People's United Bank Mortgage Rates, Fees & Info
Bridgeport, CTLEI: N4662XQCE3KKIZ6EZS08
Tax ID: 06-1213065
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Mortgage Data
Review & Overview
People's United Bank is a smaller bank specializing in Refi and Home Purchase loans. People's United 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Bridgeport, New York, Boston, Hartford, and Burlington among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)People's United 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. People's United 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.88% | 4/21/24 |
| 30 Year Conventional Purchase | 6.34% | 4/21/24 |
| 30 Year Conventional Refi | 6.16% | 4/21/24 |
| 30 Year Cash-out Refi | 6.29% | 4/21/24 |
| 30 Year FHA Purchase | 7.06% | 4/21/24 |
| 30 Year VA Purchase | 6.04% | 4/21/24 |
| 30 Year USDA Purchase | 6.04% | 4/21/24 |
| 15 Year Conventional Purchase | 5.97% | 4/21/24 |
| 15 Year Conventional Refi | 5.95% | 4/21/24 |
| 15 Year Cash-out Refi | 5.95% | 4/21/24 |
| 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. | ||
People's United Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,269Origination Dollar Volume (All Markets)
$435,805,000Awards
People's United Bank - 2022
People's United Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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) | 285 | $106,835,000 | $374,860 | $4,624 | 3.14% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 166 | $84,370,000 | $508,253 | $7,081 | 3.17% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 137 | $57,785,000 | $421,788 | $3,818 | 3.23% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 244 | $43,820,000 | $179,590 | $4,370 | 3.36% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 36 | $36,460,000 | $1,012,778 | $4,880 | 3.24% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 123 | $23,215,000 | $188,740 | $4,136 | 3.32% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 71 | $10,295,000 | $145,000 | $3,722 | 3.36% |
| Outside of Metro Areas | 34 | $9,170,000 | $269,706 | $3,980 | 3.33% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 29 | $7,095,000 | $244,655 | $3,747 | 3.33% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 29 | $6,955,000 | $239,828 | $4,159 | 3.23% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $6,605,000 | $6,605,000 | $0 | 2.46% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $5,355,000 | $5,355,000 | $0 | 2.46% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 17 | $4,595,000 | $270,294 | $3,995 | 3.41% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $4,175,000 | $4,175,000 | $0 | 2.46% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 12 | $3,740,000 | $311,667 | $5,045 | 3.23% |
| Torrington, CT (FHA|USDA|VA) | 22 | $2,900,000 | $131,818 | $4,329 | 3.45% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $2,705,000 | $901,667 | $5,460 | 3.08% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 5 | $2,525,000 | $505,000 | $5,430 | 3.19% |
| Key West, FL (FHA|USDA|VA) | 1 | $2,005,000 | $2,005,000 | $9,460 | 3.25% |
| Bennington, VT (FHA|USDA|VA) | 5 | $1,925,000 | $385,000 | $11,035 | 3.23% |
| Keene, NH (FHA|USDA|VA) | 14 | $1,700,000 | $121,429 | $4,201 | 3.50% |
| Barre, VT (FHA|USDA|VA) | 7 | $1,245,000 | $177,857 | $4,357 | 3.39% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,145,000 | $1,145,000 | $8,813 | 3.25% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $6,436 | 2.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $5,467 | 3.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $6,255 | 2.75% |
| GLENS FALLS, NY (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $4,370 | 3.50% |
| Lebanon, NH-VT (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $3,491 | 3.38% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $8,066 | 2.88% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,555 | 3.00% |
| Rutland, VT (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $4,609 | 3.21% |
| Hudson, NY (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,781 | 3.38% |
| Laconia, NH (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 3.69% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,599 | 2.75% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,167 | 3.25% |
| BANGOR, ME (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 2.50% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 3.50% |
| Plattsburgh, NY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,904 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against People's United 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
For 2022, People's United Bank's most frequently originated type of loan was HELOC, with 743 originations. Their 2nd most popular type was Conventional, with 517 originations.
Loan Reason
For 2022, People's United Bank's most frequently cited loan purpose was Refi, with 444 originations. The 2nd most popular reason was Home Improvement, with 373 originations.
Loan Duration/Length
For 2022, People's United Bank's most frequently cited loan duration was 30 Year, with 1,153 originations. The 2nd most popular length was 15 Year, with 77 originations.
Origination Fees/Closing Costs
People's United Bank's average total fees were $4,993, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 231 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 672 | $153,240,000 | $228,036 |
| 2.5-3% | 514 | $202,330,000 | $393,638 |
| 4-5% | 47 | $12,595,000 | $267,979 |
| <2.5% | 35 | $67,245,000 | $1,921,286 |
| 5-6% | 1 | $395,000 | $395,000 |
During 2022, People's United Bank's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 672 originations.
Loan Sizing
2022 saw People's United Bank place emphasis on $100k-200k loans with 383 originations, totaling $50,835,000 in origination value.
Applicant Income
People's United Bank lent most frequently to those with incomes in the $150k-250k range, with 280 originations. The second most popular income band? $250k+, with 261 originations.
Applicant Debt to Income Ratio
People's United Bank lent most frequently to those with DTI ratios of 20-30%, with 296 originations. The next most common DTI ratio? 30-36%, with 264 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications74.41%
People's United Bank has a below average approval rate.
Pick Rate
Approvals leading to origination79.12%
People's United Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,269 | $435,805,000 | $343,424 |