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
6.48%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Rapid City's average USDA mortgage closing costs are $5,960.
The average rate for the prior week (2024-04-12) was
6.63% and
one month ago for the week of 2024-03-15, the
average rate was 6.32%.
The average rate one year ago was 6.16%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.84%.
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 |
Rapid City's median listing price comes in at 93% of the national average.
Rapid City's average listing price for 2024-03-01 was $570,762, a difference of $58,378 (11.4%) versus the prior year and $7,001 versus the prior month.
For the 2024-03-01 period, Rapid City had 327 MLS listings, a difference of 12 listings (4%) versus the prior month and 184 listings (129%) 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 |
Rapid City's median square footage for active listings during the 2024-03-01 period was 1,846 sqft. One year prior, the average listing was 1,869 sqft.