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 Refi, Cash Out Refi, and Home Purchase loans. Sioux Falls has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Sioux City, Brookings, Rapid City, and Watertown 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% 4/21/24
    30 Year Conventional Refi 6.32% 4/21/24
    30 Year Cash-out Refi 6.24% 4/21/24
    30 Year FHA Purchase 7.47% 4/21/24
    30 Year FHA Refi 6.60% 4/21/24
    30 Year VA Purchase 5.86% 4/21/24
    30 Year VA Refi 5.94% 4/21/24
    30 Year USDA Purchase 6.14% 4/21/24
    15 Year Conventional Purchase 5.72% 4/21/24
    15 Year Conventional Refi 6.03% 4/21/24
    15 Year Cash-out Refi 6.03% 4/21/24
    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

    1,366

    Origination Dollar Volume (All Markets)

    $272,040,000
    Show all (7) 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) 1,296 $257,420,000 $198,627 $3,547 2.86%
    Outside of Metro Areas 31 $7,165,000 $231,129 $3,968 2.68%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 13 $2,295,000 $176,538 $3,968 2.86%
    Brookings, SD (FHA|USDA|VA) 8 $1,750,000 $218,750 $4,181 2.63%
    RAPID CITY, SD (FHA|USDA|VA) 4 $850,000 $212,500 $4,244 2.47%
    Watertown, SD (FHA|USDA|VA) 3 $765,000 $255,000 $3,562 2.75%
    Vermillion, SD (FHA|USDA|VA) 3 $505,000 $168,333 $3,137 2.21%
    Pierre, SD (FHA|USDA|VA) 2 $460,000 $230,000 $4,734 2.88%
    Yankton, SD (FHA|USDA|VA) 2 $390,000 $195,000 $3,568 2.63%
    Spearfish, SD (FHA|USDA|VA) 1 $245,000 $245,000 $3,534 2.00%
    Mitchell, SD (FHA|USDA|VA) 3 $195,000 $65,000 $940 4.54%
    Sioux Falls's top markets include Sioux Falls, Sioux City, Brookings, Rapid City, and Watertown 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: 462
    SIOUX FALLS
    Similarity Rank: 649
    BANKWEST, INC.
    Similarity Rank: 660
    CU MORTGAGE DIRECT, LLC
    Similarity Rank: 868
    First Dakota National Bank
    Similarity Rank: 1184
    Reliabank Dakota
    Similarity Rank: 1298
    BLACK HILLS FEDERAL CREDIT UNION
    Similarity Rank: 1813
    First PREMIER Bank
    Similarity Rank: 2080
    Central Bank
    Similarity Rank: 2310
    IOWA BANKERS MORTGAGE CORPORATION
    Similarity Rank: 2414

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,241 $243,705,000 $196,378 $3,328 2.86%
    VA 75 $18,655,000 $248,733 $5,585 2.67%
    FHA 44 $8,640,000 $196,364 $6,495 2.87%
    USDA 6 $1,040,000 $173,333 $5,066 2.79%

    For 2020, Sioux Falls's most frequently originated type of loan was Conventional, with 1,241 originations. Their 2nd most popular type was VA, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 590 $125,680,000 $213,017 $3,627 2.56%
    Cash Out Refi 454 $75,040,000 $165,286 $2,949 3.28%
    Home Purchase 320 $71,050,000 $222,031 $4,312 2.78%
    Home Improvement 1 $145,000 $145,000 $3,055 3.13%
    NA 1 $125,000 $125,000 $2,826 2.25%

    For 2020, Sioux Falls's most frequently cited loan purpose was Refi, with 590 originations. The 2nd most popular reason was Cash Out Refi, with 454 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 769 $177,755,000 $231,151 $4,125 2.79%
    15 Year 400 $70,050,000 $175,125 $3,259 2.35%
    20 Year 96 $19,690,000 $205,104 $3,596 2.74%
    10 Year 42 $1,880,000 $44,762 $498 5.69%
    5 Year 40 $1,540,000 $38,500 $301 4.89%
    Other 19 $1,125,000 $59,211 $521 5.81%

    For 2020, Sioux Falls's most frequently cited loan duration was 30 Year, with 769 originations. The 2nd most popular length was 15 Year, with 400 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 578 $91,190,000 $157,768
    $2k-3k 380 $96,990,000 $255,237
    $<1k 127 $7,065,000 $55,630
    $3k-4k 77 $28,655,000 $372,143
    $4k-5k 21 $10,075,000 $479,762
    $5k+ 1 $485,000 $485,000

    Sioux Falls's average total fees were $4,125, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 578 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 573 $114,485,000 $199,799
    2.5-3% 492 $110,290,000 $224,167
    3-4% 198 $42,700,000 $215,657
    5-6% 50 $2,100,000 $42,000
    4-5% 37 $1,675,000 $45,270
    6-7% 12 $610,000 $50,833
    7-8% 4 $180,000 $45,000

    During 2020, Sioux Falls's average interest rate for loans was 2.79%, while their most frequently originated rate bucket for loans was <2.5%, with 573 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 563 $147,785,000 $262,496 $4,347 2.69%
    $100k-200k 560 $86,910,000 $155,196 $3,222 2.62%
    $100,000 or less 185 $10,815,000 $58,459 $1,349 4.08%
    $400k-600k 58 $26,530,000 $457,414 $6,363 2.69%

    2020 saw Sioux Falls place emphasis on $200k-400k loans with 563 originations, totaling $147,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 360 $80,970,000 $224,917 $3,623 2.93%
    $50k-75k 358 $62,120,000 $173,520 $3,454 2.74%
    $75k-100k 284 $54,670,000 $192,500 $3,498 2.87%
    $50k or less 182 $24,200,000 $132,967 $3,132 2.88%
    $150k-250k 157 $41,225,000 $262,580 $4,097 2.87%
    $250k+ 25 $8,855,000 $354,200 $4,701 2.72%

    Sioux Falls lent most frequently to those with incomes in the $100k-150k range, with 360 originations. The second most popular income band? $50k-75k, with 358 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 421 $83,675,000 $198,753 $3,502 2.73%
    30-36% 291 $59,095,000 $203,076 $3,550 2.86%
    <20% 134 $25,740,000 $192,090 $3,463 2.63%
    39% 57 $11,925,000 $209,211 $3,631 2.89%
    41% 54 $9,950,000 $184,259 $3,479 3.05%
    42% 51 $10,095,000 $197,941 $3,528 2.91%
    44% 47 $9,265,000 $197,128 $3,590 3.01%
    36% 46 $9,780,000 $212,609 $3,490 2.62%
    37% 40 $8,370,000 $209,250 $3,497 2.88%
    38% 34 $6,860,000 $201,765 $3,833 2.75%
    43% 33 $7,305,000 $221,364 $3,971 3.02%
    40% 32 $6,350,000 $198,438 $3,348 2.97%
    47% 24 $4,010,000 $167,083 $2,939 3.85%
    46% 22 $4,570,000 $207,727 $3,677 2.81%
    45% 21 $3,815,000 $181,667 $3,048 3.52%
    48% 21 $3,065,000 $145,952 $3,370 3.70%
    50-60% 16 $3,640,000 $227,500 $6,584 2.85%
    49% 15 $3,025,000 $201,667 $3,201 3.09%
    >60% 7 $1,505,000 $215,000 $5,870 2.77%

    Sioux Falls lent most frequently to those with DTI ratios of 20-30%, with 421 originations. The next most common DTI ratio? 30-36%, with 291 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,294 $258,840,000 $200,031 $3,570 2.85%
    Not provided 39 $6,855,000 $175,769 $3,095 3.12%
    Black 14 $2,950,000 $210,714 $3,935 2.74%
    Asian 15 $2,675,000 $178,333 $3,684 2.48%
    American Indian 3 $575,000 $191,667 $3,552 2.29%
    Native Hawaiian or Islander 1 $145,000 $145,000 $3,379 2.13%

    Approval Rates

    Total approvals of all applications
    98.16%

    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
    89.75%

    Sioux Falls has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,366 $272,040,000 $199,151

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,366 $272,040,000 $199,151

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 77 $8,025,000 $104,221 $2,135 3.21%
    40-60% 238 $41,540,000 $174,538 $3,199 2.48%
    60-80% 512 $112,860,000 $220,430 $3,710 2.64%
    80-100% 453 $105,195,000 $232,219 $4,294 2.79%
    Over 100% 8 $1,770,000 $221,250 $8,457 2.89%
    Under 20% 78 $2,650,000 $33,974 $353 5.34%