Sioux Falls Mortgage Rates, Fees & Info
Sioux Falls, SDLEI: 549300REHZOIYMHDPI61
Tax ID: 46-0225850
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Sioux Falls is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Sioux Falls 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.) They have a low ratio of USDA loans. Their top markets include Sioux Falls, Brookings, Yankton, Sioux City, and Spearfish among others. Sioux Falls has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Sioux Falls is typically an average fee lendor.Originations
787Origination Dollar Volume (All Markets)
$165,495,000Awards
SIOUX FALLS - 2021
SIOUX FALLS is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Sioux Falls's average 30 year fixed rate mortgage of loans were
2.67%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.48%.
Relative Fees
Sioux Falls's average total fees for a 30 year fixed rate
mortgage are $4,168.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 750 | $156,630,000 | $208,840 | $3,686 | 2.64% |
| Outside of Metro Areas | 18 | $4,330,000 | $240,556 | $4,486 | 2.54% |
| Brookings, SD (FHA|USDA|VA) | 7 | $1,555,000 | $222,143 | $3,456 | 2.61% |
| Yankton, SD (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $3,567 | 2.35% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $4,748 | 2.58% |
| Spearfish, SD (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,823 | 3.00% |
| Watertown, SD (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $2,108 | 2.06% |
| Mitchell, SD (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,137 | 2.13% |
Sioux Falls's top markets include Sioux Falls, Brookings, Yankton, Sioux City, and Spearfish among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 678 | $137,810,000 | $203,260 | $3,376 | 2.66% |
| VA | 72 | $19,940,000 | $276,944 | $5,519 | 2.30% |
| FHA | 31 | $6,695,000 | $215,968 | $6,416 | 2.77% |
| USDA | 6 | $1,050,000 | $175,000 | $4,703 | 2.40% |
For the 2021 period, Sioux Falls's most frequently originated loan type of loans were Conventional, with 678 originations. Their 2nd most popular type is VA, with 72 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 309 | $62,035,000 | $200,761 | $3,473 | 2.38% |
| Home Purchase | 253 | $63,245,000 | $249,980 | $4,355 | 2.62% |
| Cash Out Refi | 202 | $38,930,000 | $192,723 | $3,622 | 2.80% |
| Home Improvement | 21 | $1,065,000 | $50,714 | $356 | 4.68% |
| NA | 2 | $220,000 | $110,000 | $404 | 4.25% |
For the 2021, Sioux Falls's most frequently cited loan purpose of loans were Refi, with 309 originations. The 2nd most popular reason of loans were Home Purchase, with 253 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 490 | $116,880,000 | $238,531 | $4,168 | 2.67% |
| 15 Year | 228 | $40,780,000 | $178,860 | $3,249 | 2.15% |
| 20 Year | 24 | $4,560,000 | $190,000 | $3,413 | 2.73% |
| Other | 16 | $890,000 | $55,625 | $634 | 5.09% |
| 5 Year | 15 | $1,345,000 | $89,667 | $1,415 | 4.06% |
| 10 Year | 13 | $855,000 | $65,769 | $1,047 | 4.63% |
| 1 Year | 1 | $185,000 | $185,000 | $590 | 2.99% |
For the 2021, Sioux Falls's most frequently cited loan length of loans were 30 Year, with 490 originations. The 2nd most popular length of loans were 15 Year, with 228 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 339 | $52,985,000 | $156,298 |
| $2k-3k | 235 | $60,655,000 | $258,106 |
| $<1k | 121 | $14,565,000 | $120,372 |
| $3k-4k | 89 | $36,195,000 | $406,685 |
| $5k+ | 2 | $1,060,000 | $530,000 |
$4,168 of loans were Sioux Falls's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 339 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 395 | $84,665,000 | $214,342 |
| 2.5-3% | 289 | $65,995,000 | $228,356 |
| 3-4% | 61 | $12,395,000 | $203,197 |
| 4-5% | 21 | $985,000 | $46,905 |
| 5-6% | 17 | $815,000 | $47,941 |
| 6-7% | 2 | $90,000 | $45,000 |
During 2021, Sioux Falls's average interest rate of loans were 2.67%, while their most frequently originated rate bucket of loans were <2.5%, with 395 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 331 | $88,735,000 | $268,082 | $4,428 | 2.52% |
| $100k-200k | 310 | $46,780,000 | $150,903 | $3,098 | 2.50% |
| $100,000 or less | 93 | $5,345,000 | $57,473 | $1,501 | 3.48% |
| $400k-600k | 53 | $24,635,000 | $464,811 | $6,571 | 2.57% |
2021 saw Sioux Falls place emphasis on $200k-400k loans with 331 originations, totaling $88,735,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 217 | $40,215,000 | $185,323 | $3,488 | 2.63% |
| $100k-150k | 183 | $45,665,000 | $249,536 | $4,187 | 2.58% |
| $75k-100k | 152 | $31,630,000 | $208,092 | $3,732 | 2.66% |
| $50k or less | 135 | $18,195,000 | $134,778 | $2,987 | 2.63% |
| $150k-250k | 87 | $25,655,000 | $294,885 | $4,189 | 2.69% |
| $250k+ | 11 | $3,695,000 | $335,909 | $4,672 | 2.49% |
Sioux Falls lent most frequently to those with incomes in the $50k-75k range, with 217 originations. The second most popular income band? $100k-150k, with 183 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 225 | $44,665,000 | $198,511 | $3,463 | 2.55% |
| 30-36% | 155 | $33,645,000 | $217,065 | $3,701 | 2.59% |
| <20% | 66 | $12,930,000 | $195,909 | $3,282 | 2.46% |
| 38% | 39 | $9,435,000 | $241,923 | $4,537 | 2.60% |
| 37% | 33 | $7,175,000 | $217,424 | $3,878 | 2.64% |
| 41% | 32 | $6,180,000 | $193,125 | $3,317 | 2.70% |
| 42% | 31 | $6,545,000 | $211,129 | $4,136 | 2.71% |
| 36% | 28 | $5,850,000 | $208,929 | $3,652 | 2.80% |
| 40% | 26 | $5,050,000 | $194,231 | $3,199 | 2.83% |
| 44% | 25 | $5,105,000 | $204,200 | $3,356 | 2.97% |
| 39% | 24 | $5,750,000 | $239,583 | $4,198 | 2.60% |
| 43% | 19 | $3,955,000 | $208,158 | $3,802 | 2.73% |
| 46% | 17 | $3,485,000 | $205,000 | $3,737 | 3.03% |
| 49% | 17 | $2,955,000 | $173,824 | $3,000 | 3.16% |
| 47% | 13 | $2,785,000 | $214,231 | $3,837 | 2.82% |
| 50-60% | 12 | $2,980,000 | $248,333 | $6,296 | 2.35% |
| 45% | 12 | $2,570,000 | $214,167 | $4,306 | 2.59% |
| 48% | 7 | $2,475,000 | $353,571 | $5,003 | 2.64% |
| >60% | 4 | $1,510,000 | $377,500 | $7,696 | 2.25% |
Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 225 originations. The next most common DTI ratio? 30-36%, with 155 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 729 | $153,105,000 | $210,021 | $3,707 | 2.63% |
| Not provided | 35 | $7,375,000 | $210,714 | $3,404 | 2.62% |
| Black | 12 | $2,560,000 | $213,333 | $4,294 | 3.06% |
| Asian | 6 | $1,570,000 | $261,667 | $4,077 | 2.56% |
| American Indian | 4 | $730,000 | $182,500 | $3,508 | 2.44% |
| Native Hawaiian | 1 | $155,000 | $155,000 | $3,261 | 2.13% |
Approval Rates
Total approvals of all applications97.70%
Sioux Falls has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination89.28%
Sioux Falls has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 787 | $165,495,000 | $210,286 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 787 | $165,495,000 | $210,286 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 59 | $6,435,000 | $109,068 | $2,341 | 2.73% |
| 40-60% | 145 | $23,475,000 | $161,897 | $3,074 | 2.29% |
| 60-80% | 286 | $68,420,000 | $239,231 | $3,958 | 2.52% |
| 80-100% | 258 | $64,980,000 | $251,860 | $4,427 | 2.65% |
| Over 100% | 2 | $700,000 | $350,000 | $14,549 | 2.38% |
| Under 20% | 37 | $1,485,000 | $40,135 | $608 | 4.53% |
