American State Bank Mortgage Rates, Fees & Info

Sioux Center, IA

LEI: 549300BNZVNK1XN85P72

Tax ID: 42-0318300

5 stars - Updated: 12/5/24 - out of 5 stars, based on 16 reviews

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

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Mortgage Data

Review & Overview

American State Bank is a smaller bank specializing in Home Purchase loans. American State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Sioux City, Spirit Lake, Minneapolis, and Chicago among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

American State 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. American State 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 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
30 Year Conventional Purchase 6.83% 12/5/24
30 Year Conventional Refi 6.74% 12/5/24
30 Year Cash-out Refi 6.58% 12/5/24
30 Year USDA Purchase 6.27% 12/5/24
15 Year Conventional Purchase 6.13% 12/5/24
15 Year Conventional Refi 6.21% 12/5/24
15 Year Cash-out Refi 6.21% 12/5/24
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.

American State Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from American State 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

259

Origination Dollar Volume (All Markets)

$67,995,000

Awards

American State Bank 30 Year Conventional Loans bronze American State Bank 30 Year Conventional Loans bronze
Show all (2) awards

Relative Rate

American State Bank's average 30 year fixed mortgage rate was 6.71%.

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

This yields a difference of 0.23%.

Relative Fees (Closing Costs)

American State Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $3,461.

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
Outside of Metro Areas 186 $40,910,000 $219,946 $2,686 6.94%
SIOUX FALLS, SD (FHA|USDA|VA) 29 $16,395,000 $565,345 $3,319 6.64%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 8 $1,490,000 $186,250 $2,240 6.70%
Spirit Lake, IA (FHA|USDA|VA) 5 $1,315,000 $263,000 $3,450 6.93%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,220,000 $305,000 $3,576 6.47%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $860,000 $430,000 $9,852 6.38%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $770,000 $385,000 $4,298 6.63%
Yankton, SD (FHA|USDA|VA) 1 $725,000 $725,000 $2,362 6.38%
Sevierville, TN (FHA|USDA|VA) 1 $515,000 $515,000 $0 7.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $460,000 $230,000 $3,501 7.44%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $455,000 $151,667 $1,999 6.96%
Norfolk, NE (FHA|USDA|VA) 1 $405,000 $405,000 $1,814 8.50%
Oxford, MS (FHA|USDA|VA) 1 $355,000 $355,000 $4,927 6.88%
SALEM, OR (FHA|USDA|VA) 1 $325,000 $325,000 $6,166 7.00%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $295,000 $295,000 $3,650 6.38%
Storm Lake, IA (FHA|USDA|VA) 1 $215,000 $215,000 $0 7.88%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $195,000 $195,000 $2,497 6.75%
ROCHESTER, MN (FHA|USDA|VA) 1 $185,000 $185,000 $2,748 7.38%
Brookings, SD (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.25%
DULUTH, MN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,860 6.38%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $155,000 $155,000 $5,422 6.50%
AMES, IA (FHA|USDA|VA) 1 $145,000 $145,000 $1,525 6.38%
Spencer, IA (FHA|USDA|VA) 2 $120,000 $60,000 $0 6.75%
Worthington, MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.75%
Aberdeen, SD (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.75%
American State Bank's top markets include Sioux Falls, Sioux City, Spirit Lake, Minneapolis, and Chicago among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Similar Lenders

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

    SIOUX FALLS
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    Similarity Rank: 650
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    CORTRUST MORTGAGE, INC.
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 259 $67,995,000 $262,529 $2,900 6.89%

    For 2023, American State Bank's most frequently originated type of loan was Conventional, with 259 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 221 $60,665,000 $274,502 $3,067 6.84%
    Refi 26 $6,320,000 $243,077 $1,744 7.10%
    Home Improvement 6 $250,000 $41,667 $343 7.87%
    Other 3 $455,000 $151,667 $2,454 7.25%
    Cash Out Refi 3 $305,000 $101,667 $2,371 6.54%

    For 2023, American State Bank's most frequently cited loan purpose was Home Purchase, with 221 originations. The 2nd most popular reason was Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 126 $39,560,000 $313,968 $3,461 6.71%
    Other 67 $17,595,000 $262,612 $1,848 7.08%
    15 Year 32 $5,500,000 $171,875 $1,651 6.77%
    20 Year 22 $3,900,000 $177,273 $2,671 6.90%
    5 Year 7 $905,000 $129,286 $0 8.48%
    1 Year 2 $370,000 $185,000 $673 6.13%
    10 Year 2 $110,000 $55,000 $0 8.13%
    3 Year 1 $55,000 $55,000 $0 8.50%

    For 2023, American State Bank's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was Other, with 67 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 79 $17,555,000 $222,215
    $<1k 59 $11,495,000 $194,831
    $2k-3k 19 $5,475,000 $288,158
    $5k+ 12 $4,810,000 $400,833
    $3k-4k 8 $2,790,000 $348,750
    $4k-5k 6 $1,430,000 $238,333

    American State Bank's average total fees were $3,461, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 79 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 143 $40,445,000 $282,832
    7-8% 66 $11,880,000 $180,000
    5-6% 26 $11,920,000 $458,462
    Over 8% 22 $3,390,000 $154,091
    4-5% 2 $360,000 $180,000

    During 2023, American State Bank's average interest rate for loans was 6.71%, while their most frequently originated rate bucket for loans was 6-7%, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 96 $14,880,000 $155,000 $2,200 6.87%
    $200k-400k 85 $23,315,000 $274,294 $3,369 6.78%
    $100,000 or less 47 $2,805,000 $59,681 $1,522 7.31%
    $400k-600k 17 $8,205,000 $482,647 $3,527 6.76%
    $600k-1MM 10 $7,210,000 $721,000 $7,224 6.56%
    $1MM+ 4 $11,580,000 $2,895,000 $0 6.09%

    2023 saw American State Bank place emphasis on $100k-200k loans with 96 originations, totaling $14,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 56 $12,830,000 $229,107 $3,557 6.91%
    $50k-75k 52 $9,010,000 $173,269 $2,014 6.92%
    $75k-100k 39 $7,825,000 $200,641 $2,901 7.05%
    $50k or less 29 $3,705,000 $127,759 $1,958 6.61%
    $150k-250k 24 $7,330,000 $305,417 $4,354 6.94%
    $250k+ 16 $7,410,000 $463,125 $4,149 6.84%

    American State Bank lent most frequently to those with incomes in the $100k-150k range, with 56 originations. The second most popular income band? $50k-75k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 42 $9,110,000 $216,905 $2,497 6.66%
    20-30% 38 $7,410,000 $195,000 $3,349 6.71%
    <20% 23 $6,915,000 $300,652 $2,579 6.98%
    39% 9 $2,235,000 $248,333 $2,963 6.96%
    45% 9 $2,525,000 $280,556 $4,645 6.97%
    36% 9 $1,765,000 $196,111 $3,453 6.85%
    38% 9 $1,675,000 $186,111 $2,473 6.83%
    44% 8 $1,670,000 $208,750 $1,810 6.94%
    41% 8 $1,490,000 $186,250 $1,806 7.16%
    42% 6 $1,320,000 $220,000 $2,536 7.02%
    49% 6 $1,260,000 $210,000 $3,064 6.94%
    50-60% 6 $2,270,000 $378,333 $4,017 7.13%
    40% 5 $1,205,000 $241,000 $2,739 7.18%
    37% 4 $650,000 $162,500 $3,017 6.25%
    46% 3 $645,000 $215,000 $3,397 7.25%
    47% 3 $1,065,000 $355,000 $4,208 6.71%
    48% 2 $520,000 $260,000 $3,295 6.06%
    >60% 2 $550,000 $275,000 $1,615 7.38%
    43% 2 $320,000 $160,000 $1,611 6.19%

    American State Bank lent most frequently to those with DTI ratios of 30-36%, with 42 originations. The next most common DTI ratio? 20-30%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 199 $44,275,000 $222,487 $2,926 6.89%
    Not applicable 41 $19,555,000 $476,951 $0 6.87%
    Not provided 13 $2,695,000 $207,308 $2,350 7.00%
    Asian 3 $865,000 $288,333 $4,222 6.54%
    American Indian 3 $605,000 $201,667 $2,322 7.29%

    Approval Rates

    Total approvals of all applications
    94.74%

    American State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.19%

    American State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    50.0 1 $45,000 $45,000
    NA 258 $67,950,000 $263,372

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    259 $67,995,000 $262,529

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $7,695,000 $307,800 $1,614 6.98%
    40-60% 27 $6,985,000 $258,704 $1,904 6.80%
    60-80% 66 $16,230,000 $245,909 $3,661 6.75%
    80-100% 111 $33,115,000 $298,333 $2,947 6.83%
    Under 20% 30 $3,970,000 $132,333 $217 7.42%