Rapid City VA Loan Rates, Closing Costs & Stats

RAPID CITY, SD

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Rapid City's 55 lenders originated 454 VA loans during 2023. The total origination value was $158,720,000, with an average VA loan value of $349,604.

Rapid City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Rapid City averaged 6.75% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Rapid City's average VA mortgage closing costs are $6,556.

The average rate for the prior week (2024-05-10) was 6.46% and one month ago for the week of 2024-04-12, the average rate was 6.64%.

The average rate one year ago was 6.35%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.81%.

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

Rapid City VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 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
CMG MORTGAGE, INC. 88 6.15% $10,773
UNITED WHOLESALE MORTGAGE, LLC 54 6.43% $7,990
Mortgage Research Center, LLC 38 6.70% $7,126
Plains Commerce Bank 36 6.26% $9,650
Gateway First Bank 30 6.21% $6,644
Unify Home Lending Inc. 30 6.14% $8,428
QUICKEN LOANS, LLC 14 6.15% $12,947
PENNYMAC LOAN SERVICES, LLC 13 6.07% $11,151
BLACK HILLS FEDERAL CREDIT UNION 12 5.83% $6,795
USAA Federal Savings Bank 10 6.39% $8,617
AMERICAN PACIFIC MORTGAGE CORPORATION 9 6.36% $13,241
LOANDEPOT.COM, LLC 7 5.86% $12,500
NAVY FEDERAL CREDIT UNION 7 5.46% $6,739
The Federal Savings Bank 5 5.88% $13,093
DAS Acquisition Company, LLC 4 7.06% $12,189
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.54% $7,770
Mr. Cooper ( Nationstar Mortgage ) 3 6.42% $13,403
PENTAGON FEDERAL CREDIT UNION 3 5.67% $12,524
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.25% $11,083
FIRST COLONY MORTGAGE CORPORATION 3 5.58% $9,179
FREEDOM MORTGAGE CORPORATION 3 6.58% $11,524
Century Mortgage Company DBA Century Lending Company 2 6.56% $14,628
AMERISAVE MORTGAGE CORPORATION 2 4.94% $12,860
BANKWEST, INC. 2 5.88% $7,474
BROKER SOLUTIONS, INC. 2 6.38% $10,933
First Interstate Bank 2 5.50% $3,389
GUARANTEED RATE, INC. 2 6.44% $15,248
GUILD MORTGAGE COMPANY 2 6.06% $14,227
Lend Smart Mortgage, LLC 2 5.75% $7,459
Magnolia Bank 2 5.94% $17,108
MOVEMENT MORTGAGE, LLC 2 6.44% $8,419
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.19% $15,014
NEWREZ LLC 2 6.63% $17,611
VILLAGE CAPITAL MORTGAGE 2 6.38% $7,055
Wells Fargo Bank 2 5.94% $4,941
Equity Prime Mortgage LLC 1 5.88% $26,847
NEW DAY FINANCIAL, LLC 1 6.75% $2,527
Willamette Valley Bank 1 6.13% $13,555
North American Savings Bank, F.S.B. 1 5.25% $7,855
OPEN MORTGAGE, LLC 1 6.75% $6,020
Paramount Residential Mortgage Group, Inc. 1 5.75% $6,841
CU MORTGAGE DIRECT, LLC 1 5.50% $7,404
Core Bank 1 6.99% $6,240
AMCAP MORTGAGE, LTD. 1 7.25% $23,063
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $6,510
CARDINAL FINANCIAL 1 7.25% $12,113
BNC National Bank 1 6.00% $9,045
Barrington Bank & Trust Company, N.A. 1 6.25% $10,582
United Fidelity Funding Corp. 1 7.25% $17,163
Bank of England 1 6.25% $16,459
Lakeview Community Capital, LLC 1 6.25% $8,560
AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $6,759
GSF Mortgage Corporation 1 5.63% $11,000
U.S. Bank 1 8.13% $2,443
Nations Lending Corporation 1 6.50% $12,699

The top Rapid City VA lender as defined by loan originations is CMG MORTGAGE, INC., with 88 VA loans originated. Their average total fees are $10,773, which is $2,784 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Rapid City VA lenders (with over 10 loans originated) are Gateway First Bank ($6,644), BLACK HILLS FEDERAL CREDIT UNION ($6,795), Mortgage Research Center, LLC ($7,126), UNITED WHOLESALE MORTGAGE, LLC ($7,990) and Unify Home Lending Inc. ($8,428).

The lowest rate Rapid City VA lenders (with over 10 loans originated) are BLACK HILLS FEDERAL CREDIT UNION (5.83%), PENNYMAC LOAN SERVICES, LLC (6.07%), Unify Home Lending Inc. (6.14%), QUICKEN LOANS, LLC (6.15%) and CMG MORTGAGE, INC. (6.15%).


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
Rapid City's median listing price for 2024-04-01 was $401,750, a difference of $-33,250 (-7.6%) versus the prior year and $6,750 versus the prior month.

Rapid City's median listing price comes in at 93% of the national average.

Rapid City's average listing price for 2024-04-01 was $585,212, a difference of $23,526 (4.2%) versus the prior year and $14,450 versus the prior month.

For the 2024-04-01 period, Rapid City had 324 MLS listings, a difference of -3 listings (-1%) versus the prior month and 170 listings (110%) 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
Rapid City's median listing age (time on market) for 2024-04-01 was 62 days. This is 32% longer than the same period one year ago.

Rapid City's median square footage for active listings during the 2024-04-01 period was 1,865 sqft. One year prior, the average listing was 2,014 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.