Sioux Falls Mortgage Rates, Fees & InfoSioux Falls, SD
Tax ID: 46-0225850
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewSioux Falls is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Sioux Falls has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Sioux City, Yankton, Watertown, and Mitchell among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)
Sioux Falls has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Sioux Falls 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 about average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.34%||11/30/23|
|30 Year Conventional Refi||6.32%||11/30/23|
|30 Year Cash-out Refi||6.24%||11/30/23|
|30 Year FHA Purchase||7.47%||11/30/23|
|30 Year FHA Refi||6.60%||11/30/23|
|30 Year VA Purchase||5.86%||11/30/23|
|30 Year VA Refi||5.94%||11/30/23|
|30 Year USDA Purchase||6.14%||11/30/23|
|15 Year Conventional Purchase||5.72%||11/30/23|
|15 Year Conventional Refi||6.03%||11/30/23|
|15 Year Cash-out Refi||6.03%||11/30/23|
|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.|
Sioux Falls Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$95,425,000
SIOUX FALLS - 2022
SIOUX FALLS is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Sioux Falls's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.12%.
Relative Fees (Closing Costs)
Sioux Falls's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,938.
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 $4,750.
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|
|SIOUX FALLS, SD (FHA|USDA|VA)||654||$91,410,000||$139,771||$1,947||4.68%|
|Outside of Metro Areas||18||$2,220,000||$123,333||$2,828||4.66%|
|SIOUX CITY, IA-NE-SD (FHA|USDA|VA)||5||$705,000||$141,000||$3,598||4.25%|
|Yankton, SD (FHA|USDA|VA)||3||$445,000||$148,333||$2,322||4.63%|
|Watertown, SD (FHA|USDA|VA)||1||$315,000||$315,000||$5,041||5.13%|
|Mitchell, SD (FHA|USDA|VA)||1||$125,000||$125,000||$395||4.75%|
|Huron, SD (FHA|USDA|VA)||1||$115,000||$115,000||$3,944||5.00%|
|Vermillion, SD (FHA|USDA|VA)||1||$55,000||$55,000||$395||4.75%|
|Brookings, SD (FHA|USDA|VA)||1||$35,000||$35,000||$395||5.00%|
We use machine learning to identify the top lenders compared against SIOUX FALLS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Sioux Falls's most frequently originated type of loan was Conventional, with 633 originations. Their 2nd most popular type was FHA, with 28 originations.
For 2022, Sioux Falls's most frequently cited loan purpose was Cash Out Refi, with 230 originations. The 2nd most popular reason was Home Improvement, with 223 originations.
For 2022, Sioux Falls's most frequently cited loan duration was 20 Year, with 322 originations. The 2nd most popular length was 30 Year, with 205 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Sioux Falls's average total fees were $4,938, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 471 originations.
During 2022, Sioux Falls's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 3-4%, with 211 originations.
2022 saw Sioux Falls place emphasis on $100,000 or less loans with 340 originations, totaling $17,990,000 in origination value.
Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 202 originations. The second most popular income band? $50k-75k, with 166 originations.
Applicant Debt to Income Ratio
Sioux Falls lent most frequently to those with DTI ratios of 30-36%, with 132 originations. The next most common DTI ratio? 20-30%, with 115 originations.
Approval RatesTotal approvals of all applications
Sioux Falls has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Sioux Falls has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|