Empower Federal Credit Union Mortgage Rates, Fees & Info

Syracuse, NY

LEI: 549300YKTME1U7Z0UN20

Tax ID: 15-0547278

5 stars - Updated: 11/17/24 - out of 5 stars, based on 55 reviews

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

Jump to:

  • 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

    Empower Federal Credit Union is a smaller credit union specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Empower Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Syracuse, Rochester, Auburn, Binghamton, and Buffalo among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Empower Federal Credit Union 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. Empower Federal Credit Union 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
    Home Equity Line of Credit (HELOC) 5.75% 11/17/24
    30 Year Conventional Purchase 6.32% 11/17/24
    30 Year Conventional Refi 6.11% 11/17/24
    30 Year Cash-out Refi 6.21% 11/17/24
    15 Year Conventional Purchase 5.66% 11/17/24
    15 Year Conventional Refi 6.24% 11/17/24
    15 Year Cash-out Refi 6.24% 11/17/24
    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.

    Empower Federal Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Empower Federal Credit Union. 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

    3,050

    Origination Dollar Volume (All Markets)

    $318,390,000
    Show all (5) awards

    Relative Rate

    Empower Federal Credit Union's average 30 year fixed mortgage rate was 2.08%.

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

    This yields a difference of -4.4%.

    Relative Fees (Closing Costs)

    Empower Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $3,441.

    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
    SYRACUSE, NY (FHA|USDA|VA) 2,435 $250,885,000 $103,033 $1,681 3.99%
    ROCHESTER, NY (FHA|USDA|VA) 58 $13,660,000 $235,517 $1,515 3.73%
    Auburn, NY (FHA|USDA|VA) 120 $11,480,000 $95,667 $1,756 4.10%
    BINGHAMTON, NY (FHA|USDA|VA) 137 $10,495,000 $76,606 $719 4.15%
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 77 $7,965,000 $103,442 $1,299 4.30%
    UTICA-ROME, NY (FHA|USDA|VA) 64 $5,550,000 $86,719 $1,368 5.08%
    ELMIRA, NY (FHA|USDA|VA) 41 $2,245,000 $54,756 $327 6.88%
    Outside of Metro Areas 16 $1,830,000 $114,375 $1,621 5.72%
    WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 12 $1,820,000 $151,667 $1,543 5.27%
    Amsterdam, NY (FHA|USDA|VA) 19 $1,355,000 $71,316 $1,509 4.66%
    Corning, NY (FHA|USDA|VA) 5 $905,000 $181,000 $2,989 5.70%
    Oneonta, NY (FHA|USDA|VA) 3 $885,000 $295,000 $5,753 6.42%
    Cortland, NY (FHA|USDA|VA) 11 $885,000 $80,455 $1,038 5.88%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 7 $745,000 $106,429 $2,391 6.09%
    Ogdensburg-Massena, NY (FHA|USDA|VA) 2 $720,000 $360,000 $6,803 2.81%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 5 $665,000 $133,000 $0 2.70%
    ITHACA, NY (FHA|USDA|VA) 3 $645,000 $215,000 $3,059 4.08%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $535,000 $535,000 $8,203 5.75%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $505,000 $168,333 $4,115 6.96%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $415,000 $415,000 $6,685 6.88%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $390,000 $195,000 $0 4.87%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $375,000 $375,000 $4,847 6.63%
    GLENS FALLS, NY (FHA|USDA|VA) 2 $370,000 $185,000 $1,687 3.63%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $320,000 $160,000 $5,166 3.44%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $285,000 $285,000 $2,035 5.88%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $285,000 $285,000 $4,787 6.00%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 2 $260,000 $130,000 $2,351 7.44%
    Seneca Falls, NY (FHA|USDA|VA) 4 $250,000 $62,500 $0 4.19%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,242 5.38%
    Batavia, NY (FHA|USDA|VA) 2 $210,000 $105,000 $3,165 7.93%
    NEW BERN, NC (FHA|USDA|VA) 1 $205,000 $205,000 $6,342 5.63%
    Boone, NC (FHA|USDA|VA) 1 $195,000 $195,000 $3,074 6.00%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $175,000 $175,000 $6,558 6.13%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $140,000 $70,000 $0 7.12%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,883 6.38%
    Gloversville, NY (FHA|USDA|VA) 2 $120,000 $60,000 $1,584 6.50%
    Selinsgrove, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
    Sayre, PA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
    READING, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 5.74%
    Olean, NY (FHA|USDA|VA) 1 $25,000 $25,000 $0 7.99%
    Empower Federal Credit Union's top markets include Syracuse, Rochester, Auburn, Binghamton, and Buffalo among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)

    • Similar Lenders

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

    NIAGARA'S CHOICE
    Similarity Rank: 22
    Pittsford Federal Credit Union
    Similarity Rank: 34
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 36
    SECNY Federal Credit Union
    Similarity Rank: 36
    GPO Federal Credit Union
    Similarity Rank: 72
    RELIANT COMMUNITY FEDERAL CREDIT UNION
    Similarity Rank: 90
    FIRST SOURCE
    Similarity Rank: 104
    Adirondack Bank
    Similarity Rank: 144
    Cornerstone Community Federal Credit Union
    Similarity Rank: 165
    FAMILY FIRST OF NY
    Similarity Rank: 182

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,647 $191,045,000 $115,996 $1,627 7.06%
    HELOC 1,403 $127,345,000 $90,766 n/a 0.65%

    For 2023, Empower Federal Credit Union's most frequently originated type of loan was Conventional, with 1,647 originations. Their 2nd most popular type was HELOC, with 1,403 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,098 $73,590,000 $67,022 $143 2.98%
    Home Purchase 759 $130,765,000 $172,286 $3,266 5.97%
    Cash Out Refi 568 $66,230,000 $116,602 $931 3.54%
    Other 393 $25,605,000 $65,153 $102 4.96%
    Refi 232 $22,200,000 $95,690 $827 3.41%

    For 2023, Empower Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 1,098 originations. The 2nd most popular reason was Home Purchase, with 759 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,856 $205,910,000 $110,943 $3,441 2.08%
    15 Year 483 $42,205,000 $87,381 $410 7.92%
    10 Year 291 $19,365,000 $66,546 $127 7.37%
    Other 221 $35,855,000 $162,240 $2,876 6.42%
    5 Year 145 $4,815,000 $33,207 $0 6.66%
    20 Year 38 $5,490,000 $144,474 $3,642 6.26%
    30+ year 16 $4,750,000 $296,875 $6,513 6.33%

    For 2023, Empower Federal Credit Union's most frequently cited loan duration was 30 Year, with 1,856 originations. The 2nd most popular length was 15 Year, with 483 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,399 $126,775,000 $90,618
    $1k-2k 118 $23,240,000 $196,949
    $2k-3k 53 $10,865,000 $205,000
    $3k-4k 35 $8,455,000 $241,571
    $4k-5k 16 $3,870,000 $241,875
    $5k+ 15 $4,765,000 $317,667

    Empower Federal Credit Union's average total fees were $3,441, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,399 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 1,285 $117,575,000 $91,498
    6-7% 716 $86,330,000 $120,573
    5-6% 372 $60,030,000 $161,371
    7-8% 363 $33,625,000 $92,631
    Over 8% 309 $19,455,000 $62,961
    4-5% 5 $1,375,000 $275,000

    During 2023, Empower Federal Credit Union's average interest rate for loans was 2.08%, while their most frequently originated rate bucket for loans was <2.5%, with 1,285 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,876 $99,900,000 $53,252 $463 4.08%
    $100k-200k 840 $117,060,000 $139,357 $2,638 4.04%
    $200k-400k 310 $80,230,000 $258,806 $4,193 4.45%
    $400k-600k 14 $6,310,000 $450,714 $6,864 4.47%
    $600k-1MM 6 $4,220,000 $703,333 $5,407 5.94%
    $1MM+ 4 $10,670,000 $2,667,500 $0 6.12%

    2023 saw Empower Federal Credit Union place emphasis on $100,000 or less loans with 1,876 originations, totaling $99,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 759 $64,225,000 $84,618 $1,467 4.44%
    $100k-150k 693 $78,155,000 $112,778 $1,820 3.94%
    $75k-100k 602 $56,620,000 $94,053 $1,416 4.02%
    $50k or less 463 $33,545,000 $72,451 $1,599 4.81%
    $150k-250k 401 $54,345,000 $135,524 $2,023 3.32%
    $250k+ 67 $13,795,000 $205,896 $2,415 4.22%

    Empower Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 759 originations. The second most popular income band? $100k-150k, with 693 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 730 $69,870,000 $95,712 $1,365 3.42%
    30-36% 596 $56,790,000 $95,285 $1,640 4.10%
    <20% 331 $33,585,000 $101,465 $1,372 1.97%
    50-60% 243 $21,035,000 $86,564 $1,108 5.17%
    39% 99 $11,825,000 $119,444 $2,258 4.53%
    40% 96 $9,430,000 $98,229 $1,467 3.83%
    43% 95 $10,245,000 $107,842 $1,929 5.85%
    36% 89 $9,415,000 $105,787 $1,548 4.63%
    37% 86 $8,760,000 $101,860 $1,806 4.79%
    41% 83 $8,015,000 $96,566 $1,667 4.01%
    42% 79 $8,275,000 $104,747 $1,700 4.84%
    44% 78 $8,700,000 $111,538 $2,048 5.62%
    46% 77 $9,555,000 $124,091 $2,436 4.68%
    45% 76 $8,540,000 $112,368 $1,877 5.17%
    38% 74 $7,880,000 $106,486 $1,352 5.44%
    49% 62 $7,290,000 $117,581 $2,112 5.80%
    47% 54 $6,700,000 $124,074 $2,491 5.15%
    48% 48 $5,070,000 $105,625 $1,956 5.73%
    >60% 41 $3,615,000 $88,171 $1,250 4.85%

    Empower Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 730 originations. The next most common DTI ratio? 30-36%, with 596 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,622 $260,480,000 $99,344 $1,541 3.92%
    Not provided 157 $18,605,000 $118,503 $2,162 5.24%
    Black 191 $17,365,000 $90,916 $1,616 5.18%
    Not applicable 9 $12,165,000 $1,351,667 $0 6.14%
    Asian 44 $7,700,000 $175,000 $3,266 5.92%
    American Indian 20 $1,590,000 $79,500 $1,756 5.07%
    Other Asian 3 $305,000 $101,667 $1,272 5.12%
    Native Hawaiian or Islander 2 $90,000 $45,000 $0 8.87%
    Asian Indian 1 $55,000 $55,000 $0 6.49%
    Filipino 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.08%

    Empower Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.72%

    Empower Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,050 $318,390,000 $104,390

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,050 $318,390,000 $104,390

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 987 $72,595,000 $73,551 $229 3.35%
    40-60% 453 $60,825,000 $134,272 $1,629 3.16%
    60-80% 367 $69,295,000 $188,815 $3,369 4.65%
    80-100% 543 $91,205,000 $167,965 $3,102 5.84%
    Under 20% 700 $24,470,000 $34,957 $26 4.20%