Department Of Commerce Mortgage Rates, Fees & Info

Washington, DC

LEI: 549300U8E8RBG5YNMP39

Tax ID: 53-0056498

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

Jump to:

Mortgage Data

Review & Overview

Department Of Commerce is a smaller mortgage company specializing in Refi and Home Purchase loans. Department Of Commerce has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Richmond, Baltimore, Raleigh, and Los Angeles among others. We have data for 55 markets. (Some data included below & more in-depth data is available with an active subscription.)

Department Of Commerce has an above average approval rate when compared to the average across all lenders. They have an above 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 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 6.36% 3/28/24
30 Year Conventional Refi 6.15% 3/28/24
30 Year Cash-out Refi 6.25% 3/28/24
15 Year Conventional Purchase 6.12% 3/28/24
15 Year Conventional Refi 5.71% 3/28/24
15 Year Cash-out Refi 5.71% 3/28/24
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






Your Estimates

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

This is not an official calculator from Department Of Commerce. 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

681

Origination Dollar Volume (All Markets)

$342,045,000
Show all (5) awards

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) 329 $178,005,000 $541,049 $7,066 2.61%
RICHMOND, VA (FHA|USDA|VA) 137 $49,255,000 $359,526 $3,560 2.77%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 75 $39,665,000 $528,867 $7,459 2.77%
RALEIGH-CARY, NC (FHA|USDA|VA) 16 $9,290,000 $580,625 $8,679 2.57%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $7,085,000 $1,012,143 $12,800 2.63%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 10 $6,940,000 $694,000 $9,738 2.80%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $3,830,000 $957,500 $13,577 2.88%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $3,605,000 $721,000 $12,397 2.85%
STOCKTON, CA (FHA|USDA|VA) 5 $3,135,000 $627,000 $8,858 2.60%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 4 $3,110,000 $777,500 $11,830 2.56%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $2,960,000 $493,333 $7,438 2.58%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 6 $2,420,000 $403,333 $5,242 2.88%
Outside of Metro Areas 7 $2,255,000 $322,143 $4,472 2.52%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $2,130,000 $532,500 $7,250 2.75%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $24,282 2.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,755,000 $585,000 $14,663 2.67%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $1,715,000 $571,667 $6,859 2.75%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $1,700,000 $425,000 $4,064 2.84%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,425,000 $475,000 $7,029 3.04%
Cambridge, MD (FHA|USDA|VA) 2 $1,390,000 $695,000 $14,350 2.63%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $1,390,000 $695,000 $4,044 2.94%
Easton, MD (FHA|USDA|VA) 3 $1,305,000 $435,000 $9,082 2.79%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,305,000 $1,305,000 $15,129 3.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,265,000 $421,667 $7,642 3.17%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $900,000 $450,000 $4,916 2.75%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $895,000 $895,000 $14,868 2.88%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $855,000 $285,000 $5,295 2.83%
ANCHORAGE, AK (FHA|USDA|VA) 2 $740,000 $370,000 $3,090 2.63%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $715,000 $715,000 $16,063 2.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $705,000 $235,000 $5,745 2.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $595,000 $595,000 $13,116 2.88%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $595,000 $595,000 $7,644 2.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $580,000 $290,000 $3,132 3.13%
PITTSBURGH, PA (FHA|USDA|VA) 2 $520,000 $260,000 $3,200 2.50%
HARRISONBURG, VA (FHA|USDA|VA) 1 $435,000 $435,000 $3,127 2.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $420,000 $210,000 $3,994 2.50%
WILLIAMSPORT, PA (FHA|USDA|VA) 1 $405,000 $405,000 $4,735 3.00%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $390,000 $195,000 $3,482 3.13%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $385,000 $385,000 $10,156 2.00%
DOVER, DE (FHA|USDA|VA) 1 $355,000 $355,000 $7,249 2.38%
CORVALLIS, OR (FHA|USDA|VA) 1 $345,000 $345,000 $3,775 2.63%
Traverse City, MI (FHA|USDA|VA) 1 $335,000 $335,000 $2,977 3.00%
LYNCHBURG, VA (FHA|USDA|VA) 1 $305,000 $305,000 $2,412 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $295,000 $295,000 $11,140 3.13%
LANCASTER, PA (FHA|USDA|VA) 1 $295,000 $295,000 $3,937 3.25%
Newport, OR (FHA|USDA|VA) 1 $275,000 $275,000 $4,209 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $2,806 2.13%
RENO, NV (FHA|USDA|VA) 1 $225,000 $225,000 $4,540 2.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,019 3.13%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $215,000 $215,000 $2,541 2.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $205,000 $205,000 $4,864 2.75%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $185,000 $185,000 $3,143 2.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,132 2.25%
STAUNTON, VA (FHA|USDA|VA) 1 $145,000 $145,000 $1,878 2.63%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $125,000 $125,000 $2,331 2.75%
Department Of Commerce's top markets include Washington, Richmond, Baltimore, Raleigh, and Los Angeles among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • 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.

    N C P D Federal Credit Union
    Similarity Rank: 102
    Member Options, LLC
    Similarity Rank: 279
    Schuyler Savings Bank
    Similarity Rank: 352
    HENRICO Federal Credit Union
    Similarity Rank: 420
    DUPONT COMMUNITY
    Similarity Rank: 476
    POINT BREEZE
    Similarity Rank: 477
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    Securityplus FCU
    Similarity Rank: 736

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 681 $342,045,000 $502,269 $6,581 2.68%

    For 2021, Department Of Commerce's most frequently originated type of loan was Conventional, with 681 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 384 $184,800,000 $481,250 $5,935 2.59%
    Home Purchase 155 $98,665,000 $636,548 $8,880 2.80%
    Cash Out Refi 142 $58,580,000 $412,535 $5,819 2.79%

    For 2021, Department Of Commerce's most frequently cited loan purpose was Refi, with 384 originations. The 2nd most popular reason was Home Purchase, with 155 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 577 $309,515,000 $536,421 $6,987 2.73%
    15 Year 75 $22,925,000 $305,667 $4,089 2.34%
    20 Year 20 $7,100,000 $355,000 $5,300 2.75%
    10 Year 6 $1,470,000 $245,000 $3,705 2.13%
    Other 3 $1,035,000 $345,000 $5,187 3.21%

    For 2021, Department Of Commerce's most frequently cited loan duration was 30 Year, with 577 originations. The 2nd most popular length was 15 Year, with 75 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 274 $107,350,000 $391,788
    $5k+ 232 $166,110,000 $715,991
    $1k-2k 76 $27,060,000 $356,053
    $2k-3k 46 $17,540,000 $381,304
    $3k-4k 27 $12,345,000 $457,222
    $4k-5k 26 $11,640,000 $447,692

    Department Of Commerce's average total fees were $6,987, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 274 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 300 $164,690,000 $548,967
    <2.5% 284 $124,650,000 $438,908
    3-4% 97 $52,705,000 $543,351

    During 2021, Department Of Commerce's average interest rate for loans was 2.73%, while their most frequently originated rate bucket for loans was 2.5-3%, with 300 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 256 $75,300,000 $294,141 $4,091 2.66%
    $600k-1MM 167 $130,105,000 $779,072 $10,303 2.80%
    $400k-600k 158 $77,370,000 $489,684 $6,050 2.55%
    $100k-200k 59 $9,435,000 $159,915 $2,439 2.71%
    $1MM+ 38 $49,570,000 $1,304,474 $15,963 2.83%
    $100,000 or less 3 $265,000 $88,333 $2,463 2.38%

    2021 saw Department Of Commerce place emphasis on $200k-400k loans with 256 originations, totaling $75,300,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 225 $121,765,000 $541,178 $7,008 2.66%
    $100k-150k 189 $74,345,000 $393,360 $5,533 2.61%
    $250k+ 145 $114,755,000 $791,414 $9,642 2.75%
    $75k-100k 71 $19,725,000 $277,817 $3,893 2.72%
    $50k-75k 38 $9,080,000 $238,947 $4,040 2.73%
    $50k or less 13 $2,375,000 $182,692 $2,405 2.91%

    Department Of Commerce lent most frequently to those with incomes in the $150k-250k range, with 225 originations. The second most popular income band? $100k-150k, with 189 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 217 $103,865,000 $478,641 $6,196 2.65%
    <20% 131 $50,815,000 $387,901 $4,596 2.57%
    30-36% 119 $65,155,000 $547,521 $7,364 2.69%
    44% 24 $15,520,000 $646,667 $8,063 2.92%
    38% 21 $11,785,000 $561,190 $7,148 2.73%
    41% 19 $12,245,000 $644,474 $7,338 2.85%
    39% 19 $10,355,000 $545,000 $8,901 2.91%
    40% 18 $11,110,000 $617,222 $7,454 2.71%
    43% 18 $9,630,000 $535,000 $8,225 2.74%
    42% 17 $11,775,000 $692,647 $9,380 2.82%
    37% 16 $9,460,000 $591,250 $8,400 2.89%
    36% 15 $9,525,000 $635,000 $8,662 2.85%
    46% 11 $4,305,000 $391,364 $6,552 2.63%
    48% 10 $4,670,000 $467,000 $5,893 2.68%
    47% 9 $4,435,000 $492,778 $7,227 2.63%
    45% 8 $3,210,000 $401,250 $5,642 2.63%
    49% 8 $3,460,000 $432,500 $5,801 2.59%
    50-60% 1 $725,000 $725,000 $13,044 2.38%

    Department Of Commerce lent most frequently to those with DTI ratios of 20-30%, with 217 originations. The next most common DTI ratio? <20%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 394 $200,550,000 $509,010 $6,427 2.69%
    Not provided 173 $79,685,000 $460,607 $6,313 2.70%
    Asian 84 $47,830,000 $569,405 $7,940 2.57%
    Black 28 $12,570,000 $448,929 $6,073 2.72%
    American Indian 2 $1,410,000 $705,000 $10,226 2.63%

    Approval Rates

    Total approvals of all applications
    94.47%

    Department Of Commerce has an average approval rate.

    Pick Rate

    Approvals leading to origination
    97.21%

    Department Of Commerce has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 681 $342,045,000 $502,269

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    681 $342,045,000 $502,269

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $12,915,000 $287,000 $3,976 2.49%
    40-60% 170 $74,910,000 $440,647 $5,273 2.53%
    60-80% 340 $184,840,000 $543,647 $7,323 2.71%
    80-100% 126 $69,380,000 $550,635 $7,275 2.87%