Don't use the Creation power for a sword and armor. Use the Damage and Protection powers instead.
The Creation power is for creating constructs or objects of a certain volume, such as walls for cover or bridges to cross gaps. In combat, the Creation power can be used to trap enemies, or drop constructed objects on them, but it's not for direct damage. That means no weapons.
While a created object can potentially be wielded as an improvised weapon, the effect cannot otherwise create attacks or other effects; you must acquire these effects separately (perhaps as Alternate Effects).
I could not find a rule against using Creation for armor, however, it seems inefficient. The Create power costs 2 points per rank, whereas the Protection power costs 1 point per rank. The emphasis here is that the armor provides protection - it can't be used as a bridge or wedge or block.
Your "mystic armor" superpower seems functionally equivalent to a force field. So perhaps you could build it as Protection, Sustained (magic). Depending on what you had in mind, you may want to add the Removable modifier as well.
Similarly, the "mystic sword" should be a Damage power, because the emphasis is on what the sword does, rather than how your character created it. Perhaps you could build your sword as Strength-based Damage (magic), possibly with the Removable modifier. Depending on how your character "summons" the sword, that may be a Feature or Quirk.
If the powers are meant to manifest as one effect as a time (similar to the Green Lantern), then use a power array like the publishers did in their "Heroes and Villains" document. The array can be used to make a sword (Strength-based Damage), armor (Sustained Protection), or other stuff (Create Dynamic). Remember, mechanics aside, you can usually describe the powers however you want. Even if the mystic sword is mechanically a Damage effect, you can describe it as an energy sword that your hero creates out of thin air.
For reference, I am comparing these to some of the published "Power Profile" documents that describe example superpowers. A magically created sword is similar to an offense power I found in the "Earth Powers" document:
You form temporary weapons of stone in your hands, or even transform your own hands and arms into stone weapons.
Stone Strike: Strength-based Damage, Variable (stone weapons) • 1 point + 1 point per rank.