Sioux Falls Mortgage Rates, Fees & Info

Sioux Falls, SD

LEI: 549300REHZOIYMHDPI61

Tax ID: 46-0225850

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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 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, Brookings, Vermillion, and Mitchell 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 6.34% 12/16/24
    30 Year Conventional Refi 6.32% 12/16/24
    30 Year Cash-out Refi 6.24% 12/16/24
    30 Year FHA Purchase 7.47% 12/16/24
    30 Year FHA Refi 6.60% 12/16/24
    30 Year VA Purchase 5.86% 12/16/24
    30 Year VA Refi 5.94% 12/16/24
    30 Year USDA Purchase 6.14% 12/16/24
    15 Year Conventional Purchase 5.72% 12/16/24
    15 Year Conventional Refi 6.03% 12/16/24
    15 Year Cash-out Refi 6.03% 12/16/24
    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

    527

    Origination Dollar Volume (All Markets)

    $74,045,000
    Show all (6) awards

    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) 497 $68,645,000 $138,119 $2,608 4.83%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 9 $1,475,000 $163,889 $4,452 4.36%
    Outside of Metro Areas 9 $1,255,000 $139,444 $3,316 4.63%
    Brookings, SD (FHA|USDA|VA) 3 $685,000 $228,333 $3,959 4.08%
    Vermillion, SD (FHA|USDA|VA) 3 $615,000 $205,000 $2,961 4.21%
    Mitchell, SD (FHA|USDA|VA) 1 $345,000 $345,000 $15,667 3.63%
    RAPID CITY, SD (FHA|USDA|VA) 1 $305,000 $305,000 $3,549 3.75%
    Yankton, SD (FHA|USDA|VA) 1 $225,000 $225,000 $3,003 4.50%
    Pierre, SD (FHA|USDA|VA) 1 $215,000 $215,000 $4,600 4.63%
    Spearfish, SD (FHA|USDA|VA) 1 $155,000 $155,000 $3,081 4.75%
    Watertown, SD (FHA|USDA|VA) 1 $125,000 $125,000 $2,851 4.75%
    Sioux Falls's top markets include Sioux Falls, Sioux City, Brookings, Vermillion, 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.

    Dacotah Bank
    Similarity Rank: 357
    SERVICE FIRST FEDERAL CREDIT UNION
    Similarity Rank: 380
    SIOUX FALLS
    Similarity Rank: 385
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 429
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 528
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 530
    First Dakota National Bank
    Similarity Rank: 552
    First PREMIER Bank
    Similarity Rank: 1064
    Reliabank Dakota
    Similarity Rank: 1088
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 1122

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 430 $55,640,000 $129,395 $2,073 4.97%
    VA 47 $10,155,000 $216,064 $5,519 3.95%
    FHA 34 $5,930,000 $174,412 $5,886 4.29%
    USDA 14 $2,180,000 $155,714 $4,540 3.95%
    HELOC 2 $140,000 $70,000 n/a 5.50%

    For 2018, Sioux Falls's most frequently originated type of loan was Conventional, with 430 originations. Their 2nd most popular type was VA, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 268 $51,880,000 $193,582 $3,949 4.34%
    Cash Out Refi 166 $14,450,000 $87,048 $1,518 5.17%
    Home Improvement 61 $2,125,000 $34,836 $258 6.00%
    Refi 25 $5,195,000 $207,800 $3,565 4.13%
    NA 4 $210,000 $52,500 $614 6.69%
    Other 3 $185,000 $61,667 $185 5.50%

    For 2018, Sioux Falls's most frequently cited loan purpose was Home Purchase, with 268 originations. The 2nd most popular reason was Cash Out Refi, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 280 $56,340,000 $201,214 $4,025 4.40%
    10 Year 90 $4,010,000 $44,556 $379 6.23%
    15 Year 69 $9,155,000 $132,681 $2,961 4.08%
    Other 43 $2,045,000 $47,558 $542 5.88%
    5 Year 35 $1,075,000 $30,714 $264 4.73%
    20 Year 10 $1,420,000 $142,000 $2,852 4.26%

    For 2018, Sioux Falls's most frequently cited loan duration was 30 Year, with 280 originations. The 2nd most popular length was 10 Year, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 225 $11,705,000 $52,022
    $1k-2k 201 $33,815,000 $168,234
    $2k-3k 82 $22,320,000 $272,195
    $3k-4k 15 $5,325,000 $355,000
    $4k-5k 1 $445,000 $445,000
    $5k+ 1 $295,000 $295,000

    Sioux Falls's average total fees were $4,025, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 225 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 262 $43,790,000 $167,137
    3-4% 114 $21,790,000 $191,140
    5-6% 79 $5,335,000 $67,532
    6-7% 63 $2,695,000 $42,778
    7-8% 9 $435,000 $48,333

    During 2018, Sioux Falls's average interest rate for loans was 4.40%, while their most frequently originated rate bucket for loans was 4-5%, with 262 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 206 $9,060,000 $43,981 $752 5.51%
    $100k-200k 181 $27,295,000 $150,801 $3,387 4.43%
    $200k-400k 134 $35,010,000 $261,269 $4,675 4.26%
    $400k-600k 6 $2,680,000 $446,667 $6,859 4.21%

    2018 saw Sioux Falls place emphasis on $100,000 or less loans with 206 originations, totaling $9,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 158 $20,400,000 $129,114 $2,792 4.80%
    $50k or less 121 $12,895,000 $106,570 $2,567 4.69%
    $100k-150k 109 $18,815,000 $172,615 $2,728 4.81%
    $75k-100k 107 $16,375,000 $153,037 $2,645 4.92%
    $150k-250k 27 $4,035,000 $149,444 $2,113 4.91%
    $250k+ 5 $1,525,000 $305,000 $6,187 4.63%

    Sioux Falls lent most frequently to those with incomes in the $50k-75k range, with 158 originations. The second most popular income band? $50k or less, with 121 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 103 $16,475,000 $159,951 $2,935 4.56%
    20-30% 84 $11,250,000 $133,929 $2,527 4.69%
    <20% 36 $3,920,000 $108,889 $2,285 4.53%
    49% 27 $2,845,000 $105,370 $2,019 5.45%
    37% 27 $3,505,000 $129,815 $2,619 4.97%
    47% 24 $2,580,000 $107,500 $2,155 5.40%
    42% 21 $3,115,000 $148,333 $3,203 4.77%
    40% 21 $3,315,000 $157,857 $2,954 4.70%
    43% 21 $3,065,000 $145,952 $2,022 5.08%
    44% 21 $3,045,000 $145,000 $3,080 4.66%
    46% 21 $3,215,000 $153,095 $3,045 4.77%
    39% 19 $2,415,000 $127,105 $2,241 4.84%
    36% 18 $2,730,000 $151,667 $2,532 4.65%
    38% 18 $3,660,000 $203,333 $3,725 4.64%
    48% 18 $1,860,000 $103,333 $2,235 5.03%
    41% 16 $2,110,000 $131,875 $2,532 5.13%
    50-60% 14 $2,200,000 $157,143 $3,543 4.85%
    45% 13 $2,215,000 $170,385 $3,074 5.01%
    >60% 2 $380,000 $190,000 $9,103 3.88%

    Sioux Falls lent most frequently to those with DTI ratios of 30-36%, with 103 originations. The next most common DTI ratio? 20-30%, with 84 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 498 $69,550,000 $139,659 $2,684 4.82%
    Black 13 $2,505,000 $192,692 $3,926 4.32%
    Asian 6 $1,110,000 $185,000 $2,843 4.25%
    American Indian 3 $445,000 $148,333 $3,012 5.13%
    Not provided 7 $435,000 $62,143 $954 5.21%

    Approval Rates

    Total approvals of all applications
    96.72%

    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
    89.37%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 527 $74,045,000 $140,503

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 527 $74,045,000 $140,503

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 59 $3,805,000 $64,492 $831 5.70%
    40-60% 36 $4,640,000 $128,889 $2,735 4.39%
    60-80% 85 $16,125,000 $189,706 $3,361 4.33%
    80-100% 228 $44,670,000 $195,921 $3,901 4.38%
    Over 100% 6 $1,540,000 $256,667 $10,726 3.90%
    Under 20% 113 $3,265,000 $28,894 $288 5.74%