Pawtucket Mortgage Rates, Fees & Info

Pawtucket, RI

LEI: 549300UK3Z5PC7V71K69

Tax ID: 05-0197075

5 stars - out of 5 stars, based on 56 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pawtucket is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Pawtucket has a high proportion of conventional loans. Their top markets include Providence, Boston, Worcester, Barnstable Town, and Springfield among others. Pawtucket has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Pawtucket is typically a low fee lendor.


Originations

3,137

Origination Dollar Volume (All Markets)

$638,355,000

Awards

PAWTUCKET 30 Year Conventional Loans gold PAWTUCKET 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

Pawtucket's average 30 year fixed rate mortgage of loans were 3.14%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.01%.

Relative Fees

Pawtucket's average total fees for a 30 year fixed rate mortgage are $2,696.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3,051 $607,845,000 $199,228 $1,815 3.18%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 60 $23,820,000 $397,000 $2,661 3.24%
WORCESTER, MA-CT (FHA|USDA|VA) 18 $3,950,000 $219,444 $1,436 3.15%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $2,175,000 $435,000 $3,092 3.15%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $565,000 $188,333 $1,430 2.71%

Pawtucket's top markets include Providence, Boston, Worcester, Barnstable Town, and Springfield among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,137 $638,355,000 $203,492 $1,830 3.18%

For the 2021 period, Pawtucket's most frequently originated loan type of loans were Conventional, with 3,137 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,265 $243,095,000 $192,170 $1,245 3.00%
Cash Out Refi 864 $216,660,000 $250,764 $2,367 3.00%
Home Improvement 448 $32,720,000 $73,036 $5 3.75%
Home Purchase 347 $122,735,000 $353,703 $3,129 3.14%
Other 213 $23,145,000 $108,662 $18 3.83%

For the 2021, Pawtucket's most frequently cited loan purpose of loans were Refi, with 1,265 originations. The 2nd most popular reason of loans were Cash Out Refi, with 864 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,186 $159,050,000 $134,106 $127 3.38%
30 Year 1,037 $300,775,000 $290,043 $2,696 3.14%
20 Year 505 $115,845,000 $229,396 $2,187 2.94%
15 Year 245 $45,635,000 $186,265 $1,946 2.82%
10 Year 123 $13,565,000 $110,285 $263 3.20%
5 Year 37 $1,475,000 $39,865 $48 3.38%
1 Year 4 $2,010,000 $502,500 $0 4.25%

For the 2021, Pawtucket's most frequently cited loan length of loans were Other, with 1,186 originations. The 2nd most popular length of loans were 30 Year, with 1,037 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,410 $538,310,000 $223,365
$1k-2k 8 $3,930,000 $491,250
$3k-4k 6 $1,550,000 $258,333
$2k-3k 3 $595,000 $198,333
$5k+ 2 $730,000 $365,000

$2,696 of loans were Pawtucket's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,410 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,645 $366,985,000 $223,091
3-4% 1,239 $230,465,000 $186,009
<2.5% 136 $26,630,000 $195,809
4-5% 114 $14,100,000 $123,684
5-6% 3 $175,000 $58,333

During 2021, Pawtucket's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,645 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,126 $305,790,000 $271,572 $2,285 3.08%
$100k-200k 1,017 $153,255,000 $150,693 $1,521 3.04%
$100,000 or less 769 $43,085,000 $56,027 $409 3.52%
$400k-600k 164 $77,970,000 $475,427 $3,122 3.10%
$600k-1MM 43 $30,375,000 $706,395 $4,188 3.07%
$1MM+ 18 $27,880,000 $1,548,889 $6,228 3.33%

2021 saw Pawtucket place emphasis on $200k-400k loans with 1,126 originations, totaling $305,790,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 840 $170,260,000 $202,690 $1,780 3.16%
$75k-100k 650 $115,010,000 $176,938 $1,728 3.15%
$50k-75k 582 $91,040,000 $156,426 $1,772 3.14%
$150k-250k 554 $137,660,000 $248,484 $1,938 3.18%
$50k or less 307 $37,485,000 $122,101 $1,758 3.21%
$250k+ 159 $63,785,000 $401,164 $2,638 3.22%

Pawtucket lent most frequently to those with incomes in the $100k-150k range, with 840 originations. The second most popular income band? $75k-100k, with 650 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 928 $188,460,000 $203,082 $1,789 3.13%
30-36% 615 $119,655,000 $194,561 $1,848 3.18%
<20% 541 $87,745,000 $162,190 $1,274 3.20%
42% 119 $24,105,000 $202,563 $1,887 3.16%
39% 119 $28,065,000 $235,840 $2,068 3.21%
40% 104 $24,390,000 $234,519 $1,976 3.11%
37% 104 $19,520,000 $187,692 $2,090 3.18%
38% 103 $23,425,000 $227,427 $1,968 3.08%
41% 88 $16,710,000 $189,886 $1,737 3.18%
36% 88 $21,580,000 $245,227 $2,092 3.07%
43% 72 $17,310,000 $240,417 $2,356 3.19%
44% 51 $11,015,000 $215,980 $2,486 3.34%
46% 38 $7,300,000 $192,105 $2,421 3.20%
45% 34 $6,280,000 $184,706 $2,379 3.30%
47% 26 $6,400,000 $246,154 $2,570 3.15%
48% 17 $3,405,000 $200,294 $2,369 3.16%
49% 17 $3,915,000 $230,294 $2,617 3.13%
50-60% 9 $1,465,000 $162,778 $1,835 3.32%
>60% 2 $190,000 $95,000 $0 3.19%

Pawtucket lent most frequently to those with DTI ratios of 20-30%, with 928 originations. The next most common DTI ratio? 30-36%, with 615 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,721 $540,785,000 $198,745 $1,820 3.16%
Not provided 169 $31,305,000 $185,237 $1,769 3.28%
Black 127 $25,655,000 $202,008 $1,929 3.17%
Not applicable 37 $20,415,000 $551,757 $0 3.99%
Asian 55 $13,945,000 $253,545 $1,976 3.05%
American Indian 17 $3,925,000 $230,882 $2,235 3.08%
Native Hawaiian 9 $1,585,000 $176,111 $2,368 3.39%
Other Asian 1 $545,000 $545,000 $3,418 3.00%
Other Pacific Islander 1 $195,000 $195,000 $2,231 3.13%

Approval Rates

Total approvals of all applications
82.17%

Pawtucket has a below average approval rate.

Pick Rate

Approvals leading to origination
86.41%

Pawtucket has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1 $155,000 $155,000
NA 3,136 $638,200,000 $203,508

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,137 $638,355,000 $203,492

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 626 $82,580,000 $131,917 $955 3.11%
40-60% 708 $152,550,000 $215,466 $1,855 2.96%
60-80% 896 $259,810,000 $289,967 $2,335 3.10%
80-100% 310 $106,590,000 $343,839 $2,878 3.12%
Over 100% 4 $4,030,000 $1,007,500 $0 4.03%
Under 20% 593 $32,795,000 $55,304 $142 3.65%