Mayo Employees Federal Credit Union Mortgage Rates, Fees & Info

Rochester, MN

LEI: 549300QTN66CFMVWLH03

Tax ID: 41-0400045

5 stars - Updated: 3/29/24 - out of 5 stars, based on 24 reviews

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

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Mortgage Data

Review & Overview

Mayo Employees Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Mayo Employees Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Rochester, Jacksonville, La Crosse, and Eau Claire among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mayo Employees Federal 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. Mayo Employees Federal Credit Union 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
30 Year Conventional Purchase 6.11% 3/29/24
30 Year Conventional Refi 6.50% 3/29/24
30 Year Cash-out Refi 6.36% 3/29/24
15 Year Conventional Purchase 5.84% 3/29/24
15 Year Conventional Refi 5.96% 3/29/24
15 Year Cash-out Refi 5.96% 3/29/24
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.

Mayo Employees Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mayo Employees Federal Credit Union. 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

563

Origination Dollar Volume (All Markets)

$98,485,000

Awards

MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans silver MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold MAYO EMPLOYEES FEDERAL CREDIT UNION 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Mayo Employees Federal Credit Union's average 30 year fixed mortgage rate was 6.01%.

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

This yields a difference of -0.47%.

Relative Fees (Closing Costs)

Mayo Employees Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $7,409.

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
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 109 $32,595,000 $299,037 $2,422 6.38%
ROCHESTER, MN (FHA|USDA|VA) 297 $31,405,000 $105,741 $718 6.32%
JACKSONVILLE, FL (FHA|USDA|VA) 35 $11,205,000 $320,143 $3,316 6.12%
Outside of Metro Areas 45 $3,935,000 $87,444 $423 6.51%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 19 $2,885,000 $151,842 $1,525 6.14%
EAU CLAIRE, WI (FHA|USDA|VA) 7 $2,135,000 $305,000 $2,698 6.24%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $1,995,000 $1,995,000 $19,721 5.75%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 18 $1,560,000 $86,667 $515 6.46%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $1,160,000 $580,000 $5,642 6.75%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $1,115,000 $1,115,000 $8,544 7.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $935,000 $935,000 $4,664 6.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $925,000 $925,000 $10,858 5.75%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $725,000 $725,000 $7,176 5.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $725,000 $725,000 $6,734 6.25%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $685,000 $685,000 $5,190 6.50%
Austin, MN (FHA|USDA|VA) 1 $675,000 $675,000 $6,744 6.00%
Red Wing, MN (FHA|USDA|VA) 3 $675,000 $225,000 $3,277 6.20%
LAWRENCE, KS (FHA|USDA|VA) 1 $555,000 $555,000 $4,998 6.13%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $525,000 $525,000 $6,120 6.13%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $485,000 $485,000 $5,956 6.00%
Concord, NH (FHA|USDA|VA) 1 $435,000 $435,000 $7,465 6.75%
Fairmont, MN (FHA|USDA|VA) 1 $295,000 $295,000 $4,967 5.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $275,000 $275,000 $6,273 5.50%
MANKATO, MN (FHA|USDA|VA) 5 $145,000 $29,000 $123 6.13%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.54%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $80,000 $40,000 $77 6.19%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $65,000 $65,000 $0 6.89%
DULUTH, MN-WI (FHA|USDA|VA) 1 $65,000 $65,000 $154 6.19%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.29%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.89%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $25,000 $25,000 $154 8.24%
Owatonna, MN (FHA|USDA|VA) 1 $15,000 $15,000 $144 7.14%
Mayo Employees Federal Credit Union's top markets include Phoenix, Rochester, Jacksonville, La Crosse, and Eau Claire among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MAYO EMPLOYEES FEDERAL CREDIT UNION 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
    Conventional 563 $98,485,000 $174,929 $1,416 6.33%

    For 2023, Mayo Employees Federal Credit Union's most frequently originated type of loan was Conventional, with 563 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 232 $14,060,000 $60,603 $134 6.38%
    Other 141 $9,215,000 $65,355 $116 6.58%
    Home Purchase 97 $65,805,000 $678,402 $7,386 5.94%
    Cash Out Refi 51 $5,515,000 $108,137 $546 6.09%
    Refi 42 $3,890,000 $92,619 $126 6.48%

    For 2023, Mayo Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 232 originations. The 2nd most popular reason was Other, with 141 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 215 $22,975,000 $106,860 $388 6.73%
    10 Year 165 $9,625,000 $58,333 $130 6.32%
    30 Year 92 $62,670,000 $681,196 $7,409 6.01%
    5 Year 91 $3,215,000 $35,330 $116 5.76%

    For 2023, Mayo Employees Federal Credit Union's most frequently cited loan duration was 15 Year, with 215 originations. The 2nd most popular length was 10 Year, with 165 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 47 $29,755,000 $633,085
    $2k-3k 32 $10,660,000 $333,125
    $5k+ 10 $18,120,000 $1,812,000
    $4k-5k 8 $8,260,000 $1,032,500
    $1k-2k 3 $405,000 $135,000

    Mayo Employees Federal Credit Union's average total fees were $7,409, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 284 $45,520,000 $160,282
    5-6% 163 $40,835,000 $250,521
    7-8% 75 $7,735,000 $103,133
    4-5% 30 $3,630,000 $121,000
    Over 8% 11 $765,000 $69,545

    During 2023, Mayo Employees 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 284 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 380 $18,060,000 $47,526 $135 6.39%
    $100k-200k 69 $9,165,000 $132,826 $248 6.53%
    $200k-400k 46 $13,210,000 $287,174 $3,284 6.06%
    $400k-600k 28 $13,760,000 $491,429 $6,003 5.82%
    $600k-1MM 22 $17,330,000 $787,727 $8,022 6.15%
    $1MM+ 18 $26,960,000 $1,497,778 $12,954 6.17%

    2023 saw Mayo Employees Federal Credit Union place emphasis on $100,000 or less loans with 380 originations, totaling $18,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 161 $14,605,000 $90,714 $682 6.39%
    $150k-250k 148 $17,340,000 $117,162 $811 6.43%
    $250k+ 111 $56,205,000 $506,351 $4,398 6.32%
    $50k-75k 67 $5,655,000 $84,403 $828 6.19%
    $75k-100k 64 $3,700,000 $57,813 $203 6.24%
    $50k or less 12 $980,000 $81,667 $878 5.73%

    Mayo Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 161 originations. The second most popular income band? $150k-250k, with 148 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 164 $35,950,000 $219,207 $1,732 6.28%
    30-36% 144 $20,750,000 $144,097 $1,145 6.38%
    <20% 86 $18,020,000 $209,535 $1,898 6.05%
    39% 34 $2,120,000 $62,353 $115 6.76%
    38% 31 $3,575,000 $115,323 $821 6.43%
    36% 30 $5,620,000 $187,333 $1,327 6.48%
    37% 22 $2,820,000 $128,182 $862 6.32%
    40% 15 $1,185,000 $79,000 $584 6.57%
    42% 11 $1,615,000 $146,818 $1,786 6.33%
    41% 10 $1,150,000 $115,000 $745 6.46%
    43% 6 $1,080,000 $180,000 $1,348 6.45%
    46% 2 $1,090,000 $545,000 $6,760 6.19%
    48% 2 $510,000 $255,000 $3,809 6.12%
    44% 1 $35,000 $35,000 $0 8.09%
    47% 1 $1,835,000 $1,835,000 $17,550 5.50%
    >60% 1 $565,000 $565,000 $8,218 5.50%
    50-60% 1 $35,000 $35,000 $154 5.99%
    45% 1 $55,000 $55,000 $99 6.49%

    Mayo Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 164 originations. The next most common DTI ratio? 30-36%, with 144 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 497 $70,125,000 $141,097 $1,007 6.34%
    Not provided 26 $15,300,000 $588,462 $6,753 6.29%
    Asian 31 $10,395,000 $335,323 $3,198 6.13%
    Black 6 $1,570,000 $261,667 $2,041 6.71%
    American Indian 3 $1,095,000 $365,000 $3,224 6.48%

    Approval Rates

    Total approvals of all applications
    86.58%

    Mayo Employees Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.90%

    Mayo Employees Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 563 $98,485,000 $174,929

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    563 $98,485,000 $174,929

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 99 $10,695,000 $108,030 $219 6.44%
    40-60% 29 $7,155,000 $246,724 $1,861 6.29%
    60-80% 23 $7,765,000 $337,609 $3,788 5.67%
    80-100% 77 $55,885,000 $725,779 $7,516 6.06%
    Under 20% 334 $16,510,000 $49,431 $150 6.42%