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 6.91% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.84% and one month ago for the week of 2024-03-15, the average rate was 6.6%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.16%.

    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
    Rapid City's median listing price for 2024-03-01 was $395,000, a difference of $10,502 (2.7%) versus the prior year and $14,000 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 2024-03-01 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 listing age (time on market) for 2024-03-01 was 64 days. This is 30% longer than the same period one year ago.

    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.

    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.