Eastern Bank Mortgage Rates, Fees & Info

Boston, MA

LEI: X8V2II80XTQHRH7NCB19

Tax ID: 04-3067724

5 stars - Updated: 11/17/24 - out of 5 stars, based on 54 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

    Eastern Bank is a small bank specializing in Home Purchase loans. Eastern 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: Boston, Providence, Barnstable Town, Worcester, and Manchester among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Eastern 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. Eastern 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
    Home Equity Line of Credit (HELOC) 5.04% 11/17/24
    30 Year Conventional Purchase 5.63% 11/17/24
    30 Year Conventional Refi 6.31% 11/17/24
    30 Year Cash-out Refi 6.12% 11/17/24
    30 Year FHA Purchase 6.92% 11/17/24
    30 Year VA Purchase 6.84% 11/17/24
    30 Year USDA Purchase 6.76% 11/17/24
    15 Year Conventional Purchase 4.22% 11/17/24
    15 Year Conventional Refi 5.65% 11/17/24
    15 Year Cash-out Refi 5.65% 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.

    Eastern Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Eastern 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

    2,933

    Origination Dollar Volume (All Markets)

    $1,111,405,000
    Show all (6) awards

    Relative Rate

    Eastern Bank's average 30 year fixed mortgage rate was 5.99%.

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

    This yields a difference of -0.49%.

    Relative Fees (Closing Costs)

    Eastern Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,971.

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 2,367 $834,325,000 $352,482 $4,704 7.46%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 174 $110,420,000 $634,598 $4,851 6.99%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 198 $38,350,000 $193,687 $4,211 7.74%
    Outside of Metro Areas 11 $34,605,000 $3,145,909 $0 7.38%
    WORCESTER, MA-CT (FHA|USDA|VA) 50 $28,460,000 $569,200 $5,235 7.05%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 61 $17,255,000 $282,869 $4,098 7.56%
    Concord, NH (FHA|USDA|VA) 17 $14,885,000 $875,588 $0 7.63%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $9,210,000 $4,605,000 $3,902 6.56%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $7,005,000 $7,005,000 $0 6.75%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 13 $4,625,000 $355,769 $5,602 6.10%
    Lebanon, NH-VT (FHA|USDA|VA) 7 $3,225,000 $460,714 $3,429 7.47%
    Laconia, NH (FHA|USDA|VA) 10 $3,050,000 $305,000 $3,979 7.00%
    SPRINGFIELD, MA (FHA|USDA|VA) 11 $2,165,000 $196,818 $5,541 7.16%
    Vineyard Haven, MA (FHA|USDA|VA) 4 $1,660,000 $415,000 $0 7.81%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $715,000 $715,000 $0 6.39%
    Keene, NH (FHA|USDA|VA) 1 $625,000 $625,000 $0 6.00%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $485,000 $161,667 $3,981 7.08%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $185,000 $185,000 $3,769 5.50%
    Berlin, NH (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.75%
    Eastern Bank's top markets include Boston, Providence, Barnstable Town, Worcester, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)

    • Similar Lenders

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

    Chelsea Groton Bank
    Similarity Rank: 32
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    OCEAN STATE CREDIT UNION
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 48
    Charter Oak Federal Credit Union
    Similarity Rank: 72
    HOMEFIELD
    Similarity Rank: 75
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 135
    GREYLOCK
    Similarity Rank: 160
    Country Bank for Savings
    Similarity Rank: 165
    Piscataqua Savings Bank
    Similarity Rank: 177

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 2,263 $423,555,000 $187,165 n/a 7.87%
    Conventional 645 $675,685,000 $1,047,574 $4,301 5.92%
    FHA 24 $11,630,000 $484,583 $14,216 6.67%
    VA 1 $535,000 $535,000 $18,945 6.38%

    For 2023, Eastern Bank's most frequently originated type of loan was HELOC, with 2,263 originations. Their 2nd most popular type was Conventional, with 645 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 983 $170,575,000 $173,525 $4,308 7.84%
    Home Purchase 675 $631,985,000 $936,274 $4,750 6.21%
    Refi 656 $161,920,000 $246,829 $3,976 7.81%
    Other 554 $92,960,000 $167,798 $4,379 7.87%
    Cash Out Refi 65 $53,965,000 $830,231 $4,936 6.35%

    For 2023, Eastern Bank's most frequently cited loan purpose was Home Improvement, with 983 originations. The 2nd most popular reason was Home Purchase, with 675 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 2,271 $494,715,000 $217,840 $0 7.87%
    30 Year 551 $281,425,000 $510,753 $4,971 5.99%
    10 Year 56 $78,300,000 $1,398,214 $3,503 6.76%
    15 Year 44 $8,050,000 $182,955 $1,788 3.90%
    20 Year 5 $21,145,000 $4,229,000 $3,805 6.56%
    5 Year 5 $177,765,000 $35,553,000 $0 7.56%
    3 Year 1 $50,005,000 $50,005,000 $0 7.12%

    For 2023, Eastern Bank's most frequently cited loan duration was Other, with 2,271 originations. The 2nd most popular length was 30 Year, with 551 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 487 $255,765,000 $525,185
    $2k-3k 33 $14,655,000 $444,091
    $<1k 32 $630,000 $19,688
    $5k+ 11 $5,945,000 $540,455
    $3k-4k 10 $4,230,000 $423,000
    $4k-5k 8 $4,170,000 $521,250

    Eastern Bank's average total fees were $4,971, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 487 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 1,055 $366,645,000 $347,531
    Over 8% 967 $284,045,000 $293,738
    6-7% 549 $254,175,000 $462,978
    5-6% 314 $201,550,000 $641,879
    <2.5% 33 $645,000 $19,545
    4-5% 14 $4,120,000 $294,286
    3-4% 1 $225,000 $225,000

    During 2023, Eastern Bank's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was 7-8%, with 1,055 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 818 $111,120,000 $135,844 $3,524 7.76%
    $200k-400k 813 $222,665,000 $273,881 $4,287 7.38%
    $100,000 or less 716 $41,010,000 $57,277 $90 7.60%
    $400k-600k 336 $154,920,000 $461,071 $5,576 7.01%
    $600k-1MM 170 $124,470,000 $732,176 $5,577 6.63%
    $1MM+ 80 $457,220,000 $5,715,250 $6,826 6.59%

    2023 saw Eastern Bank place emphasis on $100k-200k loans with 818 originations, totaling $111,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 788 $188,760,000 $239,543 $5,271 7.59%
    $100k-150k 712 $152,610,000 $214,340 $4,906 7.40%
    $250k+ 610 $257,380,000 $421,934 $5,266 7.48%
    $75k-100k 384 $67,150,000 $174,870 $4,016 7.36%
    $50k-75k 266 $36,970,000 $138,985 $3,496 7.18%
    $50k or less 75 $7,315,000 $97,533 $2,963 7.67%

    Eastern Bank lent most frequently to those with incomes in the $150k-250k range, with 788 originations. The second most popular income band? $100k-150k, with 712 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 688 $149,040,000 $216,628 $4,238 7.62%
    30-36% 545 $133,425,000 $244,817 $4,305 7.43%
    42% 463 $112,065,000 $242,041 $4,475 7.64%
    <20% 370 $86,570,000 $233,973 $4,694 7.70%
    41% 156 $47,140,000 $302,179 $4,584 7.24%
    40% 126 $34,880,000 $276,825 $4,410 7.32%
    39% 119 $32,025,000 $269,118 $4,229 7.15%
    38% 102 $34,290,000 $336,176 $4,782 7.21%
    36% 99 $22,755,000 $229,848 $3,651 7.29%
    37% 96 $25,900,000 $269,792 $4,431 7.15%
    44% 24 $7,030,000 $292,917 $3,259 4.89%
    43% 23 $7,235,000 $314,565 $3,552 6.15%
    50-60% 12 $5,060,000 $421,667 $13,257 6.84%
    45% 11 $4,065,000 $369,545 $7,655 6.54%
    49% 8 $4,430,000 $553,750 $9,129 5.86%
    48% 7 $3,655,000 $522,143 $13,173 6.55%
    46% 6 $2,420,000 $403,333 $9,463 6.75%
    47% 5 $2,105,000 $421,000 $7,577 6.62%

    Eastern Bank lent most frequently to those with DTI ratios of 20-30%, with 688 originations. The next most common DTI ratio? 30-36%, with 545 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,239 $540,165,000 $241,253 $4,517 7.49%
    Not applicable 68 $345,220,000 $5,076,765 $0 6.86%
    Not provided 184 $92,890,000 $504,837 $4,560 7.63%
    Black 256 $63,650,000 $248,633 $5,732 7.01%
    Asian 131 $54,075,000 $412,786 $4,703 7.19%
    Asian Indian 14 $5,200,000 $371,429 $4,413 7.92%
    Chinese 7 $2,195,000 $313,571 $0 7.86%
    American Indian 10 $1,870,000 $187,000 $0 8.03%
    Native Hawaiian or Islander 4 $1,870,000 $467,500 $5,247 7.53%
    Vietnamese 4 $1,370,000 $342,500 $0 7.50%
    Other Asian 5 $975,000 $195,000 $0 7.50%
    Other Pacific Islander 4 $940,000 $235,000 $3,619 7.50%
    4 $600,000 $150,000 $0 8.25%
    Filipino 3 $385,000 $128,333 $0 7.83%

    Approval Rates

    Total approvals of all applications
    72.54%

    Eastern Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.75%

    Eastern Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,933 $1,111,405,000 $378,931

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,933 $1,111,405,000 $378,931

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 896 $227,720,000 $254,152 $3,700 7.77%
    40-60% 330 $345,720,000 $1,047,636 $4,655 7.48%
    60-80% 269 $204,595,000 $760,576 $4,861 6.72%
    80-100% 312 $160,660,000 $514,936 $5,343 6.18%
    Over 100% 11 $58,565,000 $5,324,091 $18,945 6.64%
    Under 20% 1,115 $114,145,000 $102,372 $602 7.68%