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%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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. Louis
Date 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 for 2022-04-01 was $428,000, a difference of $80,600 (23.2%) versus the prior year and $-8,988 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 25 days. This is 14% longer than the same period one year ago.

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.