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 Cash Out Refi, Home Purchase, and Refi 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, Spearfish, and Rapid City 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 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

    789

    Origination Dollar Volume (All Markets)

    $139,265,000
    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) 750 $132,770,000 $177,027 $3,255 4.04%
    Outside of Metro Areas 19 $2,965,000 $156,053 $3,188 4.13%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 10 $1,240,000 $124,000 $2,358 4.85%
    Yankton, SD (FHA|USDA|VA) 3 $555,000 $185,000 $3,528 3.63%
    Spearfish, SD (FHA|USDA|VA) 1 $445,000 $445,000 $5,542 3.50%
    RAPID CITY, SD (FHA|USDA|VA) 2 $440,000 $220,000 $3,928 3.63%
    Brookings, SD (FHA|USDA|VA) 2 $320,000 $160,000 $3,195 3.25%
    Vermillion, SD (FHA|USDA|VA) 1 $275,000 $275,000 $3,818 2.75%
    Watertown, SD (FHA|USDA|VA) 1 $255,000 $255,000 $3,724 3.88%
    Sioux Falls's top markets include Sioux Falls, Sioux City, Yankton, Spearfish, 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: 333
    Dacotah Bank
    Similarity Rank: 350
    First Bank & Trust
    Similarity Rank: 375
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 528
    First Dakota National Bank
    Similarity Rank: 576
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 616
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 960
    First PREMIER Bank
    Similarity Rank: 1092
    CORTRUST MORTGAGE, INC.
    Similarity Rank: 1196
    Reliabank Dakota
    Similarity Rank: 1302

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 674 $113,350,000 $168,175 $2,705 4.15%
    VA 66 $16,930,000 $256,515 $6,774 3.32%
    FHA 39 $7,165,000 $183,718 $6,157 3.65%
    USDA 10 $1,820,000 $182,000 $5,128 3.43%

    For 2019, Sioux Falls's most frequently originated type of loan was Conventional, with 674 originations. Their 2nd most popular type was VA, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 358 $47,660,000 $133,128 $2,270 4.57%
    Home Purchase 287 $59,605,000 $207,683 $4,349 3.70%
    Refi 141 $31,115,000 $220,674 $3,505 3.44%
    Other 2 $780,000 $390,000 $0 3.99%
    Home Improvement 1 $105,000 $105,000 $2,466 4.38%

    For 2019, Sioux Falls's most frequently cited loan purpose was Cash Out Refi, with 358 originations. The 2nd most popular reason was Home Purchase, with 287 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 456 $102,350,000 $224,452 $4,332 3.66%
    15 Year 136 $22,980,000 $168,971 $3,109 3.25%
    10 Year 68 $2,770,000 $40,735 $383 6.60%
    5 Year 60 $1,780,000 $29,667 $239 4.99%
    Other 43 $4,135,000 $96,163 $804 5.67%
    20 Year 26 $5,250,000 $201,923 $3,337 3.49%

    For 2019, Sioux Falls's most frequently cited loan duration was 30 Year, with 456 originations. The 2nd most popular length was 15 Year, with 136 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 388 $66,970,000 $172,603
    $<1k 199 $9,595,000 $48,216
    $2k-3k 148 $40,470,000 $273,446
    $3k-4k 50 $20,440,000 $408,800
    $5k+ 3 $1,305,000 $435,000
    $4k-5k 1 $485,000 $485,000

    Sioux Falls's average total fees were $4,332, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 388 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 470 $100,180,000 $213,149
    4-5% 114 $16,100,000 $141,228
    2.5-3% 84 $17,700,000 $210,714
    6-7% 57 $2,545,000 $44,649
    5-6% 43 $1,795,000 $41,744
    7-8% 20 $720,000 $36,000

    During 2019, Sioux Falls's average interest rate for loans was 3.66%, while their most frequently originated rate bucket for loans was 3-4%, with 470 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 308 $48,250,000 $156,656 $3,385 3.61%
    $200k-400k 251 $65,695,000 $261,733 $4,624 3.55%
    $100,000 or less 194 $8,540,000 $44,021 $676 5.47%
    $400k-600k 35 $15,925,000 $455,000 $6,936 3.63%
    $600k-1MM 1 $855,000 $855,000 $8,844 4.00%

    2019 saw Sioux Falls place emphasis on $100k-200k loans with 308 originations, totaling $48,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 216 $33,160,000 $153,519 $3,087 4.09%
    $100k-150k 199 $40,695,000 $204,497 $3,322 4.01%
    $75k-100k 177 $27,985,000 $158,107 $2,913 4.22%
    $50k or less 111 $14,335,000 $129,144 $3,043 3.99%
    $150k-250k 69 $18,115,000 $262,536 $4,481 3.82%
    $250k+ 17 $4,975,000 $292,647 $4,239 3.49%

    Sioux Falls lent most frequently to those with incomes in the $50k-75k range, with 216 originations. The second most popular income band? $100k-150k, with 199 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 188 $34,690,000 $184,521 $3,419 3.76%
    30-36% 155 $27,295,000 $176,097 $3,278 3.92%
    <20% 64 $11,120,000 $173,750 $2,916 3.72%
    39% 34 $5,330,000 $156,765 $3,119 4.32%
    47% 33 $4,205,000 $127,424 $2,169 5.14%
    42% 32 $5,270,000 $164,688 $3,734 4.04%
    36% 31 $6,285,000 $202,742 $3,871 3.85%
    40% 30 $6,160,000 $205,333 $3,364 4.11%
    43% 29 $6,115,000 $210,862 $3,384 3.92%
    50-60% 24 $4,950,000 $206,250 $4,886 3.73%
    38% 23 $3,495,000 $151,957 $2,508 4.46%
    37% 23 $3,935,000 $171,087 $3,121 4.15%
    45% 22 $4,660,000 $211,818 $3,863 4.12%
    41% 22 $4,260,000 $193,636 $3,853 3.89%
    49% 21 $1,985,000 $94,524 $1,439 5.63%
    46% 20 $3,200,000 $160,000 $2,686 4.30%
    44% 20 $3,590,000 $179,500 $2,979 4.41%
    48% 15 $1,805,000 $120,333 $2,394 4.98%
    >60% 2 $680,000 $340,000 $6,401 3.25%

    Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? 30-36%, with 155 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 762 $134,600,000 $176,640 $3,231 4.05%
    Black 11 $2,305,000 $209,545 $4,572 3.50%
    Asian 7 $1,185,000 $169,286 $3,034 4.36%
    American Indian 5 $995,000 $199,000 $5,102 4.30%
    Not provided 4 $180,000 $45,000 $917 4.81%

    Approval Rates

    Total approvals of all applications
    97.32%

    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
    89.48%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 789 $139,265,000 $176,508

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 788 $139,120,000 $176,548

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $4,945,000 $76,077 $1,207 5.13%
    40-60% 58 $9,030,000 $155,690 $2,857 3.53%
    60-80% 207 $43,285,000 $209,106 $3,577 3.52%
    80-100% 331 $76,085,000 $229,864 $4,440 3.66%
    Over 100% 9 $2,165,000 $240,556 $8,387 3.43%
    Under 20% 119 $3,755,000 $31,555 $328 5.78%