Priority Bank Mortgage Rates, Fees & Info

Fayetteville, AR

LEI: 549300D3IKJ7KU3SH574

Tax ID: 71-0734575

5 stars - Updated: 12/9/24 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Priority Bank is a smaller bank specializing in Home Purchase loans. Priority Bank has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Fayetteville, Fort Smith, Branson, and Tyler among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Priority 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. Priority 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
30 Year Conventional Purchase 6.68% 12/9/24
30 Year Conventional Refi 6.49% 12/9/24
30 Year Cash-out Refi 6.70% 12/9/24
30 Year FHA Purchase 6.94% 12/9/24
30 Year FHA Refi 6.68% 12/9/24
30 Year VA Purchase 6.09% 12/9/24
30 Year USDA Purchase 6.45% 12/9/24
15 Year Conventional Purchase 5.61% 12/9/24
15 Year Conventional Refi 6.25% 12/9/24
15 Year Cash-out Refi 6.25% 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.

Priority Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Priority 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

469

Origination Dollar Volume (All Markets)

$116,385,000

Awards

Priority Bank FHA Loans gold Priority Bank FHA Loans bronze Priority Bank USDA Loans bronze
Show all (3) awards

Relative Rate

Priority Bank's average 30 year fixed mortgage rate was 6.49%.

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

This yields a difference of 0.01%.

Relative Fees (Closing Costs)

Priority Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,509.

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
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 443 $112,365,000 $253,646 $6,417 6.66%
FORT SMITH, AR-OK (FHA|USDA|VA) 19 $3,035,000 $159,737 $5,059 7.65%
Outside of Metro Areas 5 $745,000 $149,000 $4,132 7.73%
Branson, MO (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.00%
TYLER, TX (FHA|USDA|VA) 1 $75,000 $75,000 $2,566 10.75%
Priority Bank's top markets include Fayetteville, Fort Smith, Branson, and Tyler among others.

Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

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

    United Bank
    Similarity Rank: 230
    First Security Bank
    Similarity Rank: 255
    The Bank of Missouri
    Similarity Rank: 288
    Priority Bank
    Similarity Rank: 555
    Signature Bank of Arkansas
    Similarity Rank: 830
    FIRST WESTERN MORTGAGE, INC.
    Similarity Rank: 850
    Generations Bank
    Similarity Rank: 868
    Chambers Bank
    Similarity Rank: 1548
    ARKANSAS Federal Credit Union
    Similarity Rank: 1664

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 238 $56,040,000 $235,462 $4,162 7.14%
    FHA 163 $43,305,000 $265,675 $8,355 6.32%
    USDA 36 $8,510,000 $236,389 $7,141 6.25%
    VA 32 $8,530,000 $266,563 $8,199 6.19%

    For 2023, Priority Bank's most frequently originated type of loan was Conventional, with 238 originations. Their 2nd most popular type was FHA, with 163 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 446 $111,260,000 $249,462 $6,493 6.66%
    Refi 11 $3,185,000 $289,545 $3,989 7.07%
    Other 6 $540,000 $90,000 $1,830 9.96%
    Cash Out Refi 5 $1,335,000 $267,000 $4,380 7.08%
    Home Improvement 1 $65,000 $65,000 $1,683 9.25%

    For 2023, Priority Bank's most frequently cited loan purpose was Home Purchase, with 446 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 427 $107,855,000 $252,588 $6,509 6.49%
    Other 25 $5,215,000 $208,600 $2,283 9.28%
    3 Year 16 $3,200,000 $200,000 $1,669 8.78%
    15 Year 1 $115,000 $115,000 $3,547 6.63%

    For 2023, Priority Bank's most frequently cited loan duration was 30 Year, with 427 originations. The 2nd most popular length was Other, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 295 $75,645,000 $256,424
    $3k-4k 39 $8,935,000 $229,103
    $5k+ 37 $9,965,000 $269,324
    $4k-5k 20 $5,090,000 $254,500
    $2k-3k 16 $2,980,000 $186,250
    $<1k 9 $585,000 $65,000

    Priority Bank's average total fees were $6,509, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 295 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 274 $68,820,000 $251,168
    5-6% 90 $23,330,000 $259,222
    7-8% 61 $14,915,000 $244,508
    Over 8% 41 $8,515,000 $207,683
    4-5% 3 $805,000 $268,333

    During 2023, Priority Bank's average interest rate for loans was 6.49%, while their most frequently originated rate bucket for loans was 6-7%, with 274 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 366 $96,410,000 $263,415 $6,806 6.58%
    $100k-200k 68 $11,320,000 $166,471 $4,428 6.84%
    $100,000 or less 22 $1,400,000 $63,636 $2,526 8.52%
    $400k-600k 8 $3,780,000 $472,500 $6,460 6.73%
    $600k-1MM 5 $3,475,000 $695,000 $10,584 7.40%

    2023 saw Priority Bank place emphasis on $200k-400k loans with 366 originations, totaling $96,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 128 $29,200,000 $228,125 $6,537 6.50%
    $75k-100k 119 $30,175,000 $253,571 $6,330 6.59%
    $100k-150k 104 $27,200,000 $261,538 $6,594 6.77%
    $150k-250k 57 $16,945,000 $297,281 $6,701 6.82%
    $50k or less 37 $5,995,000 $162,027 $4,795 6.98%
    $250k+ 18 $4,930,000 $273,889 $4,945 7.33%

    Priority Bank lent most frequently to those with incomes in the $50k-75k range, with 128 originations. The second most popular income band? $75k-100k, with 119 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 78 $18,070,000 $231,667 $5,660 6.77%
    30-36% 78 $20,690,000 $265,256 $6,217 6.67%
    50-60% 40 $10,620,000 $265,500 $8,870 6.30%
    <20% 26 $5,290,000 $203,462 $4,142 6.67%
    39% 21 $5,285,000 $251,667 $6,748 6.55%
    43% 20 $4,660,000 $233,000 $5,604 6.86%
    49% 18 $4,450,000 $247,222 $6,421 6.72%
    41% 17 $4,575,000 $269,118 $6,408 6.77%
    38% 17 $4,125,000 $242,647 $6,596 6.59%
    36% 16 $4,000,000 $250,000 $5,492 6.45%
    45% 16 $4,030,000 $251,875 $5,938 6.51%
    40% 16 $3,520,000 $220,000 $6,372 6.47%
    44% 15 $3,935,000 $262,333 $7,264 6.38%
    47% 15 $3,805,000 $253,667 $6,400 6.56%
    46% 14 $3,610,000 $257,857 $6,647 6.61%
    42% 13 $3,445,000 $265,000 $7,137 6.38%
    48% 13 $3,235,000 $248,846 $7,702 6.34%
    37% 10 $2,380,000 $238,000 $5,451 6.71%

    Priority Bank lent most frequently to those with DTI ratios of 20-30%, with 78 originations. The next most common DTI ratio? 30-36%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 379 $93,185,000 $245,871 $6,394 6.69%
    Asian 54 $13,950,000 $258,333 $5,624 6.73%
    Black 15 $3,935,000 $262,333 $6,572 6.77%
    Not applicable 6 $1,940,000 $323,333 $0 8.67%
    American Indian 8 $1,920,000 $240,000 $8,277 5.98%
    Native Hawaiian or Islander 3 $525,000 $175,000 $5,686 6.17%
    Other Asian 2 $510,000 $255,000 $6,141 7.63%
    Asian Indian 1 $325,000 $325,000 $0 7.90%
    Filipino 1 $95,000 $95,000 $2,778 10.50%

    Approval Rates

    Total approvals of all applications
    99.81%

    Priority Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    85.50%

    Priority Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 469 $116,385,000 $248,156

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    469 $116,385,000 $248,156

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $1,460,000 $91,250 $3,494 7.48%
    40-60% 21 $3,985,000 $189,762 $3,664 7.21%
    60-80% 83 $19,045,000 $229,458 $4,731 6.89%
    80-100% 328 $87,070,000 $265,457 $6,842 6.54%
    Over 100% 14 $4,500,000 $321,429 $11,344 7.01%
    Under 20% 7 $325,000 $46,429 $1,273 9.61%