Rapid City USDA Loans
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 14 lenders originated 66 USDA loans during 2021. The total origination value was $16,190,000, with an average USDA loan value of $245,303.
Rapid City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Rapid City
averaged
5.18%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
5.01% and
one month ago for the week of 2022-04-08, the
average rate was 4.77%.
The average rate one year ago was 2.79%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.15%.
Rapid City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rapid City level.
Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
---|---|---|---|
Lend Smart Mortgage, LLC | 13 | 2.78% | $7,412 |
Gateway First Bank | 8 | 2.61% | $4,289 |
CMG MORTGAGE, INC. | 7 | 2.86% | $6,722 |
HOMESTAR FINANCIAL CORPORATION | 6 | 2.98% | $4,341 |
Flagstar Bank, FSB | 6 | 2.83% | $4,135 |
BANKWEST, INC. | 5 | 2.70% | $6,184 |
First National Bank | 4 | 2.38% | $4,824 |
Plains Commerce Bank | 3 | 2.92% | $5,163 |
Unify Home Lending Inc. | 2 | 2.69% | $4,747 |
UNITED WHOLESALE MORTGAGE, LLC | 1 | 2.25% | $13,969 |
Dacotah Bank | 1 | 3.00% | $3,915 |
DAS Acquisition Company, LLC | 1 | 2.25% | $6,317 |
Heritage Bank | 1 | 3.00% | $7,856 |
PENNYMAC LOAN SERVICES, LLC | 1 | 2.88% | $4,686 |
The top Rapid City USDA lender as defined by loan originations is Lend Smart Mortgage, LLC, with
13 USDA loans originated. Their average total fees are
$7,412, which is $3,123
higher than the next largest lender,
Gateway First Bank.
The lowest fee Rapid City USDA lenders (with over 10 loans originated) are
Lend Smart Mortgage, LLC ($7,412), .
The lowest rate Rapid City USDA lenders (with over 10 loans originated) are
Lend Smart Mortgage, LLC (2.78%), .
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 | $249,900 (4.6%) | $325,822 (4.2%) | 0.92 | 816 |
2018-02-01 | $259,400 (8.1%) | $330,518 (4.5%) | 0.94 | 835 |
2018-03-01 | $265,000 (6.0%) | $334,546 (4.1%) | 0.92 | 855 |
2018-04-01 | $279,900 (8.5%) | $342,415 (4.2%) | 0.94 | 881 |
2018-05-01 | $279,450 (9.7%) | $342,693 (5.3%) | 0.93 | 969 |
2018-06-01 | $282,000 (12.9%) | $348,906 (7.5%) | 0.94 | 985 |
2018-07-01 | $279,900 (12.0%) | $349,197 (10.8%) | 0.93 | 987 |
2018-08-01 | $280,950 (12.4%) | $352,824 (9.4%) | 0.94 | 987 |
2018-09-01 | $273,000 (9.2%) | $345,225 (8.7%) | 0.91 | 1,017 |
2018-10-01 | $275,000 (11.4%) | $346,381 (7.4%) | 0.92 | 940 |
2018-11-01 | $276,250 (10.5%) | $345,957 (7.0%) | 0.93 | 870 |
2018-12-01 | $272,900 (11.4%) | $338,043 (5.7%) | 0.93 | 751 |
2019-01-01 | $269,900 (8.0%) | $333,698 (2.4%) | 0.93 | 706 |
2019-02-01 | $269,900 (4.1%) | $331,934 (0.4%) | 0.90 | 740 |
2019-03-01 | $272,043 (2.7%) | $338,595 (1.2%) | 0.89 | 778 |
2019-04-01 | $273,343 (-2.3%) | $342,599 (0.1%) | 0.86 | 820 |
2019-05-01 | $269,000 (-3.7%) | $340,315 (-0.7%) | 0.83 | 898 |
2019-06-01 | $269,900 (-4.3%) | $342,897 (-1.7%) | 0.83 | 970 |
2019-07-01 | $273,450 (-2.3%) | $354,758 (1.6%) | 0.85 | 997 |
2019-08-01 | $271,100 (-3.5%) | $357,842 (1.4%) | 0.85 | 956 |
2019-09-01 | $269,900 (-1.1%) | $357,330 (3.5%) | 0.86 | 888 |
2019-10-01 | $268,200 (-2.5%) | $351,057 (1.4%) | 0.86 | 879 |
2019-11-01 | $269,990 (-2.3%) | $363,292 (5.0%) | 0.87 | 829 |
2019-12-01 | $269,950 (-1.1%) | $369,878 (9.4%) | 0.90 | 718 |
2020-01-01 | $300,762 (11.4%) | $435,801 (30.6%) | 1.00 | 468 |
2020-02-01 | $319,900 (18.5%) | $454,112 (36.8%) | 1.03 | 482 |
2020-03-01 | $364,450 (34.0%) | $494,295 (46.0%) | 1.14 | 462 |
2020-04-01 | $339,900 (24.4%) | $482,640 (40.9%) | 1.06 | 520 |
2020-05-01 | $349,900 (30.1%) | $473,880 (39.3%) | 1.06 | 513 |
2020-06-01 | $358,000 (32.6%) | $496,942 (44.9%) | 1.05 | 499 |
2020-07-01 | $364,450 (33.3%) | $508,074 (43.2%) | 1.04 | 413 |
2020-08-01 | $325,000 (19.9%) | $505,632 (41.3%) | 0.93 | 351 |
2020-09-01 | $329,000 (21.9%) | $505,928 (41.6%) | 0.94 | 288 |
2020-10-01 | $325,000 (21.2%) | $522,189 (48.8%) | 0.93 | 251 |
2020-11-01 | $329,900 (22.2%) | $544,035 (49.8%) | 0.94 | 197 |
2020-12-01 | $314,198 (16.4%) | $527,928 (42.7%) | 0.92 | 176 |
2021-01-01 | $239,900 (-20.2%) | $399,064 (-8.4%) | 0.71 | 167 |
2021-02-01 | $234,500 (-26.7%) | $430,919 (-5.1%) | 0.67 | 131 |
2021-03-01 | $299,000 (-18.0%) | $461,281 (-6.7%) | 0.84 | 129 |
2021-04-01 | $347,400 (2.2%) | $470,553 (-2.5%) | 0.93 | 124 |
2021-05-01 | $359,900 (2.9%) | $512,341 (8.1%) | 0.95 | 123 |
2021-06-01 | $362,000 (1.1%) | $509,079 (2.4%) | 0.94 | 167 |
2021-07-01 | $379,900 (4.2%) | $498,573 (-1.9%) | 0.99 | 194 |
2021-08-01 | $372,400 (14.6%) | $475,665 (-5.9%) | 0.98 | 206 |
2021-09-01 | $379,500 (15.4%) | $514,683 (1.7%) | 1.00 | 208 |
2021-10-01 | $380,000 (16.9%) | $523,563 (0.3%) | 1.00 | 206 |
2021-11-01 | $369,950 (12.1%) | $557,177 (2.4%) | 0.98 | 182 |
2021-12-01 | $379,250 (20.7%) | $577,517 (9.4%) | 1.01 | 158 |
2022-01-01 | $417,770 (74.1%) | $607,133 (52.1%) | 1.11 | 153 |
2022-02-01 | $402,750 (71.8%) | $632,605 (46.8%) | 1.03 | 154 |
2022-03-01 | $436,988 (46.2%) | $683,931 (48.3%) | 1.08 | 153 |
2022-04-01 | $428,000 (23.2%) | $650,940 (38.3%) | 1.01 | 210 |
Rapid City's median listing price comes in at 101% of the national average.
Rapid City's average listing price for 2022-04-01 was $650,940, a difference of $180,387 (38.3%) versus the prior year and $-32,991 versus the prior month.
For the 2022-04-01 period, Rapid City had 210 MLS listings, a difference of 57 listings (37%) versus the prior month and 86 listings (69%) 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 | 74 days | 2,230 sqft |
2018-02-01 | 72 days | 2,264 sqft |
2018-03-01 | 58 days | 2,288 sqft |
2018-04-01 | 54 days | 2,322 sqft |
2018-05-01 | 51 days | 2,302 sqft |
2018-06-01 | 47 days | 2,318 sqft |
2018-07-01 | 52 days | 2,289 sqft |
2018-08-01 | 54 days | 2,291 sqft |
2018-09-01 | 53 days | 2,258 sqft |
2018-10-01 | 60 days | 2,292 sqft |
2018-11-01 | 66 days | 2,280 sqft |
2018-12-01 | 75 days | 2,245 sqft |
2019-01-01 | 76 days | 2,212 sqft |
2019-02-01 | 62 days | 2,230 sqft |
2019-03-01 | 57 days | 2,245 sqft |
2019-04-01 | 48 days | 2,238 sqft |
2019-05-01 | 45 days | 2,183 sqft |
2019-06-01 | 49 days | 2,166 sqft |
2019-07-01 | 44 days | 2,184 sqft |
2019-08-01 | 54 days | 2,183 sqft |
2019-09-01 | 55 days | 2,181 sqft |
2019-10-01 | 53 days | 2,181 sqft |
2019-11-01 | 59 days | 2,214 sqft |
2019-12-01 | 72 days | 2,192 sqft |
2020-01-01 | 76 days | 2,349 sqft |
2020-02-01 | 65 days | 2,402 sqft |
2020-03-01 | 49 days | 2,381 sqft |
2020-04-01 | 47 days | 2,375 sqft |
2020-05-01 | 54 days | 2,336 sqft |
2020-06-01 | 55 days | 2,340 sqft |
2020-07-01 | 59 days | 2,358 sqft |
2020-08-01 | 58 days | 2,284 sqft |
2020-09-01 | 56 days | 2,256 sqft |
2020-10-01 | 45 days | 2,181 sqft |
2020-11-01 | 47 days | 2,122 sqft |
2020-12-01 | 43 days | 2,009 sqft |
2021-01-01 | 22 days | 1,808 sqft |
2021-02-01 | 39 days | 1,773 sqft |
2021-03-01 | 47 days | 1,950 sqft |
2021-04-01 | 22 days | 2,086 sqft |
2021-05-01 | 15 days | 2,216 sqft |
2021-06-01 | 16 days | 2,198 sqft |
2021-07-01 | 17 days | 1,986 sqft |
2021-08-01 | 27 days | 1,805 sqft |
2021-09-01 | 28 days | 1,952 sqft |
2021-10-01 | 32 days | 1,904 sqft |
2021-11-01 | 39 days | 1,852 sqft |
2021-12-01 | 44 days | 1,848 sqft |
2022-01-01 | 48 days | 1,920 sqft |
2022-02-01 | 36 days | 1,945 sqft |
2022-03-01 | 30 days | 2,014 sqft |
2022-04-01 | 25 days | 2,008 sqft |
Rapid City's median square footage for active listings during the 2022-04-01 period was 2,008 sqft. One year prior, the average listing was 2,086 sqft.