First Bank & Trust Mortgage Rates, Fees & Info

Brookings, SD

LEI: 549300IQ5NY7CSJLZW53

Tax ID: 46-0187030

5 stars - Updated: 6/9/24 - out of 5 stars, based on 36 reviews

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

Jump to:

Mortgage Data

Review & Overview

First Bank & Trust is a smaller bank specializing in Home Purchase loans. First Bank & Trust has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Brookings, Watertown, and Spearfish among others. We have data for 52 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Bank & Trust 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. First Bank & Trust 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) 6.80% 6/9/24
30 Year Conventional Purchase 6.48% 6/9/24
30 Year Conventional Refi 6.45% 6/9/24
30 Year Cash-out Refi 6.47% 6/9/24
30 Year FHA Purchase 7.03% 6/9/24
30 Year VA Purchase 5.73% 6/9/24
30 Year VA Refi 5.47% 6/9/24
30 Year USDA Purchase 6.47% 6/9/24
15 Year Conventional Purchase 5.89% 6/9/24
15 Year Conventional Refi 5.89% 6/9/24
15 Year Cash-out Refi 5.89% 6/9/24
15 Year VA Purchase 5.76% 6/9/24
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.

First Bank & Trust Mortgage Calculator






Your Estimates

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

This is not an official calculator from First Bank & Trust. 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

1,329

Origination Dollar Volume (All Markets)

$336,325,000
Show all (10) awards

Relative Rate

First Bank & Trust's average 30 year fixed mortgage rate was 6.31%.

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

This yields a difference of -0.17%.

Relative Fees (Closing Costs)

First Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $6,009.

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
SIOUX FALLS, SD (FHA|USDA|VA) 448 $116,990,000 $261,138 $4,513 6.92%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 198 $97,890,000 $494,394 $4,208 7.29%
Outside of Metro Areas 296 $48,480,000 $163,784 $4,196 6.88%
Brookings, SD (FHA|USDA|VA) 185 $29,995,000 $162,135 $3,632 7.11%
Watertown, SD (FHA|USDA|VA) 74 $13,320,000 $180,000 $3,293 6.62%
Spearfish, SD (FHA|USDA|VA) 6 $4,250,000 $708,333 $9,349 6.05%
Vermillion, SD (FHA|USDA|VA) 20 $2,110,000 $105,500 $3,216 6.92%
Spirit Lake, IA (FHA|USDA|VA) 5 $1,755,000 $351,000 $5,217 6.30%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,390,000 $347,500 $7,326 6.47%
Brainerd, MN (FHA|USDA|VA) 3 $1,345,000 $448,333 $4,427 6.63%
ST. CLOUD, MN (FHA|USDA|VA) 6 $1,230,000 $205,000 $4,056 6.74%
Faribault-Northfield, MN (FHA|USDA|VA) 6 $1,110,000 $185,000 $3,784 7.01%
FARGO, ND-MN (FHA|USDA|VA) 2 $1,060,000 $530,000 $8,216 5.81%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $1,030,000 $515,000 $8,335 7.25%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 9 $1,025,000 $113,889 $2,654 6.43%
RAPID CITY, SD (FHA|USDA|VA) 1 $865,000 $865,000 $11,625 5.88%
Willmar, MN (FHA|USDA|VA) 2 $860,000 $430,000 $4,426 7.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $795,000 $159,000 $0 7.57%
Aberdeen, SD (FHA|USDA|VA) 3 $775,000 $258,333 $6,352 6.73%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $725,000 $725,000 $11,896 7.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $645,000 $645,000 $10,637 6.75%
DULUTH, MN-WI (FHA|USDA|VA) 9 $585,000 $65,000 $0 7.33%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $535,000 $535,000 $0 7.70%
BISMARCK, ND (FHA|USDA|VA) 1 $515,000 $515,000 $7,059 5.50%
CLEVELAND, TN (FHA|USDA|VA) 1 $505,000 $505,000 $8,556 6.88%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $505,000 $505,000 $7,655 6.38%
Marshall, MN (FHA|USDA|VA) 5 $495,000 $99,000 $3,305 7.53%
Hutchinson, MN (FHA|USDA|VA) 2 $360,000 $180,000 $4,353 6.28%
ROCHESTER, MN (FHA|USDA|VA) 2 $360,000 $180,000 $4,532 7.43%
WICHITA, KS (FHA|USDA|VA) 1 $345,000 $345,000 $6,630 6.88%
Worthington, MN (FHA|USDA|VA) 3 $345,000 $115,000 $3,062 4.83%
Yankton, SD (FHA|USDA|VA) 3 $345,000 $115,000 $4,077 6.99%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $345,000 $345,000 $11,856 6.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $295,000 $295,000 $5,653 6.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $6,395 6.88%
Mitchell, SD (FHA|USDA|VA) 2 $280,000 $140,000 $2,617 6.26%
Grand Rapids, MN (FHA|USDA|VA) 1 $255,000 $255,000 $5,233 6.50%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $255,000 $255,000 $5,375 6.50%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $225,000 $225,000 $4,730 6.99%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.70%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $205,000 $205,000 $4,518 6.50%
Owatonna, MN (FHA|USDA|VA) 2 $180,000 $90,000 $0 7.85%
LINCOLN, NE (FHA|USDA|VA) 1 $175,000 $175,000 $3,771 5.88%
Seneca, SC (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.50%
New Ulm, MN (FHA|USDA|VA) 1 $155,000 $155,000 $4,632 6.63%
Pierre, SD (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.38%
Fergus Falls, MN (FHA|USDA|VA) 1 $145,000 $145,000 $0 6.63%
Fairmont, MN (FHA|USDA|VA) 2 $140,000 $70,000 $479 6.43%
Alexandria, MN (FHA|USDA|VA) 1 $95,000 $95,000 $3,600 5.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $95,000 $95,000 $0 9.35%
Fremont, NE (FHA|USDA|VA) 1 $75,000 $75,000 $2,792 5.75%
Huron, SD (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.88%
First Bank & Trust's top markets include Sioux Falls, Minneapolis, Brookings, Watertown, and Spearfish among others.

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

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

    South Metro Federal Credit Union
    Similarity Rank: 55
    SIOUX FALLS
    Similarity Rank: 120
    MY Credit Union
    Similarity Rank: 225
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    Cornerstone State Bank
    Similarity Rank: 456
    First Dakota National Bank
    Similarity Rank: 510
    American Bank & Trust
    Similarity Rank: 528
    Reliabank Dakota
    Similarity Rank: 578
    Dacotah Bank
    Similarity Rank: 594

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 959 $280,805,000 $292,810 $3,767 6.49%
    HELOC 245 $25,815,000 $105,367 n/a 9.14%
    FHA 73 $17,485,000 $239,521 $8,241 6.35%
    VA 28 $8,590,000 $306,786 $6,562 6.16%
    USDA 24 $3,630,000 $151,250 $4,376 6.18%

    For 2023, First Bank & Trust's most frequently originated type of loan was Conventional, with 959 originations. Their 2nd most popular type was HELOC, with 245 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 786 $267,200,000 $339,949 $5,883 6.64%
    Home Improvement 212 $16,610,000 $78,349 $718 7.43%
    Refi 196 $37,380,000 $190,714 $1,537 7.62%
    Other 116 $10,660,000 $91,897 $646 7.25%
    Cash Out Refi 19 $4,475,000 $235,526 $5,899 6.55%

    For 2023, First Bank & Trust's most frequently cited loan purpose was Home Purchase, with 786 originations. The 2nd most popular reason was Home Improvement, with 212 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 614 $180,080,000 $293,290 $6,009 6.31%
    5 Year 260 $46,740,000 $179,769 $347 8.96%
    10 Year 237 $19,185,000 $80,949 $510 6.37%
    Other 126 $44,170,000 $350,556 $1,247 6.85%
    1 Year 30 $9,660,000 $322,000 $0 8.24%
    15 Year 25 $4,545,000 $181,800 $4,136 6.37%
    20 Year 19 $3,145,000 $165,526 $5,433 7.07%
    3 Year 18 $28,800,000 $1,600,000 $567 7.56%

    For 2023, First Bank & Trust's most frequently cited loan duration was 30 Year, with 614 originations. The 2nd most popular length was 5 Year, with 260 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 420 $53,700,000 $127,857
    $2k-3k 132 $25,950,000 $196,591
    $3k-4k 116 $33,570,000 $289,397
    $5k+ 95 $64,525,000 $679,211
    $1k-2k 85 $9,315,000 $109,588
    $4k-5k 55 $20,895,000 $379,909

    First Bank & Trust's average total fees were $6,009, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 420 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 471 $164,025,000 $348,248
    5-6% 361 $72,305,000 $200,291
    Over 8% 294 $37,370,000 $127,109
    7-8% 184 $58,940,000 $320,326
    4-5% 12 $3,630,000 $302,500
    <2.5% 7 $55,000 $7,857

    During 2023, First Bank & Trust's average interest rate for loans was 6.31%, while their most frequently originated rate bucket for loans was 6-7%, with 471 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 511 $26,855,000 $52,554 $904 7.31%
    $200k-400k 383 $104,965,000 $274,060 $5,622 6.73%
    $100k-200k 276 $41,230,000 $149,384 $3,740 6.86%
    $400k-600k 109 $52,515,000 $481,789 $7,505 6.49%
    $600k-1MM 28 $20,510,000 $732,500 $10,380 6.78%
    $1MM+ 22 $90,250,000 $4,102,273 $20,955 6.73%

    2023 saw First Bank & Trust place emphasis on $100,000 or less loans with 511 originations, totaling $26,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 291 $51,935,000 $178,471 $4,190 6.87%
    $150k-250k 230 $51,560,000 $224,174 $4,133 6.96%
    $50k-75k 181 $26,885,000 $148,536 $4,187 6.79%
    $75k-100k 174 $26,750,000 $153,736 $3,797 7.10%
    $250k+ 165 $69,825,000 $423,182 $7,184 7.05%
    $50k or less 126 $11,400,000 $90,476 $2,928 6.59%

    First Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 291 originations. The second most popular income band? $150k-250k, with 230 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 297 $49,935,000 $168,131 $3,331 7.01%
    30-36% 244 $43,150,000 $176,844 $3,541 6.71%
    <20% 129 $25,025,000 $193,992 $3,476 7.11%
    37% 56 $11,220,000 $200,357 $3,839 6.73%
    39% 55 $13,085,000 $237,909 $4,576 6.69%
    36% 47 $8,965,000 $190,745 $4,501 6.72%
    38% 45 $9,565,000 $212,556 $4,075 6.65%
    43% 42 $11,590,000 $275,952 $6,256 7.42%
    42% 38 $5,400,000 $142,105 $3,863 6.97%
    40% 38 $9,240,000 $243,158 $4,964 6.64%
    44% 33 $9,385,000 $284,394 $6,616 6.85%
    41% 33 $6,035,000 $182,879 $5,523 7.40%
    46% 25 $9,035,000 $361,400 $7,354 6.60%
    45% 24 $7,200,000 $300,000 $6,694 6.53%
    49% 21 $5,545,000 $264,048 $5,586 6.89%
    50-60% 16 $4,160,000 $260,000 $7,577 6.44%
    >60% 14 $2,890,000 $206,429 $3,354 8.10%
    47% 14 $4,200,000 $300,000 $6,230 6.59%
    48% 12 $4,050,000 $337,500 $6,877 6.73%

    First Bank & Trust lent most frequently to those with DTI ratios of 20-30%, with 297 originations. The next most common DTI ratio? 30-36%, with 244 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,105 $219,255,000 $198,421 $4,128 6.96%
    Not applicable 95 $88,095,000 $927,316 $0 7.43%
    Not provided 92 $21,620,000 $235,000 $5,291 6.63%
    Asian 14 $2,290,000 $163,571 $3,504 6.54%
    Black 8 $1,760,000 $220,000 $3,458 7.18%
    American Indian 8 $1,470,000 $183,750 $3,646 6.36%
    Asian Indian 4 $1,120,000 $280,000 $8,542 6.91%
    Chinese 1 $355,000 $355,000 $14,018 5.75%
    Other Asian 1 $295,000 $295,000 $5,262 5.99%
    Korean 1 $65,000 $65,000 $0 6.88%

    Approval Rates

    Total approvals of all applications
    88.13%

    First Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    74.27%

    First Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $5,000 $5,000
    NA 1,328 $336,320,000 $253,253

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,329 $336,325,000 $253,066

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 224 $27,830,000 $124,241 $1,541 7.33%
    40-60% 115 $27,425,000 $238,478 $3,977 7.02%
    60-80% 289 $141,035,000 $488,010 $5,934 6.81%
    80-100% 379 $123,155,000 $324,947 $6,411 6.54%
    Over 100% 3 $735,000 $245,000 $10,040 6.75%
    Under 20% 319 $16,145,000 $50,611 $519 7.31%