Armstrong Bank Mortgage Rates, Fees & Info

Muskogee, OK

LEI: 549300O2D8BPO6PJRB90

Tax ID: 73-0496410

5 stars - Updated: 4/14/24 - 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

Armstrong Bank is a smaller bank specializing in Home Purchase loans. Armstrong 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: Oklahoma City, Fort Smith, Fayetteville, Tulsa, and Tahlequah among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Armstrong 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. Armstrong 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) 5.52% 4/14/24
30 Year Conventional Purchase 6.74% 4/14/24
30 Year Conventional Refi 6.81% 4/14/24
30 Year Cash-out Refi 6.59% 4/14/24
30 Year FHA Purchase 7.23% 4/14/24
30 Year FHA Refi 7.03% 4/14/24
30 Year VA Purchase 6.12% 4/14/24
30 Year VA Refi 6.27% 4/14/24
30 Year USDA Purchase 6.66% 4/14/24
15 Year Conventional Purchase 6.96% 4/14/24
15 Year Conventional Refi 7.46% 4/14/24
15 Year Cash-out Refi 7.46% 4/14/24
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.

Armstrong Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Armstrong 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

819

Origination Dollar Volume (All Markets)

$127,415,000

Awards

Armstrong Bank 30 Year Conventional Loans bronze Armstrong Bank FHA Loans silver Armstrong Bank FHA Loans gold Armstrong Bank FHA Loans gold
Show all (4) awards

Relative Rate

Armstrong Bank's average 30 year fixed mortgage rate was 6.93%.

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

This yields a difference of 0.45%.

Relative Fees (Closing Costs)

Armstrong Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,292.

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 164 $27,160,000 $165,610 $5,032 7.74%
FORT SMITH, AR-OK (FHA|USDA|VA) 194 $27,120,000 $139,794 $4,062 7.74%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 86 $25,020,000 $290,930 $3,729 7.78%
TULSA, OK (FHA|USDA|VA) 123 $17,565,000 $142,805 $4,052 7.90%
Outside of Metro Areas 66 $9,280,000 $140,606 $3,674 7.94%
Tahlequah, OK (FHA|USDA|VA) 65 $8,035,000 $123,615 $3,739 7.93%
Muskogee, OK (FHA|USDA|VA) 75 $6,795,000 $90,600 $2,948 8.06%
Bartlesville, OK (FHA|USDA|VA) 27 $2,245,000 $83,148 $3,404 8.01%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,080,000 $540,000 $0 8.25%
SHERMAN-DENISON, TX (FHA|USDA|VA) 2 $670,000 $335,000 $8,998 8.33%
Shawnee, OK (FHA|USDA|VA) 3 $565,000 $188,333 $8,809 8.30%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $365,000 $365,000 $0 8.01%
JOPLIN, MO (FHA|USDA|VA) 2 $290,000 $145,000 $0 7.00%
Coffeyville, KS (FHA|USDA|VA) 1 $245,000 $245,000 $9,862 5.75%
Miami, OK (FHA|USDA|VA) 1 $235,000 $235,000 $6,001 6.49%
JONESBORO, AR (FHA|USDA|VA) 1 $205,000 $205,000 $9,274 5.75%
Stillwater, OK (FHA|USDA|VA) 2 $170,000 $85,000 $1,562 7.78%
Ada, OK (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.65%
McAlester, OK (FHA|USDA|VA) 2 $150,000 $75,000 $757 7.06%
TEXARKANA, TX-AR (FHA|USDA|VA) 1 $55,000 $55,000 $0 9.01%
Armstrong Bank's top markets include Oklahoma City, Fort Smith, Fayetteville, Tulsa, and Tahlequah among others.

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

    We use machine learning to identify the top lenders compared against Armstrong 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
    Conventional 580 $101,520,000 $175,034 $3,703 8.08%
    HELOC 211 $20,805,000 $98,602 n/a 7.39%
    FHA 22 $3,810,000 $173,182 $7,140 6.10%
    VA 3 $665,000 $221,667 $3,511 6.38%
    USDA 3 $615,000 $205,000 $7,108 5.63%

    For 2023, Armstrong Bank's most frequently originated type of loan was Conventional, with 580 originations. Their 2nd most popular type was HELOC, with 211 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 425 $85,325,000 $200,765 $4,794 7.92%
    Home Improvement 167 $14,215,000 $85,120 $2,245 7.73%
    Other 116 $9,340,000 $80,517 $2,046 7.73%
    Refi 107 $17,765,000 $166,028 $3,507 7.81%
    Cash Out Refi 4 $770,000 $192,500 $5,363 7.09%

    For 2023, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 425 originations. The 2nd most popular reason was Home Improvement, with 167 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 197 $17,755,000 $90,127 $1,241 7.24%
    20 Year 157 $22,735,000 $144,809 $3,056 8.43%
    30 Year 152 $35,220,000 $231,711 $5,292 6.93%
    Other 109 $26,125,000 $239,679 $2,919 8.45%
    15 Year 92 $7,560,000 $82,174 $2,270 8.27%
    1 Year 66 $10,850,000 $164,394 $0 8.55%
    10 Year 31 $1,535,000 $49,516 $1,738 8.14%
    30+ year 15 $5,635,000 $375,667 $7,554 7.70%

    For 2023, Armstrong Bank's most frequently cited loan duration was 5 Year, with 197 originations. The 2nd most popular length was 20 Year, with 157 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 135 $8,635,000 $63,963
    $1k-2k 91 $12,425,000 $136,538
    $2k-3k 54 $12,350,000 $228,704
    $3k-4k 21 $5,845,000 $278,333
    $4k-5k 18 $7,130,000 $396,111
    $5k+ 18 $8,910,000 $495,000

    Armstrong Bank's average total fees were $5,292, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 357 $51,785,000 $145,056
    7-8% 263 $42,115,000 $160,133
    6-7% 149 $22,465,000 $150,772
    5-6% 25 $4,865,000 $194,600
    % 25 $6,185,000 $247,400

    During 2023, Armstrong Bank's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was Over 8%, with 357 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 383 $21,565,000 $56,305 $2,071 8.03%
    $100k-200k 239 $33,725,000 $141,109 $4,208 7.76%
    $200k-400k 146 $39,110,000 $267,877 $5,767 7.56%
    $400k-600k 37 $17,365,000 $469,324 $7,570 7.49%
    $600k-1MM 10 $7,240,000 $724,000 $10,895 7.64%
    $1MM+ 4 $8,410,000 $2,102,500 $0 8.39%

    2023 saw Armstrong Bank place emphasis on $100,000 or less loans with 383 originations, totaling $21,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 135 $19,155,000 $141,889 $4,155 7.54%
    $50k-75k 124 $12,980,000 $104,677 $3,839 7.64%
    $50k or less 116 $8,460,000 $72,931 $2,662 7.98%
    $75k-100k 99 $14,065,000 $142,071 $3,931 7.76%
    $150k-250k 91 $15,225,000 $167,308 $5,183 7.59%
    $250k+ 60 $16,350,000 $272,500 $7,354 7.60%

    Armstrong Bank lent most frequently to those with incomes in the $100k-150k range, with 135 originations. The second most popular income band? $50k-75k, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 124 $15,210,000 $122,661 $3,641 7.68%
    30-36% 92 $13,120,000 $142,609 $4,150 7.43%
    <20% 48 $6,060,000 $126,250 $3,552 7.59%
    44% 29 $4,555,000 $157,069 $5,705 7.27%
    43% 28 $4,570,000 $163,214 $4,910 6.95%
    42% 25 $3,115,000 $124,600 $4,506 7.36%
    41% 24 $3,990,000 $166,250 $4,083 7.36%
    36% 23 $2,495,000 $108,478 $3,360 7.44%
    49% 18 $3,670,000 $203,889 $3,850 7.94%
    39% 18 $2,340,000 $130,000 $4,550 7.23%
    45% 17 $2,225,000 $130,882 $3,180 7.87%
    37% 16 $1,870,000 $116,875 $3,826 7.54%
    40% 15 $2,305,000 $153,667 $4,087 7.49%
    38% 14 $1,700,000 $121,429 $4,469 7.48%
    46% 13 $1,815,000 $139,615 $3,466 7.86%
    48% 10 $2,450,000 $245,000 $4,163 7.78%
    47% 10 $1,150,000 $115,000 $3,342 8.11%
    50-60% 7 $1,275,000 $182,143 $8,337 7.60%
    >60% 2 $110,000 $55,000 $0 8.63%

    Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 92 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 550 $75,650,000 $137,545 $3,941 7.68%
    Not applicable 160 $36,500,000 $228,125 $0 8.40%
    American Indian 81 $10,255,000 $126,605 $3,774 7.70%
    Asian 16 $3,750,000 $234,375 $5,991 7.40%
    Black 9 $675,000 $75,000 $1,900 9.35%
    Native Hawaiian or Islander 2 $460,000 $230,000 $0 8.58%
    Other Asian 1 $125,000 $125,000 $3,881 7.00%

    Approval Rates

    Total approvals of all applications
    91.96%

    Armstrong Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    71.55%

    Armstrong Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 819 $127,415,000 $155,574

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    819 $127,415,000 $155,574

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 166 $15,020,000 $90,482 $2,193 7.81%
    40-60% 146 $25,760,000 $176,438 $3,621 7.85%
    60-80% 222 $42,930,000 $193,378 $4,314 8.10%
    80-100% 189 $39,175,000 $207,275 $5,757 7.66%
    Under 20% 96 $4,530,000 $47,188 $1,298 7.60%