Aberdeen Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Aberdeen averaged
6.72%
for the week of 2023-09-14, compared to the national average of
7.18% for the same period.
The average rate for the prior week (2023-09-07) was
6.76% and
one month ago for the week of 2023-08-10, the
average rate was 6.6%.
Aberdeen's average rate one year ago was 5.63%.
For refis of the same type during the week of 2023-09-14, the average rate
was 7.28%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-14 | 7.18% |
| Aberdeen 30 Year Fixed Rate | 2023-09-14 | 6.72% |
| Aberdeen 30 Year Fixed Rate Refi | 2023-09-14 | 7.28% |
| Aberdeen 15 Year Fixed Rate | 2023-09-14 | 6.51% |
| Aberdeen 15 Year Fixed Rate Refi | 2023-09-14 | 7.11% |
| Aberdeen 30 Year FHA | 2023-09-14 | 7.19% |
| Aberdeen 30 Year FHA Refi | 2023-09-14 | 6.89% |
| Aberdeen 30 Year USDA | 2023-09-14 | 7.08% |
| Aberdeen 30 Year USDA Refi | 2023-09-14 | 6.88% |
| Aberdeen 30 Year VA | 2023-09-14 | 6.71% |
| Aberdeen 30 Year VA Refi | 2023-09-14 | 6.81% |
Aberdeen Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Aberdeen, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Aberdeen Average Closing Costs & Other Stats
Aberdeen, SD's 43 lenders originated 816
loans during 2022. The total origination value was $201,440,000, with an average loan value of
$246,863.
Aberdeen's average closing costs are $4,771.
The top Aberdeen lender as defined by loan originations is Dacotah Bank, with
91 loans originated. Their average total fees are
$4,659, which is $477
lower than the next largest lender,
CORTRUST MORTGAGE, INC..
The lowest fee Aberdeen lenders (with over 10 loans originated) are
Plains Commerce Bank ($4,153), First Interstate Bank ($4,167), U.S. Bank ($4,284), American Bank & Trust ($4,396) and Wells Fargo Bank ($4,573).
The lowest rate Aberdeen lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.71%), Goldwater Bank, N.A. (4.74%), First Interstate Bank (4.78%), Dacotah Bank (4.92%) and Plains Commerce Bank (4.99%).
Aberdeen, SD Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Dacotah Bank | $51,605,000 | $34,490,000 | -33.2% | 17.1% |
| American Bank & Trust | $1,070,000 | $24,490,000 | 2,188.8% | 12.2% |
| Minnwest Bank | $21,930,000 | n/a | 10.9% | |
| Plains Commerce Bank | $35,370,000 | $19,495,000 | -44.9% | 9.7% |
| First Interstate Bank | $12,135,000 | n/a | 6.0% | |
| Bank Midwest | $7,060,000 | $11,095,000 | 57.2% | 5.5% |
| CORTRUST MORTGAGE, INC. | $18,010,000 | $10,710,000 | -40.5% | 5.3% |
| CorTrust Bank | $1,740,000 | $7,935,000 | 356.0% | 3.9% |
| Goldwater Bank, N.A. | $13,455,000 | $7,320,000 | -45.6% | 3.6% |
| Union State Bank of Fargo | $7,005,000 | n/a | 3.5% | |
| U.S. Bank | $9,450,000 | $4,910,000 | -48.0% | 2.4% |
| Wells Fargo Bank | $22,585,000 | $4,605,000 | -79.6% | 2.3% |
| QUICKEN LOANS, LLC | $9,920,000 | $4,245,000 | -57.2% | 2.1% |
| Farm Credit Mid-America, ACA | $2,660,000 | $3,035,000 | 14.1% | 1.5% |
| CU MORTGAGE DIRECT, LLC | $2,955,000 | $2,170,000 | -26.6% | 1.1% |
| Mortgage Research Center, LLC | $3,260,000 | $1,955,000 | -40.0% | 1.0% |
| Center National Bank | $1,685,000 | n/a | 0.8% | |
| Reliabank Dakota | $1,445,000 | $1,550,000 | 7.3% | 0.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $940,000 | $1,165,000 | 23.9% | 0.6% |
| FREEDOM MORTGAGE CORPORATION | $2,645,000 | $1,125,000 | -57.5% | 0.6% |
| AMERISAVE MORTGAGE CORPORATION | $1,175,000 | $1,055,000 | -10.2% | 0.5% |
| LOANDEPOT.COM, LLC | $955,000 | $1,015,000 | 6.3% | 0.5% |
| Great Western Bank | $23,015,000 | $975,000 | -95.8% | 0.5% |
| CROSSCOUNTRY MORTGAGE, LLC | $920,000 | $875,000 | -4.9% | 0.4% |
| BANKWEST, INC. | $230,000 | $760,000 | 230.4% | 0.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,220,000 | $665,000 | -45.5% | 0.3% |
| Toyota Financial Savings Bank | $645,000 | n/a | 0.3% | |
| PENNYMAC LOAN SERVICES, LLC | $2,205,000 | $620,000 | -71.9% | 0.3% |
| Flagstar Bank, FSB | $590,000 | $580,000 | -1.7% | 0.3% |
| Bell Bank | $125,000 | $535,000 | 328.0% | 0.3% |
| Citizens Bank | $800,000 | $525,000 | -34.4% | 0.3% |
| JPMorgan Chase Bank | $455,000 | $475,000 | 4.4% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $680,000 | $475,000 | -30.1% | 0.2% |
| CHURCHILL MORTGAGE CORPORATION | $320,000 | $470,000 | 46.9% | 0.2% |
| The Central Trust Bank | $445,000 | n/a | 0.2% | |
| MID AMERICA MORTGAGE, INC. | $770,000 | $415,000 | -46.1% | 0.2% |
| Pinnacle Bank | $840,000 | $375,000 | -55.4% | 0.2% |
| FOUR POINTS | $355,000 | n/a | 0.2% | |
| First Savings Bank | $25,000 | $350,000 | 1,300.0% | 0.2% |
| Gate City Bank | $345,000 | n/a | 0.2% | |
| PREMIA MORTGAGE, LLC | $505,000 | $335,000 | -33.7% | 0.2% |
| TOWN AND COUNTRY Credit Union | $315,000 | n/a | 0.2% | |
| First State Bank | $305,000 | n/a | 0.2% | |
| Hometown Credit Union | $295,000 | n/a | 0.1% | |
| The First National Bank in Sioux Falls | $295,000 | n/a | 0.1% | |
| Discover Bank | $290,000 | n/a | 0.1% | |
| First International Bank & Trust | $1,720,000 | $290,000 | -83.1% | 0.1% |
| CMG MORTGAGE, INC. | $625,000 | $260,000 | -58.4% | 0.1% |
| BROKER SOLUTIONS, INC. | $215,000 | $250,000 | 16.3% | 0.1% |
| First Bank & Trust | $1,190,000 | $245,000 | -79.4% | 0.1% |
| HOMESTAR FINANCIAL CORPORATION | $235,000 | n/a | 0.1% | |
| SERVICE FIRST FEDERAL CREDIT UNION | $235,000 | n/a | 0.1% | |
| USAA Federal Savings Bank | $790,000 | $235,000 | -70.3% | 0.1% |
| First PREMIER Bank | $2,800,000 | $230,000 | -91.8% | 0.1% |
| PLAZA HOME MORTGAGE, INC. | $215,000 | n/a | 0.1% | |
| Bremer Bank | $205,000 | $205,000 | 0.0% | 0.1% |
| Starion Bank | $505,000 | $190,000 | -62.4% | 0.1% |
| FIRST COMMUNITY CREDIT UNION | $185,000 | n/a | 0.1% | |
| Choice Financial Group | $4,145,000 | $175,000 | -95.8% | 0.1% |
| First Dakota National Bank | $175,000 | n/a | 0.1% | |
| Stockman Bank of Montana | $155,000 | n/a | 0.1% | |
| First National Bank | $155,000 | $145,000 | -6.5% | 0.1% |
| Heritage Bank | $565,000 | $145,000 | -74.3% | 0.1% |
| NAVY FEDERAL CREDIT UNION | $605,000 | $145,000 | -76.0% | 0.1% |
| Northwest Bank | $140,000 | n/a | 0.1% | |
| Northpointe Bank | $125,000 | $125,000 | 0.0% | 0.1% |
| Willamette Valley Bank | $195,000 | $125,000 | -35.9% | 0.1% |
| Truist | $250,000 | $105,000 | -58.0% | 0.1% |
| Figure Lending LLC | $90,000 | n/a | 0.0% | |
| NOVATION CREDIT UNION | $85,000 | n/a | 0.0% | |
| Lend Smart Mortgage, LLC | $75,000 | n/a | 0.0% | |
| Lakeview Community Capital, LLC | $45,000 | n/a | 0.0% | |
| SIOUX EMPIRE | $45,000 | n/a | 0.0% | |
| AMERICAN ADVISORS GROUP | $235,000 | $25,000 | -89.4% | 0.0% |
| Home Loan Investment Bank, F.S.B. | $25,000 | n/a | 0.0% |
Aberdeen's top lender by overall market share is Dacotah Bank, with 17.1% market share. In second place, with 12.2%, is American Bank & Trust, having originated $24,490,000 in loans. In third place, with 10.9%, is Minnwest Bank, having originated $21,930,000 in loans. In fourth place, with 9.7%, is Plains Commerce Bank, having originated $19,495,000 in loans. In fifth place, with 6.0%, is First Interstate Bank, having originated $12,135,000 in loans.
Aberdeen, SD Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 479 | $147,225,000 | $307,359 |
| Refi | 161 | $23,375,000 | $145,186 |
| Cash Out Refi | 83 | $22,785,000 | $274,518 |
| Home Improvement | 62 | $3,810,000 | $61,452 |
| Other | 31 | $4,245,000 | $136,935 |
Aberdeen's most frequently cited loan purpose was Home Purchase, with 479 originations. The 2nd most popular reason was Refi, with 161 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 211 | $40,815,000 | $193,436 |
| 3-4% | 202 | $69,840,000 | $345,743 |
| 4-5% | 188 | $52,940,000 | $281,596 |
| 6-7% | 87 | $13,845,000 | $159,138 |
| 2.5-3% | 38 | $7,260,000 | $191,053 |
| 7-8% | 20 | $4,600,000 | $230,000 |
| Over 8% | 7 | $265,000 | $37,857 |
| <2.5% | 7 | $1,975,000 | $282,143 |
During 2022, Aberdeen's most frequently originated rate bucket was 5-6%, with 211 originations.
Loan Sizing (Aberdeen, SD MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100k-200k | 284 | $41,830,000 | $147,289 |
| $100,000 or less | 250 | $14,660,000 | $58,640 |
| $200k-400k | 215 | $58,385,000 | $271,558 |
| $400k-600k | 43 | $20,225,000 | $470,349 |
| $Over $1MM | 14 | $59,550,000 | $4,253,571 |
| $600k-1000k | 10 | $6,790,000 | $679,000 |
Aberdeen's loan sizing saw the bucket of loans from $100k-200k with 284 originations, totaling $41,830,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 311 | $71,585,000 | $230,177 |
| 60-80% | 227 | $90,525,000 | $398,789 |
| Under 20% | 71 | $4,955,000 | $69,789 |
| 40-60% | 70 | $10,410,000 | $148,714 |
| 20-40% | 60 | $6,450,000 | $107,500 |
| Over 100% | 17 | $7,105,000 | $417,941 |
Aberdeen's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 311 originations, totaling $71,585,000 in origination value.