See the latest South Dakota mortgage rates for fixed rates: 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 years. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in South Dakota could be easier with today’s mortgage rates.
South Dakota Mortgage Rates –
The table below shows today’s home purchase mortgage rates for South Dakota, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.31% | 6.36% | 6.41% | |
| South Dakota | 6.45% | 6.50% | 6.55% | |
| Credit Unions | 6.05% | 6.10% | 6.25% | 9.1/10 |
| Online lenders | 6.15% | 6.20% | 6.35% | 7.8/10 |
| Banks | 6.45% | 6.50% | 6.55% | 7.9/10 |
| 30 year fixed | 6.45% | 6.50% | 6.55% | |
| 30 year fixed FHA | 6.74% | 6.79% | 6.84% | |
| 30 year fixed VA | 5.85% | 5.90% | 5.95% | |
| 30 year fixed Jumbo | 6.68% | 7.06% | 7.25% | |
| 20 year fixed | 6.46% | 6.51% | 6.56% | |
| 15 year fixed | 5.90% | 5.95% | 6.00% | |
| 10 year fixed | 5.50% | 5.55% | 5.60% | |
| 3 year ARM | 3.78% | 3.83% | 3.88% | |
| 5 year ARM | 6.88% | 6.93% | 6.98% | |
| 7 year ARM | 7.05% | 7.10% | 7.15% | |
| 10 year ARM | 6.45% | 6.50% | 6.55% | |
| Satisfaction | 8.4/10 | 7.8/10 | 7.6/10 |
Source: MFP’s Community Home Purchase Rates Survey from South Dakota members in the last 30 days.
How South Dakota Compares to National Averages
- South Dakota mortgage rates (6.45% for best credit scores) are slightly above national averages (national average: 6.31%).
- Credit unions are more competitive: In South Dakota, credit unions offer 6.05%, banks 6.45%, online lenders 6.15%.
Mortgage Options in South Dakota
- 30 year fixed: 6.45% - most popular long-term option for predictable payments
- 20 year fixed: 6.46% - balance between payment size and interest savings
- 15 year fixed: 5.90% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.50% - shortest fixed-term option with competitive rates
- 10 year variable: 3.78% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.88% - A mid-term variable option...
- 5 year variable: 7.05% - Shorter-term variable mortgage...
- 3 year variable: 6.45% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
South Dakota Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Sioux Falls | 6.23% | 5.76% |
| Rapid City | 6.27% | 5.80% |
| Aberdeen | 6.25% | 5.78% |
| Brookings | 6.22% | 5.75% |
| Watertown | 6.26% | 5.79% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Compare Lenders Rated by SD Homeowners
South Dakota homeowners rated their mortgage lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Lenders in South Dakota
FAQs – South Dakota Mortgage Rates
Are home purchase rates higher in South Dakota than the U.S. average?
South Dakota mortgage rates typically run slightly below the national average, providing cost savings for local homebuyers.
What credit score is best for buying a home in South Dakota?
A credit score of 720 or higher typically secures the most competitive mortgage rates available in South Dakota.
Is it better to choose a fixed-rate or ARM in South Dakota?
Fixed-rate mortgages offer payment stability for long-term homeowners, while ARMs may benefit those planning to move or refinance within a few years.
More South Dakota Home Information:
South Dakota Best Mortgage Lenders
South Dakota Best Home Insurance from Community Recommendations & Insurance Costs
More Resources for South Dakota Homeowners.