequently originated type of loan was HELOC, with 727 originations. Their 2nd most popular type was Conventional, with 524 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 373 $258,305,000 $692,507 $6,831 6.62%
    Other 277 $86,485,000 $312,220 $2,936 8.40%
    Cash Out Refi 240 $106,870,000 $445,292 $4,541 8.28%
    Home Improvement 217 $34,815,000 $160,438 $1,752 8.58%
    Refi 163 $65,855,000 $404,018 $6,224 8.31%

    For 2023, Washington Trust Bank's most frequently cited loan purpose was Home Purchase, with 373 originations. The 2nd most popular reason was Other, with 277 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 604 $168,770,000 $279,421 $0 8.61%
    30 Year 409 $233,695,000 $571,381 $6,517 6.61%
    20 Year 83 $48,785,000 $587,771 $6,660 8.45%
    15 Year 65 $10,645,000 $163,769 $1,632 8.58%
    5 Year 56 $35,530,000 $634,464 $0 8.34%
    10 Year 23 $14,505,000 $630,652 $272 6.95%
    30+ year 20 $27,600,000 $1,380,000 $8,171 6.63%
    1 Year 7 $8,645,000 $1,235,000 $0 8.50%
    3 Year 3 $4,155,000 $1,385,000 $0 6.80%

    For 2023, Washington Trust Bank's most frequently cited loan duration was Other, with 604 originations. The 2nd most popular length was 30 Year, with 409 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 241 $149,465,000 $620,187
    $1k-2k 59 $19,115,000 $323,983
    $5k+ 59 $32,725,000 $554,661
    $2k-3k 40 $19,910,000 $497,750
    $4k-5k 28 $10,460,000 $373,571
    $3k-4k 24 $8,790,000 $366,250

    Washington Trust Bank's average total fees were $6,517, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 241 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 683 $169,915,000 $248,777
    6-7% 287 $200,165,000 $697,439
    7-8% 221 $122,985,000 $556,493
    5-6% 68 $55,050,000 $809,559
    4-5% 6 $4,180,000 $696,667
    <2.5% 5 $35,000 $7,000

    During 2023, Washington Trust Bank's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was Over 8%, with 683 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 327 $90,295,000 $276,131 $6,149 7.75%
    $100,000 or less 303 $15,775,000 $52,063 $636 8.56%
    $100k-200k 217 $28,305,000 $130,438 $3,240 8.33%
    $400k-600k 174 $81,760,000 $469,885 $7,553 7.46%
    $600k-1MM 130 $98,990,000 $761,462 $6,344 7.14%
    $1MM+ 119 $237,205,000 $1,993,319 $8,321 7.04%

    2023 saw Washington Trust Bank place emphasis on $200k-400k loans with 327 originations, totaling $90,295,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 410 $279,050,000 $680,610 $6,934 7.71%
    $100k-150k 193 $46,085,000 $238,782 $5,473 7.99%
    $150k-250k 177 $60,395,000 $341,215 $6,120 7.88%
    $50k-75k 139 $16,015,000 $115,216 $4,041 8.18%
    $75k-100k 134 $23,860,000 $178,060 $5,852 7.89%
    $50k or less 98 $6,410,000 $65,408 $2,788 8.31%

    Washington Trust Bank lent most frequently to those with incomes in the $250k+ range, with 410 originations. The second most popular income band? $100k-150k, with 193 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $79,420,000 $374,623 $5,324 7.86%
    50-60% 173 $42,865,000 $247,775 $4,164 8.58%
    30-36% 165 $58,505,000 $354,576 $5,275 7.81%
    <20% 138 $52,530,000 $380,652 $6,036 8.06%
    43% 47 $21,545,000 $458,404 $5,328 7.75%
    44% 46 $19,270,000 $418,913 $7,191 7.56%
    39% 42 $17,150,000 $408,333 $6,111 7.78%
    40% 39 $15,545,000 $398,590 $7,028 7.30%
    38% 35 $14,085,000 $402,429 $6,026 7.45%
    42% 33 $12,315,000 $373,182 $6,534 7.56%
    49% 33 $7,915,000 $239,848 $4,901 7.97%
    37% 32 $15,240,000 $476,250 $6,203 7.30%
    48% 30 $7,330,000 $244,333 $6,239 7.68%
    47% 29 $9,125,000 $314,655 $5,177 8.13%
    41% 28 $12,940,000 $462,143 $7,401 7.24%
    46% 27 $7,275,000 $269,444 $6,486 8.05%
    36% 25 $9,655,000 $386,200 $6,569 7.79%
    45% 23 $6,235,000 $271,087 $5,739 8.04%
    >60% 19 $15,815,000 $832,368 $5,855 8.12%

    Washington Trust Bank lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 50-60%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 813 $239,925,000 $295,111 $5,502 7.94%
    Not provided 332 $180,530,000 $543,765 $6,386 7.97%
    Not applicable 78 $104,620,000 $1,341,282 $0 7.28%
    Asian 25 $19,615,000 $784,600 $7,666 6.64%
    Black 7 $2,125,000 $303,571 $8,062 6.71%
    American Indian 6 $1,310,000 $218,333 $3,587 8.17%
    Chinese 3 $1,165,000 $388,333 $0 9.17%
    Japanese 1 $1,005,000 $1,005,000 $4,361 7.50%
    Asian Indian 1 $805,000 $805,000 $9,788 6.38%
    Vietnamese 2 $800,000 $400,000 $0 8.00%
    Other Asian 1 $395,000 $395,000 $1,786 5.50%
    Filipino 1 $35,000 $35,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    81.01%

    Washington Trust Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    77.48%

    Washington Trust Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,270 $552,330,000 $434,906

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,270 $552,330,000 $434,906

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 295 $89,495,000 $303,373 $2,949 8.36%
    40-60% 173 $103,135,000 $596,156 $5,368 7.64%
    60-80% 220 $177,030,000 $804,682 $7,123 7.05%
    80-100% 176 $108,410,000 $615,966 $7,409 6.87%
    Over 100% 2 $1,260,000 $630,000 $7,016 7.44%
    Under 20% 358 $42,560,000 $118,883 $720 8.50%