Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300REHZOIYMHDPI61

Tax ID: 46-0225850

5 stars - out of 5 stars, based on 26 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Sioux 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.

    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 6.34% 3/24/23
    30 Year Conventional Refi 6.32% 3/24/23
    30 Year Cash-out Refi 6.24% 3/24/23
    30 Year FHA Purchase 7.47% 3/24/23
    30 Year FHA Refi 6.60% 3/24/23
    30 Year VA Purchase 5.86% 3/24/23
    30 Year VA Refi 5.94% 3/24/23
    30 Year USDA Purchase 6.14% 3/24/23
    15 Year Conventional Purchase 5.72% 3/24/23
    15 Year Conventional Refi 6.03% 3/24/23
    15 Year Cash-out Refi 6.03% 3/24/23
    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.


    Originations

    685

    Origination Dollar Volume (All Markets)

    $95,425,000
    Show all (7) awards

    Relative Rate

    Sioux Falls's average 30 year fixed mortgage rate was 4.64%.

    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.

    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
    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%
    Sioux Falls's top markets include Sioux Falls, Sioux City, Yankton, Watertown, and Mitchell among others.

    Their top states include:
  • South Dakota (FHA|USDA|VA)

    • Similar Lenders

    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.

    The First National Bank in Sioux Falls
    Similarity Rank: 403
    SIOUX FALLS
    Similarity Rank: 423
    American State Bank
    Similarity Rank: 456
    American Bank & Trust
    Similarity Rank: 720
    Dacotah Bank
    Similarity Rank: 782
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 845
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 1080
    BANKWEST, INC.
    Similarity Rank: 1120
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 1178
    Reliabank Dakota
    Similarity Rank: 1920

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 633 $82,205,000 $129,866 $1,589 4.68%
    FHA 28 $6,240,000 $222,857 $6,495 5.11%
    VA 19 $6,125,000 $322,368 $7,862 3.94%
    USDA 5 $855,000 $171,000 $4,438 4.80%

    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.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 230 $22,610,000 $98,304 $836 5.12%
    Home Improvement 223 $15,845,000 $71,054 $448 4.40%
    Home Purchase 176 $45,310,000 $257,443 $4,802 4.79%
    Refi 56 $11,660,000 $208,214 $3,963 3.60%

    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.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 322 $27,410,000 $85,124 $467 4.61%
    30 Year 205 $54,725,000 $266,951 $4,938 4.64%
    10 Year 62 $3,320,000 $53,548 $449 5.73%
    15 Year 38 $6,890,000 $181,316 $3,460 3.48%
    5 Year 32 $1,460,000 $45,625 $452 4.55%
    Other 26 $1,620,000 $62,308 $876 5.20%

    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
    $<1k 471 $39,545,000 $83,960
    $2k-3k 88 $22,660,000 $257,500
    $1k-2k 67 $10,105,000 $150,821
    $3k-4k 43 $15,635,000 $363,605
    $5k+ 10 $4,600,000 $460,000
    $4k-5k 6 $2,880,000 $480,000

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 211 $24,955,000 $118,270
    4-5% 191 $29,565,000 $154,791
    5-6% 114 $16,990,000 $149,035
    6-7% 113 $12,565,000 $111,195
    2.5-3% 32 $7,410,000 $231,563
    <2.5% 13 $2,805,000 $215,769
    7-8% 11 $1,135,000 $103,182

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 340 $17,990,000 $52,912 $487 4.74%
    $100k-200k 168 $24,090,000 $143,393 $1,830 4.67%
    $200k-400k 156 $43,070,000 $276,090 $4,538 4.60%
    $400k-600k 19 $9,025,000 $475,000 $7,834 4.18%
    $600k-1MM 2 $1,250,000 $625,000 $14,658 4.88%

    2022 saw Sioux Falls place emphasis on $100,000 or less loans with 340 originations, totaling $17,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 202 $31,020,000 $153,564 $1,999 4.86%
    $50k-75k 166 $20,520,000 $123,614 $1,967 4.61%
    $75k-100k 156 $20,750,000 $133,013 $2,016 4.53%
    $150k-250k 77 $14,385,000 $186,818 $2,390 4.76%
    $50k or less 75 $6,375,000 $85,000 $1,390 4.55%
    $250k+ 9 $2,375,000 $263,889 $2,892 4.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 132 $18,000,000 $136,364 $1,723 4.48%
    20-30% 115 $16,485,000 $143,348 $2,063 4.43%
    48% 41 $5,895,000 $143,780 $2,303 5.10%
    49% 37 $4,425,000 $119,595 $1,440 4.92%
    44% 34 $5,040,000 $148,235 $1,927 4.86%
    38% 31 $3,835,000 $123,710 $1,572 4.44%
    47% 30 $3,760,000 $125,333 $1,891 4.99%
    40% 29 $4,425,000 $152,586 $2,469 4.79%
    36% 28 $3,300,000 $117,857 $1,836 4.91%
    42% 28 $3,420,000 $122,143 $1,563 4.77%
    <20% 26 $2,570,000 $98,846 $1,610 4.06%
    39% 26 $3,480,000 $133,846 $1,776 4.63%
    46% 26 $4,080,000 $156,923 $2,365 4.92%
    43% 25 $4,415,000 $176,600 $3,055 5.10%
    37% 24 $4,190,000 $174,583 $2,089 4.32%
    41% 21 $2,695,000 $128,333 $2,212 5.04%
    45% 21 $2,975,000 $141,667 $1,619 5.20%
    50-60% 8 $1,540,000 $192,500 $4,335 4.67%
    >60% 3 $895,000 $298,333 $5,958 3.54%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 516 $74,310,000 $144,012 $2,139 4.64%
    Not provided 146 $16,640,000 $113,973 $1,257 4.77%
    Black 12 $2,520,000 $210,000 $3,788 5.31%
    American Indian 6 $1,350,000 $225,000 $3,213 3.94%
    Asian 3 $305,000 $101,667 $599 4.88%
    Asian Indian 2 $300,000 $150,000 $2,686 4.13%

    Approval Rates

    Total approvals of all applications
    96.77%

    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
    92.26%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 685 $95,425,000 $139,307

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    685 $95,425,000 $139,307

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 179 $17,945,000 $100,251 $708 4.87%
    40-60% 57 $10,325,000 $181,140 $2,222 4.37%
    60-80% 90 $22,660,000 $251,778 $4,145 4.32%
    80-100% 121 $32,245,000 $266,488 $4,936 4.74%
    Over 100% 3 $925,000 $308,333 $12,169 3.63%
    Under 20% 235 $11,325,000 $48,191 $421 4.71%