Today's 30-year mortgage rate in South Dakota is 6.76%, below the national average of 7.15%. South Dakota homebuyers can access programs like the First-Time Homebuyer and Repeat Homebuyer Loan Program to lower their mortgage cost.
Mortgage
Today's Mortgage Rates in South Dakota (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for South Dakota. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in South Dakota
The current mortgage rate in South Dakota for a 30-year fixed-rate mortgage is 6.76%, up from 5.98% last month. This rate increase could add about $40,390 to the total cost of a $250,000 mortgage with a 20% down payment, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Understanding the current mortgage rates in South Dakota can help you budget for a mortgage by providing a clear picture of potential monthly payments.
Who Needs to Know Current Mortgage Rates in South Dakota?
Knowing today's mortgage interest rates in South Dakota has a clear advantage for first-time homebuyers and existing homeowners looking to refinance:
First-time homebuyers
Understanding current mortgage rates helps first-time homebuyers assess the market and compare what different lenders may offer.
Homeowners with mortgages
Homeowners can look at current mortgage rates to decide if a mortgage refinance could reduce their interest costs.
Purchase rates often differ from refinance rates. In South Dakota, the average APR for a 30-year fixed mortgage is 6.76%, while the refinance APR is slightly lower at 6.56%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in South Dakota by Loan Type
A 30-year fixed-rate mortgage typically has a higher rate than a 15-year one due to the increased risk for lenders over the longer term.
Explore the mortgage types in South Dakota and use a mortgage calculator to understand how different rates affect your monthly payments.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.28% | 5.49% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage you pay yearly to borrow money from a lender. South Dakota's average interest rate for a 30-year fixed mortgage is 6.68%.
The APR (annual percentage rate) includes the interest rate plus other costs such as mortgage points and certain fees. For a 30-year fixed mortgage in South Dakota, the average APR is 6.76%, which gives you a comprehensive yearly cost for your loan.
Current Mortgage Rates in South Dakota by Credit Score
If your credit score is 740 or higher and you want to make a down payment of 20% or higher, the average APR for a 30-year fixed mortgage in South Dakota is 6.76%. With a credit score below 680, your rate increases to 6.8%.
Your credit score affects the mortgage rates you might qualify for. The table below shows the rates you could get based on your credit score and down payment:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 6.31% |
| 15-year Fixed | 6.09% |
| 20-year Fixed | 6.37% |
| 30-year Fixed | 7.44% |
| 5-year ARM | 7.79% |
Mortgage Types in South Dakota
In November 2024, jumbo loans offer the lowest average APR for 30-year fixed-rate mortgages in South Dakota at 6.17%. Choosing the right mortgage type can improve your financial outcomes, affecting your monthly payments and total interest. Explore the range of mortgage options in South Dakota:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in South Dakota |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by government agencies and are a common mortgage option. | Credit score and down payment amount influence rates. | 6.76% |
FHA loans | FHA loans are backed by the Federal Housing Administration and accommodate lower credit scores. | Rates are usually lower due to government backing, helping those with less credit history. | 6.28% |
VA loans | VA loans are guaranteed by the Department of Veterans Affairs for eligible military members. | Rates can be competitive due to the VA guarantee, reducing lender risk. | 6.31% |
USDA loans | USDA loans are specific to rural homebuyers and backed by the U.S. Department of Agriculture. | USDA loans offer low rates and no down payment but are restricted to certain rural areas. | currently unavailable |
Jumbo loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates tend to be higher because they come with more risk to the lender. | 6.17% |
MORTGAGE RATE STRUCTURES IN SOUTH DAKOTA
Mortgage rates come in two types: fixed and adjustable.
- Fixed-rate mortgages offer stability with a consistent interest rate and steady monthly payments.
- Adjustable-rate mortgages (ARM) may start with lower rates, adjusting over time, potentially reducing payments if interest rates fall.
As of November 2024, South Dakota's average APR for a 30-year fixed mortgage is 6.76%. For a seven-year ARM, it's 7.35%.
Mortgage Lenders in South Dakota
Lower, Rocket Mortgage and U.S. Bank are the top mortgage lenders in South Dakota, selected based on their state presence, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, other lenders may also meet your needs.
Mortgage rates differ by lender, so comparing rates from multiple options can help you secure the best deal.
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates online and offers several mortgage options, including conventional and FHA loans. The minimum credit score required is 580, but down payment details aren't disclosed publicly. You can reach Lower’s customer support Monday to Friday from 9 a.m. to 5 p.m. ET via phone or text.
A top HELOC lender in most states, Lower offers the Buy Before You Sell program, helping homeowners with flexible moving options. With an A+ BBB rating, Lower is a key provider of mortgages and home equity lines of credit in South Dakota.
Pros
- Online prequalification available
- BBB A+ accredited company
- Extensive FAQ for financial products
Cons
- Limited mortgage options
- Requires phone call to complete application
- No face-to-face support
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers various mortgage options, including FHA and conventional loans. FHA loans require a minimum credit score of 580 and a 3.5% down payment, ideal for first-time buyers. Conventional loans require a 620 credit score and a 3% down payment.
Customer support is available via phone or chat Monday through Friday, 8:30 a.m. to 9 p.m. ET, and Saturday from 9 a.m. to 4 p.m. ET. Rocket Mortgage offers assistance programs like ONE+, HomeReady, and HomePossible for buyers with limited incomes or who are purchasing in specific areas.
Pros
- Online prequalification available
- Access to homebuyer programs via partnerships
- ONE+ downpayment assistance program
Cons
- No physical branches
- No USDA loans
- U.S. Bank
- 6Number of Mortgage Options
- YesOnline Application
- NRBBB Rating
- Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours
U.S. Bank offers various mortgage options, including conventional and FHA loans. Borrowers need a minimum credit score of 660 for adjustable-rate mortgages and jumbo loans or 640 for FHA loans. Down payments start at 3% for conventional loans and 3.5% for FHA loans, while VA loans require no down payment.
Customer service is available Monday to Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT through video, phone or in-person support. U.S. Bank offers homeowners assistance programs like forbearance and loan modification, along with HELOC options for those with bad credit in most states.
Pros
- Online prequalification available
- Unique loans, like investment property
- Mortgage payment breakdown with amortization schedule
Cons
- No BBB rating despite being accredited
- Advisor call necessary for loan completion
Mortgage Programs in South Dakota
Beyond your mortgage payment, owning a home has hidden costs that can impact your wallet. You can find assistance with these expenses through the South Dakota Housing agency, which offers several mortgage programs.
Program | Description |
|---|---|
Caters to those who have not owned a home in three years. Mobile homes are exempt from this rule. Veterans also qualify for a special waiver. To qualify, your income must meet state limits, and the home price should be $385,000 or less. A participating lender will help you with eligibility details. | |
Offers lower upfront costs, low rates and minimal paperwork. To qualify, your income should be below $111,120 (or $129,640, depending on family size), and the home price must be under $460,000. A credit score of at least 620 is also required. | |
Offers aid for your home purchase with 3% to 5% down payment and closing cost assistance. Qualification means leveraging a second mortgage at 0% interest. This funding blends with the first mortgage and demands no additional fees or payments upon selling. |
FAQ: Mortgage Rates in South Dakota
Understanding today's mortgage rates in South Dakota is crucial when buying a home. We answered common questions about securing a mortgage in the state.
What are the current mortgage rates in South Dakota?
Current average APRs in South Dakota vary by loan type. As of November 2024, a 30-year fixed conforming loan has an average APR of 6.76%, while a seven-year adjustable-rate mortgage (ARM) has a higher APR of 7.35%.
How do mortgage rates in South Dakota compare to national rates?
The current average APR for a 30-year fixed-rate mortgage in South Dakota is 6.76%, lower than the national average of 7.15%. For a five-year ARM, the state average APR is 7.65%, compared to 7.97% nationally.
How does my credit score impact the mortgage rates I get in South Dakota?
Your credit score is critical in determining your rate eligibility. A higher score typically leads to lower mortgage rates.
Are there any special mortgage programs in South Dakota to help homebuyers?
Mortgage programs in South Dakota include the First-Time Homebuyer, Repeat Homebuyer Loan Program, and Fixed Rate Plus.
How can I get the best possible mortgage rate in South Dakota?
To secure the best possible mortgage rate, consider making a larger down payment, improving your credit score and comparing offers from different lenders.
What are today's mortgage refinance rates in South Dakota?
Today's average refinance rates in South Dakota as of November 2024 are 5.76% for 15-year fixed and 6.56% for 30-year fixed mortgage.
How do I calculate my mortgage payments?
Calculate your mortgage payments using a mortgage calculator for South Dakota, which will help you estimate monthly payment amounts based on interest rates, loan term and principal.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- South Dakota Housing. "First-Time Homebuyer." Accessed November 12, 2024.
- South Dakota Housing. "Fixed Rate Plus." Accessed November 12, 2024.
- South Dakota Housing. "Repeat Homebuyer Loan Program." Accessed November 12, 2024.