Black Hills Federal Credit Union Mortgage Rates, Fees & Info

Rapid City, SD

LEI: 549300M2Z8GR3VL0QQ74

Tax ID: 46-0235529

5 stars - Updated: 6/9/24 - out of 5 stars, based on 29 reviews

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

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Mortgage Data

Review & Overview

Black Hills Federal Credit Union is a smaller credit union specializing in Home Improvement and Home Purchase loans. Black Hills Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Rapid City, Spearfish, Sioux Falls, Pierre, and Phoenix among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Black Hills Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Black Hills Federal Credit Union 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
Home Equity Line of Credit (HELOC) 6.27% 6/9/24
30 Year Conventional Purchase 5.84% 6/9/24
30 Year Conventional Refi 5.98% 6/9/24
30 Year Cash-out Refi 5.86% 6/9/24
30 Year FHA Purchase 7.44% 6/9/24
30 Year VA Purchase 6.00% 6/9/24
30 Year VA Refi 6.07% 6/9/24
30 Year USDA Purchase 6.81% 6/9/24
15 Year Conventional Purchase 6.63% 6/9/24
15 Year Conventional Refi 6.39% 6/9/24
15 Year Cash-out Refi 6.39% 6/9/24
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.

Black Hills Federal Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from Black Hills Federal Credit Union. 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

837

Origination Dollar Volume (All Markets)

$151,365,000
Show all (7) awards

Relative Rate

Black Hills Federal Credit Union's average 30 year fixed mortgage rate was 6.29%.

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

This yields a difference of -0.19%.

Relative Fees (Closing Costs)

Black Hills Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,264.

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
RAPID CITY, SD (FHA|USDA|VA) 526 $78,990,000 $150,171 $4,629 7.43%
Outside of Metro Areas 123 $26,105,000 $212,236 $5,681 7.01%
Spearfish, SD (FHA|USDA|VA) 65 $18,035,000 $277,462 $7,504 7.15%
SIOUX FALLS, SD (FHA|USDA|VA) 73 $16,415,000 $224,863 $5,155 7.16%
Pierre, SD (FHA|USDA|VA) 19 $3,215,000 $169,211 $5,291 6.82%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,250,000 $625,000 $11,436 6.38%
Watertown, SD (FHA|USDA|VA) 2 $1,020,000 $510,000 $12,208 6.24%
Gillette, WY (FHA|USDA|VA) 4 $660,000 $165,000 $3,438 6.80%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $555,000 $555,000 $11,926 7.38%
BILLINGS, MT (FHA|USDA|VA) 3 $545,000 $181,667 $4,328 6.55%
Mitchell, SD (FHA|USDA|VA) 2 $510,000 $255,000 $5,499 6.75%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $465,000 $465,000 $8,599 5.63%
Brookings, SD (FHA|USDA|VA) 1 $445,000 $445,000 $6,971 6.38%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $395,000 $395,000 $17,186 5.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $345,000 $345,000 $7,057 5.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $345,000 $345,000 $7,174 7.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $335,000 $335,000 $4,481 5.88%
Somerset, KY (FHA|USDA|VA) 1 $305,000 $305,000 $7,447 6.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $285,000 $285,000 $6,895 5.99%
CASPER, WY (FHA|USDA|VA) 1 $255,000 $255,000 $4,437 5.75%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $240,000 $120,000 $4,273 6.19%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $0 7.25%
Vermillion, SD (FHA|USDA|VA) 1 $115,000 $115,000 $0 7.75%
MOBILE, AL (FHA|USDA|VA) 1 $95,000 $95,000 $3,754 6.50%
ST. GEORGE, UT (FHA|USDA|VA) 1 $85,000 $85,000 $2,226 5.25%
Aberdeen, SD (FHA|USDA|VA) 1 $85,000 $85,000 $4,796 5.13%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.25%
Black Hills Federal Credit Union's top markets include Rapid City, Spearfish, Sioux Falls, Pierre, and Phoenix among others.

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

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

    SIOUX FALLS
    Similarity Rank: 120
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    American Bank & Trust
    Similarity Rank: 506
    Reliabank Dakota
    Similarity Rank: 578
    Unify Home Lending Inc.
    Similarity Rank: 594
    First Dakota National Bank
    Similarity Rank: 646
    American State Bank
    Similarity Rank: 650
    BANKWEST, INC.
    Similarity Rank: 816
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 422 $104,000,000 $246,445 $5,077 6.85%
    HELOC 376 $34,230,000 $91,037 n/a 7.87%
    VA 33 $12,025,000 $364,394 $7,403 5.93%
    FHA 6 $1,110,000 $185,000 $5,681 6.79%

    For 2023, Black Hills Federal Credit Union's most frequently originated type of loan was Conventional, with 422 originations. Their 2nd most popular type was HELOC, with 376 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 356 $34,430,000 $96,713 $3,106 7.75%
    Home Purchase 298 $86,490,000 $290,235 $6,430 6.58%
    Refi 146 $21,270,000 $145,685 $2,847 7.72%
    Cash Out Refi 37 $9,175,000 $247,973 $5,812 6.47%

    For 2023, Black Hills Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 356 originations. The 2nd most popular reason was Home Purchase, with 298 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 392 $39,830,000 $101,607 $8,003 7.85%
    30 Year 250 $73,300,000 $293,200 $6,264 6.29%
    15 Year 105 $13,505,000 $128,619 $2,208 7.43%
    10 Year 31 $1,605,000 $51,774 $573 7.77%
    30+ year 27 $13,625,000 $504,630 $12,363 6.50%
    20 Year 20 $8,960,000 $448,000 $6,082 6.93%
    5 Year 11 $365,000 $33,182 $431 8.37%
    1 Year 1 $175,000 $175,000 $0 9.50%

    For 2023, Black Hills Federal Credit Union's most frequently cited loan duration was Other, with 392 originations. The 2nd most popular length was 30 Year, with 250 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 123 $10,445,000 $84,919
    $3k-4k 81 $20,275,000 $250,309
    $2k-3k 79 $13,225,000 $167,405
    $5k+ 75 $42,585,000 $567,800
    $4k-5k 54 $17,750,000 $328,704
    $1k-2k 19 $2,145,000 $112,895

    Black Hills Federal Credit Union's average total fees were $6,264, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 123 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 371 $47,075,000 $126,887
    6-7% 176 $51,640,000 $293,409
    Over 8% 148 $11,990,000 $81,014
    5-6% 134 $38,110,000 $284,403
    4-5% 8 $2,550,000 $318,750

    During 2023, Black Hills Federal Credit Union's average interest rate for loans was 6.29%, while their most frequently originated rate bucket for loans was 7-8%, with 371 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 355 $18,975,000 $53,451 $1,069 7.89%
    $100k-200k 207 $28,045,000 $135,483 $3,734 7.17%
    $200k-400k 185 $51,405,000 $277,865 $6,260 6.59%
    $400k-600k 58 $27,720,000 $477,931 $9,190 6.45%
    $600k-1MM 26 $18,070,000 $695,000 $12,955 6.29%
    $1MM+ 6 $7,150,000 $1,191,667 $17,773 7.24%

    2023 saw Black Hills Federal Credit Union place emphasis on $100,000 or less loans with 355 originations, totaling $18,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 230 $39,820,000 $173,130 $5,268 7.32%
    $75k-100k 162 $21,890,000 $135,123 $4,194 7.25%
    $50k-75k 150 $16,260,000 $108,400 $4,119 7.37%
    $150k-250k 149 $35,025,000 $235,067 $6,322 7.26%
    $250k+ 60 $23,380,000 $389,667 $8,529 7.05%
    $50k or less 60 $5,440,000 $90,667 $4,062 7.26%

    Black Hills Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 230 originations. The second most popular income band? $75k-100k, with 162 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 191 $28,675,000 $150,131 $4,594 7.22%
    30-36% 134 $21,700,000 $161,940 $4,990 7.23%
    <20% 62 $11,210,000 $180,806 $5,409 7.04%
    50-60% 49 $5,465,000 $111,531 $2,575 7.90%
    40% 37 $7,845,000 $212,027 $5,588 7.11%
    36% 33 $5,195,000 $157,424 $4,267 7.32%
    38% 30 $6,960,000 $232,000 $6,983 7.17%
    37% 29 $5,895,000 $203,276 $5,902 6.89%
    41% 28 $4,330,000 $154,643 $4,648 7.35%
    46% 28 $5,740,000 $205,000 $6,092 7.54%
    42% 26 $5,120,000 $196,923 $6,004 7.10%
    39% 26 $3,970,000 $152,692 $4,882 7.11%
    48% 22 $4,110,000 $186,818 $6,700 7.18%
    49% 22 $6,380,000 $290,000 $7,398 7.17%
    >60% 22 $2,690,000 $122,273 $1,641 7.88%
    45% 21 $4,995,000 $237,857 $6,867 7.24%
    44% 20 $4,490,000 $224,500 $5,835 7.07%
    47% 16 $3,070,000 $191,875 $6,938 7.38%
    43% 14 $2,680,000 $191,429 $8,385 7.89%

    Black Hills Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 191 originations. The next most common DTI ratio? 30-36%, with 134 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 653 $119,045,000 $182,305 $5,369 7.21%
    Not provided 126 $21,170,000 $168,016 $5,090 7.43%
    Not applicable 18 $7,060,000 $392,222 $0 7.20%
    American Indian 29 $2,945,000 $101,552 $3,370 7.96%
    Asian 5 $705,000 $141,000 $6,144 6.97%
    Black 3 $195,000 $65,000 $1,129 7.98%
    Asian Indian 1 $105,000 $105,000 $0 7.25%
    Native Hawaiian or Islander 1 $85,000 $85,000 $3,936 6.50%
    Korean 1 $55,000 $55,000 $0 8.25%

    Approval Rates

    Total approvals of all applications
    87.50%

    Black Hills Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.16%

    Black Hills Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 837 $151,365,000 $180,842

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    837 $151,365,000 $180,842

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 212 $22,640,000 $106,792 $2,594 7.75%
    40-60% 89 $18,915,000 $212,528 $5,597 6.82%
    60-80% 120 $36,990,000 $308,250 $6,701 6.65%
    80-100% 162 $53,370,000 $329,444 $6,952 6.47%
    Over 100% 4 $1,740,000 $435,000 $12,729 6.40%
    Under 20% 237 $11,675,000 $49,262 $689 7.89%