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 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 6.38% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.31% and one month ago for the week of 2025-01-10, the average rate was 6.75%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.63%.

    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 $247,400 (3.5%) $316,348 (2.8%) 0.90 727
    2018-02-01 $249,950 (4.2%) $323,645 (3.5%) 0.90 745
    2018-03-01 $258,950 (3.6%) $324,930 (2.2%) 0.89 771
    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%) 0.91 879
    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%) 0.90 822
    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%) 0.85 730
    2019-05-01 $262,400 (-1.8%) $328,181 (-1.1%) 0.81 812
    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%) 0.81 880
    2019-08-01 $263,336 (-2.1%) $338,569 (-0.4%) 0.82 853
    2019-09-01 $258,591 (-2.3%) $335,550 (0.8%) 0.82 811
    2019-10-01 $257,927 (-4.0%) $334,807 (-0.2%) 0.82 768
    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%) 0.94 381
    2020-02-01 $299,000 (11.2%) $420,534 (29.8%) 0.96 384
    2020-03-01 $319,900 (18.5%) $462,399 (40.9%) 0.97 371
    2020-04-01 $313,200 (16.0%) $456,666 (38.0%) 0.95 420
    2020-05-01 $309,900 (18.1%) $448,295 (36.6%) 0.91 411
    2020-06-01 $325,000 (25.1%) $465,814 (42.4%) 0.93 390
    2020-07-01 $330,950 (24.8%) $476,558 (41.1%) 0.93 318
    2020-08-01 $314,900 (19.6%) $491,187 (45.1%) 0.86 277
    2020-09-01 $299,900 (16.0%) $477,439 (42.3%) 0.82 227
    2020-10-01 $289,900 (12.4%) $486,814 (45.4%) 0.81 200
    2020-11-01 $290,175 (11.7%) $485,128 (42.1%) 0.84 166
    2020-12-01 $274,400 (5.6%) $476,731 (39.1%) 0.80 147
    2021-01-01 $249,900 (-12.5%) $396,255 (-1.8%) 0.74 130
    2021-02-01 $252,450 (-15.6%) $437,683 (4.1%) 0.72 98
    2021-03-01 $340,050 (6.3%) $485,094 (4.9%) 0.95 101
    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%) 0.89 109
    2021-06-01 $356,675 (9.8%) $501,612 (7.7%) 0.91 141
    2021-07-01 $374,950 (13.3%) $497,583 (4.4%) 0.91 168
    2021-08-01 $348,650 (10.7%) $466,077 (-5.1%) 0.90 183
    2021-09-01 $366,675 (22.3%) $501,269 (5.0%) 0.94 190
    2021-10-01 $359,900 (24.2%) $509,395 (4.6%) 0.93 174
    2021-11-01 $364,900 (25.8%) $541,728 (11.7%) 0.95 163
    2021-12-01 $362,400 (32.1%) $578,812 (21.4%) 0.96 134
    2022-01-01 $364,900 (46.0%) $602,951 (52.2%) 0.97 121
    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%) 0.94 145
    2022-04-01 $399,900 (13.6%) $683,031 (44.3%) 0.92 188
    2022-05-01 $427,475 (23.9%) $689,379 (41.3%) 0.89 146
    2022-06-01 $399,900 (12.1%) $619,270 (23.5%) 0.87 222
    2022-07-01 $425,000 (13.4%) $619,668 (24.5%) 0.91 253
    2022-08-01 $426,500 (22.3%) $607,004 (30.2%) 0.95 285
    2022-09-01 $422,475 (15.2%) $585,035 (16.7%) 0.93 300
    2022-10-01 $425,000 (18.1%) $569,013 (11.7%) 0.94 309
    2022-11-01 $449,450 (23.2%) $645,214 (19.1%) 1.03 378
    2022-12-01 $428,450 (18.2%) $601,732 (4.0%) 1.00 275
    2023-01-01 $414,900 (13.7%) $584,365 (-3.1%) 0.98 252
    2023-02-01 $404,950 (11.7%) $586,435 (-2.8%) 0.94 229
    2023-03-01 $404,450 (2.8%) $591,095 (-13.5%) 0.91 164
    2023-04-01 $452,500 (13.2%) $629,036 (-7.9%) 1.01 179
    2023-05-01 $457,000 (6.9%) $605,810 (-12.1%) 0.98 229
    2023-06-01 $464,950 (16.3%) $615,839 (-0.6%) 0.97 294
    2023-07-01 $454,900 (7.0%) $595,006 (-4.0%) 0.98 344
    2023-08-01 $439,900 (3.1%) $596,374 (-1.8%) 0.95 370
    2023-09-01 $432,448 (2.4%) $592,849 (1.3%) 0.95 376
    2023-10-01 $438,450 (3.2%) $620,526 (9.1%) 0.99 409
    2023-11-01 $419,500 (-6.7%) $598,292 (-7.3%) 0.95 428
    2023-12-01 $419,000 (-2.2%) $603,373 (0.3%) 0.97 383
    2024-01-01 $401,225 (-3.3%) $599,726 (2.6%) 0.94 365
    2024-02-01 $399,950 (-1.2%) $588,764 (0.4%) 0.92 348
    2024-03-01 $409,900 (1.4%) $595,738 (0.8%) 0.93 361
    2024-04-01 $422,450 (-6.6%) $608,557 (-3.3%) 0.93 364
    2024-05-01 $433,750 (-5.1%) $626,324 (3.4%) 0.95 371
    2024-06-01 $432,450 (-7.0%) $619,454 (0.6%) 0.96 420
    2024-07-01 $449,975 (-1.1%) $615,811 (3.5%) 1.01 452
    2024-08-01 $439,000 (-0.2%) $603,803 (1.3%) 1.00 479
    2024-09-01 $429,900 (-0.6%) $599,433 (1.1%) 0.99 517
    2024-10-01 $422,450 (-3.7%) $585,996 (-5.6%) 0.96 518
    2024-11-01 $419,900 (0.1%) $590,336 (-1.3%) 0.97 514
    2024-12-01 $422,450 (0.8%) $587,347 (-2.7%) 1.00 464
    2025-01-01 $414,950 (3.4%) $579,166 (-3.4%) 0.00 429
    Rapid City's median listing price for 2025-01-01 was $414,950, a difference of $13,725 (3.4%) versus the prior year and $-7,500 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 2025-01-01 was $579,166, a difference of $-20,560 (-3.4%) versus the prior year and $-8,181 versus the prior month.

    For the 2025-01-01 period, Rapid City had 429 MLS listings, a difference of -35 listings (-8%) versus the prior month and 64 listings (18%) 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 2,220 sqft
    2018-03-01 54 days 2,260 sqft
    2018-04-01 50 days 2,285 sqft
    2018-05-01 48 days 2,258 sqft
    2018-06-01 45 days 2,288 sqft
    2018-07-01 47 days 2,250 sqft
    2018-08-01 52 days 2,240 sqft
    2018-09-01 49 days 2,218 sqft
    2018-10-01 54 days 2,248 sqft
    2018-11-01 62 days 2,244 sqft
    2018-12-01 70 days 2,236 sqft
    2019-01-01 68 days 2,202 sqft
    2019-02-01 52 days 2,207 sqft
    2019-03-01 47 days 2,230 sqft
    2019-04-01 46 days 2,212 sqft
    2019-05-01 43 days 2,145 sqft
    2019-06-01 46 days 2,121 sqft
    2019-07-01 44 days 2,143 sqft
    2019-08-01 45 days 2,150 sqft
    2019-09-01 46 days 2,156 sqft
    2019-10-01 47 days 2,172 sqft
    2019-11-01 54 days 2,182 sqft
    2019-12-01 63 days 2,169 sqft
    2020-01-01 67 days 2,318 sqft
    2020-02-01 50 days 2,360 sqft
    2020-03-01 46 days 2,334 sqft
    2020-04-01 43 days 2,328 sqft
    2020-05-01 44 days 2,288 sqft
    2020-06-01 45 days 2,300 sqft
    2020-07-01 52 days 2,331 sqft
    2020-08-01 40 days 2,250 sqft
    2020-09-01 44 days 2,240 sqft
    2020-10-01 38 days 2,157 sqft
    2020-11-01 41 days 2,002 sqft
    2020-12-01 39 days 1,920 sqft
    2021-01-01 55 days 1,840 sqft
    2021-02-01 48 days 1,881 sqft
    2021-03-01 20 days 2,139 sqft
    2021-04-01 15 days 2,129 sqft
    2021-05-01 8 days 2,122 sqft
    2021-06-01 12 days 2,123 sqft
    2021-07-01 17 days 1,970 sqft
    2021-08-01 25 days 1,730 sqft
    2021-09-01 26 days 1,912 sqft
    2021-10-01 33 days 1,812 sqft
    2021-11-01 37 days 1,806 sqft
    2021-12-01 59 days 1,872 sqft
    2022-01-01 61 days 1,920 sqft
    2022-02-01 34 days 1,924 sqft
    2022-03-01 39 days 1,920 sqft
    2022-04-01 30 days 1,924 sqft
    2022-05-01 23 days 1,969 sqft
    2022-06-01 25 days 1,959 sqft
    2022-07-01 32 days 2,008 sqft
    2022-08-01 35 days 2,076 sqft
    2022-09-01 32 days 2,028 sqft
    2022-10-01 33 days 2,000 sqft
    2022-11-01 53 days 2,001 sqft
    2022-12-01 63 days 2,013 sqft
    2023-01-01 59 days 2,006 sqft
    2023-02-01 51 days 1,984 sqft
    2023-03-01 49 days 1,953 sqft
    2023-04-01 47 days 1,998 sqft
    2023-05-01 29 days 1,933 sqft
    2023-06-01 31 days 2,031 sqft
    2023-07-01 36 days 2,033 sqft
    2023-08-01 39 days 1,990 sqft
    2023-09-01 43 days 1,994 sqft
    2023-10-01 39 days 2,001 sqft
    2023-11-01 44 days 1,947 sqft
    2023-12-01 60 days 1,920 sqft
    2024-01-01 71 days 1,909 sqft
    2024-02-01 52 days 1,857 sqft
    2024-03-01 64 days 1,855 sqft
    2024-04-01 62 days 1,876 sqft
    2024-05-01 38 days 1,923 sqft
    2024-06-01 36 days 1,942 sqft
    2024-07-01 40 days 1,990 sqft
    2024-08-01 43 days 1,900 sqft
    2024-09-01 46 days 1,882 sqft
    2024-10-01 53 days 1,861 sqft
    2024-11-01 61 days 1,839 sqft
    2024-12-01 73 days 1,837 sqft
    2025-01-01 0 days 1,823 sqft
    Rapid City's median listing age (time on market) for 2025-01-01 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 2025-01-01 period was 1,823 sqft. One year prior, the average listing was 1,909 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.