Today's Mortgage Rates in South Dakota (August 2024)

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Updated: September 12, 2024

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Today's 30-year mortgage rate in South Dakota stands at 5.88%, compared with the national average rate of 6.42% for the same type of mortgage. Homebuyers in South Dakota have access to programs like First-Time Homebuyer and Repeat Homebuyer Loan Program, which may help lower the cost of a mortgage.

We'll help you understand today's 30-year mortgage rate in South Dakota, explore different loan types and show how rates can differ based on your credit score. Through comprehensive coverage of mortgage types, rate structures, lenders and state-specific mortgage programs, you'll be equipped with the necessary information when financing your home.

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).

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This data was last updated in August 2024.

Current Mortgage Rates in South Dakota

The current mortgage rate in South Dakota for a 30-year fixed-rate mortgage is 5.88% in August 2024, down from 6.55% in July — a decrease of 60 basis points. This reduction means a saving of about $30,834 in total interest for a $250,000 loan with a 20% down payment, not including costs like property taxes or HOA fees. A significant drop in APR, even by several basis points, can have an extensive impact on your financial commitment over the life of your loan.

Rates shift frequently due to factors like the economy and changes in the housing market. Our line chart demonstrates how mortgage rates in South Dakota have changed over the past several months, giving you a visual of their impact on your plans.

Current Mortgage Rates in South Dakota (Jan to May

Understanding the current mortgage rate in South Dakota can help you budget for a mortgage by providing a clear picture of potential monthly payments.

Who Needs to Know Today's Mortgage Rates in South Dakota?

Understanding today's mortgage interest rates in South Dakota offers a clear advantage for both first-time homebuyers and existing homeowners looking to refinance within the dynamic housing market:

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    First-time homebuyers

    Knowing current mortgage rates in South Dakota helps first-time homebuyers assess the market and compare what different lenders may offer.

    homeowner icon

    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 — for instance, the average APR for a 30-year fixed mortgage in South Dakota is 5.88%, compared to a higher refinance APR at 7.84%. If you're considering a mortgage, these are the current mortgage rates you'd be looking at right now.

Current Mortgage Rates in South Dakota by Loan Type

A 30-year fixed-rate mortgage in South Dakota tends to have a higher rate than a 15-year fixed-rate mortgage. Lenders charge more for the extended repayment period since they are exposed to risk for a longer time — there's more opportunity for economic shifts and borrowers failing to pay over three decades than a shorter 15-year term. Your choice between these two will influence the rate you'll get.

To navigate through the variety of rates you might qualify for, explore the mortgage loan types in South Dakota. Using a mortgage calculator can simplify the process of understanding how different rates impact your monthly payments, helping you make an informed decision.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:15-Year Fixed
5.25%APR5.40%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage is the percentage you pay each year to borrow money from a lender. In South Dakota, the average interest rate for a conforming 30-year fixed mortgage is 5.81%.

APR, or 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 5.88%, 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're looking to make a down payment ranging from 5% to 20%, the average APR for a 30-year fixed mortgage in South Dakota sits at 6.36%. On the other side, with a credit score below 680, you'll see that rate go up to 7.46%.

Your credit score affects the mortgage rates you might qualify for in South Dakota. Our interactive table displays different rates you could be eligible for based on your credit score and the amount of down payment you provide:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
15-year FixedAPR5.37%
20-year FixedAPR6.00%
30-year FixedAPR6.36%
5-year ARMAPR7.42%
7-year ARMAPR7.16%

Mortgage Types in South Dakota

In August 2024, 30-year fixed-rate mortgages show the lowest average APR for 30-year fixed-rate mortgages in South Dakota at 5.88%. Navigating your mortgage options can lead to better financial choices. The right loan type influences your monthly payments and overall interest. Discover the array of mortgage loan types that South Dakota has to offer:

Mortgage Types
Definition
Impact on Rates
30-Year Rates in South Dakota

Conventional Loans

Conventional loans in South Dakota are not insured by government agencies and encompass a variety of mortgage types.

Rates for conventional loans vary more based on credit score and down payment in comparison to government-backed loans.

5.88%

FHA Loans

FHA loans in South Dakota are insured by the Federal Housing Administration and designed to help lower-income borrowers.

FHA loan rates are often lower due to government backing, nevertheless, they require mortgage insurance premiums.

7.05%

VA Loans

VA loans in South Dakota are guaranteed by the Department of Veterans Affairs, available to military service members and veterans.

VA loan rates are typically lower as they are backed by the government, reducing lender risk.

6.25%

USDA Loans

USDA loans in South Dakota are backed by the United States Department of Agriculture, aimed at aiding rural home buyers.

USDA loan rates can be below-average since they are government-backed, targeting low to moderate-income buyers.

Currently unavailable

Jumbo Loans

Jumbo loans in South Dakota exceed conventional loan limits and are not eligible for guarantee by Fannie Mae or Freddie Mac.

Jumbo loan rates are often higher reflecting the increased risk lenders take on with larger loan amounts.

6.92%

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MORTGAGE RATE STRUCTURES IN SOUTH DAKOTA

In South Dakota, you'll find two main types of mortgage rates: fixed and adjustable.

  • Fixed mortgage rates lock in your rate, ensuring your monthly mortgage payments stay steady. This type brings peace of mind with consistent payments.
  • Adjustable mortgage rates may start lower and adjust over time, possibly reducing your payments when interest rates drop, leading to potential savings.

As of August 2024, South Dakota sees an average APR of 5.88% for a 30-year fixed and 6.45% for a 7-year adjustable rate mortgage.

Mortgage Lenders in South Dakota

Lower, U.S. Bank and Rocket stand out as reliable mortgage lender choices in South Dakota, selected based on their presence in the state, Better Business Bureau accreditation and homeowner assistance program offerings. While these are solid picks, keep in mind other lenders might fit your needs too.

The mortgage rate you secure in South Dakota can vary based on the lender you choose — different lenders have distinct mortgage offerings and terms. To land the best deal, compare mortgage rates from several lenders across the state.


  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    South Dakota borrowers looking for mortgage options can find what they need at Lower. It offers its services online. Lower provides several mortgage options, including conventional and FHA loans. The minimum credit score needed for these loans is 580. Details on the minimum down payment are not public, so you may need to contact Lower directly for this information. Lower supports customers with service hours from Monday to Friday, 9 a.m. to 5 p.m. ET, via phone or text, ensuring that help is on hand when needed.

    In addition to its mortgage offerings, Lower is recognized as a top HELOC lender in most states. If you're in South Dakota and looking to leverage the value of your home for financial flexibility, this is a notable service. Lower also presents a program called "Buy Before You Sell," which could be a game-changer if you're looking to move homes without the usual pressure. This mix of services, along with an A+ BBB rating, positions Lower as a pivotal platform for your mortgage and home equity needs.

    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
    Lower.com

  • 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 is a mortgage lender with products available in South Dakota, offering a variety of mortgage options, including FHA and conventional loans. Prospective homeowners can get started with a credit score of at least 580 for an FHA loan, which is ideal for first-time buyers, and 620 for a Conventional loan, a popular choice for many. The down payment for an FHA loan is 3.5%, making it accessible for those with limited savings, while the conventional loan requires a 3% down payment.

    Rocket ensures that support is just a phone call or chat message away with customer service hours Monday to Friday, 8:30 a.m. to 9:00 p.m. ET, and Saturday, 9:00 a.m. to 4:00 p.m. ET. In addition to these services, it offers homeowners assistance programs like ONE+, HomeReady and HomePossible, which can help buyers with limited incomes or those purchasing in certain areas. Lower stands out as the top HELOC lender for most states, according to MoneyGeek’s analysis, offering flexible credit solutions for homeowners.

    Pros

    • Online prequalification available
    • Access to homebuyer programs via partnerships
    • ONE+ downpayment assistance program

    Cons

    • No physical branches available to potential home buyers
    • Does not offer USDA loans
    Rocket

  • 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 a variety of mortgage products for South Dakota residents, including conventional and FHA loans. Borrowers can secure a mortgage with a minimum credit score of 660 for adjustable-rate mortgages (ARMs) and jumbo loans or 640 for FHA loans. The minimum down payment starts as low as 3% for conventional loans and 3.5% for FHA loans, while VA loans do not require a down payment.

    U.S. Bank extends its customer service hours from 7 a.m. to 8 p.m. CT Monday through Friday and from 8 a.m. to 2 p.m. CT Saturday, ensuring clients can reach out through video, phone, or in-person support. It offers homeowners assistance programs, such as forbearance and loan modification, providing flexibility during challenging times. It also stands out as the top HELOC lender for 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
    U.S. Bank

Mortgage Programs in South Dakota

Beyond your mortgage payment, owning a home brings additional hidden costs that can impact your wallet. In South Dakota, you can find assistance with these expenses through the South Dakota Housing agency, which offers a variety of mortgage programs.

Program
Description

First-Time Homebuyer

Check out the First-Time Homebuyer program if you've not owned in three years, or if mobile homes were your prior pads, they're exempt. Veterans, a special waiver awaits you. Your income should align with state limits and homes priced at $385,000 or below fit the bill. A participating lender will guide eligibility with finer details.

Repeat Homebuyer Loan Program

Explore the Repeat Homebuyer Loan Program designed to smooth your next home purchase. You'll find financial benefits like lower upfront costs, low rates and minimal paperwork. Qualify with an income under $111,120 or $129,640 based on family size and a home under $460,000. Credit scores should be 620 or more.

Fixed Rate Plus

Fixed Rate Plus 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've answered common questions borrowers have about securing a mortgage in the state.

What are the current mortgage rates in South Dakota?
How do mortgage rates in South Dakota compare to national rates?
How does my credit score impact the mortgage rates I get in South Dakota?
Are there any special mortgage programs in South Dakota to help homebuyers?
How can I get the best possible mortgage rate in South Dakota?
What are today's mortgage refinance rates in South Dakota?
How do I calculate my mortgage payments?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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