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
5.44%
for the week of 2024-10-04, compared to the national average (all VA variants) of
5.596% for the same period.
Rapid City's average VA mortgage closing costs are $6,556.
The average rate for the prior week (2024-09-27) was
5.47% and
one month ago for the week of 2024-08-30, the
average rate was 5.9%.
The average rate one year ago was 6.93%.
For refis of the same type during the week of 2024-10-04, the average rate
was 6.1%.
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.
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. LouisDate | 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%) | 0.00 | 469 |
Rapid City's median listing price comes in at 0% of the national average.
Rapid City's average listing price for 2024-09-01 was $568,874, a difference of $18,126 (3.3%) versus the prior year and $-13,927 versus the prior month.
For the 2024-09-01 period, Rapid City had 469 MLS listings, a difference of 35 listings (8%) versus the prior month and 138 listings (42%) 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 | 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 | 0 days | 1,861 sqft |
Rapid City's median square footage for active listings during the 2024-09-01 period was 1,861 sqft. One year prior, the average listing was 1,979 sqft.