San Mateo Credit Union Mortgage Rates, Fees & Info

Redwood City, CA

LEI: 549300QNPOF1WCRKLZ94

Tax ID: 94-1231186

5 stars - out of 5 stars, based on 18 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    San Mateo Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. San Mateo Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, San Jose, Stockton, Sacramento, and Los Angeles among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    San Mateo Credit Union 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. San Mateo 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.

    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
    30 Year Conventional Purchase 6.13% 3/30/23
    30 Year Conventional Refi 6.16% 3/30/23
    30 Year Cash-out Refi 6.22% 3/30/23
    15 Year Conventional Purchase 5.61% 3/30/23
    15 Year Conventional Refi 6.02% 3/30/23
    15 Year Cash-out Refi 6.02% 3/30/23
    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.


    Originations

    317

    Origination Dollar Volume (All Markets)

    $186,925,000

    Awards

    San Mateo Credit Union 30 Year Conventional Loans silver San Mateo Credit Union 30 Year Conventional Loans silver
    Show all (2) awards

    Relative Rate

    San Mateo Credit Union's average 30 year fixed mortgage rate was 3.71%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of -1.05%.

    Relative Fees (Closing Costs)

    San Mateo Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $4,474.

    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 $4,750.

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 210 $124,970,000 $595,095 $3,534 4.06%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 31 $32,665,000 $1,053,710 $4,158 4.10%
    STOCKTON, CA (FHA|USDA|VA) 15 $5,955,000 $397,000 $2,874 4.50%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 18 $5,490,000 $305,000 $3,105 4.74%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $3,600,000 $900,000 $6,754 3.88%
    VALLEJO, CA (FHA|USDA|VA) 9 $2,745,000 $305,000 $3,759 4.94%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 5 $2,295,000 $459,000 $3,797 4.58%
    NAPA, CA (FHA|USDA|VA) 2 $1,990,000 $995,000 $2,735 3.38%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $1,535,000 $511,667 $5,273 4.79%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $850,000 $425,000 $3,322 4.81%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $825,000 $825,000 $2,411 4.38%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $800,000 $400,000 $5,304 3.63%
    Outside of Metro Areas 2 $670,000 $335,000 $2,194 3.13%
    MODESTO, CA (FHA|USDA|VA) 2 $550,000 $275,000 $1,861 4.94%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $530,000 $265,000 $3,882 4.75%
    FRESNO, CA (FHA|USDA|VA) 3 $505,000 $168,333 $1,999 5.33%
    YUBA CITY, CA (FHA|USDA|VA) 1 $345,000 $345,000 $2,803 4.63%
    REDDING, CA (FHA|USDA|VA) 2 $280,000 $140,000 $4,634 3.88%
    Crescent City, CA (FHA|USDA|VA) 1 $235,000 $235,000 $7,328 3.75%
    MERCED, CA (FHA|USDA|VA) 2 $90,000 $45,000 $0 6.44%
    San Mateo Credit Union's top markets include San Francisco, San Jose, Stockton, Sacramento, and Los Angeles among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Similar Lenders

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

    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 567
    S&S Financial
    Similarity Rank: 1034
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 1067
    SAFEAMERICA CREDIT UNION
    Similarity Rank: 1158
    ALL WESTERN MORTGAGE, INC.
    Similarity Rank: 1626
    Sierra Central Credit Union
    Similarity Rank: 1752
    CommonWealth Central Credit Union
    Similarity Rank: 1836
    SAN FRANCISCO FEDERAL CREDIT UNION
    Similarity Rank: 2191
    Sterling Bank and Trust, FSB
    Similarity Rank: 2605

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 317 $186,925,000 $589,669 $3,571 4.19%

    For 2022, San Mateo Credit Union's most frequently originated type of loan was Conventional, with 317 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 119 $101,845,000 $855,840 $5,483 4.07%
    Home Improvement 69 $20,285,000 $293,986 $1,178 5.14%
    Cash Out Refi 60 $38,320,000 $638,667 $3,793 3.35%
    Other 52 $15,290,000 $294,038 $1,920 4.34%
    Refi 17 $11,185,000 $657,941 $4,182 3.68%

    For 2022, San Mateo Credit Union's most frequently cited loan purpose was Home Purchase, with 119 originations. The 2nd most popular reason was Home Improvement, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 215 $157,715,000 $733,558 $4,474 3.71%
    15 Year 65 $9,475,000 $145,769 $765 5.62%
    30+ year 20 $17,830,000 $891,500 $5,542 4.02%
    10 Year 8 $680,000 $85,000 $20 5.61%
    5 Year 6 $480,000 $80,000 $125 4.42%
    20 Year 3 $745,000 $248,333 $3,180 4.54%

    For 2022, San Mateo Credit Union's most frequently cited loan duration was 30 Year, with 215 originations. The 2nd most popular length was 15 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 250 $133,320,000 $533,280
    $5k+ 19 $17,515,000 $921,842
    $2k-3k 16 $11,100,000 $693,750
    $1k-2k 14 $12,560,000 $897,143
    $3k-4k 10 $7,810,000 $781,000
    $4k-5k 7 $3,795,000 $542,143

    San Mateo Credit Union's average total fees were $4,474, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 88 $59,530,000 $676,477
    4-5% 69 $47,445,000 $687,609
    2.5-3% 68 $50,120,000 $737,059
    5-6% 52 $17,290,000 $332,500
    7-8% 15 $1,545,000 $103,000
    6-7% 14 $3,290,000 $235,000
    <2.5% 11 $7,705,000 $700,455

    During 2022, San Mateo Credit Union's average interest rate for loans was 3.71%, while their most frequently originated rate bucket for loans was 3-4%, with 88 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 75 $58,205,000 $776,067 $4,981 3.50%
    $1MM+ 63 $81,615,000 $1,295,476 $5,520 3.88%
    $400k-600k 55 $27,135,000 $493,364 $4,271 3.89%
    $100k-200k 44 $5,830,000 $132,500 $1,030 5.09%
    $200k-400k 42 $11,660,000 $277,619 $3,018 4.00%
    $100,000 or less 38 $2,480,000 $65,263 $137 5.71%

    2022 saw San Mateo Credit Union place emphasis on $600k-1MM loans with 75 originations, totaling $58,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 110 $67,350,000 $612,273 $4,015 4.15%
    $250k+ 82 $79,550,000 $970,122 $4,855 4.20%
    $100k-150k 64 $23,360,000 $365,000 $2,328 4.28%
    $75k-100k 29 $7,985,000 $275,345 $2,726 4.34%
    $50k-75k 23 $5,565,000 $241,957 $1,998 4.09%
    $50k or less 9 $3,115,000 $346,111 $2,183 3.68%

    San Mateo Credit Union lent most frequently to those with incomes in the $150k-250k range, with 110 originations. The second most popular income band? $250k+, with 82 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 63 $43,625,000 $692,460 $3,968 4.04%
    20-30% 60 $34,800,000 $580,000 $3,940 4.20%
    44% 20 $12,180,000 $609,000 $3,588 4.23%
    43% 18 $12,540,000 $696,667 $3,590 3.99%
    39% 17 $7,505,000 $441,471 $2,665 4.40%
    41% 15 $8,285,000 $552,333 $3,478 3.89%
    <20% 15 $6,005,000 $400,333 $3,421 3.51%
    42% 14 $7,860,000 $561,429 $3,031 4.57%
    46% 14 $7,470,000 $533,571 $2,862 4.46%
    49% 14 $4,150,000 $296,429 $1,667 4.88%
    50-60% 13 $9,825,000 $755,769 $4,790 4.18%
    40% 11 $8,775,000 $797,727 $3,201 3.68%
    38% 10 $6,280,000 $628,000 $4,949 4.30%
    45% 9 $3,355,000 $372,778 $4,843 4.99%
    37% 8 $4,590,000 $573,750 $2,613 4.55%
    36% 7 $4,865,000 $695,000 $2,989 4.07%
    48% 6 $1,600,000 $266,667 $1,321 4.77%
    47% 3 $3,215,000 $1,071,667 $4,593 3.21%

    San Mateo Credit Union lent most frequently to those with DTI ratios of 30-36%, with 63 originations. The next most common DTI ratio? 20-30%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 123 $65,435,000 $531,992 $3,359 4.11%
    Not provided 116 $60,280,000 $519,655 $3,478 4.25%
    Asian 47 $37,855,000 $805,426 $3,932 4.27%
    Asian Indian 5 $7,995,000 $1,599,000 $6,500 4.73%
    Black 8 $4,950,000 $618,750 $3,778 3.73%
    American Indian 5 $2,315,000 $463,000 $2,750 4.68%
    Other Asian 3 $2,225,000 $741,667 $5,099 4.17%
    Filipino 5 $2,085,000 $417,000 $3,067 4.08%
    Chinese 2 $1,540,000 $770,000 $4,409 4.06%
    Japanese 1 $1,245,000 $1,245,000 $6,046 3.13%
    Native Hawaiian or Islander 2 $1,000,000 $500,000 $4,276 4.06%

    Approval Rates

    Total approvals of all applications
    84.80%

    San Mateo Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    80.44%

    San Mateo Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 317 $186,925,000 $589,669

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    317 $186,925,000 $589,669

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 42 $19,740,000 $470,000 $3,053 3.63%
    40-60% 42 $28,310,000 $674,048 $3,822 3.76%
    60-80% 74 $62,660,000 $846,757 $5,468 3.68%
    80-100% 70 $64,000,000 $914,286 $5,233 3.97%
    Under 20% 85 $10,885,000 $128,059 $760 5.36%