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 6.15% for the week of 2024-12-06, compared to the national average (all USDA variants) of 6.328% for the same period.

Rapid City's average USDA mortgage closing costs are $5,960.

The average rate for the prior week (2024-11-29) was 6.32% and one month ago for the week of 2024-11-01, the average rate was 6.17%.

The average rate one year ago was 6.79%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.5%.

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/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 $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
2024-11-01 $403,250 (0.9%) $554,235 (-2.4%) 0.00 468
Rapid City's median listing price for 2024-11-01 was $403,250, a difference of $3,750 (0.9%) versus the prior year and $-6,750 versus the prior month.

Rapid City's median listing price comes in at 0% of the national average.

Rapid City's average listing price for 2024-11-01 was $554,235, a difference of $-13,776 (-2.4%) versus the prior year and $4,349 versus the prior month.

For the 2024-11-01 period, Rapid City had 468 MLS listings, a difference of -2 listings (0%) versus the prior month and 91 listings (24%) 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 2,214 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
2024-11-01 0 days 1,836 sqft
Rapid City's median listing age (time on market) for 2024-11-01 was 0 days. This is -100% shorter than the same period one year ago.

Rapid City's median square footage for active listings during the 2024-11-01 period was 1,836 sqft. One year prior, the average listing was 1,941 sqft.