Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300REHZOIYMHDPI61

Tax ID: 46-0225850

5 stars - Updated: 4/5/25 - out of 5 stars, based on 23 reviews

Latest/2024 | 2023 Data | 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. Their top markets by origination volume include: Sioux Falls, Brookings, Yankton, Mitchell, and Sioux City among others. We have data for 11 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 a low 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 6.58% 4/5/25
    30 Year Conventional Refi 6.39% 4/5/25
    30 Year Cash-out Refi 6.57% 4/5/25
    30 Year FHA Purchase 6.49% 4/5/25
    30 Year FHA Refi 6.72% 4/5/25
    30 Year VA Purchase 5.77% 4/5/25
    15 Year Conventional Purchase 6.03% 4/5/25
    15 Year Conventional Refi 3.89% 4/5/25
    15 Year Cash-out Refi 3.89% 4/5/25
    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

    517

    Origination Dollar Volume (All Markets)

    $76,025,000
    Show all (5) awards

    Relative Rate

    Sioux Falls's average 30 year fixed mortgage rate was 6.14%.

    The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.

    This yields a difference of -0.41%.

    Relative Fees (Closing Costs)

    Sioux Falls's average total fees/closing costs for a 30 year fixed rate mortgage were $5,358.

    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 $8,356.

    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) 479 $69,145,000 $144,353 $1,868 7.92%
    Outside of Metro Areas 16 $3,090,000 $193,125 $1,719 7.84%
    Brookings, SD (FHA|USDA|VA) 5 $945,000 $189,000 $3,079 6.87%
    Yankton, SD (FHA|USDA|VA) 3 $745,000 $248,333 $7,090 5.58%
    Mitchell, SD (FHA|USDA|VA) 2 $560,000 $280,000 $3,211 7.75%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 6 $540,000 $90,000 $1,234 8.71%
    Watertown, SD (FHA|USDA|VA) 1 $395,000 $395,000 $5,197 6.50%
    Spirit Lake, IA (FHA|USDA|VA) 1 $265,000 $265,000 $5,155 6.63%
    Spearfish, SD (FHA|USDA|VA) 2 $150,000 $75,000 $572 8.50%
    Vermillion, SD (FHA|USDA|VA) 1 $115,000 $115,000 $2,989 6.50%
    Spencer, IA (FHA|USDA|VA) 1 $75,000 $75,000 $495 8.50%
    Sioux Falls's top markets include Sioux Falls, Brookings, Yankton, Mitchell, and Sioux City among others.

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

    Dacotah Bank
    Similarity Rank: 162
    SIOUX FALLS
    Similarity Rank: 253
    American Bank & Trust
    Similarity Rank: 425
    Central Bank
    Similarity Rank: 480
    Reliabank Dakota
    Similarity Rank: 480
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 495
    First Dakota National Bank
    Similarity Rank: 660
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 816
    First PREMIER Bank
    Similarity Rank: 820
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 952

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 479 $65,435,000 $136,608 $1,442 8.07%
    FHA 28 $7,590,000 $271,071 $7,742 5.74%
    VA 10 $3,000,000 $300,000 $7,790 5.59%

    For 2024, Sioux Falls's most frequently originated type of loan was Conventional, with 479 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 378 $35,970,000 $95,159 $717 8.53%
    Home Purchase 130 $37,800,000 $290,769 $5,298 6.13%
    Refi 9 $2,255,000 $250,556 $4,402 6.74%

    For 2024, Sioux Falls's most frequently cited loan purpose was Cash Out Refi, with 378 originations. The 2nd most popular reason was Home Purchase, with 130 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 263 $26,555,000 $100,970 $577 8.66%
    30 Year 139 $41,285,000 $297,014 $5,358 6.14%
    10 Year 49 $3,105,000 $63,367 $551 9.00%
    Other 34 $1,660,000 $48,824 $538 8.33%
    5 Year 22 $1,070,000 $48,636 $495 7.75%
    15 Year 10 $2,350,000 $235,000 $5,107 5.78%

    For 2024, Sioux Falls's most frequently cited loan duration was 20 Year, with 263 originations. The 2nd most popular length was 30 Year, with 139 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 405 $40,815,000 $100,778
    $2k-3k 45 $12,045,000 $267,667
    $3k-4k 26 $9,650,000 $371,154
    $1k-2k 19 $2,725,000 $143,421
    $4k-5k 12 $5,970,000 $497,500
    $5k+ 10 $4,820,000 $482,000

    Sioux Falls's average total fees were $5,358, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 405 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 293 $26,975,000 $92,065
    6-7% 86 $26,380,000 $306,744
    7-8% 75 $5,425,000 $72,333
    5-6% 60 $16,490,000 $274,833
    4-5% 2 $680,000 $340,000
    3-4% 1 $75,000 $75,000

    During 2024, Sioux Falls's average interest rate for loans was 6.14%, while their most frequently originated rate bucket for loans was Over 8%, with 293 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 258 $14,320,000 $55,504 $595 8.55%
    $100k-200k 128 $18,120,000 $141,563 $1,199 8.00%
    $200k-400k 107 $31,025,000 $289,953 $5,102 6.52%
    $400k-600k 19 $9,155,000 $481,842 $6,512 6.51%
    $600k-1MM 5 $3,405,000 $681,000 $8,368 6.40%

    2024 saw Sioux Falls place emphasis on $100,000 or less loans with 258 originations, totaling $14,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 166 $25,530,000 $153,795 $1,969 7.90%
    $150k-250k 117 $21,675,000 $185,256 $2,138 8.02%
    $75k-100k 104 $14,200,000 $136,538 $2,085 7.90%
    $50k-75k 88 $9,170,000 $104,205 $1,571 7.72%
    $50k or less 31 $2,175,000 $70,161 $1,185 7.88%
    $250k+ 11 $3,275,000 $297,727 $1,846 8.07%

    Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 166 originations. The second most popular income band? $150k-250k, with 117 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 86 $13,320,000 $154,884 $2,116 7.61%
    20-30% 78 $12,580,000 $161,282 $2,415 7.48%
    48% 39 $4,995,000 $128,077 $1,233 8.42%
    49% 35 $4,565,000 $130,429 $1,040 8.62%
    45% 32 $4,110,000 $128,438 $1,629 8.17%
    46% 31 $4,115,000 $132,742 $1,330 8.24%
    47% 28 $3,010,000 $107,500 $1,320 8.21%
    44% 27 $4,775,000 $176,852 $2,385 7.84%
    42% 26 $3,730,000 $143,462 $1,569 7.94%
    43% 21 $2,055,000 $97,857 $1,722 8.11%
    37% 18 $2,520,000 $140,000 $2,412 7.84%
    39% 18 $2,370,000 $131,667 $1,506 8.19%
    40% 16 $3,410,000 $213,125 $2,652 7.22%
    41% 15 $2,925,000 $195,000 $2,552 7.62%
    38% 15 $3,125,000 $208,333 $3,328 7.16%
    36% 13 $1,315,000 $101,154 $1,691 8.29%
    <20% 12 $1,800,000 $150,000 $1,843 7.61%
    50-60% 7 $1,305,000 $186,429 $2,746 7.93%

    Sioux Falls lent most frequently to those with DTI ratios of 30-36%, with 86 originations. The next most common DTI ratio? 20-30%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 311 $48,495,000 $155,932 $2,115 7.78%
    Not provided 182 $22,190,000 $121,923 $1,227 8.20%
    Black 14 $2,720,000 $194,286 $4,117 7.27%
    American Indian 6 $1,830,000 $305,000 $5,972 6.77%
    Asian 4 $790,000 $197,500 $2,854 7.21%

    Approval Rates

    Total approvals of all applications
    93.10%

    Sioux Falls has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.78%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 517 $76,025,000 $147,050

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    517 $76,025,000 $147,050

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 158 $16,880,000 $106,835 $689 8.56%
    40-60% 41 $8,265,000 $201,585 $2,325 7.63%
    60-80% 50 $15,310,000 $306,200 $4,399 6.69%
    80-100% 86 $26,070,000 $303,140 $5,449 6.19%
    Over 100% 1 $315,000 $315,000 $10,646 5.75%
    Under 20% 181 $9,185,000 $50,746 $540 8.54%