Armstrong Bank Mortgage Rates, Fees & Info

Muskogee, OK

LEI: 549300O2D8BPO6PJRB90

Tax ID: 73-0496410

5 stars - Updated: 9/18/23 - out of 5 stars, based on 34 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.52% 9/18/23
    30 Year Conventional Purchase 6.74% 9/18/23
    30 Year Conventional Refi 6.81% 9/18/23
    30 Year Cash-out Refi 6.59% 9/18/23
    30 Year FHA Purchase 7.23% 9/18/23
    30 Year FHA Refi 7.03% 9/18/23
    30 Year VA Purchase 6.12% 9/18/23
    30 Year VA Refi 6.27% 9/18/23
    30 Year USDA Purchase 6.66% 9/18/23
    15 Year Conventional Purchase 6.96% 9/18/23
    15 Year Conventional Refi 7.46% 9/18/23
    15 Year Cash-out Refi 7.46% 9/18/23
    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

    1,144

    Origination Dollar Volume (All Markets)

    $219,090,000
    Show all (11) awards

    Relative Rate

    Armstrong Bank's average 30 year fixed mortgage rate was 4.82%.

    The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

    This yields a difference of 0.06%.

    Relative Fees (Closing Costs)

    Armstrong Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $4,975.

    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 $4,750.

    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) 299 $59,745,000 $199,816 $4,664 5.15%
    FORT SMITH, AR-OK (FHA|USDA|VA) 297 $49,805,000 $167,694 $3,952 5.26%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 96 $42,980,000 $447,708 $4,132 4.96%
    TULSA, OK (FHA|USDA|VA) 110 $17,900,000 $162,727 $4,652 5.24%
    Outside of Metro Areas 97 $14,565,000 $150,155 $3,996 5.44%
    Tahlequah, OK (FHA|USDA|VA) 90 $13,150,000 $146,111 $4,246 5.12%
    Muskogee, OK (FHA|USDA|VA) 111 $12,015,000 $108,243 $3,376 5.19%
    Bartlesville, OK (FHA|USDA|VA) 22 $2,800,000 $127,273 $4,854 5.34%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $17,007 4.75%
    Stillwater, OK (FHA|USDA|VA) 4 $830,000 $207,500 $5,133 4.88%
    Shawnee, OK (FHA|USDA|VA) 6 $770,000 $128,333 $4,855 5.84%
    ENID, OK (FHA|USDA|VA) 1 $645,000 $645,000 $0 4.26%
    Athens, TX (FHA|USDA|VA) 1 $585,000 $585,000 $0 4.60%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $435,000 $435,000 $0 4.26%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $395,000 $395,000 $9,387 5.50%
    Altus, OK (FHA|USDA|VA) 2 $380,000 $190,000 $0 6.42%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $355,000 $355,000 $0 7.51%
    McAlester, OK (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.15%
    Coffeyville, KS (FHA|USDA|VA) 2 $40,000 $20,000 $1,583 3.53%
    Miami, OK (FHA|USDA|VA) 1 $35,000 $35,000 $1,212 6.65%
    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)
  • Colorado (FHA|USDA|VA)
  • Texas (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.

    First Oklahoma Mortgage, LLC
    Similarity Rank: 108
    US Employees O.C. Federal Credit Union
    Similarity Rank: 188
    RED CROWN
    Similarity Rank: 240
    FIRST WESTERN MORTGAGE, INC.
    Similarity Rank: 255
    Municipal Employees Credit Union of Oklahoma City
    Similarity Rank: 312
    TRUE SKY
    Similarity Rank: 330
    WEOKIE
    Similarity Rank: 528
    KS StateBank
    Similarity Rank: 600
    First Security Bank
    Similarity Rank: 665
    OKLAHOMA CENTRAL Credit Union
    Similarity Rank: 720

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 859 $183,735,000 $213,894 $3,825 5.48%
    HELOC 189 $18,025,000 $95,370 n/a 4.34%
    FHA 60 $10,620,000 $177,000 $6,486 4.61%
    USDA 26 $4,060,000 $156,154 $5,144 4.17%
    VA 10 $2,650,000 $265,000 $5,627 4.53%

    For 2022, Armstrong Bank's most frequently originated type of loan was Conventional, with 859 originations. Their 2nd most popular type was HELOC, with 189 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 643 $149,715,000 $232,838 $4,714 5.32%
    Refi 219 $40,595,000 $185,365 $3,682 5.12%
    Home Improvement 170 $16,410,000 $96,529 $1,683 4.96%
    Other 88 $7,690,000 $87,386 $2,551 5.38%
    Cash Out Refi 24 $4,680,000 $195,000 $4,739 4.04%

    For 2022, Armstrong Bank's most frequently cited loan purpose was Home Purchase, with 643 originations. The 2nd most popular reason was Refi, with 219 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 410 $92,960,000 $226,732 $4,975 4.82%
    20 Year 203 $32,665,000 $160,911 $2,839 5.99%
    5 Year 189 $16,525,000 $87,434 $909 4.41%
    15 Year 130 $12,460,000 $95,846 $2,697 5.67%
    Other 127 $55,725,000 $438,780 $3,142 5.51%
    1 Year 45 $7,065,000 $157,000 $762 5.44%
    10 Year 39 $1,675,000 $42,949 $1,132 6.11%
    3 Year 1 $15,000 $15,000 $481 8.15%

    For 2022, Armstrong Bank's most frequently cited loan duration was 30 Year, with 410 originations. The 2nd most popular length was 20 Year, with 203 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 262 $31,360,000 $119,695
    $1k-2k 158 $22,820,000 $144,430
    $2k-3k 81 $19,285,000 $238,086
    $3k-4k 44 $12,750,000 $289,773
    $5k+ 31 $18,455,000 $595,323
    $4k-5k 13 $4,755,000 $365,769

    Armstrong Bank's average total fees were $4,975, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 262 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 299 $67,045,000 $224,231
    5-6% 253 $42,625,000 $168,478
    3-4% 230 $48,620,000 $211,391
    6-7% 112 $30,170,000 $269,375
    7-8% 76 $7,630,000 $100,395
    2.5-3% 64 $8,250,000 $128,906
    Over 8% 62 $4,640,000 $74,839
    % 43 $9,355,000 $217,558
    <2.5% 5 $755,000 $151,000

    During 2022, Armstrong Bank's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 299 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 460 $25,860,000 $56,217 $2,191 5.67%
    $100k-200k 354 $50,560,000 $142,825 $4,161 4.98%
    $200k-400k 250 $67,830,000 $271,320 $5,465 4.73%
    $400k-600k 45 $21,685,000 $481,889 $7,051 5.11%
    $600k-1MM 20 $14,230,000 $711,500 $9,637 4.67%
    $1MM+ 15 $38,925,000 $2,595,000 $12,316 4.83%

    2022 saw Armstrong Bank place emphasis on $100,000 or less loans with 460 originations, totaling $25,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 197 $25,085,000 $127,335 $3,789 5.19%
    $50k or less 191 $15,945,000 $83,482 $3,169 5.54%
    $100k-150k 188 $29,430,000 $156,543 $4,386 4.95%
    $75k-100k 144 $23,500,000 $163,194 $4,520 5.23%
    $150k-250k 127 $28,765,000 $226,496 $5,374 4.82%
    $250k+ 81 $22,365,000 $276,111 $7,737 5.69%

    Armstrong Bank lent most frequently to those with incomes in the $50k-75k range, with 197 originations. The second most popular income band? $50k or less, with 191 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 188 $29,720,000 $158,085 $4,083 4.82%
    30-36% 154 $26,470,000 $171,883 $4,500 5.08%
    <20% 109 $14,395,000 $132,064 $3,869 4.64%
    42% 43 $7,465,000 $173,605 $4,384 6.11%
    38% 41 $5,835,000 $142,317 $3,864 5.44%
    41% 40 $4,860,000 $121,500 $3,593 5.64%
    39% 37 $6,765,000 $182,838 $4,204 5.14%
    40% 36 $6,160,000 $171,111 $4,375 5.27%
    37% 35 $5,685,000 $162,429 $3,920 5.19%
    36% 27 $3,835,000 $142,037 $3,732 5.36%
    44% 25 $3,865,000 $154,600 $4,873 4.44%
    43% 19 $3,005,000 $158,158 $4,387 4.69%
    45% 16 $2,680,000 $167,500 $4,933 5.02%
    47% 10 $1,660,000 $166,000 $4,936 5.35%
    46% 9 $1,915,000 $212,778 $4,858 4.64%
    49% 7 $1,415,000 $202,143 $4,592 5.24%
    48% 5 $785,000 $157,000 $6,209 5.25%
    50-60% 4 $840,000 $210,000 $5,624 7.01%
    >60% 2 $480,000 $240,000 $1,902 8.77%

    Armstrong Bank lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? 30-36%, with 154 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 754 $117,160,000 $155,385 $4,120 5.19%
    Not applicable 198 $70,830,000 $357,727 $5,037 5.20%
    American Indian 134 $17,230,000 $128,582 $4,182 5.32%
    Asian 30 $7,160,000 $238,667 $5,072 4.82%
    Black 24 $3,570,000 $148,750 $4,983 5.59%
    Asian Indian 1 $2,505,000 $2,505,000 $0 6.26%
    Other Asian 2 $330,000 $165,000 $0 4.57%
    Native Hawaiian or Islander 1 $305,000 $305,000 $5,320 3.50%

    Approval Rates

    Total approvals of all applications
    91.23%

    Armstrong Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    70.02%

    Armstrong Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    149.0 1 $85,000 $85,000
    249.0 1 $55,000 $55,000
    NA 1,142 $218,950,000 $191,725

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,144 $219,090,000 $191,512

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 169 $16,555,000 $97,959 $2,290 5.24%
    40-60% 166 $42,040,000 $253,253 $3,361 5.24%
    60-80% 333 $72,845,000 $218,754 $4,452 5.35%
    80-100% 355 $80,445,000 $226,606 $5,269 4.94%
    Over 100% 8 $1,890,000 $236,250 $6,401 3.56%
    Under 20% 112 $5,270,000 $47,054 $1,062 5.63%