Fall River Five Cents Savings Bank Mortgage Rates, Fees & Info

Fall River, MA

LEI: 549300Q61S3IBOJITT02

Tax ID: 41-2178171

5 stars - Updated: 12/8/24 - out of 5 stars, based on 27 reviews

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

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Mortgage Data

Review & Overview

Fall River Five Cents Savings Bank is a smaller bank specializing in Home Purchase loans. Fall River Five Cents Savings Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Providence, Boston, Barnstable Town, Worcester, and Vineyard Haven among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Fall River Five Cents Savings 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. Fall River Five Cents Savings 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 5.76% 12/8/24
30 Year Conventional Purchase 5.99% 12/8/24
30 Year Conventional Refi 5.98% 12/8/24
30 Year Cash-out Refi 6.20% 12/8/24
30 Year FHA Purchase 7.13% 12/8/24
30 Year FHA Refi 7.30% 12/8/24
30 Year VA Purchase 6.25% 12/8/24
15 Year Conventional Purchase 4.69% 12/8/24
15 Year Conventional Refi 5.61% 12/8/24
15 Year Cash-out Refi 5.61% 12/8/24
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.

Fall River Five Cents Savings Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Fall River Five Cents Savings 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

725

Origination Dollar Volume (All Markets)

$238,805,000

Awards

Fall River Five Cents Savings Bank 30 Year Conventional Loans silver Fall River Five Cents Savings Bank FHA Loans gold Fall River Five Cents Savings Bank FHA Loans gold
Show all (3) awards

Relative Rate

Fall River Five Cents Savings Bank's average 30 year fixed mortgage rate was 6.34%.

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

This yields a difference of -0.14%.

Relative Fees (Closing Costs)

Fall River Five Cents Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,697.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 422 $103,870,000 $246,137 $3,997 6.99%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 205 $89,495,000 $436,561 $7,191 6.49%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 51 $28,835,000 $565,392 $5,689 6.91%
WORCESTER, MA-CT (FHA|USDA|VA) 31 $10,455,000 $337,258 $5,643 6.50%
Vineyard Haven, MA (FHA|USDA|VA) 1 $1,755,000 $1,755,000 $10,980 7.25%
SPRINGFIELD, MA (FHA|USDA|VA) 7 $1,225,000 $175,000 $4,732 5.79%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $585,000 $585,000 $5,332 7.25%
Augusta-Waterville, ME (FHA|USDA|VA) 1 $525,000 $525,000 $3,601 7.38%
Keene, NH (FHA|USDA|VA) 1 $485,000 $485,000 $4,062 7.13%
Lebanon, NH-VT (FHA|USDA|VA) 1 $465,000 $465,000 $3,876 7.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $345,000 $345,000 $5,595 6.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $315,000 $315,000 $7,593 7.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,308 6.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $205,000 $205,000 $2,830 6.38%
Fall River Five Cents Savings Bank's top markets include Providence, Boston, Barnstable Town, Worcester, and Vineyard Haven among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Charter Oak Federal Credit Union
    Similarity Rank: 56
    HOMEFIELD
    Similarity Rank: 75
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    GREYLOCK
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 165
    Piscataqua Savings Bank
    Similarity Rank: 177

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 501 $180,025,000 $359,331 $3,815 6.56%
    HELOC 149 $22,915,000 $153,792 n/a 7.89%
    FHA 71 $34,305,000 $483,169 $14,388 6.31%
    VA 4 $1,560,000 $390,000 $9,666 6.72%

    For 2023, Fall River Five Cents Savings Bank's most frequently originated type of loan was Conventional, with 501 originations. Their 2nd most popular type was HELOC, with 149 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 405 $182,295,000 $450,111 $6,832 6.43%
    Home Improvement 121 $17,335,000 $143,264 $575 7.38%
    Other 92 $13,100,000 $142,391 $820 7.50%
    Cash Out Refi 81 $22,225,000 $274,383 $3,355 7.23%
    Refi 26 $3,850,000 $148,077 $1,110 6.43%

    For 2023, Fall River Five Cents Savings Bank's most frequently cited loan purpose was Home Purchase, with 405 originations. The 2nd most popular reason was Home Improvement, with 121 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 409 $179,805,000 $439,621 $6,697 6.34%
    20 Year 201 $36,295,000 $180,572 $131 7.82%
    15 Year 56 $5,580,000 $99,643 $438 6.54%
    10 Year 30 $1,520,000 $50,667 $18 6.51%
    30+ year 15 $10,715,000 $714,333 $6,416 6.92%
    Other 10 $4,710,000 $471,000 $3,150 8.50%
    5 Year 4 $180,000 $45,000 $114 5.91%

    For 2023, Fall River Five Cents Savings Bank's most frequently cited loan duration was 30 Year, with 409 originations. The 2nd most popular length was 20 Year, with 201 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 376 $120,130,000 $319,495
    $5k+ 57 $26,185,000 $459,386
    $1k-2k 55 $26,395,000 $479,909
    $2k-3k 23 $10,025,000 $435,870
    $4k-5k 20 $9,040,000 $452,000
    $3k-4k 18 $9,040,000 $502,222

    Fall River Five Cents Savings Bank's average total fees were $6,697, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 376 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 322 $124,600,000 $386,957
    7-8% 256 $62,270,000 $243,242
    5-6% 105 $41,525,000 $395,476
    Over 8% 30 $9,970,000 $332,333
    <2.5% 12 $440,000 $36,667

    During 2023, Fall River Five Cents Savings Bank's average interest rate for loans was 6.34%, while their most frequently originated rate bucket for loans was 6-7%, with 322 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 199 $58,615,000 $294,548 $5,611 6.85%
    $400k-600k 175 $85,455,000 $488,314 $7,758 6.68%
    $100,000 or less 149 $7,415,000 $49,765 $114 6.70%
    $100k-200k 116 $15,520,000 $133,793 $1,862 7.27%
    $600k-1MM 73 $51,105,000 $700,068 $8,511 6.57%
    $1MM+ 13 $20,695,000 $1,591,923 $6,833 6.67%

    2023 saw Fall River Five Cents Savings Bank place emphasis on $200k-400k loans with 199 originations, totaling $58,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 205 $63,165,000 $308,122 $6,566 6.77%
    $150k-250k 150 $56,320,000 $375,467 $5,101 7.00%
    $75k-100k 117 $28,935,000 $247,308 $5,289 6.49%
    $250k+ 101 $57,185,000 $566,188 $5,515 7.01%
    $50k-75k 93 $14,615,000 $157,151 $3,162 6.52%
    $50k or less 24 $2,170,000 $90,417 $1,744 6.42%

    Fall River Five Cents Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $150k-250k, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 114 $28,820,000 $252,807 $3,271 6.92%
    20-30% 95 $31,145,000 $327,842 $3,732 6.84%
    42% 76 $19,120,000 $251,579 $5,344 7.16%
    41% 44 $12,460,000 $283,182 $4,199 7.10%
    36% 36 $10,270,000 $285,278 $3,799 6.91%
    44% 34 $9,000,000 $264,706 $4,847 5.21%
    40% 34 $12,130,000 $356,765 $4,647 7.10%
    50-60% 32 $17,000,000 $531,250 $15,996 6.10%
    39% 32 $9,650,000 $301,563 $5,213 7.04%
    43% 29 $10,975,000 $378,448 $5,314 6.43%
    48% 26 $11,810,000 $454,231 $5,991 6.43%
    37% 25 $8,455,000 $338,200 $3,220 6.84%
    49% 22 $9,440,000 $429,091 $6,347 6.36%
    47% 21 $8,285,000 $394,524 $7,004 6.63%
    38% 20 $5,280,000 $264,000 $4,791 6.94%
    46% 18 $6,830,000 $379,444 $7,933 6.62%
    <20% 17 $4,525,000 $266,176 $2,786 7.04%
    45% 14 $6,870,000 $490,714 $5,022 6.59%

    Fall River Five Cents Savings Bank lent most frequently to those with DTI ratios of 30-36%, with 114 originations. The next most common DTI ratio? 20-30%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 587 $184,105,000 $313,637 $5,149 6.79%
    Not provided 57 $17,225,000 $302,193 $4,254 6.93%
    Not applicable 22 $13,800,000 $627,273 $0 8.08%
    Asian 26 $11,200,000 $430,769 $4,543 6.40%
    Black 24 $8,660,000 $360,833 $8,105 6.40%
    American Indian 4 $2,520,000 $630,000 $11,177 5.56%
    Other Asian 3 $1,095,000 $365,000 $5,382 6.88%
    Asian Indian 1 $125,000 $125,000 $0 7.50%
    Other Pacific Islander 1 $75,000 $75,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    83.67%

    Fall River Five Cents Savings Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    82.34%

    Fall River Five Cents Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 725 $238,805,000 $329,386

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    725 $238,805,000 $329,386

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 91 $15,455,000 $169,835 $1,426 7.43%
    40-60% 69 $24,355,000 $352,971 $4,114 6.89%
    60-80% 169 $88,445,000 $523,343 $5,487 6.86%
    80-100% 214 $96,480,000 $450,841 $8,450 6.40%
    Over 100% 2 $1,140,000 $570,000 $11,487 7.19%
    Under 20% 180 $12,930,000 $71,833 $114 6.91%