Cathay Bank Mortgage Rates, Fees & Info
Los Angeles, CALEI: FT6J43S06X6CLJ0R0B48
Tax ID: 95-2156738
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Mortgage Data
Review & Overview
Cathay Bank is a small bank specializing in Home Purchase and Refi loans. Cathay Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, Riverside, Seattle, and Houston among others. We have data for 46 markets. (Some data included below & more in-depth data is available with an active subscription.)Cathay 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. Cathay 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.53% | 12/16/24 |
| 30 Year Conventional Refi | 6.60% | 12/16/24 |
| 30 Year Cash-out Refi | 6.63% | 12/16/24 |
| 15 Year Conventional Purchase | 6.63% | 12/16/24 |
| 15 Year Conventional Refi | 6.64% | 12/16/24 |
| 15 Year Cash-out Refi | 6.64% | 12/16/24 |
| 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. | ||
Cathay Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from Cathay 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
2,222Origination Dollar Volume (All Markets)
$1,895,880,000Awards
Cathay Bank - 2023
Cathay Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Cathay Bank's average 30 year fixed mortgage rate was
6.41%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.07%.
Relative Fees (Closing Costs)
Cathay Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,570.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1,171 | $904,235,000 | $772,190 | $7,393 | 6.48% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 471 | $592,565,000 | $1,258,100 | $6,205 | 6.33% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 146 | $72,180,000 | $494,384 | $5,369 | 6.29% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 59 | $62,925,000 | $1,066,525 | $4,525 | 6.37% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 44 | $50,470,000 | $1,147,045 | $4,802 | 6.39% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 52 | $46,870,000 | $901,346 | $5,791 | 6.47% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 34 | $30,750,000 | $904,412 | $5,969 | 6.35% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 35 | $29,645,000 | $847,000 | $6,501 | 6.37% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 22 | $24,840,000 | $1,129,091 | $4,876 | 6.61% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 39 | $18,745,000 | $480,641 | $3,346 | 5.35% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 34 | $15,180,000 | $446,471 | $5,672 | 6.61% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 25 | $13,255,000 | $530,200 | $4,369 | 6.63% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 16 | $6,450,000 | $403,125 | $4,889 | 6.31% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 11 | $3,755,000 | $341,364 | $5,922 | 6.47% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 3 | $2,375,000 | $791,667 | $6,171 | 6.92% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 5 | $2,105,000 | $421,000 | $4,123 | 6.30% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 10 | $1,970,000 | $197,000 | $5,311 | 6.44% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 3 | $1,705,000 | $568,333 | $6,309 | 6.83% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $1,695,000 | $1,695,000 | $0 | 5.45% |
| VALLEJO, CA (FHA|USDA|VA) | 2 | $1,430,000 | $715,000 | $0 | 6.44% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $1,240,000 | $620,000 | $4,045 | 6.38% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $3,544 | 6.42% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $4,252 | 6.72% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $970,000 | $485,000 | $0 | 7.46% |
| MERCED, CA (FHA|USDA|VA) | 1 | $785,000 | $785,000 | $0 | 7.14% |
| SYRACUSE, NY (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $5,884 | 6.88% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,827 | 6.56% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $4,641 | 6.63% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $3,618 | 6.13% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 6.00% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $6,291 | 6.31% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 7.13% |
| Ukiah, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,400 | 7.25% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $4,302 | 6.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 6.13% |
| Outside of Metro Areas | 1 | $325,000 | $325,000 | $4,701 | 6.88% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,061 | 6.50% |
| RENO, NV (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 6.38% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,659 | 6.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,996 | 6.25% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 6.50% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,954 | 7.13% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,339 | 6.13% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $4,303 | 6.63% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 6.63% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 6.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Cathay 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 | 2,222 | $1,895,880,000 | $853,231 | $6,586 | 6.41% |
For 2023, Cathay Bank's most frequently originated type of loan was Conventional, with 2,222 originations.
Loan Reason
For 2023, Cathay Bank's most frequently cited loan purpose was Home Purchase, with 1,967 originations. The 2nd most popular reason was Refi, with 149 originations.
Loan Duration/Length
For 2023, Cathay Bank's most frequently cited loan duration was 30 Year, with 1,821 originations. The 2nd most popular length was 10 Year, with 176 originations.
Origination Fees/Closing Costs
Cathay Bank's average total fees were $6,570, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 870 originations.
Interest Rates
During 2023, Cathay Bank's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was 6-7%, with 1,688 originations.
Loan Sizing
2023 saw Cathay Bank place emphasis on $400k-600k loans with 767 originations, totaling $375,575,000 in origination value.
Applicant Income
Cathay Bank lent most frequently to those with incomes in the $100k-150k range, with 268 originations. The second most popular income band? $150k-250k, with 180 originations.
Applicant Debt to Income Ratio
Cathay Bank lent most frequently to those with DTI ratios of 30-36%, with 118 originations. The next most common DTI ratio? 36%, with 48 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.83%
Cathay Bank has an average approval rate.
Pick Rate
Approvals leading to origination82.94%
Cathay Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,222 | $1,895,880,000 | $853,231 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2,222 | $1,895,880,000 | $853,231 |