Peoples Bank Mortgage Rates, Fees & Info

Munster, IN

LEI: 549300Y7HCU10KIRLG30

Tax ID: 35-0576197

5 stars - Updated: 12/8/24 - out of 5 stars, based on 17 reviews

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

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Mortgage Data

Review & Overview

Peoples Bank is a smaller bank specializing in Home Purchase loans. Peoples Bank 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: Chicago, New York, Naples, Michigan City, and North Port among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoples Bank 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. Peoples Bank 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.

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 6.64% 12/8/24
30 Year Conventional Refi 6.55% 12/8/24
30 Year Cash-out Refi 6.76% 12/8/24
30 Year FHA Purchase 7.09% 12/8/24
15 Year Conventional Purchase 6.34% 12/8/24
15 Year Conventional Refi 6.34% 12/8/24
15 Year Cash-out Refi 6.34% 12/8/24
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.

Peoples Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Peoples Bank. 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

306

Origination Dollar Volume (All Markets)

$101,140,000

Awards

Peoples Bank 30 Year Conventional Loans silver Peoples Bank FHA Loans gold Peoples Bank FHA Loans bronze Peoples Bank FHA Loans silver
Show all (4) awards

Relative Rate

Peoples Bank's average 30 year fixed mortgage rate was 6.8%.

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

This yields a difference of 0.32%.

Relative Fees (Closing Costs)

Peoples Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,003.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 281 $92,725,000 $329,982 $4,638 6.49%
Outside of Metro Areas 3 $1,385,000 $461,667 $3,449 7.25%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $5,934 6.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $980,000 $490,000 $5,103 7.38%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 3 $845,000 $281,667 $3,240 7.29%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $465,000 $465,000 $5,814 6.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $395,000 $395,000 $5,863 7.88%
KANKAKEE, IL (FHA|USDA|VA) 2 $390,000 $195,000 $6,229 7.13%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $390,000 $195,000 $4,371 6.56%
BRUNSWICK, GA (FHA|USDA|VA) 1 $365,000 $365,000 $5,919 7.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,837 6.88%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $305,000 $305,000 $4,040 5.75%
KNOXVILLE, TN (FHA|USDA|VA) 1 $295,000 $295,000 $4,538 4.75%
MADISON, WI (FHA|USDA|VA) 1 $285,000 $285,000 $2,607 6.13%
Warsaw, IN (FHA|USDA|VA) 1 $245,000 $245,000 $0 7.00%
AKRON, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,715 6.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $195,000 $195,000 $5,285 6.75%
Ottawa, IL (FHA|USDA|VA) 1 $175,000 $175,000 $3,862 6.00%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $115,000 $115,000 $0 8.00%
Peoples Bank's top markets include Chicago, New York, Naples, Michigan City, and North Port among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Similar Lenders

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 294 $98,570,000 $335,272 $4,439 6.53%
    FHA 12 $2,570,000 $214,167 $8,278 6.32%

    For 2023, Peoples Bank's most frequently originated type of loan was Conventional, with 294 originations. Their 2nd most popular type was FHA, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 255 $90,865,000 $356,333 $4,964 6.45%
    Refi 21 $5,745,000 $273,571 $2,623 6.67%
    Cash Out Refi 17 $2,685,000 $157,941 $3,298 6.99%
    Other 9 $1,055,000 $117,222 $2,578 6.65%
    Home Improvement 4 $790,000 $197,500 $0 7.63%

    For 2023, Peoples Bank's most frequently cited loan purpose was Home Purchase, with 255 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 230 $72,420,000 $314,870 $5,003 6.80%
    10 Year 37 $11,085,000 $299,595 $0 5.18%
    15 Year 13 $2,015,000 $155,000 $3,519 6.71%
    5 Year 13 $1,395,000 $107,308 $46 4.70%
    20 Year 8 $1,840,000 $230,000 $3,265 6.88%
    Other 4 $12,130,000 $3,032,500 $111 7.00%
    1 Year 1 $255,000 $255,000 $0 6.75%

    For 2023, Peoples Bank's most frequently cited loan duration was 30 Year, with 230 originations. The 2nd most popular length was 10 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 134 $35,510,000 $265,000
    $2k-3k 51 $15,185,000 $297,745
    $<1k 25 $3,345,000 $133,800
    $3k-4k 16 $7,840,000 $490,000
    $5k+ 15 $10,865,000 $724,333
    $4k-5k 5 $1,385,000 $277,000

    Peoples Bank's average total fees were $5,003, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 134 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 190 $62,450,000 $328,684
    7-8% 72 $29,810,000 $414,028
    5-6% 21 $6,335,000 $301,667
    <2.5% 13 $75,000 $5,769
    Over 8% 8 $1,670,000 $208,750
    4-5% 2 $800,000 $400,000

    During 2023, Peoples Bank's average interest rate for loans was 6.80%, while their most frequently originated rate bucket for loans was 6-7%, with 190 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 121 $33,145,000 $273,926 $5,165 6.81%
    $100k-200k 81 $12,305,000 $151,914 $4,238 6.74%
    $100,000 or less 44 $1,950,000 $44,318 $1,531 4.94%
    $400k-600k 25 $11,975,000 $479,000 $4,780 6.75%
    $600k-1MM 24 $17,270,000 $719,583 $5,790 6.92%
    $1MM+ 11 $24,495,000 $2,226,818 $9,407 6.60%

    2023 saw Peoples Bank place emphasis on $200k-400k loans with 121 originations, totaling $33,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 58 $10,630,000 $183,276 $4,425 6.00%
    $150k-250k 51 $18,635,000 $365,392 $4,787 6.90%
    $50k-75k 51 $7,795,000 $152,843 $3,882 6.41%
    $100k-150k 48 $11,380,000 $237,083 $4,764 6.82%
    $250k+ 32 $24,330,000 $760,313 $6,278 6.80%
    $50k or less 32 $3,630,000 $113,438 $4,078 5.96%

    Peoples Bank lent most frequently to those with incomes in the $75k-100k range, with 58 originations. The second most popular income band? $150k-250k, with 51 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 56 $15,870,000 $283,393 $4,822 6.35%
    20-30% 50 $15,370,000 $307,400 $4,276 6.48%
    <20% 19 $5,335,000 $280,789 $3,450 6.62%
    44% 17 $5,445,000 $320,294 $4,861 6.74%
    41% 17 $3,375,000 $198,529 $4,394 5.98%
    40% 15 $2,875,000 $191,667 $3,322 6.48%
    39% 14 $2,420,000 $172,857 $5,612 5.38%
    43% 13 $4,065,000 $312,692 $5,199 6.81%
    38% 13 $1,905,000 $146,538 $4,407 7.22%
    49% 10 $2,110,000 $211,000 $4,744 6.36%
    36% 10 $4,680,000 $468,000 $4,613 6.94%
    42% 8 $3,380,000 $422,500 $4,860 6.44%
    45% 8 $2,430,000 $303,750 $3,855 6.64%
    47% 5 $2,385,000 $477,000 $5,957 6.48%
    48% 5 $1,595,000 $319,000 $7,673 6.88%
    50-60% 5 $1,015,000 $203,000 $6,146 6.50%
    37% 4 $910,000 $227,500 $3,757 6.97%
    46% 3 $845,000 $281,667 $6,984 7.00%
    >60% 1 $705,000 $705,000 $6,529 8.00%

    Peoples Bank lent most frequently to those with DTI ratios of 30-36%, with 56 originations. The next most common DTI ratio? 20-30%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 226 $63,320,000 $280,177 $4,514 6.60%
    Not applicable 26 $21,890,000 $841,923 $0 6.85%
    Black 27 $7,125,000 $263,889 $5,664 5.89%
    Asian 8 $4,180,000 $522,500 $8,423 6.62%
    Not provided 15 $3,545,000 $236,333 $3,195 6.28%
    Asian Indian 1 $605,000 $605,000 $0 6.75%
    American Indian 3 $475,000 $158,333 $6,380 3.96%

    Approval Rates

    Total approvals of all applications
    88.69%

    Peoples Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.93%

    Peoples Bank 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 306 $101,140,000 $330,523

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    306 $101,140,000 $330,523

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $4,410,000 $220,500 $3,960 6.76%
    40-60% 31 $6,525,000 $210,484 $3,814 6.86%
    60-80% 104 $48,560,000 $466,923 $5,284 6.81%
    80-100% 126 $40,860,000 $324,286 $5,048 6.77%
    Under 20% 25 $785,000 $31,400 $652 3.41%