The Farmers & Merchants Bank Mortgage Rates, Fees & Info

Stuttgart, AR

LEI: 54930009DUZUXUZIDL84

Tax ID: 71-0203044

5 stars - Updated: 12/10/23 - out of 5 stars, based on 21 reviews

Latest/2022 | 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

    The Farmers & Merchants Bank is a smaller bank specializing in Home Purchase and Refi loans. The Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Tulsa, Fayetteville, Little Rock, Jonesboro, and Mountain Home among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    The Farmers & Merchants 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. The Farmers & Merchants Bank 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
    30 Year Conventional Purchase 6.54% 12/10/23
    30 Year Conventional Refi 6.40% 12/10/23
    30 Year Cash-out Refi 6.85% 12/10/23
    15 Year Conventional Purchase 6.11% 12/10/23
    15 Year Conventional Refi 6.15% 12/10/23
    15 Year Cash-out Refi 6.15% 12/10/23
    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.

    The Farmers & Merchants Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from The Farmers & Merchants 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

    441

    Origination Dollar Volume (All Markets)

    $97,645,000
    Show all (9) awards

    Relative Rate

    The Farmers & Merchants Bank's average 30 year fixed mortgage rate was 4.79%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.03%.

    Relative Fees (Closing Costs)

    The Farmers & Merchants Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,874.

    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 $4,750.

    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
    TULSA, OK (FHA|USDA|VA) 1 $24,725,000 $24,725,000 $0 4.25%
    Outside of Metro Areas 223 $24,445,000 $109,619 $1,968 5.23%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 73 $19,895,000 $272,534 $2,809 4.90%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 32 $8,600,000 $268,750 $2,602 5.26%
    JONESBORO, AR (FHA|USDA|VA) 44 $7,910,000 $179,773 $1,793 5.10%
    Mountain Home, AR (FHA|USDA|VA) 40 $5,140,000 $128,500 $1,308 5.08%
    HOT SPRINGS, AR (FHA|USDA|VA) 3 $1,895,000 $631,667 $4,170 4.94%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 4 $1,610,000 $402,500 $0 6.75%
    Searcy, AR (FHA|USDA|VA) 6 $1,120,000 $186,667 $3,732 6.27%
    Batesville, AR (FHA|USDA|VA) 6 $790,000 $131,667 $1,509 4.87%
    Paragould, AR (FHA|USDA|VA) 3 $715,000 $238,333 $1,972 5.20%
    Russellville, AR (FHA|USDA|VA) 1 $335,000 $335,000 $0 5.95%
    Poplar Bluff, MO (FHA|USDA|VA) 2 $210,000 $105,000 $1,604 6.05%
    Harrison, AR (FHA|USDA|VA) 1 $125,000 $125,000 $2,469 4.75%
    JOPLIN, MO (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.50%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $55,000 $55,000 $1,339 6.75%
    The Farmers & Merchants Bank's top markets include Tulsa, Fayetteville, Little Rock, Jonesboro, and Mountain Home among others.

    Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)

    • Similar Lenders

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

    FIRST WESTERN MORTGAGE, INC.
    Similarity Rank: 160
    Truity Federal Credit Union
    Similarity Rank: 408
    Generations Bank
    Similarity Rank: 720
    Firstar Bank
    Similarity Rank: 962
    ARKANSAS Federal Credit Union
    Similarity Rank: 972
    The Farmers & Merchants Bank
    Similarity Rank: 1088
    First Security Bank
    Similarity Rank: 1159
    The First National Bank of Fort Smith
    Similarity Rank: 1239
    Baxter Credit Union
    Similarity Rank: 1605
    Priority Bank
    Similarity Rank: 1716

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 441 $97,645,000 $221,417 $2,042 5.18%

    For 2022, The Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 441 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 237 $70,405,000 $297,068 $2,242 5.29%
    Refi 129 $22,365,000 $173,372 $2,074 4.88%
    Home Improvement 34 $1,570,000 $46,176 $1,372 5.67%
    Other 31 $1,575,000 $50,806 $1,440 5.47%
    Cash Out Refi 10 $1,730,000 $173,000 $2,919 3.86%

    For 2022, The Farmers & Merchants Bank's most frequently cited loan purpose was Home Purchase, with 237 originations. The 2nd most popular reason was Refi, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 192 $25,060,000 $130,521 $1,651 5.30%
    5 Year 83 $38,845,000 $468,012 $1,512 5.06%
    3 Year 62 $12,860,000 $207,419 $1,197 5.70%
    30 Year 56 $10,120,000 $180,714 $2,874 4.79%
    15 Year 22 $4,890,000 $222,273 $2,683 3.90%
    10 Year 14 $4,300,000 $307,143 $2,352 5.08%
    1 Year 10 $1,220,000 $122,000 $0 6.02%
    20 Year 2 $350,000 $175,000 $2,657 3.31%

    For 2022, The Farmers & Merchants Bank's most frequently cited loan duration was Other, with 192 originations. The 2nd most popular length was 5 Year, with 83 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 145 $19,615,000 $135,276
    $1k-2k 99 $10,115,000 $102,172
    $2k-3k 16 $5,300,000 $331,250
    $3k-4k 1 $465,000 $465,000

    The Farmers & Merchants Bank's average total fees were $2,874, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 145 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 136 $43,810,000 $322,132
    5-6% 97 $14,485,000 $149,330
    6-7% 87 $13,395,000 $153,966
    3-4% 85 $20,085,000 $236,294
    7-8% 23 $2,945,000 $128,043
    2.5-3% 9 $2,585,000 $287,222
    Over 8% 3 $215,000 $71,667
    <2.5% 1 $125,000 $125,000

    During 2022, The Farmers & Merchants Bank's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 4-5%, with 136 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 204 $10,970,000 $53,775 $1,504 5.38%
    $100k-200k 123 $17,815,000 $144,837 $2,299 5.16%
    $200k-400k 84 $23,410,000 $278,690 $2,971 4.85%
    $400k-600k 18 $8,800,000 $488,889 $3,388 4.62%
    $600k-1MM 7 $5,565,000 $795,000 $6,307 5.29%
    $1MM+ 5 $31,085,000 $6,217,000 $3,623 4.53%

    2022 saw The Farmers & Merchants Bank place emphasis on $100,000 or less loans with 204 originations, totaling $10,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 111 $8,865,000 $79,865 $1,645 5.28%
    $50k-75k 81 $9,355,000 $115,494 $1,916 5.18%
    $100k-150k 62 $10,940,000 $176,452 $2,562 5.04%
    $75k-100k 46 $5,350,000 $116,304 $1,971 5.02%
    $150k-250k 29 $4,985,000 $171,897 $2,842 5.47%
    $250k+ 23 $7,545,000 $328,043 $2,700 5.04%

    The Farmers & Merchants Bank lent most frequently to those with incomes in the $50k or less range, with 111 originations. The second most popular income band? $50k-75k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 88 $9,380,000 $106,591 $1,941 5.30%
    30-36% 73 $11,385,000 $155,959 $2,207 5.12%
    <20% 56 $5,930,000 $105,893 $1,909 4.99%
    41% 18 $4,660,000 $258,889 $2,658 5.66%
    >60% 11 $2,605,000 $236,818 $2,663 4.57%
    50-60% 11 $1,405,000 $127,727 $1,473 5.79%
    39% 10 $1,080,000 $108,000 $1,770 5.33%
    37% 10 $1,150,000 $115,000 $1,519 5.02%
    40% 9 $1,255,000 $139,444 $2,579 4.55%
    42% 9 $935,000 $103,889 $1,868 6.06%
    38% 8 $610,000 $76,250 $1,846 5.45%
    36% 8 $1,120,000 $140,000 $1,557 5.47%
    48% 5 $425,000 $85,000 $1,848 5.50%
    45% 5 $1,045,000 $209,000 $2,754 4.50%
    43% 4 $510,000 $127,500 $1,943 5.25%
    47% 2 $330,000 $165,000 $2,281 3.69%
    44% 2 $150,000 $75,000 $2,147 5.16%
    49% 2 $200,000 $100,000 $1,122 4.63%
    46% 2 $150,000 $75,000 $1,896 5.43%

    The Farmers & Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 88 originations. The next most common DTI ratio? 30-36%, with 73 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 79 $48,265,000 $610,949 $0 5.12%
    White 326 $43,380,000 $133,067 $1,962 5.17%
    Not provided 16 $2,240,000 $140,000 $2,353 5.30%
    Asian Indian 3 $1,645,000 $548,333 $4,929 6.19%
    Black 11 $1,025,000 $93,182 $2,223 5.73%
    American Indian 3 $595,000 $198,333 $3,462 5.17%
    Asian 3 $495,000 $165,000 $2,222 3.83%

    Approval Rates

    Total approvals of all applications
    86.89%

    The Farmers & Merchants Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.05%

    The Farmers & Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 441 $97,645,000 $221,417

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    441 $97,645,000 $221,417

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $5,025,000 $85,169 $1,696 5.30%
    40-60% 60 $35,490,000 $591,500 $2,127 4.91%
    60-80% 139 $26,045,000 $187,374 $2,053 5.10%
    80-100% 153 $29,885,000 $195,327 $2,342 5.23%
    Under 20% 30 $1,200,000 $40,000 $1,404 5.56%