American Bank & Trust Mortgage Rates, Fees & Info

Wessington Springs, SD

LEI: 549300T03X096VF60C57

Tax ID: 46-0108140

5 stars - Updated: 11/17/24 - out of 5 stars, based on 20 reviews

Latest/2023 | 2022 Data | 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

    American Bank & Trust is a smaller bank specializing in Home Purchase loans. American Bank & Trust 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: Sioux Falls, Huron, Watertown, Sedalia, and Aberdeen among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    American Bank & Trust 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 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
    30 Year Conventional Purchase 6.29% 11/17/24
    30 Year Conventional Refi 6.18% 11/17/24
    30 Year Cash-out Refi 6.38% 11/17/24
    30 Year FHA Purchase 7.05% 11/17/24
    30 Year FHA Refi 6.27% 11/17/24
    30 Year VA Purchase 6.18% 11/17/24
    30 Year USDA Purchase 6.66% 11/17/24
    15 Year Conventional Purchase 5.93% 11/17/24
    15 Year Conventional Refi 6.16% 11/17/24
    15 Year Cash-out Refi 6.16% 11/17/24
    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 Bank & Trust Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from American 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

    396

    Origination Dollar Volume (All Markets)

    $166,890,000
    Show all (8) awards

    Relative Rate

    American Bank & Trust's average 30 year fixed mortgage rate was 6.35%.

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

    This yields a difference of -0.13%.

    Relative Fees (Closing Costs)

    American Bank & Trust's average total fees/closing costs for a 30 year fixed rate mortgage were $5,252.

    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) 109 $62,125,000 $569,954 $5,284 6.59%
    Huron, SD (FHA|USDA|VA) 45 $20,875,000 $463,889 $4,914 6.85%
    Watertown, SD (FHA|USDA|VA) 66 $20,130,000 $305,000 $4,866 7.02%
    Sedalia, MO (FHA|USDA|VA) 1 $14,455,000 $14,455,000 $0 6.25%
    Aberdeen, SD (FHA|USDA|VA) 54 $12,690,000 $235,000 $5,369 7.05%
    Outside of Metro Areas 49 $10,195,000 $208,061 $5,012 6.93%
    Pierre, SD (FHA|USDA|VA) 26 $7,310,000 $281,154 $5,094 6.67%
    Yankton, SD (FHA|USDA|VA) 2 $5,030,000 $2,515,000 $2,197 4.75%
    Spearfish, SD (FHA|USDA|VA) 4 $4,040,000 $1,010,000 $2,455 7.82%
    Worthington, MN (FHA|USDA|VA) 17 $2,865,000 $168,529 $4,878 6.66%
    Spirit Lake, IA (FHA|USDA|VA) 3 $1,635,000 $545,000 $7,872 6.08%
    Brookings, SD (FHA|USDA|VA) 6 $1,250,000 $208,333 $3,292 7.94%
    RAPID CITY, SD (FHA|USDA|VA) 3 $1,175,000 $391,667 $6,443 7.21%
    Norfolk, NE (FHA|USDA|VA) 2 $570,000 $285,000 $0 8.06%
    FARGO, ND-MN (FHA|USDA|VA) 1 $465,000 $465,000 $7,228 6.38%
    Mitchell, SD (FHA|USDA|VA) 2 $390,000 $195,000 $6,289 5.88%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $355,000 $355,000 $6,308 6.00%
    Gillette, WY (FHA|USDA|VA) 1 $345,000 $345,000 $5,486 7.38%
    PUEBLO, CO (FHA|USDA|VA) 1 $335,000 $335,000 $5,419 7.00%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $11,889 6.50%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $265,000 $265,000 $9,267 5.50%
    MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $75,000 $75,000 $0 6.88%
    American Bank & Trust's top markets include Sioux Falls, Huron, Watertown, Sedalia, and Aberdeen among others.

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

    • Similar Lenders

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

    SIOUX FALLS
    Similarity Rank: 120
    BANKWEST, INC.
    Similarity Rank: 136
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    The First National Bank in Sioux Falls
    Similarity Rank: 299
    First National Bank
    Similarity Rank: 306
    Reliabank Dakota
    Similarity Rank: 578
    First Dakota National Bank
    Similarity Rank: 646
    American State Bank
    Similarity Rank: 650
    Dacotah Bank
    Similarity Rank: 783
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 338 $154,220,000 $456,272 $4,768 6.95%
    FHA 30 $5,810,000 $193,667 $7,058 6.23%
    VA 14 $4,270,000 $305,000 $7,589 6.21%
    USDA 14 $2,590,000 $185,000 $5,290 5.79%

    For 2023, American Bank & Trust's most frequently originated type of loan was Conventional, with 338 originations. Their 2nd most popular type was FHA, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 326 $148,650,000 $455,982 $5,518 6.70%
    Refi 28 $13,020,000 $465,000 $3,806 7.21%
    Home Improvement 17 $2,365,000 $139,118 $3,255 8.43%
    Cash Out Refi 16 $2,080,000 $130,000 $3,491 6.52%
    Other 9 $775,000 $86,111 $2,258 7.96%

    For 2023, American Bank & Trust's most frequently cited loan purpose was Home Purchase, with 326 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 255 $70,515,000 $276,529 $5,252 6.35%
    5 Year 77 $73,745,000 $957,727 $3,030 8.23%
    30+ year 21 $7,605,000 $362,143 $8,240 6.37%
    15 Year 11 $2,575,000 $234,091 $4,697 6.25%
    1 Year 11 $2,685,000 $244,091 $0 8.86%
    Other 10 $3,090,000 $309,000 $0 8.33%
    20 Year 7 $1,465,000 $209,286 $4,099 6.70%
    10 Year 3 $5,045,000 $1,681,667 $2,514 4.79%
    3 Year 1 $165,000 $165,000 $0 7.00%

    For 2023, American Bank & Trust's most frequently cited loan duration was 30 Year, with 255 originations. The 2nd most popular length was 5 Year, with 77 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 76 $16,390,000 $215,658
    $<1k 66 $12,240,000 $185,455
    $1k-2k 50 $7,120,000 $142,400
    $3k-4k 48 $15,350,000 $319,792
    $4k-5k 36 $15,940,000 $442,778
    $5k+ 30 $17,100,000 $570,000

    American Bank & Trust's average total fees were $5,252, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 76 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 166 $65,370,000 $393,795
    5-6% 98 $24,450,000 $249,490
    7-8% 71 $58,335,000 $821,620
    Over 8% 58 $11,650,000 $200,862
    3-4% 2 $6,570,000 $3,285,000
    4-5% 1 $515,000 $515,000

    During 2023, American Bank & Trust's average interest rate for loans was 6.35%, while their most frequently originated rate bucket for loans was 6-7%, with 166 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 157 $43,285,000 $275,701 $5,636 6.72%
    $100k-200k 106 $15,980,000 $150,755 $3,867 6.75%
    $100,000 or less 62 $3,910,000 $63,065 $2,394 7.55%
    $400k-600k 42 $20,270,000 $482,619 $7,342 6.60%
    $600k-1MM 17 $11,555,000 $679,706 $7,965 6.37%
    $1MM+ 12 $71,890,000 $5,990,833 $11,772 6.81%

    2023 saw American Bank & Trust place emphasis on $200k-400k loans with 157 originations, totaling $43,285,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 84 $23,000,000 $273,810 $5,537 6.49%
    $50k-75k 72 $12,310,000 $170,972 $4,416 6.53%
    $150k-250k 54 $16,940,000 $313,704 $6,157 6.67%
    $75k-100k 43 $8,285,000 $192,674 $4,438 6.94%
    $250k+ 42 $21,330,000 $507,857 $7,035 6.63%
    $50k or less 33 $4,315,000 $130,758 $3,608 6.58%

    American Bank & Trust lent most frequently to those with incomes in the $100k-150k range, with 84 originations. The second most popular income band? $50k-75k, with 72 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 72 $19,780,000 $274,722 $4,936 6.50%
    20-30% 62 $12,460,000 $200,968 $4,302 6.56%
    <20% 30 $8,650,000 $288,333 $5,297 6.80%
    42% 17 $4,335,000 $255,000 $4,819 6.93%
    49% 15 $3,735,000 $249,000 $5,257 6.63%
    40% 14 $3,560,000 $254,286 $5,473 6.88%
    47% 14 $5,450,000 $389,286 $6,308 6.17%
    36% 13 $2,725,000 $209,615 $5,424 6.54%
    >60% 11 $3,815,000 $346,818 $6,868 6.91%
    39% 10 $2,730,000 $273,000 $6,266 6.21%
    45% 10 $3,180,000 $318,000 $4,460 6.54%
    44% 9 $1,925,000 $213,889 $5,005 6.58%
    38% 9 $3,135,000 $348,333 $7,163 6.61%
    37% 9 $2,205,000 $245,000 $4,643 6.74%
    46% 9 $2,255,000 $250,556 $5,336 6.78%
    48% 9 $2,825,000 $313,889 $5,375 6.53%
    50-60% 9 $2,765,000 $307,222 $7,933 6.82%
    41% 8 $1,380,000 $172,500 $3,382 6.52%
    43% 7 $2,345,000 $335,000 $6,188 6.66%

    American Bank & Trust lent most frequently to those with DTI ratios of 30-36%, with 72 originations. The next most common DTI ratio? 20-30%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 291 $79,015,000 $271,529 $5,089 6.61%
    Not applicable 54 $75,540,000 $1,398,889 $0 8.13%
    Not provided 37 $9,355,000 $252,838 $5,447 6.75%
    American Indian 3 $805,000 $268,333 $6,339 6.63%
    Asian 4 $770,000 $192,500 $4,332 6.28%
    Black 4 $740,000 $185,000 $7,101 6.94%
    Asian Indian 1 $345,000 $345,000 $5,747 5.75%
    Native Hawaiian or Islander 1 $165,000 $165,000 $3,272 5.88%
    Other Asian 1 $155,000 $155,000 $4,165 6.63%

    Approval Rates

    Total approvals of all applications
    93.87%

    American Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.05%

    American Bank & Trust has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 396 $166,890,000 $421,439

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    396 $166,890,000 $421,439

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $4,580,000 $134,706 $3,588 7.15%
    40-60% 43 $16,015,000 $372,442 $4,689 6.60%
    60-80% 138 $69,440,000 $503,188 $5,506 7.07%
    80-100% 159 $44,475,000 $279,717 $5,540 6.49%
    Over 100% 8 $31,520,000 $3,940,000 $10,164 7.02%
    Under 20% 14 $860,000 $61,429 $1,559 8.13%