Rapid City VA Loan Rates, Closing Costs & Stats

RAPID CITY, SD

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    • 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 58 lenders originated 549 VA loans during 2024. The total origination value was $203,705,000, with an average VA loan value of $371,047.

    Rapid City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Rapid City averaged 6.46% for the week of 2025-08-01, compared to the national average (all VA variants) of 6.347% for the same period.

    Rapid City's average VA mortgage closing costs are $6,815.

    The average rate for the prior week (2025-07-25) was 6.57% and one month ago for the week of 2025-06-27, the average rate was 6.64%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2025-08-01, the average rate was 6.2%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CMG MORTGAGE, INC. 100 6.09% $10,238
    UNITED WHOLESALE MORTGAGE, LLC 77 6.31% $7,984
    Mortgage Research Center, LLC 46 6.29% $8,150
    Plains Commerce Bank 40 6.15% $9,756
    PENNYMAC LOAN SERVICES, LLC 25 5.87% $9,381
    Granite Community Bank 21 5.82% $7,904
    QUICKEN LOANS, LLC 17 5.99% $10,416
    FREEDOM MORTGAGE CORPORATION 17 6.21% $9,152
    TOWNE MORTGAGE COMPANY 13 5.64% $12,541
    Century Mortgage Company DBA Century Lending Company 13 5.95% $11,750
    BLACK HILLS FEDERAL CREDIT UNION 12 5.73% $8,590
    Gateway First Bank 12 6.35% $6,276
    USAA Federal Savings Bank 11 6.16% $8,723
    AMERICAN PACIFIC MORTGAGE CORPORATION 10 5.99% $12,840
    NEWREZ LLC 8 5.71% $12,273
    NAVY FEDERAL CREDIT UNION 8 5.83% $6,703
    LAKEVIEW LOAN SERVICING, LLC 7 5.64% $6,476
    The Federal Savings Bank 4 6.03% $21,001
    BANKWEST, INC. 4 5.94% $7,318
    Carrington Mortgage Services, LLC 4 5.56% $9,760
    Flagstar Bank, FSB 4 6.55% $8,173
    LOANDEPOT.COM, LLC 4 5.78% $8,055
    BROKER SOLUTIONS, INC. 4 6.37% $11,402
    Wells Fargo Bank 3 6.08% $6,906
    Dacotah Bank 3 5.71% $4,376
    MOVEMENT MORTGAGE, LLC 3 6.17% $17,977
    Mr. Cooper ( Nationstar Mortgage ) 3 6.54% $5,996
    PLANET HOME LENDING, LLC 3 3.46% $8,819
    U.S. Bank 3 6.00% $3,250
    VILLAGE CAPITAL MORTGAGE 3 5.75% $8,639
    OPEN MORTGAGE, LLC 2 6.00% $8,265
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $7,064
    GUILD MORTGAGE COMPANY 2 6.13% $15,367
    NBKC BANK 2 6.12% $5,765
    CHURCHILL MORTGAGE CORPORATION 2 6.94% $7,174
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $14,289
    First Federal Bank 2 5.19% $2,268
    PHH Mortgage Corporation 1 5.63% $1,937
    CU MORTGAGE DIRECT, LLC 1 6.50% $3,753
    AIR ACADEMY 1 5.63% $15,681
    PLAZA HOME MORTGAGE, INC. 1 7.38% $9,665
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $4,308
    POLARIS HOME FUNDING CORP. 1 6.75% $8,310
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $13,448
    Servion, Inc. 1 6.50% $19,174
    SUN WEST MORTGAGE COMPANY, INC. 1 5.87% $2,466
    UNION HOME MORTGAGE CORP. 1 5.63% $3,747
    American Mortgage & Equity Consultants, Inc. 1 5.75% $9,406
    Ixonia Bank 1 6.13% $5,024
    GUARANTEED RATE, INC. 1 5.75% $7,906
    Flanagan State Bank 1 6.75% $7,530
    PNC Bank 1 5.75% $25,258
    Waterstone Mortgage Corporation 1 5.75% $20,955
    FIRST COMMUNITY MORTGAGE, INC. 1 5.99% $7,569
    NEW DAY FINANCIAL, LLC 1 7.75% $19,265
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.38% $15,900
    DAS Acquisition Company, LLC 1 5.75% $6,201
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $2,881

    The top Rapid City VA lender as defined by loan originations is CMG MORTGAGE, INC., with 100 VA loans originated. Their average total fees are $10,238, which is $2,255 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 ($6,276), Granite Community Bank ($7,904), UNITED WHOLESALE MORTGAGE, LLC ($7,984), Mortgage Research Center, LLC ($8,150) and BLACK HILLS FEDERAL CREDIT UNION ($8,590).

    The lowest rate Rapid City VA lenders (with over 10 loans originated) are TOWNE MORTGAGE COMPANY (5.64%), BLACK HILLS FEDERAL CREDIT UNION (5.73%), Granite Community Bank (5.82%), PENNYMAC LOAN SERVICES, LLC (5.87%) and Century Mortgage Company DBA Century Lending Company (5.95%).

    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 $247,400 (3.5%) $316,348 (2.8%) 0.92 727
    2018-02-01 $249,950 (4.2%) $323,645 (3.5%) 0.91 745
    2018-03-01 $258,950 (3.6%) $324,930 (2.2%) 0.91 771
    2018-04-01 $268,450 (5.8%) $331,579 (2.6%) 0.91 797
    2018-05-01 $267,175 (6.6%) $331,877 (3.2%) 0.89 882
    2018-06-01 $274,500 (10.0%) $338,609 (6.3%) 0.92 879
    2018-07-01 $269,975 (8.7%) $336,688 (6.5%) 0.90 879
    2018-08-01 $269,000 (9.6%) $339,744 (7.6%) 0.90 865
    2018-09-01 $264,700 (8.0%) $332,913 (6.1%) 0.89 885
    2018-10-01 $268,789 (12.0%) $335,540 (6.1%) 0.91 822
    2018-11-01 $269,900 (10.0%) $332,472 (4.7%) 0.91 758
    2018-12-01 $269,900 (12.5%) $326,655 (5.1%) 0.93 660
    2019-01-01 $268,500 (8.5%) $324,513 (2.6%) 0.93 628
    2019-02-01 $269,000 (7.6%) $323,877 (0.1%) 0.91 658
    2019-03-01 $269,900 (4.2%) $328,120 (1.0%) 0.88 691
    2019-04-01 $269,900 (0.5%) $330,867 (-0.2%) 0.86 730
    2019-05-01 $262,400 (-1.8%) $328,181 (-1.1%) 0.82 812
    2019-06-01 $259,900 (-5.3%) $327,099 (-3.4%) 0.81 869
    2019-07-01 $265,200 (-1.8%) $337,828 (0.3%) 0.83 880
    2019-08-01 $263,336 (-2.1%) $338,569 (-0.4%) 0.83 853
    2019-09-01 $258,591 (-2.3%) $335,550 (0.8%) 0.83 811
    2019-10-01 $257,927 (-4.0%) $334,807 (-0.2%) 0.83 768
    2019-11-01 $259,900 (-3.7%) $341,374 (2.7%) 0.85 731
    2019-12-01 $259,900 (-3.7%) $342,809 (5.0%) 0.87 629
    2020-01-01 $285,425 (6.3%) $403,416 (24.3%) 0.95 381
    2020-02-01 $299,000 (11.2%) $420,534 (29.8%) 0.98 384
    2020-03-01 $319,900 (18.5%) $462,399 (40.9%) 1.00 371
    2020-04-01 $313,200 (16.0%) $456,666 (38.0%) 0.98 420
    2020-05-01 $309,900 (18.1%) $448,295 (36.6%) 0.94 411
    2020-06-01 $325,000 (25.1%) $465,814 (42.4%) 0.96 390
    2020-07-01 $330,950 (24.8%) $476,558 (41.1%) 0.96 318
    2020-08-01 $314,900 (19.6%) $491,187 (45.1%) 0.90 277
    2020-09-01 $299,900 (16.0%) $477,439 (42.3%) 0.86 227
    2020-10-01 $289,900 (12.4%) $486,814 (45.4%) 0.83 200
    2020-11-01 $290,175 (11.7%) $485,128 (42.1%) 0.85 166
    2020-12-01 $274,400 (5.6%) $476,731 (39.1%) 0.82 147
    2021-01-01 $249,900 (-12.5%) $396,255 (-1.8%) 0.75 130
    2021-02-01 $252,450 (-15.6%) $437,683 (4.1%) 0.73 98
    2021-03-01 $340,050 (6.3%) $485,094 (4.9%) 0.96 101
    2021-04-01 $351,975 (12.4%) $473,303 (3.6%) 0.95 105
    2021-05-01 $345,000 (11.3%) $487,902 (8.8%) 0.92 109
    2021-06-01 $356,675 (9.8%) $501,612 (7.7%) 0.94 141
    2021-07-01 $374,950 (13.3%) $497,583 (4.4%) 0.99 168
    2021-08-01 $348,650 (10.7%) $466,077 (-5.1%) 0.93 183
    2021-09-01 $366,675 (22.3%) $501,269 (5.0%) 0.98 190
    2021-10-01 $359,900 (24.2%) $509,395 (4.6%) 0.96 174
    2021-11-01 $364,900 (25.8%) $541,728 (11.7%) 0.98 163
    2021-12-01 $362,400 (32.1%) $578,812 (21.4%) 0.98 134
    2022-01-01 $364,900 (46.0%) $602,951 (52.2%) 0.99 121
    2022-02-01 $362,400 (43.6%) $603,594 (37.9%) 0.94 128
    2022-03-01 $393,325 (15.7%) $683,302 (40.9%) 0.98 145
    2022-04-01 $399,900 (13.6%) $683,031 (44.3%) 0.95 188
    2022-05-01 $427,475 (23.9%) $689,379 (41.3%) 0.98 146
    2022-06-01 $399,900 (12.1%) $619,270 (23.5%) 0.89 222
    2022-07-01 $425,000 (13.4%) $619,668 (24.5%) 0.96 253
    2022-08-01 $426,500 (22.3%) $607,004 (30.2%) 0.99 285
    2022-09-01 $422,475 (15.2%) $585,035 (16.7%) 0.99 300
    2022-10-01 $425,000 (18.1%) $569,013 (11.7%) 1.00 309
    2022-11-01 $449,450 (23.2%) $645,214 (19.1%) 1.08 378
    2022-12-01 $428,450 (18.2%) $601,732 (4.0%) 1.06 275
    2023-01-01 $414,900 (13.7%) $584,365 (-3.1%) 1.03 252
    2023-02-01 $404,950 (11.7%) $586,435 (-2.8%) 0.98 229
    2023-03-01 $404,450 (2.8%) $591,095 (-13.5%) 0.95 164
    2023-04-01 $452,500 (13.2%) $629,036 (-7.9%) 1.05 179
    2023-05-01 $457,000 (6.9%) $605,810 (-12.1%) 1.04 229
    2023-06-01 $464,950 (16.3%) $615,839 (-0.6%) 1.04 294
    2023-07-01 $454,900 (7.0%) $595,006 (-4.0%) 1.03 344
    2023-08-01 $439,900 (3.1%) $596,374 (-1.8%) 1.01 370
    2023-09-01 $432,448 (2.4%) $592,849 (1.3%) 1.01 376
    2023-10-01 $438,450 (3.2%) $620,526 (9.1%) 1.03 409
    2023-11-01 $419,500 (-6.7%) $598,292 (-7.3%) 1.00 428
    2023-12-01 $419,000 (-2.2%) $603,373 (0.3%) 1.02 383
    2024-01-01 $401,225 (-3.3%) $599,726 (2.6%) 0.98 365
    2024-02-01 $399,950 (-1.2%) $588,764 (0.4%) 0.96 348
    2024-03-01 $409,900 (1.4%) $595,738 (0.8%) 0.96 361
    2024-04-01 $422,450 (-6.6%) $608,557 (-3.3%) 0.98 364
    2024-05-01 $433,750 (-5.1%) $626,324 (3.4%) 0.99 371
    2024-06-01 $432,450 (-7.0%) $619,454 (0.6%) 0.98 420
    2024-07-01 $449,975 (-1.1%) $615,811 (3.5%) 1.03 452
    2024-08-01 $439,000 (-0.2%) $603,803 (1.3%) 1.02 479
    2024-09-01 $429,900 (-0.6%) $599,433 (1.1%) 1.01 517
    2024-10-01 $422,450 (-3.7%) $585,996 (-5.6%) 0.99 518
    2024-11-01 $419,900 (0.1%) $590,336 (-1.3%) 1.01 514
    2024-12-01 $422,450 (0.8%) $587,347 (-2.7%) 1.05 464
    2025-01-01 $414,950 (3.4%) $579,166 (-3.4%) 1.04 429
    2025-02-01 $417,500 (4.4%) $579,710 (-1.5%) 1.01 416
    2025-03-01 $429,900 (4.9%) $607,841 (2.0%) 1.01 414
    2025-04-01 $437,475 (3.6%) $598,936 (-1.6%) 1.01 439
    2025-05-01 $450,000 (3.8%) $595,228 (-5.0%) 1.02 546
    2025-06-01 $448,842 (3.8%) $581,042 (-6.2%) 1.02 632
    2025-07-01 $449,475 (-0.1%) $584,946 (-5.0%) 0.00 675
    Rapid City's median listing price for 2025-07-01 was $449,475, a difference of $-500 (-0.1%) versus the prior year and $633 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 2025-07-01 was $584,946, a difference of $-30,865 (-5.0%) versus the prior year and $3,904 versus the prior month.

    For the 2025-07-01 period, Rapid City had 675 MLS listings, a difference of 43 listings (7%) versus the prior month and 223 listings (49%) 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 72 days 2,205 sqft
    2018-02-01 68 days 2,220 sqft
    2018-03-01 54 days 2,260 sqft
    2018-04-01 51 days 2,285 sqft
    2018-05-01 49 days 2,258 sqft
    2018-06-01 46 days 2,288 sqft
    2018-07-01 48 days 2,250 sqft
    2018-08-01 54 days 2,240 sqft
    2018-09-01 52 days 2,218 sqft
    2018-10-01 56 days 2,248 sqft
    2018-11-01 63 days 2,244 sqft
    2018-12-01 73 days 2,236 sqft
    2019-01-01 72 days 2,202 sqft
    2019-02-01 58 days 2,207 sqft
    2019-03-01 50 days 2,230 sqft
    2019-04-01 48 days 2,212 sqft
    2019-05-01 44 days 2,145 sqft
    2019-06-01 47 days 2,121 sqft
    2019-07-01 45 days 2,143 sqft
    2019-08-01 47 days 2,150 sqft
    2019-09-01 50 days 2,156 sqft
    2019-10-01 51 days 2,172 sqft
    2019-11-01 55 days 2,182 sqft
    2019-12-01 67 days 2,169 sqft
    2020-01-01 72 days 2,318 sqft
    2020-02-01 53 days 2,360 sqft
    2020-03-01 48 days 2,334 sqft
    2020-04-01 45 days 2,328 sqft
    2020-05-01 50 days 2,288 sqft
    2020-06-01 47 days 2,300 sqft
    2020-07-01 53 days 2,331 sqft
    2020-08-01 50 days 2,250 sqft
    2020-09-01 45 days 2,240 sqft
    2020-10-01 39 days 2,157 sqft
    2020-11-01 43 days 2,002 sqft
    2020-12-01 42 days 1,920 sqft
    2021-01-01 56 days 1,840 sqft
    2021-02-01 47 days 1,881 sqft
    2021-03-01 21 days 2,139 sqft
    2021-04-01 17 days 2,129 sqft
    2021-05-01 10 days 2,122 sqft
    2021-06-01 14 days 2,123 sqft
    2021-07-01 17 days 1,970 sqft
    2021-08-01 26 days 1,730 sqft
    2021-09-01 28 days 1,912 sqft
    2021-10-01 33 days 1,812 sqft
    2021-11-01 41 days 1,806 sqft
    2021-12-01 60 days 1,872 sqft
    2022-01-01 67 days 1,920 sqft
    2022-02-01 35 days 1,924 sqft
    2022-03-01 38 days 1,920 sqft
    2022-04-01 27 days 1,924 sqft
    2022-05-01 25 days 1,969 sqft
    2022-06-01 25 days 1,959 sqft
    2022-07-01 32 days 2,008 sqft
    2022-08-01 37 days 2,076 sqft
    2022-09-01 36 days 2,028 sqft
    2022-10-01 36 days 2,000 sqft
    2022-11-01 54 days 2,001 sqft
    2022-12-01 65 days 2,013 sqft
    2023-01-01 66 days 2,006 sqft
    2023-02-01 54 days 1,984 sqft
    2023-03-01 52 days 1,953 sqft
    2023-04-01 47 days 1,998 sqft
    2023-05-01 30 days 1,933 sqft
    2023-06-01 33 days 2,031 sqft
    2023-07-01 36 days 2,033 sqft
    2023-08-01 41 days 1,990 sqft
    2023-09-01 44 days 1,994 sqft
    2023-10-01 40 days 2,001 sqft
    2023-11-01 46 days 1,947 sqft
    2023-12-01 65 days 1,920 sqft
    2024-01-01 74 days 1,909 sqft
    2024-02-01 59 days 1,857 sqft
    2024-03-01 65 days 1,855 sqft
    2024-04-01 63 days 1,876 sqft
    2024-05-01 39 days 1,923 sqft
    2024-06-01 37 days 1,942 sqft
    2024-07-01 42 days 1,990 sqft
    2024-08-01 44 days 1,900 sqft
    2024-09-01 48 days 1,882 sqft
    2024-10-01 54 days 1,861 sqft
    2024-11-01 64 days 1,839 sqft
    2024-12-01 74 days 1,837 sqft
    2025-01-01 77 days 1,823 sqft
    2025-02-01 69 days 1,819 sqft
    2025-03-01 51 days 1,912 sqft
    2025-04-01 41 days 1,982 sqft
    2025-05-01 38 days 1,999 sqft
    2025-06-01 43 days 1,964 sqft
    2025-07-01 0 days 1,998 sqft
    Rapid City's median listing age (time on market) for 2025-07-01 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 2025-07-01 period was 1,998 sqft. One year prior, the average listing was 1,990 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.