Rapid City FHA Loan Rates, Closing Costs & Stats
RAPID CITY, SD
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Rapid City's 41 lenders originated 305 FHA loans during 2023. The total origination value was $85,175,000, with an average FHA loan value of $279,262.
Rapid City FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Rapid City
averaged
0.04%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Rapid City's average FHA mortgage closing costs are $7,610.
The average rate for the prior week (2024-11-22) was
6.43% and
one month ago for the week of 2024-10-25, the
average rate was 6.31%.
The average rate one year ago was 7%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.01%.
Rapid City FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rapid City level.
The top Rapid City FHA lender as defined by loan originations is CMG MORTGAGE, INC., with
39 FHA loans originated. Their average total fees are
$12,028, which is $3,311
higher than the next largest lender,
Unify Home Lending Inc..
The lowest fee Rapid City FHA lenders (with over 10 loans originated) are
Gateway First Bank ($7,023), Unify Home Lending Inc. ($8,717), Plains Commerce Bank ($9,680), UNITED WHOLESALE MORTGAGE, LLC ($11,456) and QUICKEN LOANS, LLC ($11,719).
The lowest rate Rapid City FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.19%), Plains Commerce Bank (6.41%), UNITED WHOLESALE MORTGAGE, LLC (6.46%), Gateway First Bank (6.49%) and Unify Home Lending Inc. (6.53%).
Rapid City FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
RAPID CITY, SD | MEADE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
RAPID CITY, SD | PENNINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
RAPID CITY, SD | MEADE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
RAPID CITY, SD | PENNINGTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Rapid City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $242,400 (1.6%) | $307,944 (0.2%) | 0.90 | 666 |
2018-02-01 | $247,000 (3.0%) | $315,156 (0.6%) | 0.90 | 684 |
2018-03-01 | $255,000 (2.0%) | $318,170 (0.6%) | 0.89 | 699 |
2018-04-01 | $267,250 (6.5%) | $326,370 (1.6%) | 0.91 | 723 |
2018-05-01 | $265,925 (6.4%) | $327,684 (2.5%) | 0.89 | 803 |
2018-06-01 | $273,000 (10.0%) | $336,305 (6.6%) | 0.91 | 789 |
2018-07-01 | $269,000 (8.7%) | $332,370 (6.5%) | 0.90 | 791 |
2018-08-01 | $269,225 (10.2%) | $336,052 (7.9%) | 0.90 | 776 |
2018-09-01 | $263,900 (9.1%) | $328,789 (6.8%) | 0.89 | 799 |
2018-10-01 | $265,200 (11.2%) | $330,357 (7.2%) | 0.90 | 748 |
2018-11-01 | $269,900 (12.5%) | $329,059 (6.3%) | 0.91 | 689 |
2018-12-01 | $269,900 (12.5%) | $324,496 (7.6%) | 0.93 | 599 |
2019-01-01 | $269,225 (11.1%) | $322,629 (4.8%) | 0.93 | 565 |
2019-02-01 | $269,000 (8.9%) | $320,678 (1.8%) | 0.91 | 598 |
2019-03-01 | $269,900 (5.8%) | $324,474 (2.0%) | 0.88 | 628 |
2019-04-01 | $268,763 (0.6%) | $326,239 (0.0%) | 0.85 | 663 |
2019-05-01 | $259,900 (-2.3%) | $322,148 (-1.7%) | 0.81 | 738 |
2019-06-01 | $259,900 (-4.8%) | $321,608 (-4.4%) | 0.81 | 785 |
2019-07-01 | $259,950 (-3.4%) | $330,464 (-0.6%) | 0.81 | 780 |
2019-08-01 | $258,359 (-4.0%) | $328,944 (-2.1%) | 0.82 | 755 |
2019-09-01 | $256,048 (-3.0%) | $325,673 (-1.0%) | 0.82 | 718 |
2019-10-01 | $254,832 (-3.9%) | $323,781 (-2.0%) | 0.82 | 688 |
2019-11-01 | $259,900 (-3.7%) | $325,282 (-1.2%) | 0.85 | 661 |
2019-12-01 | $259,900 (-3.7%) | $326,103 (0.5%) | 0.87 | 569 |
2020-01-01 | $279,900 (4.0%) | $384,214 (19.1%) | 0.94 | 333 |
2020-02-01 | $292,498 (8.7%) | $403,463 (25.8%) | 0.96 | 331 |
2020-03-01 | $308,450 (14.3%) | $437,327 (34.8%) | 0.97 | 312 |
2020-04-01 | $301,950 (12.4%) | $430,019 (31.8%) | 0.95 | 358 |
2020-05-01 | $299,900 (15.4%) | $426,334 (32.3%) | 0.91 | 357 |
2020-06-01 | $314,450 (21.0%) | $442,917 (37.7%) | 0.93 | 328 |
2020-07-01 | $321,250 (23.6%) | $458,337 (38.7%) | 0.93 | 265 |
2020-08-01 | $299,000 (15.7%) | $464,466 (41.2%) | 0.86 | 237 |
2020-09-01 | $285,925 (11.7%) | $465,663 (43.0%) | 0.82 | 194 |
2020-10-01 | $281,000 (10.3%) | $469,070 (44.9%) | 0.81 | 174 |
2020-11-01 | $287,200 (10.5%) | $466,541 (43.4%) | 0.84 | 149 |
2020-12-01 | $268,675 (3.4%) | $455,704 (39.7%) | 0.80 | 131 |
2021-01-01 | $246,900 (-11.8%) | $383,298 (-0.2%) | 0.74 | 117 |
2021-02-01 | $246,800 (-15.6%) | $412,638 (2.3%) | 0.72 | 86 |
2021-03-01 | $335,550 (8.8%) | $468,206 (7.1%) | 0.95 | 85 |
2021-04-01 | $349,475 (15.7%) | $457,106 (6.3%) | 0.95 | 92 |
2021-05-01 | $335,000 (11.7%) | $461,563 (8.3%) | 0.89 | 92 |
2021-06-01 | $344,900 (9.7%) | $474,087 (7.0%) | 0.91 | 124 |
2021-07-01 | $344,900 (7.4%) | $450,208 (-1.8%) | 0.91 | 144 |
2021-08-01 | $336,400 (12.5%) | $439,164 (-5.5%) | 0.90 | 164 |
2021-09-01 | $352,400 (23.3%) | $478,364 (2.7%) | 0.94 | 174 |
2021-10-01 | $347,900 (23.8%) | $490,237 (4.5%) | 0.93 | 158 |
2021-11-01 | $354,900 (23.6%) | $513,485 (10.1%) | 0.95 | 144 |
2021-12-01 | $354,900 (32.1%) | $546,212 (19.9%) | 0.96 | 120 |
2022-01-01 | $359,900 (45.8%) | $573,391 (49.6%) | 0.97 | 107 |
2022-02-01 | $359,900 (45.8%) | $589,127 (42.8%) | 0.94 | 117 |
2022-03-01 | $374,950 (11.7%) | $677,349 (44.7%) | 0.94 | 128 |
2022-04-01 | $385,000 (10.2%) | $608,777 (33.2%) | 0.92 | 156 |
2022-05-01 | $389,900 (16.4%) | $600,631 (30.1%) | 0.89 | 121 |
2022-06-01 | $389,900 (13.1%) | $551,939 (16.4%) | 0.87 | 193 |
2022-07-01 | $402,400 (16.7%) | $554,641 (23.2%) | 0.91 | 217 |
2022-08-01 | $409,000 (21.6%) | $544,631 (24.0%) | 0.95 | 252 |
2022-09-01 | $399,900 (13.5%) | $527,294 (10.2%) | 0.93 | 268 |
2022-10-01 | $399,900 (15.0%) | $503,658 (2.7%) | 0.94 | 275 |
2022-11-01 | $429,675 (21.1%) | $596,471 (16.2%) | 1.03 | 345 |
2022-12-01 | $405,000 (14.1%) | $521,098 (-4.6%) | 1.00 | 247 |
2023-01-01 | $396,175 (10.1%) | $506,473 (-11.7%) | 0.98 | 226 |
2023-02-01 | $388,499 (8.0%) | $507,711 (-13.8%) | 0.94 | 206 |
2023-03-01 | $384,498 (2.6%) | $512,384 (-24.4%) | 0.91 | 143 |
2023-04-01 | $435,000 (13.0%) | $561,686 (-7.7%) | 1.01 | 154 |
2023-05-01 | $433,224 (11.1%) | $553,858 (-7.8%) | 0.98 | 200 |
2023-06-01 | $433,675 (11.2%) | $576,372 (4.4%) | 0.97 | 254 |
2023-07-01 | $429,900 (6.8%) | $552,848 (-0.3%) | 0.98 | 298 |
2023-08-01 | $414,950 (1.5%) | $552,389 (1.4%) | 0.95 | 324 |
2023-09-01 | $409,000 (2.3%) | $550,748 (4.5%) | 0.95 | 331 |
2023-10-01 | $421,300 (5.4%) | $588,109 (16.8%) | 0.99 | 360 |
2023-11-01 | $399,500 (-7.0%) | $568,011 (-4.8%) | 0.95 | 377 |
2023-12-01 | $398,000 (-1.7%) | $573,466 (10.1%) | 0.97 | 345 |
2024-01-01 | $385,000 (-2.8%) | $576,774 (13.9%) | 0.94 | 332 |
2024-02-01 | $381,000 (-1.9%) | $563,761 (11.0%) | 0.92 | 315 |
2024-03-01 | $395,000 (2.7%) | $570,762 (11.4%) | 0.93 | 327 |
2024-04-01 | $401,750 (-7.6%) | $585,212 (4.2%) | 0.93 | 324 |
2024-05-01 | $422,500 (-2.5%) | $603,312 (8.9%) | 0.95 | 329 |
2024-06-01 | $425,000 (-2.0%) | $594,489 (3.1%) | 0.96 | 371 |
2024-07-01 | $439,925 (2.3%) | $591,872 (7.1%) | 1.01 | 405 |
2024-08-01 | $429,900 (3.6%) | $582,801 (5.5%) | 1.00 | 434 |
2024-09-01 | $420,000 (2.7%) | $568,874 (3.3%) | 0.99 | 469 |
2024-10-01 | $410,000 (-2.7%) | $549,886 (-6.5%) | 0.96 | 470 |
Rapid City's median listing price comes in at 96% of the national average.
Rapid City's average listing price for 2024-10-01 was $549,886, a difference of $-38,223 (-6.5%) versus the prior year and $-18,988 versus the prior month.
For the 2024-10-01 period, Rapid City had 470 MLS listings, a difference of 1 listings (0%) versus the prior month and 110 listings (31%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Rapid City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 68 days | 2,205 sqft |
2018-02-01 | 65 days | 2,214 sqft |
2018-03-01 | 54 days | 2,254 sqft |
2018-04-01 | 50 days | 2,297 sqft |
2018-05-01 | 48 days | 2,262 sqft |
2018-06-01 | 45 days | 2,304 sqft |
2018-07-01 | 47 days | 2,270 sqft |
2018-08-01 | 52 days | 2,269 sqft |
2018-09-01 | 49 days | 2,239 sqft |
2018-10-01 | 54 days | 2,263 sqft |
2018-11-01 | 62 days | 2,262 sqft |
2018-12-01 | 70 days | 2,245 sqft |
2019-01-01 | 68 days | 2,206 sqft |
2019-02-01 | 52 days | 2,210 sqft |
2019-03-01 | 47 days | 2,232 sqft |
2019-04-01 | 46 days | 2,214 sqft |
2019-05-01 | 43 days | 2,145 sqft |
2019-06-01 | 46 days | 2,134 sqft |
2019-07-01 | 44 days | 2,153 sqft |
2019-08-01 | 45 days | 2,161 sqft |
2019-09-01 | 46 days | 2,172 sqft |
2019-10-01 | 47 days | 2,186 sqft |
2019-11-01 | 54 days | 2,184 sqft |
2019-12-01 | 63 days | 2,173 sqft |
2020-01-01 | 67 days | 2,303 sqft |
2020-02-01 | 50 days | 2,360 sqft |
2020-03-01 | 46 days | 2,315 sqft |
2020-04-01 | 43 days | 2,309 sqft |
2020-05-01 | 44 days | 2,236 sqft |
2020-06-01 | 45 days | 2,293 sqft |
2020-07-01 | 52 days | 2,331 sqft |
2020-08-01 | 40 days | 2,260 sqft |
2020-09-01 | 44 days | 2,198 sqft |
2020-10-01 | 38 days | 2,112 sqft |
2020-11-01 | 41 days | 1,981 sqft |
2020-12-01 | 39 days | 1,918 sqft |
2021-01-01 | 55 days | 1,824 sqft |
2021-02-01 | 48 days | 1,805 sqft |
2021-03-01 | 20 days | 2,028 sqft |
2021-04-01 | 15 days | 2,066 sqft |
2021-05-01 | 8 days | 2,090 sqft |
2021-06-01 | 12 days | 2,093 sqft |
2021-07-01 | 17 days | 1,827 sqft |
2021-08-01 | 25 days | 1,683 sqft |
2021-09-01 | 26 days | 1,828 sqft |
2021-10-01 | 33 days | 1,764 sqft |
2021-11-01 | 37 days | 1,696 sqft |
2021-12-01 | 59 days | 1,816 sqft |
2022-01-01 | 61 days | 1,920 sqft |
2022-02-01 | 34 days | 1,881 sqft |
2022-03-01 | 39 days | 1,923 sqft |
2022-04-01 | 30 days | 1,920 sqft |
2022-05-01 | 23 days | 1,931 sqft |
2022-06-01 | 25 days | 1,928 sqft |
2022-07-01 | 32 days | 2,000 sqft |
2022-08-01 | 35 days | 2,073 sqft |
2022-09-01 | 32 days | 1,997 sqft |
2022-10-01 | 33 days | 1,968 sqft |
2022-11-01 | 53 days | 1,969 sqft |
2022-12-01 | 63 days | 1,978 sqft |
2023-01-01 | 59 days | 1,958 sqft |
2023-02-01 | 51 days | 1,940 sqft |
2023-03-01 | 49 days | 1,869 sqft |
2023-04-01 | 47 days | 2,014 sqft |
2023-05-01 | 29 days | 1,941 sqft |
2023-06-01 | 31 days | 1,994 sqft |
2023-07-01 | 36 days | 2,012 sqft |
2023-08-01 | 39 days | 1,966 sqft |
2023-09-01 | 43 days | 1,979 sqft |
2023-10-01 | 39 days | 2,003 sqft |
2023-11-01 | 44 days | 1,941 sqft |
2023-12-01 | 60 days | 1,915 sqft |
2024-01-01 | 71 days | 1,895 sqft |
2024-02-01 | 52 days | 1,848 sqft |
2024-03-01 | 64 days | 1,846 sqft |
2024-04-01 | 62 days | 1,865 sqft |
2024-05-01 | 38 days | 1,933 sqft |
2024-06-01 | 36 days | 1,960 sqft |
2024-07-01 | 40 days | 1,986 sqft |
2024-08-01 | 43 days | 1,880 sqft |
2024-09-01 | 46 days | 1,861 sqft |
2024-10-01 | 53 days | 1,849 sqft |
Rapid City's median square footage for active listings during the 2024-10-01 period was 1,849 sqft. One year prior, the average listing was 2,003 sqft.