Bankwest Mortgage Rates, Fees & Info

PIERRE, SD

LEI: 5493007YN2BYYXCI7W64

Tax ID: 46-0177475

5 stars - Updated: 5/26/24 - out of 5 stars, based on 23 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bankwest is a smaller bank specializing in Home Purchase loans. Bankwest has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Pierre, Rapid City, Mitchell, Sioux Falls, and Minneapolis among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bankwest has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bankwest is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.58% 5/26/24
30 Year Conventional Refi 6.35% 5/26/24
30 Year Cash-out Refi 7.00% 5/26/24
30 Year FHA Purchase 7.06% 5/26/24
30 Year VA Purchase 6.12% 5/26/24
30 Year VA Refi 6.06% 5/26/24
30 Year USDA Purchase 6.39% 5/26/24
15 Year Conventional Purchase 8.73% 5/26/24
15 Year Conventional Refi 7.74% 5/26/24
15 Year Cash-out Refi 7.74% 5/26/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Bankwest Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bankwest. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

531

Origination Dollar Volume (All Markets)

$74,935,000
Show all (6) awards

Relative Rate

Bankwest's average 30 year fixed mortgage rate was 6.16%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.32%.

Relative Fees (Closing Costs)

Bankwest's average total fees/closing costs for a 30 year fixed rate mortgage were $5,685.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 142 $19,720,000 $138,873 $4,187 7.13%
Pierre, SD (FHA|USDA|VA) 112 $19,630,000 $175,268 $4,528 6.75%
RAPID CITY, SD (FHA|USDA|VA) 82 $11,490,000 $140,122 $4,664 7.77%
Mitchell, SD (FHA|USDA|VA) 28 $4,940,000 $176,429 $4,340 6.16%
SIOUX FALLS, SD (FHA|USDA|VA) 37 $4,515,000 $122,027 $5,416 8.31%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 50 $3,970,000 $79,400 $13,762 8.30%
Spearfish, SD (FHA|USDA|VA) 23 $2,805,000 $121,957 $3,952 8.18%
Huron, SD (FHA|USDA|VA) 6 $1,150,000 $191,667 $9,364 8.33%
Aberdeen, SD (FHA|USDA|VA) 5 $715,000 $143,000 $6,728 7.17%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $690,000 $345,000 $9,792 6.56%
Gillette, WY (FHA|USDA|VA) 1 $535,000 $535,000 $7,423 5.88%
BILLINGS, MT (FHA|USDA|VA) 3 $535,000 $178,333 $7,778 7.33%
Kalispell, MT (FHA|USDA|VA) 1 $535,000 $535,000 $3,246 6.50%
Minot, ND (FHA|USDA|VA) 2 $350,000 $175,000 $0 9.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $315,000 $105,000 $9,522 7.36%
Watertown, SD (FHA|USDA|VA) 3 $305,000 $101,667 $4,716 8.50%
Hutchinson, MN (FHA|USDA|VA) 3 $295,000 $98,333 $0 8.35%
MANKATO, MN (FHA|USDA|VA) 7 $295,000 $42,143 $0 8.69%
Yankton, SD (FHA|USDA|VA) 2 $280,000 $140,000 $5,367 7.81%
ROCHESTER, MN (FHA|USDA|VA) 2 $230,000 $115,000 $0 8.35%
Dickinson, ND (FHA|USDA|VA) 1 $215,000 $215,000 $0 8.60%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $205,000 $205,000 $4,871 6.00%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $165,000 $165,000 $0 8.10%
Rock Springs, WY (FHA|USDA|VA) 1 $145,000 $145,000 $3,985 8.10%
Williston, ND (FHA|USDA|VA) 2 $130,000 $65,000 $3,803 8.56%
Spirit Lake, IA (FHA|USDA|VA) 1 $125,000 $125,000 $0 7.85%
Riverton, WY (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.35%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $120,000 $60,000 $0 8.10%
BISMARCK, ND (FHA|USDA|VA) 2 $120,000 $60,000 $1,925 8.50%
DULUTH, MN-WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.35%
Brookings, SD (FHA|USDA|VA) 1 $65,000 $65,000 $1,285 7.60%
Helena, MT (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.85%
GRAND FORKS, ND-MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.25%
Red Wing, MN (FHA|USDA|VA) 1 $35,000 $35,000 $0 7.85%
Bankwest's top markets include Pierre, Rapid City, Mitchell, Sioux Falls, and Minneapolis among others.

Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against BANKWEST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    SIOUX FALLS
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 469 $60,685,000 $129,392 $3,796 7.59%
    FHA 25 $5,755,000 $230,200 $9,085 6.25%
    USDA 24 $4,220,000 $175,833 $4,839 5.95%
    VA 13 $4,275,000 $328,846 $8,210 6.46%

    For 2023, Bankwest's most frequently originated type of loan was Conventional, with 469 originations. Their 2nd most popular type was FHA, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 416 $64,970,000 $156,178 $5,385 7.39%
    Cash Out Refi 40 $3,700,000 $92,500 $3,525 7.83%
    Home Improvement 31 $1,935,000 $62,419 $1,358 5.87%
    Other 27 $1,625,000 $60,185 $1,318 8.70%
    Refi 17 $2,705,000 $159,118 $6,555 8.01%

    For 2023, Bankwest's most frequently cited loan purpose was Home Purchase, with 416 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 188 $42,060,000 $223,723 $5,685 6.16%
    15 Year 138 $9,900,000 $71,739 $1,807 7.82%
    20 Year 91 $9,245,000 $101,593 $4,305 8.49%
    Other 52 $6,640,000 $127,692 $3,471 8.54%
    10 Year 38 $4,310,000 $113,421 $1,722 7.78%
    5 Year 19 $1,965,000 $103,421 $1,719 7.94%
    1 Year 5 $815,000 $163,000 $4,126 8.23%

    For 2023, Bankwest's most frequently cited loan duration was 30 Year, with 188 originations. The 2nd most popular length was 15 Year, with 138 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 111 $12,045,000 $108,514
    $2k-3k 53 $8,665,000 $163,491
    $3k-4k 49 $12,295,000 $250,918
    $1k-2k 39 $4,605,000 $118,077
    $5k+ 19 $8,185,000 $430,789
    $4k-5k 15 $5,365,000 $357,667

    Bankwest's average total fees were $5,685, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 111 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 215 $19,635,000 $91,326
    7-8% 124 $16,030,000 $129,274
    6-7% 101 $22,965,000 $227,376
    5-6% 69 $15,735,000 $228,043
    2.5-3% 14 $520,000 $37,143
    <2.5% 8 $50,000 $6,250

    During 2023, Bankwest's average interest rate for loans was 6.16%, while their most frequently originated rate bucket for loans was Over 8%, with 215 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 255 $14,315,000 $56,137 $1,714 7.75%
    $100k-200k 151 $21,805,000 $144,404 $4,240 7.44%
    $200k-400k 106 $28,330,000 $267,264 $6,619 6.74%
    $400k-600k 14 $6,600,000 $471,429 $7,461 6.64%
    $600k-1MM 4 $2,870,000 $717,500 $19,270 6.41%
    $1MM+ 1 $1,015,000 $1,015,000 $0 8.00%

    2023 saw Bankwest place emphasis on $100,000 or less loans with 255 originations, totaling $14,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 140 $15,070,000 $107,643 $3,888 7.35%
    $100k-150k 120 $20,060,000 $167,167 $5,039 7.57%
    $75k-100k 98 $12,790,000 $130,510 $4,846 7.17%
    $50k or less 69 $5,285,000 $76,594 $3,330 7.47%
    $150k-250k 51 $10,035,000 $196,765 $5,902 7.54%
    $250k+ 17 $4,005,000 $235,588 $5,016 7.60%

    Bankwest lent most frequently to those with incomes in the $50k-75k range, with 140 originations. The second most popular income band? $100k-150k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 114 $16,050,000 $140,789 $4,708 7.51%
    20-30% 95 $12,395,000 $130,474 $4,245 7.13%
    <20% 35 $3,815,000 $109,000 $4,192 7.72%
    42% 27 $4,525,000 $167,593 $5,585 7.88%
    45% 23 $2,825,000 $122,826 $4,378 7.90%
    41% 22 $2,840,000 $129,091 $4,179 7.33%
    38% 21 $2,975,000 $141,667 $4,189 6.52%
    36% 20 $2,980,000 $149,000 $4,233 7.23%
    37% 18 $2,120,000 $117,778 $3,871 7.02%
    43% 18 $2,270,000 $126,111 $4,463 7.68%
    39% 17 $1,995,000 $117,353 $3,486 7.75%
    47% 16 $2,180,000 $136,250 $5,773 6.69%
    40% 16 $1,780,000 $111,250 $3,268 7.72%
    48% 16 $3,080,000 $192,500 $4,586 6.89%
    46% 15 $2,425,000 $161,667 $4,878 6.71%
    44% 14 $1,830,000 $130,714 $3,496 8.03%
    50-60% 9 $1,955,000 $217,222 $8,941 6.69%
    49% 3 $765,000 $255,000 $7,905 7.08%

    Bankwest lent most frequently to those with DTI ratios of 30-36%, with 114 originations. The next most common DTI ratio? 20-30%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 453 $63,665,000 $140,541 $4,525 7.33%
    Not applicable 19 $4,635,000 $243,947 $0 8.41%
    Not provided 29 $3,165,000 $109,138 $4,353 7.81%
    American Indian 14 $1,120,000 $80,000 $2,547 8.34%
    Asian 8 $1,050,000 $131,250 $6,582 7.59%
    Black 5 $785,000 $157,000 $7,982 6.87%
    Native Hawaiian or Islander 1 $385,000 $385,000 $7,457 7.00%
    Other Asian 1 $85,000 $85,000 $0 8.60%
    1 $45,000 $45,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    54.09%

    Bankwest has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    68.93%

    Bankwest has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    1060.0 5 $115,000 $23,000
    1080.0 1 $15,000 $15,000
    1100.0 3 $75,000 $25,000
    1108.85 1 $25,000 $25,000
    1152.51 1 $35,000 $35,000
    1350.0 1 $25,000 $25,000
    1354.55 1 $45,000 $45,000
    1392.94 1 $45,000 $45,000
    1413.02 1 $35,000 $35,000
    1439.54 1 $45,000 $45,000
    1487.76 1 $35,000 $35,000
    1489.44 1 $45,000 $45,000
    1500.0 3 $105,000 $35,000
    1520.6 1 $45,000 $45,000
    1587.86 1 $55,000 $55,000
    1590.0 3 $105,000 $35,000
    1591.53 1 $55,000 $55,000
    1592.26 1 $55,000 $55,000
    1600.0 5 $185,000 $37,000
    1613.68 1 $45,000 $45,000
    1618.37 1 $45,000 $45,000
    1634.1 1 $45,000 $45,000
    1639.08 1 $45,000 $45,000
    1660.95 1 $45,000 $45,000
    1662.0 1 $45,000 $45,000
    1674.94 1 $45,000 $45,000
    1692.15 1 $55,000 $55,000
    1693.18 1 $55,000 $55,000
    1698.35 1 $45,000 $45,000
    1705.54 1 $45,000 $45,000
    1718.8 1 $45,000 $45,000
    1719.17 1 $45,000 $45,000
    1729.62 1 $45,000 $45,000
    1729.82 1 $45,000 $45,000
    1745.0 1 $45,000 $45,000
    1749.96 1 $55,000 $55,000
    1753.56 1 $55,000 $55,000
    1756.0 1 $55,000 $55,000
    1763.16 1 $45,000 $45,000
    1771.47 1 $65,000 $65,000
    1776.0 1 $45,000 $45,000
    1780.32 1 $45,000 $45,000
    1786.42 1 $55,000 $55,000
    1804.35 1 $55,000 $55,000
    1804.51 1 $55,000 $55,000
    1809.25 1 $65,000 $65,000
    1814.0 1 $55,000 $55,000
    1818.8 1 $55,000 $55,000
    1819.2 1 $65,000 $65,000
    1826.96 1 $65,000 $65,000
    1836.0 1 $55,000 $55,000
    1837.63 1 $65,000 $65,000
    1848.05 1 $55,000 $55,000
    1861.27 1 $65,000 $65,000
    1864.55 1 $55,000 $55,000
    1870.34 1 $55,000 $55,000
    1872.9 1 $65,000 $65,000
    1895.16 1 $55,000 $55,000
    1911.08 1 $55,000 $55,000
    1924.87 1 $55,000 $55,000
    1929.64 1 $55,000 $55,000
    1930.0 1 $55,000 $55,000
    1932.1 1 $55,000 $55,000
    1934.92 1 $55,000 $55,000
    1940.75 1 $55,000 $55,000
    1948.0 1 $55,000 $55,000
    1951.53 1 $75,000 $75,000
    1954.3 1 $75,000 $75,000
    1979.18 1 $65,000 $65,000
    1986.0 1 $65,000 $65,000
    2000.9 1 $75,000 $75,000
    2006.59 1 $65,000 $65,000
    2013.14 1 $75,000 $75,000
    2013.6 1 $65,000 $65,000
    2015.6 1 $65,000 $65,000
    2019.42 1 $65,000 $65,000
    2025.6 1 $75,000 $75,000
    2026.76 1 $75,000 $75,000
    2028.98 1 $65,000 $65,000
    2044.94 1 $65,000 $65,000
    2046.0 1 $65,000 $65,000
    2078.35 1 $65,000 $65,000
    2091.0 1 $65,000 $65,000
    2093.5 1 $65,000 $65,000
    2096.0 1 $65,000 $65,000
    2116.48 1 $65,000 $65,000
    2131.93 1 $65,000 $65,000
    2137.92 1 $65,000 $65,000
    2149.82 1 $85,000 $85,000
    2168.08 1 $65,000 $65,000
    2206.42 1 $75,000 $75,000
    2208.17 1 $75,000 $75,000
    2211.01 1 $85,000 $85,000
    2226.6 1 $75,000 $75,000
    2239.8 1 $85,000 $85,000
    2250.78 1 $75,000 $75,000
    2252.01 1 $75,000 $75,000
    2254.09 1 $75,000 $75,000
    2261.0 1 $75,000 $75,000
    2264.42 1 $75,000 $75,000
    2265.0 1 $75,000 $75,000
    2265.08 1 $85,000 $85,000
    2274.05 1 $75,000 $75,000
    2312.0 1 $75,000 $75,000
    2313.56 1 $75,000 $75,000
    2315.95 1 $55,000 $55,000
    2321.3 1 $85,000 $85,000
    2326.44 1 $75,000 $75,000
    2344.3 1 $75,000 $75,000
    2349.99 1 $75,000 $75,000
    2375.69 1 $95,000 $95,000
    2379.45 1 $85,000 $85,000
    2386.94 1 $85,000 $85,000
    2402.51 1 $85,000 $85,000
    2403.22 1 $85,000 $85,000
    2404.58 1 $95,000 $95,000
    2409.93 1 $85,000 $85,000
    2419.29 1 $85,000 $85,000
    2434.2 1 $85,000 $85,000
    2435.91 1 $85,000 $85,000
    2439.65 1 $85,000 $85,000
    2482.62 1 $85,000 $85,000
    2492.32 1 $85,000 $85,000
    2492.89 1 $85,000 $85,000
    2513.71 1 $85,000 $85,000
    2514.34 1 $85,000 $85,000
    2528.02 1 $85,000 $85,000
    2531.5 1 $85,000 $85,000
    2540.22 1 $85,000 $85,000
    2578.54 1 $95,000 $95,000
    2587.06 1 $95,000 $95,000
    2628.26 1 $95,000 $95,000
    2645.08 1 $105,000 $105,000
    2647.22 1 $95,000 $95,000
    2668.48 1 $95,000 $95,000
    2687.4 1 $95,000 $95,000
    2699.82 1 $105,000 $105,000
    2715.21 1 $95,000 $95,000
    2726.02 1 $95,000 $95,000
    2731.2 1 $115,000 $115,000
    2789.86 1 $115,000 $115,000
    2793.83 1 $65,000 $65,000
    2798.49 1 $105,000 $105,000
    2814.73 1 $115,000 $115,000
    2818.72 1 $105,000 $105,000
    2825.26 1 $115,000 $115,000
    2858.82 1 $105,000 $105,000
    2867.93 1 $115,000 $115,000
    2880.39 1 $105,000 $105,000
    2897.98 1 $115,000 $115,000
    2911.88 1 $105,000 $105,000
    2941.57 1 $105,000 $105,000
    2958.61 1 $115,000 $115,000
    3002.5 1 $115,000 $115,000
    3013.44 1 $115,000 $115,000
    3043.48 1 $115,000 $115,000
    3060.72 1 $115,000 $115,000
    3068.86 1 $125,000 $125,000
    3080.38 1 $125,000 $125,000
    3086.14 1 $115,000 $115,000
    3088.11 1 $105,000 $105,000
    3159.06 1 $125,000 $125,000
    3170.38 1 $125,000 $125,000
    3173.37 1 $125,000 $125,000
    3174.29 1 $125,000 $125,000
    3248.34 1 $125,000 $125,000
    3310.99 1 $145,000 $145,000
    3317.62 1 $125,000 $125,000
    3331.97 1 $125,000 $125,000
    3371.72 1 $125,000 $125,000
    3500.79 1 $135,000 $135,000
    3530.4 1 $135,000 $135,000
    3567.54 1 $85,000 $85,000
    3600.76 1 $145,000 $145,000
    3638.72 1 $155,000 $155,000
    3640.5 1 $155,000 $155,000
    3728.64 1 $165,000 $165,000
    3823.36 1 $165,000 $165,000
    3897.1 1 $155,000 $155,000
    3916.0 1 $155,000 $155,000
    4031.63 1 $175,000 $175,000
    4081.11 1 $165,000 $165,000
    4098.0 1 $165,000 $165,000
    4294.61 1 $195,000 $195,000
    4343.75 1 $195,000 $195,000
    4503.69 1 $205,000 $205,000
    4724.19 1 $205,000 $205,000
    4851.21 1 $215,000 $215,000
    4956.0 1 $215,000 $215,000
    5296.72 1 $245,000 $245,000
    5344.3 1 $245,000 $245,000
    5471.02 1 $255,000 $255,000
    5576.92 1 $255,000 $255,000
    5899.83 1 $265,000 $265,000
    800.0 3 $145,000 $48,333
    950.0 1 $15,000 $15,000
    NA 319 $57,355,000 $179,796

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    531 $74,935,000 $141,121

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 39 $3,885,000 $99,615 $2,335 6.91%
    40-60% 32 $5,870,000 $183,438 $5,053 7.48%
    60-80% 115 $17,705,000 $153,957 $5,163 7.62%
    80-100% 282 $42,090,000 $149,255 $5,770 7.59%
    Over 100% 13 $3,055,000 $235,000 $15,533 7.93%
    Under 20% 50 $2,330,000 $46,600 $1,027 6.25%