Orrstown Bank Mortgage Rates, Fees & Info

Shippensburg, PA

LEI: 54930060KLIQD8MMSB55

Tax ID: 23-0934350

5 stars - Updated: 12/9/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Orrstown Bank is a smaller bank specializing in Home Purchase and Refi loans. Orrstown 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: Harrisburg, Lancaster, Chambersburg, Baltimore, and Philadelphia among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Orrstown Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Orrstown 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) 3.57% 12/9/24
30 Year Conventional Purchase 6.60% 12/9/24
30 Year Conventional Refi 6.62% 12/9/24
30 Year Cash-out Refi 6.75% 12/9/24
30 Year FHA Purchase 7.37% 12/9/24
30 Year VA Purchase 6.31% 12/9/24
30 Year USDA Purchase 7.03% 12/9/24
15 Year Conventional Purchase 6.20% 12/9/24
15 Year Conventional Refi 6.09% 12/9/24
15 Year Cash-out Refi 6.09% 12/9/24
15 Year FHA Refi 6.90% 12/9/24
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.

Orrstown Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Orrstown 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

864

Origination Dollar Volume (All Markets)

$196,770,000
Show all (5) awards

Relative Rate

Orrstown Bank's average 30 year fixed mortgage rate was 5.53%.

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

This yields a difference of -0.95%.

Relative Fees (Closing Costs)

Orrstown Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,796.

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
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 246 $53,650,000 $218,089 $5,651 5.93%
LANCASTER, PA (FHA|USDA|VA) 135 $43,065,000 $319,000 $6,905 5.59%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 260 $40,420,000 $155,462 $3,940 5.57%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 73 $18,795,000 $257,466 $4,932 5.28%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 21 $6,935,000 $330,238 $6,645 5.84%
READING, PA (FHA|USDA|VA) 17 $5,195,000 $305,588 $7,664 5.46%
YORK-HANOVER, PA (FHA|USDA|VA) 24 $5,140,000 $214,167 $5,955 6.35%
SALISBURY, MD-DE (FHA|USDA|VA) 4 $3,450,000 $862,500 $7,128 6.84%
LEBANON, PA (FHA|USDA|VA) 18 $3,350,000 $186,111 $6,442 5.47%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 21 $3,335,000 $158,810 $5,492 5.02%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $2,175,000 $2,175,000 $9,452 6.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $1,655,000 $1,655,000 $22,552 6.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $1,640,000 $410,000 $5,365 5.56%
GETTYSBURG, PA (FHA|USDA|VA) 11 $1,205,000 $109,545 $5,874 6.29%
Huntingdon, PA (FHA|USDA|VA) 6 $1,100,000 $183,333 $5,293 5.30%
EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $980,000 $490,000 $6,627 7.64%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $755,000 $755,000 $0 6.65%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $495,000 $495,000 $0 4.35%
Pottsville, PA (FHA|USDA|VA) 3 $415,000 $138,333 $3,955 6.24%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $405,000 $405,000 $0 4.35%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $405,000 $405,000 $7,120 7.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $365,000 $365,000 $5,851 7.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $335,000 $335,000 $7,450 7.13%
Outside of Metro Areas 4 $330,000 $82,500 $4,401 7.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $315,000 $315,000 $12,138 6.25%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $285,000 $285,000 $6,594 8.00%
PITTSBURGH, PA (FHA|USDA|VA) 1 $185,000 $185,000 $5,133 6.13%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $155,000 $155,000 $0 7.63%
Meadville, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.35%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.35%
Selinsgrove, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.60%
Orrstown Bank's top markets include Harrisburg, Lancaster, Chambersburg, Baltimore, and Philadelphia among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Orrstown 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
    HELOC 554 $93,220,000 $168,267 n/a 5.14%
    Conventional 299 $100,995,000 $337,776 $5,604 6.71%
    FHA 7 $1,515,000 $216,429 $8,644 6.61%
    VA 3 $855,000 $285,000 $8,544 6.33%
    USDA 1 $185,000 $185,000 $5,866 6.25%

    For 2023, Orrstown Bank's most frequently originated type of loan was HELOC, with 554 originations. Their 2nd most popular type was Conventional, with 299 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 289 $102,785,000 $355,657 $6,243 6.48%
    Refi 198 $41,820,000 $211,212 $2,857 6.39%
    Home Improvement 187 $23,565,000 $126,016 $929 4.72%
    Other 182 $26,850,000 $147,527 $3,392 4.69%
    Cash Out Refi 8 $1,750,000 $218,750 $5,496 6.56%

    For 2023, Orrstown Bank's most frequently cited loan purpose was Home Purchase, with 289 originations. The 2nd most popular reason was Refi, with 198 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 762 $155,730,000 $204,370 $5,796 5.53%
    10 Year 46 $9,700,000 $210,870 $1,221 7.24%
    30+ year 27 $22,435,000 $830,926 $9,081 6.36%
    15 Year 10 $1,490,000 $149,000 $2,706 6.95%
    5 Year 10 $6,300,000 $630,000 $317 6.90%
    20 Year 5 $875,000 $175,000 $3,093 7.08%
    Other 4 $240,000 $60,000 $160 7.25%

    For 2023, Orrstown Bank's most frequently cited loan duration was 30 Year, with 762 originations. The 2nd most popular length was 10 Year, with 46 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 112 $54,580,000 $487,321
    $1k-2k 94 $19,110,000 $203,298
    $<1k 26 $1,640,000 $63,077
    $5k+ 17 $8,715,000 $512,647
    $3k-4k 11 $2,675,000 $243,182
    $4k-5k 4 $1,430,000 $357,500

    Orrstown Bank's average total fees were $5,796, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 112 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 383 $60,395,000 $157,689
    6-7% 165 $59,685,000 $361,727
    7-8% 127 $30,255,000 $238,228
    Over 8% 65 $9,455,000 $145,462
    3-4% 63 $11,555,000 $183,413
    5-6% 61 $25,425,000 $416,803

    During 2023, Orrstown Bank's average interest rate for loans was 5.53%, while their most frequently originated rate bucket for loans was 4-5%, with 383 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 280 $39,710,000 $141,821 $4,361 5.70%
    $200k-400k 246 $68,540,000 $278,618 $6,132 5.93%
    $100,000 or less 233 $13,325,000 $57,189 $1,705 5.36%
    $400k-600k 65 $30,005,000 $461,615 $7,332 5.77%
    $600k-1MM 23 $16,495,000 $717,174 $8,847 6.15%
    $1MM+ 17 $28,695,000 $1,687,941 $11,633 6.35%

    2023 saw Orrstown Bank place emphasis on $100k-200k loans with 280 originations, totaling $39,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 184 $33,030,000 $179,511 $5,651 5.52%
    $150k-250k 156 $39,430,000 $252,756 $6,490 5.56%
    $75k-100k 148 $22,770,000 $153,851 $5,023 5.85%
    $50k-75k 140 $19,420,000 $138,714 $4,808 5.40%
    $250k+ 122 $59,750,000 $489,754 $8,576 5.79%
    $50k or less 69 $7,115,000 $103,116 $2,614 5.69%

    Orrstown Bank lent most frequently to those with incomes in the $100k-150k range, with 184 originations. The second most popular income band? $150k-250k, with 156 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 212 $44,660,000 $210,660 $5,331 5.60%
    30-36% 158 $32,600,000 $206,329 $5,799 5.64%
    <20% 97 $22,955,000 $236,649 $4,075 5.37%
    42% 69 $9,585,000 $138,913 $5,173 5.26%
    41% 36 $10,300,000 $286,111 $6,684 5.77%
    40% 32 $6,320,000 $197,500 $6,061 5.80%
    36% 31 $6,795,000 $219,194 $4,711 6.31%
    38% 27 $5,655,000 $209,444 $4,925 5.68%
    39% 25 $6,015,000 $240,600 $5,373 5.89%
    50-60% 25 $5,755,000 $230,200 $8,541 4.96%
    37% 23 $4,225,000 $183,696 $6,025 5.58%
    >60% 18 $5,860,000 $325,556 $8,694 4.99%
    43% 13 $3,845,000 $295,769 $7,070 5.87%
    44% 12 $3,500,000 $291,667 $6,590 5.64%
    48% 11 $3,315,000 $301,364 $6,721 5.57%
    47% 9 $2,445,000 $271,667 $7,025 6.19%
    46% 8 $2,610,000 $326,250 $5,927 6.42%
    45% 7 $3,995,000 $570,714 $10,200 6.46%
    49% 3 $625,000 $208,333 $6,187 6.88%

    Orrstown Bank lent most frequently to those with DTI ratios of 20-30%, with 212 originations. The next most common DTI ratio? 30-36%, with 158 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 695 $146,255,000 $210,439 $5,472 5.64%
    Not provided 98 $25,850,000 $263,776 $6,497 5.49%
    Not applicable 36 $13,880,000 $385,556 $6,419 7.38%
    Asian 23 $8,265,000 $359,348 $7,647 5.59%
    Black 11 $2,415,000 $219,545 $6,398 6.33%
    Other Asian 1 $105,000 $105,000 $0 4.35%

    Approval Rates

    Total approvals of all applications
    80.75%

    Orrstown Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    90.39%

    Orrstown Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 864 $196,770,000 $227,743

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    864 $196,770,000 $227,743

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 251 $33,895,000 $135,040 $2,591 5.24%
    40-60% 121 $29,935,000 $247,397 $4,957 5.72%
    60-80% 206 $66,390,000 $322,282 $6,571 6.03%
    80-100% 159 $58,825,000 $369,969 $6,126 6.40%
    Over 100% 1 $425,000 $425,000 $0 6.90%
    Under 20% 126 $7,300,000 $57,937 $816 5.17%