Rapid City USDA Loan Rates, Closing Costs & Stats
RAPID CITY, SD
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Rapid City's 6 lenders originated 14 USDA loans during 2023. The total origination value was $3,770,000, with an average USDA loan value of $269,286.
Rapid City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Rapid City
averaged
6.14%
for the week of 2025-02-14, compared to the national average (all USDA variants) of
6.526% for the same period.
Rapid City's average USDA mortgage closing costs are $5,960.
The average rate for the prior week (2025-02-07) was
6.2% and
one month ago for the week of 2025-01-10, the
average rate was 6.35%.
The average rate one year ago was 6.44%.
For refis of the same type during the week of 2025-02-14, the average rate
was 6.6%.
Rapid City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rapid City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| AMERICAN PACIFIC MORTGAGE CORPORATION | 2 | 5.63% | $17,789 |
| Gateway First Bank | 2 | 6.00% | $4,652 |
| Lend Smart Mortgage, LLC | 2 | 6.00% | $7,926 |
| Plains Commerce Bank | 2 | 5.69% | $11,183 |
| CARDINAL FINANCIAL | 1 | 5.25% | $17,687 |
| Flagstar Bank, FSB | 1 | 7.25% | $8,876 |
The top Rapid City USDA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with
2 USDA loans originated. Their average total fees are
$17,789, which is $13,137
higher than the next largest lender,
Gateway First Bank.
The lowest fee Rapid City USDA lenders (with over 10 loans originated) are
.
The lowest rate Rapid City USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Rapid City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $247,400 (3.5%) | $316,348 (2.8%) | 0.90 | 727 |
| 2018-02-01 | $249,950 (4.2%) | $323,645 (3.5%) | 0.90 | 745 |
| 2018-03-01 | $258,950 (3.6%) | $324,930 (2.2%) | 0.89 | 771 |
| 2018-04-01 | $268,450 (5.8%) | $331,579 (2.6%) | 0.91 | 797 |
| 2018-05-01 | $267,175 (6.6%) | $331,877 (3.2%) | 0.89 | 882 |
| 2018-06-01 | $274,500 (10.0%) | $338,609 (6.3%) | 0.91 | 879 |
| 2018-07-01 | $269,975 (8.7%) | $336,688 (6.5%) | 0.90 | 879 |
| 2018-08-01 | $269,000 (9.6%) | $339,744 (7.6%) | 0.90 | 865 |
| 2018-09-01 | $264,700 (8.0%) | $332,913 (6.1%) | 0.89 | 885 |
| 2018-10-01 | $268,789 (12.0%) | $335,540 (6.1%) | 0.90 | 822 |
| 2018-11-01 | $269,900 (10.0%) | $332,472 (4.7%) | 0.91 | 758 |
| 2018-12-01 | $269,900 (12.5%) | $326,655 (5.1%) | 0.93 | 660 |
| 2019-01-01 | $268,500 (8.5%) | $324,513 (2.6%) | 0.93 | 628 |
| 2019-02-01 | $269,000 (7.6%) | $323,877 (0.1%) | 0.91 | 658 |
| 2019-03-01 | $269,900 (4.2%) | $328,120 (1.0%) | 0.88 | 691 |
| 2019-04-01 | $269,900 (0.5%) | $330,867 (-0.2%) | 0.85 | 730 |
| 2019-05-01 | $262,400 (-1.8%) | $328,181 (-1.1%) | 0.81 | 812 |
| 2019-06-01 | $259,900 (-5.3%) | $327,099 (-3.4%) | 0.81 | 869 |
| 2019-07-01 | $265,200 (-1.8%) | $337,828 (0.3%) | 0.81 | 880 |
| 2019-08-01 | $263,336 (-2.1%) | $338,569 (-0.4%) | 0.82 | 853 |
| 2019-09-01 | $258,591 (-2.3%) | $335,550 (0.8%) | 0.82 | 811 |
| 2019-10-01 | $257,927 (-4.0%) | $334,807 (-0.2%) | 0.82 | 768 |
| 2019-11-01 | $259,900 (-3.7%) | $341,374 (2.7%) | 0.85 | 731 |
| 2019-12-01 | $259,900 (-3.7%) | $342,809 (5.0%) | 0.87 | 629 |
| 2020-01-01 | $285,425 (6.3%) | $403,416 (24.3%) | 0.94 | 381 |
| 2020-02-01 | $299,000 (11.2%) | $420,534 (29.8%) | 0.96 | 384 |
| 2020-03-01 | $319,900 (18.5%) | $462,399 (40.9%) | 0.97 | 371 |
| 2020-04-01 | $313,200 (16.0%) | $456,666 (38.0%) | 0.95 | 420 |
| 2020-05-01 | $309,900 (18.1%) | $448,295 (36.6%) | 0.91 | 411 |
| 2020-06-01 | $325,000 (25.1%) | $465,814 (42.4%) | 0.93 | 390 |
| 2020-07-01 | $330,950 (24.8%) | $476,558 (41.1%) | 0.93 | 318 |
| 2020-08-01 | $314,900 (19.6%) | $491,187 (45.1%) | 0.86 | 277 |
| 2020-09-01 | $299,900 (16.0%) | $477,439 (42.3%) | 0.82 | 227 |
| 2020-10-01 | $289,900 (12.4%) | $486,814 (45.4%) | 0.81 | 200 |
| 2020-11-01 | $290,175 (11.7%) | $485,128 (42.1%) | 0.84 | 166 |
| 2020-12-01 | $274,400 (5.6%) | $476,731 (39.1%) | 0.80 | 147 |
| 2021-01-01 | $249,900 (-12.5%) | $396,255 (-1.8%) | 0.74 | 130 |
| 2021-02-01 | $252,450 (-15.6%) | $437,683 (4.1%) | 0.72 | 98 |
| 2021-03-01 | $340,050 (6.3%) | $485,094 (4.9%) | 0.95 | 101 |
| 2021-04-01 | $351,975 (12.4%) | $473,303 (3.6%) | 0.95 | 105 |
| 2021-05-01 | $345,000 (11.3%) | $487,902 (8.8%) | 0.89 | 109 |
| 2021-06-01 | $356,675 (9.8%) | $501,612 (7.7%) | 0.91 | 141 |
| 2021-07-01 | $374,950 (13.3%) | $497,583 (4.4%) | 0.91 | 168 |
| 2021-08-01 | $348,650 (10.7%) | $466,077 (-5.1%) | 0.90 | 183 |
| 2021-09-01 | $366,675 (22.3%) | $501,269 (5.0%) | 0.94 | 190 |
| 2021-10-01 | $359,900 (24.2%) | $509,395 (4.6%) | 0.93 | 174 |
| 2021-11-01 | $364,900 (25.8%) | $541,728 (11.7%) | 0.95 | 163 |
| 2021-12-01 | $362,400 (32.1%) | $578,812 (21.4%) | 0.96 | 134 |
| 2022-01-01 | $364,900 (46.0%) | $602,951 (52.2%) | 0.97 | 121 |
| 2022-02-01 | $362,400 (43.6%) | $603,594 (37.9%) | 0.94 | 128 |
| 2022-03-01 | $393,325 (15.7%) | $683,302 (40.9%) | 0.94 | 145 |
| 2022-04-01 | $399,900 (13.6%) | $683,031 (44.3%) | 0.92 | 188 |
| 2022-05-01 | $427,475 (23.9%) | $689,379 (41.3%) | 0.89 | 146 |
| 2022-06-01 | $399,900 (12.1%) | $619,270 (23.5%) | 0.87 | 222 |
| 2022-07-01 | $425,000 (13.4%) | $619,668 (24.5%) | 0.91 | 253 |
| 2022-08-01 | $426,500 (22.3%) | $607,004 (30.2%) | 0.95 | 285 |
| 2022-09-01 | $422,475 (15.2%) | $585,035 (16.7%) | 0.93 | 300 |
| 2022-10-01 | $425,000 (18.1%) | $569,013 (11.7%) | 0.94 | 309 |
| 2022-11-01 | $449,450 (23.2%) | $645,214 (19.1%) | 1.03 | 378 |
| 2022-12-01 | $428,450 (18.2%) | $601,732 (4.0%) | 1.00 | 275 |
| 2023-01-01 | $414,900 (13.7%) | $584,365 (-3.1%) | 0.98 | 252 |
| 2023-02-01 | $404,950 (11.7%) | $586,435 (-2.8%) | 0.94 | 229 |
| 2023-03-01 | $404,450 (2.8%) | $591,095 (-13.5%) | 0.91 | 164 |
| 2023-04-01 | $452,500 (13.2%) | $629,036 (-7.9%) | 1.01 | 179 |
| 2023-05-01 | $457,000 (6.9%) | $605,810 (-12.1%) | 0.98 | 229 |
| 2023-06-01 | $464,950 (16.3%) | $615,839 (-0.6%) | 0.97 | 294 |
| 2023-07-01 | $454,900 (7.0%) | $595,006 (-4.0%) | 0.98 | 344 |
| 2023-08-01 | $439,900 (3.1%) | $596,374 (-1.8%) | 0.95 | 370 |
| 2023-09-01 | $432,448 (2.4%) | $592,849 (1.3%) | 0.95 | 376 |
| 2023-10-01 | $438,450 (3.2%) | $620,526 (9.1%) | 0.99 | 409 |
| 2023-11-01 | $419,500 (-6.7%) | $598,292 (-7.3%) | 0.95 | 428 |
| 2023-12-01 | $419,000 (-2.2%) | $603,373 (0.3%) | 0.97 | 383 |
| 2024-01-01 | $401,225 (-3.3%) | $599,726 (2.6%) | 0.94 | 365 |
| 2024-02-01 | $399,950 (-1.2%) | $588,764 (0.4%) | 0.92 | 348 |
| 2024-03-01 | $409,900 (1.4%) | $595,738 (0.8%) | 0.93 | 361 |
| 2024-04-01 | $422,450 (-6.6%) | $608,557 (-3.3%) | 0.93 | 364 |
| 2024-05-01 | $433,750 (-5.1%) | $626,324 (3.4%) | 0.95 | 371 |
| 2024-06-01 | $432,450 (-7.0%) | $619,454 (0.6%) | 0.96 | 420 |
| 2024-07-01 | $449,975 (-1.1%) | $615,811 (3.5%) | 1.01 | 452 |
| 2024-08-01 | $439,000 (-0.2%) | $603,803 (1.3%) | 1.00 | 479 |
| 2024-09-01 | $429,900 (-0.6%) | $599,433 (1.1%) | 0.99 | 517 |
| 2024-10-01 | $422,450 (-3.7%) | $585,996 (-5.6%) | 0.96 | 518 |
| 2024-11-01 | $419,900 (0.1%) | $590,336 (-1.3%) | 0.97 | 514 |
| 2024-12-01 | $422,450 (0.8%) | $587,347 (-2.7%) | 1.00 | 464 |
| 2025-01-01 | $414,950 (3.4%) | $579,166 (-3.4%) | 0.00 | 429 |
Rapid City's median listing price comes in at 0% of the national average.
Rapid City's average listing price for 2025-01-01 was $579,166, a difference of $-20,560 (-3.4%) versus the prior year and $-8,181 versus the prior month.
For the 2025-01-01 period, Rapid City had 429 MLS listings, a difference of -35 listings (-8%) versus the prior month and 64 listings (18%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Rapid City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 68 days | 2,205 sqft |
| 2018-02-01 | 65 days | 2,220 sqft |
| 2018-03-01 | 54 days | 2,260 sqft |
| 2018-04-01 | 50 days | 2,285 sqft |
| 2018-05-01 | 48 days | 2,258 sqft |
| 2018-06-01 | 45 days | 2,288 sqft |
| 2018-07-01 | 47 days | 2,250 sqft |
| 2018-08-01 | 52 days | 2,240 sqft |
| 2018-09-01 | 49 days | 2,218 sqft |
| 2018-10-01 | 54 days | 2,248 sqft |
| 2018-11-01 | 62 days | 2,244 sqft |
| 2018-12-01 | 70 days | 2,236 sqft |
| 2019-01-01 | 68 days | 2,202 sqft |
| 2019-02-01 | 52 days | 2,207 sqft |
| 2019-03-01 | 47 days | 2,230 sqft |
| 2019-04-01 | 46 days | 2,212 sqft |
| 2019-05-01 | 43 days | 2,145 sqft |
| 2019-06-01 | 46 days | 2,121 sqft |
| 2019-07-01 | 44 days | 2,143 sqft |
| 2019-08-01 | 45 days | 2,150 sqft |
| 2019-09-01 | 46 days | 2,156 sqft |
| 2019-10-01 | 47 days | 2,172 sqft |
| 2019-11-01 | 54 days | 2,182 sqft |
| 2019-12-01 | 63 days | 2,169 sqft |
| 2020-01-01 | 67 days | 2,318 sqft |
| 2020-02-01 | 50 days | 2,360 sqft |
| 2020-03-01 | 46 days | 2,334 sqft |
| 2020-04-01 | 43 days | 2,328 sqft |
| 2020-05-01 | 44 days | 2,288 sqft |
| 2020-06-01 | 45 days | 2,300 sqft |
| 2020-07-01 | 52 days | 2,331 sqft |
| 2020-08-01 | 40 days | 2,250 sqft |
| 2020-09-01 | 44 days | 2,240 sqft |
| 2020-10-01 | 38 days | 2,157 sqft |
| 2020-11-01 | 41 days | 2,002 sqft |
| 2020-12-01 | 39 days | 1,920 sqft |
| 2021-01-01 | 55 days | 1,840 sqft |
| 2021-02-01 | 48 days | 1,881 sqft |
| 2021-03-01 | 20 days | 2,139 sqft |
| 2021-04-01 | 15 days | 2,129 sqft |
| 2021-05-01 | 8 days | 2,122 sqft |
| 2021-06-01 | 12 days | 2,123 sqft |
| 2021-07-01 | 17 days | 1,970 sqft |
| 2021-08-01 | 25 days | 1,730 sqft |
| 2021-09-01 | 26 days | 1,912 sqft |
| 2021-10-01 | 33 days | 1,812 sqft |
| 2021-11-01 | 37 days | 1,806 sqft |
| 2021-12-01 | 59 days | 1,872 sqft |
| 2022-01-01 | 61 days | 1,920 sqft |
| 2022-02-01 | 34 days | 1,924 sqft |
| 2022-03-01 | 39 days | 1,920 sqft |
| 2022-04-01 | 30 days | 1,924 sqft |
| 2022-05-01 | 23 days | 1,969 sqft |
| 2022-06-01 | 25 days | 1,959 sqft |
| 2022-07-01 | 32 days | 2,008 sqft |
| 2022-08-01 | 35 days | 2,076 sqft |
| 2022-09-01 | 32 days | 2,028 sqft |
| 2022-10-01 | 33 days | 2,000 sqft |
| 2022-11-01 | 53 days | 2,001 sqft |
| 2022-12-01 | 63 days | 2,013 sqft |
| 2023-01-01 | 59 days | 2,006 sqft |
| 2023-02-01 | 51 days | 1,984 sqft |
| 2023-03-01 | 49 days | 1,953 sqft |
| 2023-04-01 | 47 days | 1,998 sqft |
| 2023-05-01 | 29 days | 1,933 sqft |
| 2023-06-01 | 31 days | 2,031 sqft |
| 2023-07-01 | 36 days | 2,033 sqft |
| 2023-08-01 | 39 days | 1,990 sqft |
| 2023-09-01 | 43 days | 1,994 sqft |
| 2023-10-01 | 39 days | 2,001 sqft |
| 2023-11-01 | 44 days | 1,947 sqft |
| 2023-12-01 | 60 days | 1,920 sqft |
| 2024-01-01 | 71 days | 1,909 sqft |
| 2024-02-01 | 52 days | 1,857 sqft |
| 2024-03-01 | 64 days | 1,855 sqft |
| 2024-04-01 | 62 days | 1,876 sqft |
| 2024-05-01 | 38 days | 1,923 sqft |
| 2024-06-01 | 36 days | 1,942 sqft |
| 2024-07-01 | 40 days | 1,990 sqft |
| 2024-08-01 | 43 days | 1,900 sqft |
| 2024-09-01 | 46 days | 1,882 sqft |
| 2024-10-01 | 53 days | 1,861 sqft |
| 2024-11-01 | 61 days | 1,839 sqft |
| 2024-12-01 | 73 days | 1,837 sqft |
| 2025-01-01 | 0 days | 1,823 sqft |
Rapid City's median square footage for active listings during the 2025-01-01 period was 1,823 sqft. One year prior, the average listing was 1,909 sqft.