Brookings Mortgage Rates & Closing Costs

30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

30 Year Fixed Rate mortgages in Brookings averaged 6.62% for the week of 2024-03-21, compared to the national average of 6.87% for the same period.

The average rate for the prior week (2024-03-14) was 6.49% and one month ago for the week of 2024-02-15, the average rate was 6.42%.

Brookings's average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-03-21, the average rate was 7.07%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-03-21 6.87%
Brookings 30 Year Fixed Rate 2024-03-21 6.62%
Brookings 30 Year Fixed Rate Refi 2024-03-21 7.07%
Brookings 15 Year Fixed Rate 2024-03-21 6.01%
Brookings 15 Year Fixed Rate Refi 2024-03-21 6.41%
Brookings 30 Year FHA 2024-03-21 6.9%
Brookings 30 Year FHA Refi 2024-03-21 6.8%
Brookings 30 Year USDA 2024-03-21 6.67%
Brookings 30 Year USDA Refi 2024-03-21 6.57%
Brookings 30 Year VA 2024-03-21 6.34%
Brookings 30 Year VA Refi 2024-03-21 6.64%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Brookings, SD.

Brookings 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 Brookings, 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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
First Bank & Trust 66 6.32% $5,322
GUARANTEED RATE, INC. 13 7.37% $4,935
QUICKEN LOANS, LLC 9 6.72% $6,560
Central Bank 7 6.30% $4,120
Plains Commerce Bank 6 6.54% $4,405
Dacotah Bank 6 6.48% $4,505
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.02% $4,481
American Bank & Trust 3 6.46% $3,292
Wells Fargo Bank 3 6.96% $4,704
SIOUX FALLS 2 6.56% $5,844
JPMorgan Chase Bank 2 6.68% $5,481
Bremer Bank 2 6.50% $5,571
CORTRUST MORTGAGE, INC. 2 7.00% $4,944
First Dakota National Bank 2 6.19% $2,840
U.S. Bank 2 6.81% $3,072
First International Bank & Trust 2 6.69% $7,920
IOWA BANKERS MORTGAGE CORPORATION 1 6.50% $3,142
Minnwest Bank 1 7.75% $8,058
OPEN MORTGAGE, LLC 1 6.63% $4,445
Paramount Residential Mortgage Group, Inc. 1 7.99% $5,656
Pinnacle Bank 1 6.13% $2,136
PREMIA MORTGAGE, LLC 1 7.10% $570
Prosperity Home Mortgage, LLC 1 6.00% $2,737
BLACK HILLS FEDERAL CREDIT UNION 1 6.38% $6,971
SIRVA MORTGAGE, INC. 1 7.63% $2,161
The First National Bank in Sioux Falls 1 5.50% $7,405
Think Mutual Bank 1 5.50% $4,243
THRIVENT Federal Credit Union 1 7.63% $4,923
Farm Credit Mid-America, ACA 1 7.38% $3,418
Dakota Community Bank & Trust 1 6.50% $5,553
CU MORTGAGE DIRECT, LLC 1 5.63% $5,368
First Interstate Bank 1 6.63% $2,799
First National Bank of Omaha 1 6.25% $5,860
First PREMIER Bank 1 6.00% $2,239
Flagstar Bank, FSB 1 7.63% $3,648
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $11,355

Brookings Average Closing Costs & Other Stats

Brookings, SD's 36 lenders originated 441 loans during 2023. The total origination value was $90,135,000, with an average loan value of $204,388.

Brookings's average closing costs are $4,634.

The top Brookings lender as defined by loan originations is First Bank & Trust, with 66 loans originated. Their average total fees are $5,322, which is $386 higher than the next largest lender, GUARANTEED RATE, INC..

The lowest fee Brookings lenders (with over 10 loans originated) are GUARANTEED RATE, INC. ($4,935), First Bank & Trust ($5,322), .

The lowest rate Brookings lenders (with over 10 loans originated) are First Bank & Trust (6.32%), GUARANTEED RATE, INC. (7.37%), .

Brookings, 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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
First Bank & Trust $42,055,000 $29,995,000 -28.7% 33.3%
GUARANTEED RATE, INC. $850,000 $8,395,000 887.6% 9.3%
Plains Commerce Bank $6,775,000 $5,540,000 -18.2% 6.1%
WALKER & DUNLOP, LLC $4,665,000 n/a 5.2%
Dacotah Bank $4,130,000 $4,455,000 7.9% 4.9%
QUICKEN LOANS, LLC $4,270,000 $4,395,000 2.9% 4.9%
Central Bank $4,085,000 $3,330,000 -18.5% 3.7%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $11,235,000 $2,665,000 -76.3% 3.0%
Wells Fargo Bank $2,895,000 $1,480,000 -48.9% 1.6%
American Bank & Trust $1,240,000 $1,250,000 0.8% 1.4%
Mortgage Research Center, LLC $3,520,000 $1,155,000 -67.2% 1.3%
SIOUX FALLS $35,000 $1,135,000 3,142.9% 1.3%
Reliabank Dakota $1,615,000 $1,060,000 -34.4% 1.2%
First PREMIER Bank $4,305,000 $1,035,000 -76.0% 1.1%
First International Bank & Trust $14,655,000 $995,000 -93.2% 1.1%
The First National Bank in Sioux Falls $1,055,000 $915,000 -13.3% 1.0%
U.S. Bank $710,000 $900,000 26.8% 1.0%
First Dakota National Bank $1,880,000 $890,000 -52.7% 1.0%
First Interstate Bank $3,690,000 $820,000 -77.8% 0.9%
Bremer Bank $775,000 n/a 0.9%
JPMorgan Chase Bank $385,000 $755,000 96.1% 0.8%
PREMIA MORTGAGE, LLC $740,000 n/a 0.8%
UNITED WHOLESALE MORTGAGE, LLC $215,000 $710,000 230.2% 0.8%
Think Mutual Bank $555,000 n/a 0.6%
HOMEOWNERS FINANCIAL GROUP USA, LLC $495,000 n/a 0.5%
Flagstar Bank, FSB $480,000 $470,000 -2.1% 0.5%
CORTRUST MORTGAGE, INC. $185,000 $460,000 148.6% 0.5%
Minnwest Bank $455,000 n/a 0.5%
BLACK HILLS FEDERAL CREDIT UNION $755,000 $445,000 -41.1% 0.5%
Paramount Residential Mortgage Group, Inc. $425,000 n/a 0.5%
Discover Bank $410,000 n/a 0.5%
American Mortgage & Equity Consultants, Inc. $445,000 $390,000 -12.4% 0.4%
CU MORTGAGE DIRECT, LLC $340,000 $335,000 -1.5% 0.4%
First National Bank $135,000 $335,000 148.1% 0.4%
Pinnacle Bank $335,000 n/a 0.4%
The Federal Savings Bank $305,000 n/a 0.3%
First National Bank of Omaha $295,000 n/a 0.3%
CROSSCOUNTRY MORTGAGE, LLC $550,000 $285,000 -48.2% 0.3%
POLARIS HOME FUNDING CORP. $275,000 n/a 0.3%
SIRVA MORTGAGE, INC. $165,000 $275,000 66.7% 0.3%
THRIVENT Federal Credit Union $245,000 $275,000 12.2% 0.3%
Dakota Community Bank & Trust $265,000 n/a 0.3%
Cambria Financial Group, LLC $245,000 n/a 0.3%
Servion, Inc. $715,000 $225,000 -68.5% 0.2%
USAA Federal Savings Bank $225,000 n/a 0.2%
Farm Credit Mid-America, ACA $215,000 $220,000 2.3% 0.2%
Bank Midwest $195,000 $205,000 5.1% 0.2%
CHURCHILL MORTGAGE CORPORATION $530,000 $205,000 -61.3% 0.2%
OPEN MORTGAGE, LLC $205,000 n/a 0.2%
LEADERONE FINANCIAL CORPORATION $195,000 n/a 0.2%
Cornerstone Bank $185,000 n/a 0.2%
HomeTown Bank $185,000 n/a 0.2%
American State Bank $180,000 n/a 0.2%
CMG MORTGAGE, INC. $175,000 n/a 0.2%
FREEDOM MORTGAGE CORPORATION $215,000 $175,000 -18.6% 0.2%
LAKEVIEW LOAN SERVICING, LLC $195,000 $175,000 -10.3% 0.2%
Mr. Cooper ( Nationstar Mortgage ) $350,000 $175,000 -50.0% 0.2%
NAVY FEDERAL CREDIT UNION $835,000 $160,000 -80.8% 0.2%
HIWAY $55,000 $155,000 181.8% 0.2%
Prosperity Home Mortgage, LLC $145,000 n/a 0.2%
Figure Lending LLC $25,000 $135,000 440.0% 0.1%
IOWA BANKERS MORTGAGE CORPORATION $135,000 n/a 0.1%
BETTER MORTGAGE CORPORATION $285,000 $125,000 -56.1% 0.1%
Citizens Bank $110,000 n/a 0.1%
BROKER SOLUTIONS, INC. $105,000 n/a 0.1%
Bank of America $370,000 $100,000 -73.0% 0.1%
Coastal Community Bank $95,000 n/a 0.1%
Flanagan State Bank $695,000 $95,000 -86.3% 0.1%
NOVATION CREDIT UNION $130,000 $90,000 -30.8% 0.1%
PENNYMAC LOAN SERVICES, LLC $75,000 n/a 0.1%
BANKWEST, INC. $810,000 $65,000 -92.0% 0.1%
CorTrust Bank $55,000 $45,000 -18.2% 0.0%

Brookings's top lender by overall market share is First Bank & Trust, with 33.3% market share. In second place, with 9.3%, is GUARANTEED RATE, INC., having originated $8,395,000 in loans. In third place, with 6.1%, is Plains Commerce Bank, having originated $5,540,000 in loans. In fourth place, with 5.2%, is WALKER & DUNLOP, LLC, having originated $4,665,000 in loans. In fifth place, with 4.9%, is Dacotah Bank, having originated $4,455,000 in loans.


Brookings Housing Market Trends (Median, Average Prices & Listing Count)

Realtor.com - Brookings (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 $206,168 (-68.3%) $223,932 (-65.5%) 0.00 93
2018-02-01 $207,675 (-57.8%) $239,121 (-51.4%) 0.00 92
2018-03-01 $222,400 (-45.2%) $245,181 (-42.0%) 0.00 101
2018-04-01 $224,900 (-30.8%) $241,550 (-24.1%) 0.00 110
2018-05-01 $221,950 (-38.4%) $245,030 (-32.2%) 0.00 118
2018-06-01 $215,643 (-34.2%) $236,494 (-31.2%) 0.00 130
2018-07-01 $217,071 (3.4%) $242,722 (-3.0%) 0.00 142
2018-08-01 $215,271 (4.9%) $249,605 (7.8%) 0.00 141
2018-09-01 $212,400 (5.7%) $249,629 (8.1%) 0.00 144
2018-10-01 $217,400 (8.5%) $248,196 (4.6%) 0.00 140
2018-11-01 $223,725 (4.4%) $255,047 (7.7%) 0.00 131
2018-12-01 $224,000 (3.8%) $265,413 (13.6%) 0.00 110
2019-01-01 $231,150 (12.1%) $266,075 (18.8%) 0.00 87
2019-02-01 $237,400 (14.3%) $276,727 (15.7%) 0.00 81
2019-03-01 $241,186 (8.5%) $283,522 (15.6%) 0.00 82
2019-04-01 $243,900 (8.5%) $288,677 (19.5%) 0.00 82
2019-05-01 $260,900 (17.6%) $297,059 (21.2%) 0.00 86
2019-06-01 $266,400 (23.5%) $295,794 (25.1%) 0.00 103
2019-07-01 $256,900 (18.4%) $288,405 (18.8%) 0.00 113
2019-08-01 $265,109 (23.2%) $292,957 (17.4%) 0.00 113
2019-09-01 $258,523 (21.7%) $290,183 (16.3%) 0.00 111
2019-10-01 $254,132 (16.9%) $288,334 (16.2%) 0.00 107
2019-11-01 $253,400 (13.3%) $284,761 (11.7%) 0.00 99
2019-12-01 $249,900 (11.6%) $284,943 (7.4%) 0.00 88
2020-01-01 $244,578 (5.8%) $266,993 (0.4%) 0.00 79
2020-02-01 $246,900 (4.0%) $271,782 (-1.8%) 0.00 78
2020-03-01 $266,400 (10.5%) $290,447 (2.4%) 0.00 77
2020-04-01 $276,150 (13.2%) $298,740 (3.5%) 0.00 89
2020-05-01 $299,200 (14.7%) $299,601 (0.9%) 0.00 90
2020-06-01 $292,150 (9.7%) $300,042 (1.4%) 0.00 100
2020-07-01 $299,400 (16.5%) $311,555 (8.0%) 0.00 90
2020-08-01 $269,900 (1.8%) $284,257 (-3.0%) 0.00 77
2020-09-01 $269,900 (4.4%) $289,548 (-0.2%) 0.00 73
2020-10-01 $274,900 (8.2%) $317,530 (10.1%) 0.00 51
2020-11-01 $267,650 (5.6%) $310,097 (8.9%) 0.00 46
2020-12-01 $274,200 (9.7%) $320,338 (12.4%) 0.00 40
2021-01-01 $309,900 (26.7%) $332,424 (24.5%) 0.00 32
2021-02-01 $301,150 (22.0%) $342,975 (26.2%) 0.00 31
2021-03-01 $296,150 (11.2%) $363,195 (25.1%) 0.00 33
2021-04-01 $289,400 (4.8%) $302,007 (1.1%) 0.00 29
2021-05-01 $288,900 (-3.4%) $294,595 (-1.7%) 0.00 35
2021-06-01 $299,900 (2.7%) $369,477 (23.1%) 0.00 44
2021-07-01 $294,900 (-1.5%) $372,435 (19.5%) 0.00 35
2021-08-01 $276,400 (2.4%) $368,401 (29.6%) 0.00 36
2021-09-01 $287,650 (6.6%) $366,796 (26.7%) 0.00 35
2021-10-01 $296,900 (8.0%) $361,430 (13.8%) 0.00 47
2021-11-01 $297,900 (11.3%) $372,253 (20.0%) 0.00 40
2021-12-01 $313,450 (14.3%) $394,624 (23.2%) 0.00 34
2022-01-01 $328,400 (6.0%) $354,478 (6.6%) 0.00 27
2022-02-01 $321,150 (6.6%) $325,500 (-5.1%) 0.00 30
2022-03-01 $325,400 (9.9%) $333,758 (-8.1%) 0.00 34
2022-04-01 $322,400 (11.4%) $332,796 (10.2%) 0.00 35
2022-05-01 $324,650 (12.4%) $338,758 (15.0%) 0.00 34
2022-06-01 $326,800 (9.0%) $357,960 (-3.1%) 0.00 39
2022-07-01 $328,900 (11.5%) $377,939 (1.5%) 0.00 38
2022-08-01 $328,900 (19.0%) $379,446 (3.0%) 0.00 42
2022-09-01 $343,000 (19.2%) $383,542 (4.6%) 0.00 44
2022-10-01 $359,900 (21.2%) $411,658 (13.9%) 0.00 48
2022-11-01 $348,175 (16.9%) $415,880 (11.7%) 0.00 45
2022-12-01 $349,900 (11.6%) $410,859 (4.1%) 0.00 39
2023-01-01 $373,050 (13.6%) $396,429 (11.8%) 0.00 34
2023-02-01 $375,550 (16.9%) $390,265 (19.9%) 0.00 32
2023-03-01 $384,900 (18.3%) $416,259 (24.7%) 0.00 31
2023-04-01 $367,400 (14.0%) $408,678 (22.8%) 0.00 38
2023-05-01 $367,400 (13.2%) $417,921 (23.4%) 0.00 55
2023-06-01 $399,700 (22.3%) $455,924 (27.4%) 0.00 57
2023-07-01 $384,900 (17.0%) $436,647 (15.5%) 0.00 60
2023-08-01 $387,400 (17.8%) $428,137 (12.8%) 0.00 73
2023-09-01 $374,900 (9.3%) $425,136 (10.8%) 0.00 74
2023-10-01 $375,438 (4.3%) $425,676 (3.4%) 0.00 76
2023-11-01 $372,400 (7.0%) $423,876 (1.9%) 0.00 73
2023-12-01 $369,900 (5.7%) $425,597 (3.6%) 0.00 61
2024-01-01 $372,400 (-0.2%) $439,763 (10.9%) 0.00 58
2024-02-01 $371,150 (-1.2%) $423,179 (8.4%) 0.00 49
Brookings's median listing price for 2024-02-01 was $371,150, a difference of $-4,400 (-1.2%) versus the prior year and $-1,250 versus the prior month.

Brookings's median listing price comes in at 0% of the national average.

Brookings's average listing price for 2024-02-01 was $423,179, a difference of $32,914 (8.4%) versus the prior year and $-16,584 versus the prior month.

For the 2024-02-01 period, Brookings had 49 MLS listings, a difference of -9 listings (-16%) versus the prior month and 17 listings (53%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brookings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,280 sqft
2018-02-01 0 days 1,290 sqft
2018-03-01 0 days 1,328 sqft
2018-04-01 0 days 1,334 sqft
2018-05-01 0 days 1,344 sqft
2018-06-01 0 days 1,344 sqft
2018-07-01 0 days 1,354 sqft
2018-08-01 0 days 1,364 sqft
2018-09-01 0 days 1,354 sqft
2018-10-01 0 days 1,349 sqft
2018-11-01 0 days 1,347 sqft
2018-12-01 0 days 1,375 sqft
2019-01-01 0 days 1,375 sqft
2019-02-01 0 days 1,395 sqft
2019-03-01 0 days 1,421 sqft
2019-04-01 0 days 1,430 sqft
2019-05-01 0 days 1,437 sqft
2019-06-01 0 days 1,495 sqft
2019-07-01 0 days 1,487 sqft
2019-08-01 0 days 1,484 sqft
2019-09-01 0 days 1,468 sqft
2019-10-01 0 days 1,458 sqft
2019-11-01 0 days 1,426 sqft
2019-12-01 0 days 1,441 sqft
2020-01-01 0 days 1,376 sqft
2020-02-01 0 days 1,379 sqft
2020-03-01 0 days 1,417 sqft
2020-04-01 0 days 1,477 sqft
2020-05-01 0 days 1,478 sqft
2020-06-01 0 days 1,493 sqft
2020-07-01 0 days 1,528 sqft
2020-08-01 0 days 1,523 sqft
2020-09-01 0 days 1,501 sqft
2020-10-01 0 days 1,586 sqft
2020-11-01 0 days 1,515 sqft
2020-12-01 0 days 1,513 sqft
2021-01-01 0 days 1,679 sqft
2021-02-01 0 days 1,531 sqft
2021-03-01 0 days 1,562 sqft
2021-04-01 0 days 1,494 sqft
2021-05-01 0 days 1,358 sqft
2021-06-01 0 days 1,516 sqft
2021-07-01 0 days 1,494 sqft
2021-08-01 0 days 1,508 sqft
2021-09-01 0 days 1,573 sqft
2021-10-01 0 days 1,510 sqft
2021-11-01 0 days 1,571 sqft
2021-12-01 0 days 1,560 sqft
2022-01-01 0 days 1,573 sqft
2022-02-01 0 days 1,500 sqft
2022-03-01 0 days 1,448 sqft
2022-04-01 0 days 1,450 sqft
2022-05-01 0 days 1,448 sqft
2022-06-01 0 days 1,511 sqft
2022-07-01 0 days 1,485 sqft
2022-08-01 0 days 1,464 sqft
2022-09-01 0 days 1,588 sqft
2022-10-01 0 days 1,671 sqft
2022-11-01 0 days 1,570 sqft
2022-12-01 0 days 1,629 sqft
2023-01-01 0 days 1,629 sqft
2023-02-01 0 days 1,586 sqft
2023-03-01 0 days 1,648 sqft
2023-04-01 0 days 1,586 sqft
2023-05-01 0 days 1,558 sqft
2023-06-01 0 days 1,648 sqft
2023-07-01 0 days 1,668 sqft
2023-08-01 0 days 1,656 sqft
2023-09-01 0 days 1,500 sqft
2023-10-01 0 days 1,470 sqft
2023-11-01 0 days 1,470 sqft
2023-12-01 0 days 1,485 sqft
2024-01-01 0 days 1,462 sqft
2024-02-01 0 days 1,462 sqft
Brookings's median listing age (time on market) for 2024-02-01 was 0 days.

Brookings's median square footage for active listings during the 2024-02-01 period was 1,462 sqft. One year prior, the average listing was 1,586 sqft.

Brookings, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 259 $68,225,000 $263,417
Home Improvement 63 $4,435,000 $70,397
Refi 56 $10,170,000 $181,607
Other 32 $2,440,000 $76,250
Cash Out Refi 31 $4,865,000 $156,935

Brookings's most frequently cited loan purpose was Home Purchase, with 259 originations. The 2nd most popular reason was Home Improvement, with 63 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 157 $36,115,000 $230,032
5-6% 104 $28,170,000 $270,865
Over 8% 96 $8,260,000 $86,042
7-8% 78 $16,840,000 $215,897
4-5% 2 $320,000 $160,000
<2.5% 1 $5,000 $5,000
2.5-3% 1 $175,000 $175,000

During 2023, Brookings's most frequently originated rate bucket was 6-7%, with 157 originations.

Loan Sizing (Brookings, SD MSA)

Loan Size Originations Total Value Average Loan
$200k-400k 157 $42,695,000 $271,943
$100,000 or less 143 $7,345,000 $51,364
$100k-200k 102 $16,260,000 $159,412
$400k-600k 33 $15,565,000 $471,667
$600k-1000k 5 $3,605,000 $721,000
$Over $1MM 1 $4,665,000 $4,665,000

Brookings's loan sizing saw the bucket of loans from $200k-400k with 157 originations, totaling $42,695,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 155 $42,465,000 $273,968
Under 20% 88 $3,480,000 $39,545
60-80% 86 $22,750,000 $264,535
20-40% 71 $7,845,000 $110,493
40-60% 34 $11,490,000 $337,941
Over 100% 5 $1,855,000 $371,000

Brookings's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 155 originations, totaling $42,465,000 in origination value.