Newtown Savings Bank Mortgage Rates, Fees & Info

Newtown, CT

LEI: 549300YFPHIE78XPP635

Tax ID: 06-0472240

5 stars - Updated: 10/29/24 - out of 5 stars, based on 31 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • 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

    Newtown Savings Bank is a smaller bank specializing in Home Purchase loans. Newtown Savings 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: Bridgeport, New Haven, Torrington, Hartford, and Norwich among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Newtown Savings Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Newtown Savings 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.72% 10/29/24
    30 Year Conventional Purchase 5.57% 10/29/24
    30 Year Conventional Refi 5.92% 10/29/24
    30 Year Cash-out Refi 6.20% 10/29/24
    30 Year FHA Purchase 6.46% 10/29/24
    15 Year Conventional Purchase 5.60% 10/29/24
    15 Year Conventional Refi 5.74% 10/29/24
    15 Year Cash-out Refi 5.74% 10/29/24
    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.

    Newtown Savings Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Newtown Savings 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

    941

    Origination Dollar Volume (All Markets)

    $318,245,000
    Show all (7) awards

    Relative Rate

    Newtown Savings Bank's average 30 year fixed mortgage rate was 6.59%.

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

    This yields a difference of 0.11%.

    Relative Fees (Closing Costs)

    Newtown Savings Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,040.

    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
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 581 $209,255,000 $360,164 $6,183 6.69%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 223 $66,335,000 $297,466 $5,389 6.35%
    Torrington, CT (FHA|USDA|VA) 78 $23,620,000 $302,821 $5,993 6.62%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 50 $15,910,000 $318,200 $6,490 6.16%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 7 $2,645,000 $377,857 $7,599 6.09%
    WORCESTER, MA-CT (FHA|USDA|VA) 2 $480,000 $240,000 $5,435 7.75%
    Newtown Savings Bank's top markets include Bridgeport, New Haven, Torrington, Hartford, and Norwich among others.

    Their top states include:
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Newtown Savings Bank 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
    Chelsea Groton Bank
    Similarity Rank: 56
    Stafford Savings Bank
    Similarity Rank: 63
    The Torrington Savings Bank
    Similarity Rank: 130
    The Milford Bank
    Similarity Rank: 132
    Ridgewood Savings Bank
    Similarity Rank: 160
    SIKORSKY FINANCIAL
    Similarity Rank: 180
    Sanborn Mortgage Corporation
    Similarity Rank: 208
    AMERICAN EAGLE FINANCIAL CREDIT UNION
    Similarity Rank: 216
    Thomaston Savings Bank
    Similarity Rank: 276

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 686 $285,880,000 $416,735 $5,896 5.99%
    HELOC 244 $28,090,000 $115,123 n/a 8.23%
    FHA 11 $4,275,000 $388,636 $11,752 6.23%

    For 2023, Newtown Savings Bank's most frequently originated type of loan was Conventional, with 686 originations. Their 2nd most popular type was HELOC, with 244 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 625 $263,935,000 $422,296 $6,157 6.01%
    Other 125 $15,595,000 $124,760 $3,122 8.14%
    Refi 80 $15,690,000 $196,125 $5,480 7.69%
    Home Improvement 68 $7,510,000 $110,441 $3,726 8.06%
    Cash Out Refi 43 $15,515,000 $360,814 $4,918 5.88%

    For 2023, Newtown Savings Bank's most frequently cited loan purpose was Home Purchase, with 625 originations. The 2nd most popular reason was Other, with 125 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 887 $294,515,000 $332,035 $6,040 6.59%
    30+ year 20 $11,990,000 $599,500 $6,229 5.69%
    15 Year 18 $5,760,000 $320,000 $5,997 5.41%
    20 Year 9 $5,275,000 $586,111 $3,479 6.62%
    10 Year 7 $705,000 $100,714 $463 9.59%

    For 2023, Newtown Savings Bank's most frequently cited loan duration was 30 Year, with 887 originations. The 2nd most popular length was 30+ year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 488 $196,270,000 $402,193
    $2k-3k 65 $28,745,000 $442,231
    $5k+ 46 $25,380,000 $551,739
    $3k-4k 33 $13,585,000 $411,667
    $4k-5k 33 $15,385,000 $466,212
    $<1k 15 $3,875,000 $258,333

    Newtown Savings Bank's average total fees were $6,040, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 488 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 381 $157,085,000 $412,297
    6-7% 219 $88,675,000 $404,909
    Over 8% 182 $21,220,000 $116,593
    7-8% 113 $27,295,000 $241,549
    4-5% 46 $23,970,000 $521,087

    During 2023, Newtown Savings Bank's average interest rate for loans was 6.59%, while their most frequently originated rate bucket for loans was 5-6%, with 381 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 353 $104,895,000 $297,153 $5,487 6.29%
    $400k-600k 176 $85,620,000 $486,477 $6,421 5.85%
    $100k-200k 161 $22,935,000 $142,453 $4,511 7.33%
    $100,000 or less 128 $7,350,000 $57,422 $2,304 8.05%
    $600k-1MM 105 $75,855,000 $722,429 $7,569 5.95%
    $1MM+ 18 $21,590,000 $1,199,444 $9,883 5.70%

    2023 saw Newtown Savings Bank place emphasis on $200k-400k loans with 353 originations, totaling $104,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 292 $104,680,000 $358,493 $6,165 6.56%
    $100k-150k 236 $65,330,000 $276,822 $5,940 6.63%
    $250k+ 194 $102,480,000 $528,247 $6,989 6.59%
    $75k-100k 116 $25,290,000 $218,017 $5,174 6.50%
    $50k-75k 77 $13,275,000 $172,403 $4,788 6.56%
    $50k or less 17 $1,695,000 $99,706 $3,757 6.47%

    Newtown Savings Bank lent most frequently to those with incomes in the $150k-250k range, with 292 originations. The second most popular income band? $100k-150k, with 236 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 226 $68,990,000 $305,265 $5,752 6.70%
    30-36% 195 $70,855,000 $363,359 $5,884 6.57%
    42% 65 $19,375,000 $298,077 $5,432 7.16%
    <20% 50 $14,190,000 $283,800 $5,302 6.50%
    37% 45 $17,465,000 $388,111 $6,390 6.43%
    43% 43 $13,895,000 $323,140 $5,869 6.30%
    38% 42 $17,230,000 $410,238 $7,443 6.65%
    40% 42 $12,220,000 $290,952 $6,033 6.86%
    41% 40 $12,900,000 $322,500 $5,605 6.52%
    39% 35 $11,135,000 $318,143 $6,613 6.73%
    36% 33 $11,735,000 $355,606 $5,853 6.60%
    47% 26 $10,970,000 $421,923 $6,600 6.01%
    44% 19 $7,635,000 $401,842 $6,499 6.07%
    45% 18 $6,640,000 $368,889 $6,431 5.97%
    46% 17 $6,195,000 $364,412 $5,712 5.79%
    48% 16 $4,730,000 $295,625 $5,436 6.03%
    49% 15 $5,725,000 $381,667 $6,889 5.92%
    50-60% 3 $625,000 $208,333 $7,992 6.58%
    >60% 2 $240,000 $120,000 $0 8.38%

    Newtown Savings Bank lent most frequently to those with DTI ratios of 20-30%, with 226 originations. The next most common DTI ratio? 30-36%, with 195 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 776 $253,780,000 $327,036 $5,960 6.62%
    Not provided 74 $26,550,000 $358,784 $6,200 6.33%
    Asian 48 $21,930,000 $456,875 $5,863 6.11%
    Black 32 $10,010,000 $312,813 $6,434 6.71%
    Not applicable 9 $5,495,000 $610,556 $0 6.68%
    American Indian 2 $480,000 $240,000 $4,724 7.13%

    Approval Rates

    Total approvals of all applications
    93.32%

    Newtown Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.50%

    Newtown Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 941 $318,245,000 $338,199

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    941 $318,245,000 $338,199

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 119 $19,015,000 $159,790 $4,169 7.73%
    40-60% 90 $29,910,000 $332,333 $5,105 6.20%
    60-80% 290 $128,730,000 $443,897 $6,085 6.00%
    80-100% 288 $127,180,000 $441,597 $6,476 5.96%
    Under 20% 153 $12,405,000 $81,078 $1,479 8.17%