Pawtucket Mortgage Rates, Fees & Info

Pawtucket, RI

LEI: 549300UK3Z5PC7V71K69

Tax ID: 05-0197075

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Pawtucket is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Pawtucket has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Providence, Boston, Worcester, Barnstable Town, and Springfield among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Pawtucket 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. Pawtucket 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 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 6.51% 4/28/24
    30 Year Conventional Refi 6.36% 4/28/24
    30 Year Cash-out Refi 6.46% 4/28/24
    30 Year FHA Purchase 6.27% 4/28/24
    15 Year Conventional Purchase 5.80% 4/28/24
    15 Year Conventional Refi 5.82% 4/28/24
    15 Year Cash-out Refi 5.82% 4/28/24
    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.

    Pawtucket Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Pawtucket. 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

    2,441

    Origination Dollar Volume (All Markets)

    $479,425,000
    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2,361 $446,285,000 $189,024 $1,963 4.21%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 49 $17,805,000 $363,367 $3,476 4.37%
    Outside of Metro Areas 5 $6,845,000 $1,369,000 $7,395 3.60%
    WORCESTER, MA-CT (FHA|USDA|VA) 12 $4,780,000 $398,333 $3,425 3.83%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,345,000 $269,000 $2,437 3.31%
    SPRINGFIELD, MA (FHA|USDA|VA) 4 $1,180,000 $295,000 $3,227 4.13%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $540,000 $270,000 $4,362 5.00%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $340,000 $170,000 $3,029 4.94%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,083 5.50%
    Pawtucket's top markets include Providence, Boston, Worcester, Barnstable Town, and Springfield among others.

    Their top states include:
  • Rhode Island (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    QUINCY CREDIT UNION
    Similarity Rank: 50
    Direct Federal Credit Union
    Similarity Rank: 115
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 129
    Middlesex Savings Bank
    Similarity Rank: 195
    ALIGN CREDIT UNION
    Similarity Rank: 200
    Piscataqua Savings Bank
    Similarity Rank: 200
    Sharon & Crescent United Credit Union
    Similarity Rank: 212

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,424 $355,490,000 $249,642 $2,031 3.94%
    HELOC 1,016 $123,680,000 $121,732 n/a 4.59%
    FHA 1 $255,000 $255,000 $0 3.50%

    For 2022, Pawtucket's most frequently originated type of loan was Conventional, with 1,424 originations. Their 2nd most popular type was HELOC, with 1,016 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 680 $61,540,000 $90,500 $43 4.55%
    Refi 566 $101,850,000 $179,947 $962 3.93%
    Cash Out Refi 432 $122,890,000 $284,468 $2,667 3.46%
    Home Purchase 404 $153,260,000 $379,356 $3,492 4.41%
    Other 359 $39,885,000 $111,100 $24 4.70%

    For 2022, Pawtucket's most frequently cited loan purpose was Home Improvement, with 680 originations. The 2nd most popular reason was Refi, with 566 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 1,195 $151,235,000 $126,556 $97 4.40%
    30 Year 620 $227,410,000 $366,790 $3,269 4.11%
    20 Year 284 $53,860,000 $189,648 $1,673 3.94%
    15 Year 172 $28,790,000 $167,384 $1,574 3.59%
    10 Year 120 $10,530,000 $87,750 $584 4.26%
    5 Year 44 $1,490,000 $33,864 $18 4.42%
    30+ year 3 $1,615,000 $538,333 $5,311 4.46%
    1 Year 2 $4,240,000 $2,120,000 $0 6.88%
    3 Year 1 $255,000 $255,000 $0 4.50%

    For 2022, Pawtucket's most frequently cited loan duration was Other, with 1,195 originations. The 2nd most popular length was 30 Year, with 620 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,390 $340,880,000 $245,237
    $1k-2k 8 $2,990,000 $373,750
    $2k-3k 4 $1,190,000 $297,500
    $4k-5k 2 $440,000 $220,000
    $3k-4k 1 $205,000 $205,000
    $5k+ 1 $305,000 $305,000

    Pawtucket's average total fees were $3,269, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,390 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 917 $165,025,000 $179,962
    4-5% 483 $100,995,000 $209,099
    5-6% 359 $72,465,000 $201,852
    2.5-3% 356 $91,740,000 $257,697
    6-7% 223 $30,465,000 $136,614
    <2.5% 78 $15,550,000 $199,359
    7-8% 22 $2,060,000 $93,636
    Over 8% 3 $1,125,000 $375,000

    During 2022, Pawtucket's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 917 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 862 $45,690,000 $53,005 $264 4.55%
    $200k-400k 674 $186,200,000 $276,261 $2,610 3.99%
    $100k-200k 636 $88,730,000 $139,513 $1,611 4.02%
    $400k-600k 195 $90,965,000 $466,487 $3,527 4.13%
    $600k-1MM 53 $37,645,000 $710,283 $4,602 4.24%
    $1MM+ 21 $30,195,000 $1,437,857 $6,793 3.85%

    2022 saw Pawtucket place emphasis on $100,000 or less loans with 862 originations, totaling $45,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 633 $127,915,000 $202,077 $2,142 4.14%
    $75k-100k 533 $82,605,000 $154,981 $1,773 4.20%
    $150k-250k 468 $121,270,000 $259,124 $2,285 4.24%
    $50k-75k 423 $56,105,000 $132,636 $1,731 4.21%
    $50k or less 224 $25,180,000 $112,411 $1,633 4.18%
    $250k+ 142 $55,810,000 $393,028 $3,189 4.30%

    Pawtucket lent most frequently to those with incomes in the $100k-150k range, with 633 originations. The second most popular income band? $75k-100k, with 533 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 661 $116,655,000 $176,483 $1,737 4.09%
    30-36% 481 $94,695,000 $196,871 $1,986 4.17%
    <20% 320 $48,450,000 $151,406 $1,212 4.03%
    37% 108 $22,320,000 $206,667 $2,185 4.17%
    36% 91 $18,965,000 $208,407 $1,967 4.07%
    42% 89 $18,665,000 $209,719 $1,992 4.30%
    40% 88 $18,820,000 $213,864 $2,317 4.20%
    39% 82 $16,660,000 $203,171 $2,166 4.15%
    41% 78 $16,070,000 $206,026 $2,164 4.00%
    43% 77 $19,405,000 $252,013 $2,455 4.50%
    38% 74 $14,000,000 $189,189 $1,921 4.27%
    46% 48 $10,880,000 $226,667 $3,665 4.61%
    44% 47 $9,995,000 $212,660 $3,299 4.54%
    47% 47 $10,265,000 $218,404 $3,283 4.59%
    45% 37 $7,885,000 $213,108 $3,460 4.90%
    48% 31 $7,905,000 $255,000 $3,078 4.69%
    49% 23 $6,255,000 $271,957 $3,545 5.08%
    50-60% 23 $5,745,000 $249,783 $3,660 5.06%
    >60% 8 $2,620,000 $327,500 $3,844 4.41%

    Pawtucket lent most frequently to those with DTI ratios of 20-30%, with 661 originations. The next most common DTI ratio? 30-36%, with 481 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,996 $396,890,000 $198,843 $2,049 4.17%
    Not provided 231 $31,295,000 $135,476 $1,267 4.28%
    Black 123 $22,745,000 $184,919 $2,202 4.45%
    Asian 51 $15,225,000 $298,529 $2,986 4.20%
    Not applicable 15 $9,365,000 $624,333 $0 5.91%
    Native Hawaiian or Islander 15 $1,555,000 $103,667 $0 4.62%
    American Indian 6 $1,160,000 $193,333 $1,543 4.40%
    Vietnamese 1 $455,000 $455,000 $3,527 2.88%
    Other Asian 1 $405,000 $405,000 $2,800 4.00%
    Asian Indian 1 $255,000 $255,000 $2,595 2.63%
    Other Pacific Islander 1 $75,000 $75,000 $0 2.88%

    Approval Rates

    Total approvals of all applications
    81.02%

    Pawtucket has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.16%

    Pawtucket has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 11 $1,415,000 $128,636
    NA 2,430 $478,010,000 $196,712

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,441 $479,425,000 $196,405

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 575 $84,315,000 $146,635 $1,267 4.21%
    40-60% 384 $96,220,000 $250,573 $2,254 3.71%
    60-80% 453 $161,545,000 $356,611 $3,028 3.98%
    80-100% 224 $87,090,000 $388,795 $3,298 4.26%
    Over 100% 2 $4,240,000 $2,120,000 $0 6.88%
    Under 20% 803 $46,015,000 $57,304 $156 4.56%