Department Of Commerce Mortgage Rates, Fees & Info
Washington, DCLEI: 549300U8E8RBG5YNMP39
Tax ID: 53-0056498
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Mortgage Data
Review & Overview
Department Of Commerce is a smaller mortgage company specializing in Home Purchase and Refi loans. Department Of Commerce has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Richmond, Chicago, and Daphne among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Department Of Commerce has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Department Of Commerce 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 12/2/24 |
| 30 Year Conventional Refi | 6.15% | 12/2/24 |
| 30 Year Cash-out Refi | 6.25% | 12/2/24 |
| 15 Year Conventional Purchase | 6.12% | 12/2/24 |
| 15 Year Conventional Refi | 5.71% | 12/2/24 |
| 15 Year Cash-out Refi | 5.71% | 12/2/24 |
| 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. | ||
Department Of Commerce Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
9Origination Dollar Volume (All Markets)
$2,275,000Relative Rate
Department Of Commerce's average 30 year fixed mortgage rate was
6.99%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.51%.
Relative Fees (Closing Costs)
Department Of Commerce's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,129.
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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $1,510,000 | $377,500 | $5,926 | 7.19% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $4,202 | 6.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,273 | 7.38% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,583 | 7.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against DEPARTMENT OF COMMERCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 17
Similarity Rank: 110
Similarity Rank: 117
Similarity Rank: 126
Similarity Rank: 156
Similarity Rank: 158
Similarity Rank: 160
Similarity Rank: 168
Similarity Rank: 188
Similarity Rank: 207
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 9 | $2,275,000 | $252,778 | $5,129 | 6.99% |
For 2023, Department Of Commerce's most frequently originated type of loan was Conventional, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 6 | $1,470,000 | $245,000 | $5,930 | 6.88% |
| Refi | 2 | $720,000 | $360,000 | $4,500 | 7.19% |
| Cash Out Refi | 1 | $85,000 | $85,000 | $1,583 | 7.25% |
For 2023, Department Of Commerce's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 9 | $2,275,000 | $252,778 | $5,129 | 6.99% |
For 2023, Department Of Commerce's most frequently cited loan duration was 30 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 3 | $855,000 | $285,000 |
| $<1k | 2 | $280,000 | $140,000 |
| $1k-2k | 2 | $330,000 | $165,000 |
| $3k-4k | 1 | $185,000 | $185,000 |
| $4k-5k | 1 | $625,000 | $625,000 |
Department Of Commerce's average total fees were $5,129, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 4 | $1,130,000 | $282,500 |
| 7-8% | 4 | $980,000 | $245,000 |
| 5-6% | 1 | $165,000 | $165,000 |
During 2023, Department Of Commerce's average interest rate for loans was 6.99%, while their most frequently originated rate bucket for loans was 6-7%, with 4 originations.
Loan Sizing
2023 saw Department Of Commerce place emphasis on $100k-200k loans with 6 originations, totaling $1,020,000 in origination value.
Applicant Income
Department Of Commerce lent most frequently to those with incomes in the $50k-75k range, with 4 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
Department Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications54.17%
Department Of Commerce has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination55.56%
Department Of Commerce has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 9 | $2,275,000 | $252,778 |