Mechanics Bank Mortgage Rates, Fees & Info

Walnut Creek, CA

LEI: 549300TF1E42EUFBSL45

Tax ID: 94-0672780

5 stars - Updated: 12/3/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Mechanics Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Medford, Salinas, and Oxnard among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mechanics 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. Mechanics Bank 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 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) 6.27% 12/3/24
30 Year Conventional Purchase 5.74% 12/3/24
30 Year Conventional Refi 5.85% 12/3/24
30 Year Cash-out Refi 6.06% 12/3/24
15 Year Conventional Purchase 5.27% 12/3/24
15 Year Conventional Refi 5.43% 12/3/24
15 Year Cash-out Refi 5.43% 12/3/24
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.

Mechanics Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Mechanics 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

370

Origination Dollar Volume (All Markets)

$535,030,000

Awards

Mechanics Bank 30 Year Conventional Loans gold Mechanics Bank 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Mechanics Bank's average 30 year fixed mortgage rate was 6.22%.

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

This yields a difference of -0.26%.

Relative Fees (Closing Costs)

Mechanics Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,684.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 38 $228,650,000 $6,017,105 $7,754 4.48%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 89 $70,095,000 $787,584 $4,082 4.47%
MEDFORD, OR (FHA|USDA|VA) 49 $65,315,000 $1,332,959 $0 5.58%
SALINAS, CA (FHA|USDA|VA) 24 $24,790,000 $1,032,917 $4,826 6.82%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 21 $18,675,000 $889,286 $5,117 4.42%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 29 $16,345,000 $563,621 $4,963 7.80%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $15,380,000 $7,690,000 $0 5.50%
NAPA, CA (FHA|USDA|VA) 6 $11,490,000 $1,915,000 $7,494 8.03%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $8,005,000 $2,668,333 $6,500 5.90%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $7,315,000 $2,438,333 $6,224 6.21%
STOCKTON, CA (FHA|USDA|VA) 7 $7,215,000 $1,030,714 $0 4.04%
FRESNO, CA (FHA|USDA|VA) 5 $7,135,000 $1,427,000 $4,184 6.18%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 13 $6,775,000 $521,154 $3,489 7.77%
BAKERSFIELD, CA (FHA|USDA|VA) 7 $6,465,000 $923,571 $2,866 5.10%
VISALIA, CA (FHA|USDA|VA) 5 $5,125,000 $1,025,000 $3,302 7.93%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 7 $4,655,000 $665,000 $5,662 7.25%
VALLEJO, CA (FHA|USDA|VA) 3 $4,495,000 $1,498,333 $0 6.08%
MADERA, CA (FHA|USDA|VA) 3 $3,395,000 $1,131,667 $5,839 5.09%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 9 $3,345,000 $371,667 $4,542 4.97%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $3,035,000 $3,035,000 $0 5.85%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $2,785,000 $397,857 $0 8.62%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 3 $2,615,000 $871,667 $0 7.35%
GRANTS PASS, OR (FHA|USDA|VA) 2 $1,980,000 $990,000 $0 5.60%
Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $1,755,000 $585,000 $4,785 6.83%
MERCED, CA (FHA|USDA|VA) 6 $1,480,000 $246,667 $4,870 6.69%
Outside of Metro Areas 7 $1,065,000 $152,143 $2,919 6.88%
EL CENTRO, CA (FHA|USDA|VA) 4 $1,030,000 $257,500 $4,500 6.94%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 6.35%
Moses Lake, WA (FHA|USDA|VA) 1 $805,000 $805,000 $0 5.75%
REDDING, CA (FHA|USDA|VA) 1 $805,000 $805,000 $0 6.05%
Ukiah, CA (FHA|USDA|VA) 1 $625,000 $625,000 $5,478 6.13%
MODESTO, CA (FHA|USDA|VA) 1 $505,000 $505,000 $3,037 6.63%
CHICO, CA (FHA|USDA|VA) 4 $400,000 $100,000 $2,990 6.69%
RENO, NV (FHA|USDA|VA) 1 $255,000 $255,000 $0 9.00%
Red Bluff, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.25%
Sonora, CA (FHA|USDA|VA) 2 $90,000 $45,000 $0 10.06%
YUBA CITY, CA (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Mechanics Bank's top markets include Los Angeles, San Francisco, Medford, Salinas, and Oxnard among others.

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

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

    COASTHILLS
    Similarity Rank: 45
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    VENTURA COUNTY
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    KD CAPITAL MORTGAGE CORPORATION
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    LBS FINANCIAL
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    SOUTHLAND CREDIT UNION
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    FIRST ENTERTAINMENT
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    SESLOC
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 291 $480,365,000 $1,650,739 $4,591 4.70%
    HELOC 79 $54,665,000 $691,962 n/a 9.46%

    For 2023, Mechanics Bank's most frequently originated type of loan was Conventional, with 291 originations. Their 2nd most popular type was HELOC, with 79 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 163 $206,765,000 $1,268,497 $5,788 3.80%
    Refi 106 $286,450,000 $2,702,358 $3,988 6.55%
    Home Improvement 53 $25,505,000 $481,226 $3,104 8.05%
    Other 29 $7,805,000 $269,138 $3,607 8.71%
    Cash Out Refi 19 $8,505,000 $447,632 $3,596 6.44%

    For 2023, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 163 originations. The 2nd most popular reason was Refi, with 106 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 128 $118,760,000 $927,813 $4,684 6.22%
    Other 108 $100,110,000 $926,944 $0 8.35%
    15 Year 70 $294,490,000 $4,207,000 $3,874 5.75%
    5 Year 62 $18,510,000 $298,548 $0 0.09%
    10 Year 1 $1,905,000 $1,905,000 $0 4.15%
    3 Year 1 $1,255,000 $1,255,000 $0 5.80%

    For 2023, Mechanics Bank's most frequently cited loan duration was 30 Year, with 128 originations. The 2nd most popular length was Other, with 108 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 88 $57,910,000 $658,068
    $1k-2k 3 $855,000 $285,000
    $2k-3k 2 $930,000 $465,000
    $3k-4k 2 $720,000 $360,000
    $5k+ 1 $885,000 $885,000

    Mechanics Bank's average total fees were $4,684, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 88 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 137 $394,585,000 $2,880,182
    Over 8% 78 $14,660,000 $187,949
    6-7% 71 $85,525,000 $1,204,577
    <2.5% 61 $1,505,000 $24,672
    7-8% 15 $7,465,000 $497,667
    4-5% 5 $21,065,000 $4,213,000
    3-4% 3 $10,225,000 $3,408,333

    During 2023, Mechanics Bank's average interest rate for loans was 6.22%, while their most frequently originated rate bucket for loans was 5-6%, with 137 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 103 $456,115,000 $4,428,301 $6,673 5.65%
    $100,000 or less 94 $3,340,000 $35,532 $2,970 3.22%
    $600k-1MM 52 $40,990,000 $788,269 $5,369 6.06%
    $200k-400k 48 $13,230,000 $275,625 $3,805 7.60%
    $100k-200k 42 $5,590,000 $133,095 $3,184 8.18%
    $400k-600k 31 $15,765,000 $508,548 $4,108 6.71%

    2023 saw Mechanics Bank place emphasis on $1MM+ loans with 103 originations, totaling $456,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 59 $49,345,000 $836,356 $5,639 7.12%
    $50k-75k 56 $4,650,000 $83,036 $3,008 4.75%
    $100k-150k 48 $7,780,000 $162,083 $3,902 5.79%
    $150k-250k 41 $19,145,000 $466,951 $4,805 7.53%
    $75k-100k 32 $2,090,000 $65,313 $3,672 2.64%
    $50k or less 14 $870,000 $62,143 $3,704 6.51%

    Mechanics Bank lent most frequently to those with incomes in the $250k+ range, with 59 originations. The second most popular income band? $50k-75k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 47 $19,705,000 $419,255 $4,259 7.71%
    30-36% 38 $17,130,000 $450,789 $4,335 7.64%
    42% 30 $13,340,000 $444,667 $4,424 7.45%
    <20% 13 $2,975,000 $228,846 $3,069 8.56%
    40% 12 $7,350,000 $612,500 $5,250 6.95%
    41% 10 $4,190,000 $419,000 $5,288 8.35%
    43% 9 $1,545,000 $171,667 $2,957 8.67%
    38% 7 $2,295,000 $327,857 $4,888 7.75%
    39% 6 $2,030,000 $338,333 $3,465 7.40%
    44% 5 $5,005,000 $1,001,000 $8,069 6.78%
    37% 5 $2,535,000 $507,000 $10,493 8.08%
    49% 3 $485,000 $161,667 $4,009 6.42%
    36% 3 $3,285,000 $1,095,000 $3,798 6.08%
    48% 2 $710,000 $355,000 $5,047 7.25%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 47 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 87 $404,315,000 $4,647,299 $0 5.50%
    White 165 $60,705,000 $367,909 $4,383 6.82%
    Not provided 70 $53,400,000 $762,857 $4,464 5.39%
    Asian 26 $14,520,000 $558,462 $6,049 3.48%
    Asian Indian 3 $955,000 $318,333 $3,987 2.21%
    Black 13 $705,000 $54,231 $0 2.18%
    American Indian 3 $355,000 $118,333 $0 2.88%
    Native Hawaiian or Islander 2 $50,000 $25,000 $0 0.00%
    Filipino 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    82.16%

    Mechanics Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.35%

    Mechanics Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 370 $535,030,000 $1,446,027

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    370 $535,030,000 $1,446,027

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $75,765,000 $1,683,667 $3,436 6.76%
    40-60% 84 $281,120,000 $3,346,667 $4,002 6.30%
    60-80% 98 $157,860,000 $1,610,816 $6,171 5.95%
    80-100% 8 $6,150,000 $768,750 $5,596 6.11%
    Under 20% 74 $12,630,000 $170,676 $3,133 8.78%