Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300REHZOIYMHDPI61

Tax ID: 46-0225850

5 stars - Updated: 11/17/24 - out of 5 stars, based on 24 reviews

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • 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, Brookings, Watertown, Mitchell, and Rapid City among others. We have data for 8 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 a below 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 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
    30 Year Conventional Purchase 6.34% 11/17/24
    30 Year Conventional Refi 6.32% 11/17/24
    30 Year Cash-out Refi 6.24% 11/17/24
    30 Year FHA Purchase 7.47% 11/17/24
    30 Year FHA Refi 6.60% 11/17/24
    30 Year VA Purchase 5.86% 11/17/24
    30 Year VA Refi 5.94% 11/17/24
    30 Year USDA Purchase 6.14% 11/17/24
    15 Year Conventional Purchase 5.72% 11/17/24
    15 Year Conventional Refi 6.03% 11/17/24
    15 Year Cash-out Refi 6.03% 11/17/24
    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.

    Sioux Falls Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Sioux Falls. 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

    587

    Origination Dollar Volume (All Markets)

    $74,585,000
    Show all (6) awards

    Relative Rate

    Sioux Falls's average 30 year fixed mortgage rate was 6.19%.

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

    This yields a difference of -0.29%.

    Relative Fees (Closing Costs)

    Sioux Falls's average total fees/closing costs for a 30 year fixed rate mortgage were $5,133.

    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
    SIOUX FALLS, SD (FHA|USDA|VA) 548 $69,430,000 $126,697 $1,572 7.64%
    Outside of Metro Areas 21 $2,785,000 $132,619 $2,070 7.30%
    Brookings, SD (FHA|USDA|VA) 7 $1,135,000 $162,143 $2,019 7.41%
    Watertown, SD (FHA|USDA|VA) 4 $550,000 $137,500 $1,516 4.72%
    Mitchell, SD (FHA|USDA|VA) 3 $305,000 $101,667 $3,104 7.83%
    RAPID CITY, SD (FHA|USDA|VA) 2 $170,000 $85,000 $595 8.63%
    Spearfish, SD (FHA|USDA|VA) 1 $155,000 $155,000 $495 8.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $55,000 $55,000 $495 7.74%
    Sioux Falls's top markets include Sioux Falls, Brookings, Watertown, Mitchell, and Rapid City 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.

    SIOUX FALLS
    Similarity Rank: 120
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 276
    The First National Bank in Sioux Falls
    Similarity Rank: 299
    American Bank & Trust
    Similarity Rank: 374
    First Dakota National Bank
    Similarity Rank: 510
    Dacotah Bank
    Similarity Rank: 540
    Reliabank Dakota
    Similarity Rank: 578
    American State Bank
    Similarity Rank: 650
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 810
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 563 $68,275,000 $121,270 $1,357 7.67%
    FHA 20 $5,260,000 $263,000 $7,642 6.06%
    VA 3 $915,000 $305,000 $5,014 6.08%
    USDA 1 $135,000 $135,000 $4,532 5.99%

    For 2023, Sioux Falls's most frequently originated type of loan was Conventional, with 563 originations. Their 2nd most popular type was FHA, with 20 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 449 $36,985,000 $82,372 $605 8.03%
    Home Purchase 133 $36,585,000 $275,075 $4,911 6.21%
    Refi 3 $785,000 $261,667 $4,526 6.25%
    Home Improvement 2 $230,000 $115,000 $395 7.13%

    For 2023, Sioux Falls's most frequently cited loan purpose was Cash Out Refi, with 449 originations. The 2nd most popular reason was Home Purchase, with 133 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 293 $28,505,000 $97,287 $562 8.27%
    30 Year 128 $36,820,000 $287,656 $5,133 6.19%
    10 Year 67 $3,715,000 $55,448 $471 8.09%
    Other 55 $2,515,000 $45,727 $494 7.48%
    5 Year 35 $1,575,000 $45,000 $692 6.94%
    15 Year 9 $1,455,000 $161,667 $3,848 6.00%

    For 2023, Sioux Falls's most frequently cited loan duration was 20 Year, with 293 originations. The 2nd most popular length was 30 Year, with 128 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 462 $39,130,000 $84,697
    $2k-3k 51 $12,495,000 $245,000
    $3k-4k 30 $10,830,000 $361,000
    $1k-2k 24 $3,660,000 $152,500
    $4k-5k 13 $5,305,000 $408,077
    $5k+ 7 $3,165,000 $452,143

    Sioux Falls's average total fees were $5,133, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 462 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 220 $20,280,000 $92,182
    7-8% 177 $15,515,000 $87,655
    6-7% 120 $20,840,000 $173,667
    5-6% 67 $17,525,000 $261,567
    <2.5% 2 $240,000 $120,000
    4-5% 1 $185,000 $185,000

    During 2023, Sioux Falls's average interest rate for loans was 6.19%, while their most frequently originated rate bucket for loans was Over 8%, with 220 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 325 $16,645,000 $51,215 $511 7.95%
    $100k-200k 141 $20,135,000 $142,801 $1,312 7.76%
    $200k-400k 101 $28,005,000 $277,277 $4,557 6.51%
    $400k-600k 18 $8,540,000 $474,444 $6,225 6.43%
    $600k-1MM 2 $1,260,000 $630,000 $7,764 6.88%

    2023 saw Sioux Falls place emphasis on $100,000 or less loans with 325 originations, totaling $16,645,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 185 $23,615,000 $127,649 $1,585 7.68%
    $75k-100k 121 $14,285,000 $118,058 $1,541 7.60%
    $150k-250k 113 $20,265,000 $179,336 $2,000 7.59%
    $50k-75k 105 $8,955,000 $85,286 $1,383 7.51%
    $50k or less 43 $2,885,000 $67,093 $961 7.53%
    $250k+ 20 $4,580,000 $229,000 $2,214 7.73%

    Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 185 originations. The second most popular income band? $75k-100k, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 107 $15,455,000 $144,439 $1,961 7.02%
    30-36% 96 $12,290,000 $128,021 $1,463 7.61%
    47% 41 $4,925,000 $120,122 $1,813 7.89%
    49% 40 $5,150,000 $128,750 $1,148 8.08%
    48% 36 $4,300,000 $119,444 $1,310 8.06%
    44% 31 $4,085,000 $131,774 $1,837 7.67%
    40% 27 $3,075,000 $113,889 $1,193 7.74%
    46% 26 $2,840,000 $109,231 $1,277 7.90%
    45% 23 $2,325,000 $101,087 $1,268 7.87%
    43% 21 $1,235,000 $58,810 $467 7.67%
    37% 21 $2,515,000 $119,762 $1,653 7.56%
    42% 20 $1,960,000 $98,000 $1,023 7.78%
    39% 19 $2,955,000 $155,526 $2,107 7.53%
    <20% 18 $2,290,000 $127,222 $2,187 7.10%
    38% 18 $2,270,000 $126,111 $1,667 7.85%
    41% 18 $2,030,000 $112,778 $1,412 7.69%
    36% 17 $2,915,000 $171,471 $2,396 7.39%
    50-60% 7 $1,575,000 $225,000 $3,259 7.87%
    >60% 1 $395,000 $395,000 $5,219 6.13%

    Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 107 originations. The next most common DTI ratio? 30-36%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 389 $46,925,000 $120,630 $1,591 7.53%
    Not provided 179 $25,195,000 $140,754 $1,576 7.75%
    Black 9 $925,000 $102,778 $1,359 7.69%
    American Indian 4 $540,000 $135,000 $2,445 8.00%
    Asian 4 $470,000 $117,500 $1,348 8.09%
    Native Hawaiian or Islander 1 $355,000 $355,000 $5,046 5.63%
    Other Pacific Islander 1 $175,000 $175,000 $3,139 7.00%

    Approval Rates

    Total approvals of all applications
    94.50%

    Sioux Falls has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.44%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 587 $74,585,000 $127,061

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    587 $74,585,000 $127,061

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 167 $17,725,000 $106,138 $657 8.19%
    40-60% 49 $8,235,000 $168,061 $1,552 7.52%
    60-80% 51 $13,825,000 $271,078 $4,044 6.59%
    80-100% 80 $23,360,000 $292,000 $5,328 6.21%
    Under 20% 240 $11,440,000 $47,667 $500 7.90%