Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300REHZOIYMHDPI61

Tax ID: 46-0225850

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

787

Origination Dollar Volume (All Markets)

$165,495,000
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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 applications
97.70%

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 origination
89.28%

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%