Somerset Mortgage Rates, Fees & Info

Somerset, MA

LEI: 549300VWMFYNEEG33W94

Tax ID: 04-2000200

5 stars - Updated: 5/20/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Somerset is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Somerset has a high proportion of conventional loans. Their top markets by origination volume include: Providence, Boston, and Barnstable Town among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Somerset 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. Somerset 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
30 Year Conventional Purchase 6.27% 5/20/24
30 Year Conventional Refi 6.27% 5/20/24
30 Year Cash-out Refi 6.27% 5/20/24
15 Year Conventional Purchase 5.68% 5/20/24
15 Year Conventional Refi 5.68% 5/20/24
15 Year Cash-out Refi 5.68% 5/20/24
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.

Somerset Mortgage Calculator






Your Estimates

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

This is not an official calculator from Somerset. 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

233

Origination Dollar Volume (All Markets)

$25,765,000

Awards

SOMERSET 30 Year Conventional Loans gold SOMERSET 30 Year Conventional Loans bronze SOMERSET 30 Year Conventional Loans silver SOMERSET 30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Somerset's average 30 year fixed mortgage rate was 6.03%.

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

This yields a difference of -0.46%.

Relative Fees (Closing Costs)

Somerset's average total fees/closing costs for a 30 year fixed rate mortgage were $3,396.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 207 $22,605,000 $109,203 $1,461 5.54%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 25 $3,035,000 $121,400 $869 5.30%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $125,000 $125,000 $865 5.88%
Somerset's top markets include Providence, Boston, and Barnstable Town among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    Charter Oak Federal Credit Union
    Similarity Rank: 32
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    ROCKLAND
    Similarity Rank: 96
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    North Easton Savings Bank
    Similarity Rank: 136
    Centreville Bank
    Similarity Rank: 168
    CONWAY FINANCIAL SERVICES, LLC
    Similarity Rank: 192

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 203 $22,555,000 $111,108 $1,363 5.54%
    HELOC 30 $3,210,000 $107,000 n/a 5.32%

    For 2023, Somerset's most frequently originated type of loan was Conventional, with 203 originations. Their 2nd most popular type was HELOC, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 98 $8,230,000 $83,980 $1,246 5.50%
    Home Purchase 72 $12,310,000 $170,972 $1,597 5.51%
    Home Improvement 39 $2,605,000 $66,795 $348 5.52%
    Other 17 $1,955,000 $115,000 $1,648 5.76%
    Refi 7 $665,000 $95,000 $0 5.02%

    For 2023, Somerset's most frequently cited loan purpose was Cash Out Refi, with 98 originations. The 2nd most popular reason was Home Purchase, with 72 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 83 $9,145,000 $110,181 $1,233 5.35%
    15 Year 67 $4,695,000 $70,075 $425 5.70%
    10 Year 30 $1,800,000 $60,000 $120 5.46%
    30 Year 25 $6,795,000 $271,800 $3,396 6.03%
    Other 17 $2,905,000 $170,882 $1,193 5.43%
    5 Year 11 $425,000 $38,636 $288 4.70%

    For 2023, Somerset's most frequently cited loan duration was 20 Year, with 83 originations. The 2nd most popular length was 15 Year, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 91 $15,325,000 $168,407
    $1k-2k 1 $85,000 $85,000

    Somerset's average total fees were $3,396, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 91 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 157 $17,245,000 $109,841
    4-5% 55 $5,065,000 $92,091
    6-7% 19 $2,995,000 $157,632
    2.5-3% 1 $425,000 $425,000
    7-8% 1 $35,000 $35,000

    During 2023, Somerset's average interest rate for loans was 6.03%, while their most frequently originated rate bucket for loans was 5-6%, with 157 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 136 $7,600,000 $55,882 $884 5.47%
    $100k-200k 71 $9,155,000 $128,944 $1,281 5.53%
    $200k-400k 20 $6,070,000 $303,500 $2,283 5.71%
    $400k-600k 5 $2,315,000 $463,000 $4,425 5.55%
    $600k-1MM 1 $625,000 $625,000 $4,737 5.38%

    2023 saw Somerset place emphasis on $100,000 or less loans with 136 originations, totaling $7,600,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 66 $8,330,000 $126,212 $1,445 5.39%
    $150k-250k 41 $4,695,000 $114,512 $1,444 5.61%
    $75k-100k 41 $4,675,000 $114,024 $1,110 5.63%
    $50k-75k 36 $3,090,000 $85,833 $1,152 5.58%
    $50k or less 30 $2,120,000 $70,667 $1,666 5.42%
    $250k+ 19 $2,855,000 $150,263 $1,288 5.45%

    Somerset lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $150k-250k, with 41 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 57 $5,535,000 $97,105 $1,064 5.44%
    30-36% 55 $5,005,000 $91,000 $1,086 5.47%
    <20% 19 $1,325,000 $69,737 $1,167 5.42%
    39% 15 $2,995,000 $199,667 $1,925 5.74%
    45% 12 $1,620,000 $135,000 $1,618 5.58%
    37% 12 $1,280,000 $106,667 $1,989 5.56%
    42% 10 $850,000 $85,000 $1,005 5.40%
    41% 10 $1,530,000 $153,000 $2,306 5.60%
    36% 9 $745,000 $82,778 $962 5.54%
    38% 8 $720,000 $90,000 $1,768 5.70%
    43% 6 $790,000 $131,667 $1,789 5.48%
    46% 5 $445,000 $89,000 $1,679 5.88%
    44% 5 $485,000 $97,000 $919 5.43%
    40% 4 $1,570,000 $392,500 $3,032 6.09%
    50-60% 3 $525,000 $175,000 $0 4.87%
    47% 1 $85,000 $85,000 $880 4.68%
    48% 1 $105,000 $105,000 $2,492 6.00%
    49% 1 $155,000 $155,000 $0 6.00%

    Somerset lent most frequently to those with DTI ratios of 20-30%, with 57 originations. The next most common DTI ratio? 30-36%, with 55 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $23,620,000 $109,352 $1,370 5.51%
    Not provided 16 $2,080,000 $130,000 $1,308 5.56%
    Asian 1 $65,000 $65,000 $0 5.75%

    Approval Rates

    Total approvals of all applications
    81.22%

    Somerset has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    87.12%

    Somerset has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 233 $25,765,000 $110,579

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    233 $25,765,000 $110,579

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 52 $5,560,000 $106,923 $1,394 5.36%
    40-60% 21 $2,525,000 $120,238 $1,702 5.12%
    60-80% 23 $6,185,000 $268,913 $2,120 5.71%
    80-100% 24 $4,940,000 $205,833 $1,681 5.83%
    Under 20% 113 $6,555,000 $58,009 $566 5.54%