Mortgage rates in South Dakota
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
South Dakota has no state income tax and steady, affordable pricing.
Mortgage rates today by loan type
These are national averages. Lenders in South Dakota price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Calculate your South Dakota mortgage payment
The calculator starts from South Dakota's median list price, 20% down, the state's 1.02% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the month-by-month amortization. To see how South Dakota's property tax and insurance compare with every other state, try the taxes-and-insurance payment calculator.
South Dakota vs. the U.S.
South Dakota's median list price is 11% below the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $252 a month less. Five-year price growth here was the 19th-slowest of 51 jurisdictions.
| Measure | South Dakota | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $368,550 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $1,997 | $2,249 |
| Average home-purchase loanHMDA 2025 | $328,183 | $404,828 |
| Average closing costsincl. transfer taxes | $1,551 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.49% | 6.50% |
| Mortgage approval rateHMDA 2025 | 83.8% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +2.2% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +41.1% | +41.3% |
What South Dakota borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every South Dakota home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, South Dakota borrowers paid 0.10 percentage points below the market benchmark at lock, the 3rd-lowest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateSD · U.S. | Over benchmarkSD · U.S. | Closing costsSD · U.S. | Paid pointsshare of loans | Median downequity on refis · SD |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)1,766 loans | 6.49%6.50% | −0.10+0.02 | $4,673$5,476 | 39.0%53.2% | 25% |
| FHA 30-yr fixed1,145 loans | 6.13%6.25% | +0.27+0.42 | $8,301$11,291 | 32.5%59.3% | 3.5% |
| VA 30-yr fixed986 loans | 6.13%6.13% | −0.38−0.36 | $6,542$6,554 | 52.5%59.3% | 0% |
| Conventional rate-and-term refinance348 loans | 6.38%6.38% | −0.05−0.06 | $4,631$4,390 | 48.0%45.4% | 30.9% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in South Dakota and what their borrowers paid.
South Dakota's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in South Dakota by 2025 purchase loans, out of 244 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in SD | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| Plains Commerce Bank | 79312.2% | 6.50% | −0.03 | $4,330 | 60%$885 | 25% |
| First Bank & Trust | 4126.3% | 6.38% | −0.19 | $2,900 | 5%$1,564 | 25.6% |
| First Dakota National Bank | 3535.4% | 6.38% | −0.19 | $494 | 34%$869 | 25% |
| First Premier Bank | 3295.1% | 6.38% | −0.23 | $2,415 | 23%$524 | 27.9% |
| Bankwest, Inc. | 2804.3% | 6.13% | −0.27 | $3,413 | 2%$10,581 | 27.6% |
| CMG Home Loans | 2764.2% | 6.63% | +0.04 | $3,054 | 70%$2,719 | 23.8% |
| First International Bank & Trust | 2513.9% | 6.50% | −0.17 | $815 | 36%$2,250 | 27% |
| American Bank & Trust | 2443.8% | 6.50% | −0.10 | $1,329 | 63%$1,850 | 32.3% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in South Dakota. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: South Dakota lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in South Dakota
On a home at South Dakota's median list price of $368,550 with 20% down, the loan works out to $294,840, or about $1,997 a month in principal and interest at the 7.18% 30-year average.
What makes South Dakota different is the cost around the loan. Its 1.02% effective property-tax rate adds roughly $313 a month, and homeowners insurance — at the state's median 0.57% of home value — about $175 more, bringing the all-in estimate to $2,486. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the price-you-can-afford calculator.
Payment at the $368,550 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $2,486P&I $1,997 | — | $75,261 | $107,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,929P&I $2,247 | $193 | $38,406 | $126,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $3,065P&I $2,372 | $204 | $19,979 | $131,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $3,119P&I $2,422 | $209 | $12,608 | $134,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $3,033P&I $2,381 | $163 | $14,450 | $130,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $2,920P&I $2,432 | — | $1,551 | $125,000 |
Monthly = principal and interest + property tax (1.02% effective) + homeowners insurance (about $175/mo — South Dakota's median premium, 0.57% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + South Dakota's average closing costs ($1,551). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in South Dakota's biggest counties
Home prices, and so the loan you need, vary more inside South Dakota than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Minnehaha County893 homes for sale · Sep 2026 | $358,500-2.8% | $341,2632,778 loans | $832,750$1,040,937 | Conforming$286,800 loan | $2,418at 7.18% | |
| Pennington County553 homes for sale · Sep 2026 | $397,450+0.4% | $339,1541,608 loans | $832,750$1,040,937 | Conforming$317,960 loan | $2,681at 7.18% | |
| Lincoln County458 homes for sale · Sep 2026 | $382,800-0.9% | $407,2661,143 loans | $832,750$1,040,937 | Conforming$306,240 loan | $2,582at 7.18% | |
| Lawrence County259 homes for sale · Sep 2026 | $776,225+7.1% | $399,420362 loans | $832,750$1,040,937 | Conforming$620,980 loan | $5,236at 7.18% | |
| Meade County109 homes for sale · Sep 2026 | $527,450+6.6% | $358,713369 loans | $832,750$1,040,937 | Conforming$421,960 loan | $3,558at 7.18% | |
| Codington County99 homes for sale · Sep 2026 | $357,675+5.4% | $287,086326 loans | $832,750$1,040,937 | Conforming$286,140 loan | $2,413at 7.18% | |
| Brown County76 homes for sale · Sep 2026 | $339,475+2.9% | $262,942311 loans | $832,750$1,040,937 | Conforming$271,580 loan | $2,290at 7.18% | |
| Union County74 homes for sale · Sep 2026 | $449,950-11.3% | $499,921191 loans | $832,750$1,040,937 | Conforming$359,960 loan | $3,035at 7.18% | |
| Yankton County74 homes for sale · Sep 2026 | $319,950-5.9% | $266,262214 loans | $832,750$1,040,937 | Conforming$255,960 loan | $2,158at 7.18% | |
| Brookings County72 homes for sale · Sep 2026 | $349,200+0.4% | $356,465314 loans | $832,750$1,040,937 | Conforming$279,360 loan | $2,355at 7.18% | |
| Fall River County71 homes for sale · Sep 2026 | $349,450+12.7% | $284,223103 loans | $832,750$1,040,937 | Conforming$279,560 loan | $2,357at 7.18% | |
| Lake County69 homes for sale · Sep 2026 | $507,000-2% | $323,939132 loans | $832,750$1,040,937 | Conforming$405,600 loan | $3,420at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), South Dakota's 1.02% effective property tax and its median insurance premium (0.57% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in South Dakota
Rates are national, but the rules around the loan are not. These South Dakota specifics can change your payment, your closing or your protections as a borrower.
Owner-occupied status can reduce your tax rate
South Dakota gives owner-occupied homes, meaning the owner's primary residence, a reduced property tax rate, and one person can claim only one such property statewide. A recent buyer may qualify by sending the completed certification form to the county director of equalization by March 15.
Source: dor.sd.govSeller disclosure must come before your offer
South Dakota requires the seller of residential real property to give the buyer a completed disclosure statement before the buyer makes a written offer. If the seller learns of a material change before closing or possession, a written amendment must follow, so ask for the statement before you write an offer.
Source: sdlegislature.govBorrowers can require court foreclosure instead
If a lender begins foreclosure by advertisement, the borrower can apply to the court to require foreclosure by action instead, and the judge is directed to order that all further proceedings take place in circuit court. In practice, that moves the case before a judge.
Source: sdlegislature.govBoth spouses must concur on homestead mortgages
When a married owner conveys or encumbers a homestead and both spouses are South Dakota residents, the transaction is valid if both spouses concur and sign, whether on one joint instrument or separate ones. Plan for both spouses to sign the mortgage.
Source: sdlegislature.govPolicy limit fixes value after total fire loss
When a South Dakota policy on real property covers fire, tornado, or lightning and the property is wholly destroyed without the insured's criminal fault, the policy amount is conclusively taken as its value and the loss. Exceptions apply, including a ninety-day minimum after the policy is written, so choose the limit carefully.
Source: sdlegislature.govChecked against official sources on October 20, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How South Dakota buyers finance their homes
USDA loans are where South Dakota stands out: they made up 1.2% of home loans originated here in 2025, against 0.6% nationally — the 9th-highest USDA share of any state. Lenders, agents and appraisers here handle USDA deals routinely, which helps if that is the loan you need.
| Loan type | Share in SD | U.S. share | Approval in SD | Avg loan in SD |
|---|---|---|---|---|
| Conventional | 74.9% | 78.0% | 84.4% | $272,945 |
| FHA | 12.9% | 13.2% | 78.8% | $268,650 |
| VA | 10.9% | 8.2% | 85.4% | $366,020 |
| USDA | 1.2% | 0.6% | 90.0% | $191,280 |
The average South Dakota home loan in 2025 was $281,591 — 20% below the U.S. average of $352,861, the 19th-smallest of 51 jurisdictions. Home purchases accounted for 66.9% of those loans (U.S. 64.2%); cash-out refinances for 15.0% (U.S. 17.1%).
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
South Dakota loan limits for 2026
All 66 of South Dakota's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our national loan limit grid.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in South Dakota
Average closing costs in South Dakota are about $1,551 including transfer taxes (among the lowest in the country). On a home at the median list price of $368,550:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $73,710 | $11,057 |
| Average closing costs | $1,551 | $1,551 |
| Cash to close (estimate) | $75,261 | $12,608 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in South Dakota
South Dakota's real estate transfer fee is $0.50 per $500 of value (0.1%), paid by the seller to the county register of deeds (SDCL 43-4-21). Source: sdlegislature.gov
Getting approved in South Dakota
Federal HMDA lending records show South Dakota lenders originated 17,111 home loans in 2025 and denied 3,303 applications — an approval rate near 83.8% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our state-by-state approval data, and how South Dakota ranks for lender complaint report (448 on record).
Shopping for a loan? See the most active mortgage lenders in South Dakota, ranked by federal HMDA volume.
Down-payment help in South Dakota
You rarely need 20% down. These are the main programs from SDHDA, South Dakota's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
Fixed Rate Plus Loan
SD Housing's first mortgage with down-payment and closing-cost assistance of 3% or 5% of the loan, as a 0% second mortgage with no monthly payments that is due when you sell or refinance. Available to first-time buyers (no home in the past three years) and, through Fixed Rate Plus, repeat buyers.
Source: sdhousing.orgChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with SDHDA or a participating lender.
South Dakota MCC: 30%–50% of your mortgage interest back as a tax credit
The SD Housing Tax Credit is 50%, 40% or 30% of mortgage interest depending on the loan size (the tiers in effect since April 28, 2023), up to $2,000 a year, for buyers who haven’t owned a home in three years. Fee: $750, or $250 with SD Housing’s First-Time Homebuyer Program. What the credit is worth, with an MCC calculator.
Check current terms at SDHDA, see how a smaller down payment changes your number with the down-payment size calculator, or compare nationwide assistance programs.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (South Dakota vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in South Dakota reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our editorial desk. Full sources and formulas: sourcing notes.
South Dakota mortgage FAQ
What is a good mortgage rate in South Dakota right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, South Dakota's conventional buyers paid a median 6.49%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in South Dakota than in other states?
No, if anything slightly lower. In 2025 HMDA records, South Dakota's median conventional 30-year rate was 6.49%, against 6.50% nationally.
Against the benchmark for each loan's lock week, which counts points and fees, South Dakota loans priced 0.10 percentage points below it (the 3rd-lowest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in South Dakota?
The national jumbo 30-year average is 7.25% (Optimal Blue). A loan is jumbo above the $832,750 conforming limit, which applies in every South Dakota county. Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $294,840 loan (20% down on South Dakota's median list price), a 30-year at 7.18% costs $1,997 a month and a 15-year at 6.57% costs $2,580.
The 15-year saves about $254,694 in interest but needs $582 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $294,840 loan (20% down on South Dakota's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $1,997 to $2,201, or $203 a month.
Over 30 years that is about $73,150 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, South Dakota's conventional rate-and-term refinances closed at a median 6.38% and purchases at 6.49%, partly because refinances bunch up when rates dip. Refinances priced 0.05 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a $400,000 mortgage at 7.18% interest?
About $2,710 a month in principal and interest over 30 years. In South Dakota, a $500,000 home with that loan adds roughly $425 a month in property tax at the 1.02% effective rate, plus homeowners insurance. Over 30 years the loan costs about $575,506 in interest.
How much income do I need to buy a home in South Dakota?
About $107,000 a year for a home at the $368,550 median list price with 20% down, if the full $2,486 monthly payment, including tax and insurance, stays within 28% of gross income.
Smaller down payments add mortgage insurance and raise that figure; existing debts lower what lenders approve.
What down payment assistance is available in South Dakota?
SDHDA, the state housing finance agency, runs Fixed Rate Plus Loan, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with SDHDA or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.