Brookings Mortgage Rates

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

30 Year Fixed Rate mortgages in Brookings averaged 5.67% for the week of 2022-06-30, compared to the national average of 5.7% for the same period.

The average rate for the prior week (2022-06-23) was 5.88% and one month ago for the week of 2022-05-26, the average rate was 4.97%.

Brookings's average rate one year ago was 3%.

For refis of the same type during the week of 2022-06-30, the average rate was 5.65%.

Loan Type Date Rate
US 30 Year Fixed Rate 2022-06-30 5.7%
Brookings 30 Year Fixed Rate 2022-06-30 5.67%
Brookings 30 Year Fixed Rate Refi 2022-06-30 5.65%
Brookings 15 Year Fixed Rate 2022-06-30 5.21%
Brookings 15 Year Fixed Rate Refi 2022-06-30 4.89%
Brookings 30 Year FHA 2022-06-30 5.3%
Brookings 30 Year FHA Refi 2022-06-30 5.64%
Brookings 30 Year USDA 2022-06-30 5.59%
Brookings 30 Year USDA Refi 2022-06-30 5.67%
Brookings 30 Year VA 2022-06-30 5.52%
Brookings 30 Year VA Refi 2022-06-30 5.42%
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 lendor, 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First Bank & Trust 124 2.97% $4,293
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 59 3.14% $3,848
Great Western Bank 32 3.14% $3,147
Plains Commerce Bank 32 2.94% $3,869
QUICKEN LOANS, LLC 24 3.13% $5,085
Dacotah Bank 12 3.06% $3,530
Wells Fargo Bank 11 3.11% $3,259
Central Bank 8 2.97% $4,604
First PREMIER Bank 7 2.71% $4,155
Flanagan State Bank 7 3.09% $5,668
SIOUX FALLS 5 2.75% $3,575
U.S. Bank 5 2.93% $1,919
LOANDEPOT.COM, LLC 4 3.03% $3,507
First International Bank & Trust 3 2.88% $4,407
CU MORTGAGE DIRECT, LLC 3 3.25% $5,372
PENNYMAC LOAN SERVICES, LLC 3 3.33% $3,586
CHURCHILL MORTGAGE CORPORATION 3 3.21% $5,567
CROSSCOUNTRY MORTGAGE, LLC 3 2.83% $5,981
American Bank & Trust 2 3.00% $3,963
Farm Credit Mid-America, ACA 2 3.93% $4,538
First Dakota National Bank 2 3.43% $6,747
NAVY FEDERAL CREDIT UNION 2 3.13% $8,209
Northwest Bank 2 2.81% $2,115
Reliabank Dakota 2 3.13% $2,335
BLACK HILLS FEDERAL CREDIT UNION 2 2.99% $3,902
The First National Bank in Sioux Falls 2 2.81% $4,802
GUARANTEED RATE, INC. 2 2.88% $3,788
THRIVENT Federal Credit Union 2 2.94% $3,243
UNITED WHOLESALE MORTGAGE, LLC 2 3.13% $4,118
The Federal Savings Bank 1 3.63% $3,716
The Huntington National Bank 1 3.00% $3,489
Think Mutual Bank 1 2.88% $3,617
UMB Bank 1 2.88% $1,719
Wyndham Capital Mortgage, Inc. 1 2.75% $1,796
American Mortgage & Equity Consultants, Inc. 1 3.25% $2,798
AmeriHome Mortgage Company, LLC 1 2.50% $5,909
AMERISAVE MORTGAGE CORPORATION 1 3.25% $5,299
Axos Bank 1 2.75% $1,498
Bank Midwest 1 2.50% $2,981
Bank of America 1 2.88% $3,648
Bank of the West 1 2.88% $5,745
BANKWEST, INC. 1 2.88% $2,662
BETTER MORTGAGE CORPORATION 1 4.13% $1,218
CALIBER HOME LOANS, INC. 1 3.25% $1,573
CORTRUST MORTGAGE, INC. 1 3.00% $3,199
FirstBank 1 2.88% $1,863
Flagstar Bank, FSB 1 3.13% $2,535
FREEDOM MORTGAGE CORPORATION 1 3.25% $2,094
Gate City Bank 1 2.63% $4,389
Great Southern Bank 1 2.98% $2,987
GUILD MORTGAGE COMPANY 1 3.25% $3,268
Heritage Bank 1 2.50% $4,145
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.50% $3,480
Mortgage Research Center, LLC 1 2.75% $8,127
Mr. Cooper ( Nationstar Mortgage ) 1 3.13% $5,283
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $1,820
Nations Lending Corporation 1 2.50% $12,391
NEWREZ LLC 1 3.63% $3,216
PURDUE FEDERAL CREDIT UNION 1 2.75% $2,406
S1L, Inc. 1 3.25% $1,821
SIRVA MORTGAGE, INC. 1 2.88% $2,496
SOFI LENDING CORP. 1 3.38% $3,554

Brookings, SD's 62 lenders originated 1,024 loans during 2021. The total origination value was $217,940,000, with an average loan value of $212,832.

The top Brookings lender as defined by loan originations is First Bank & Trust, with 124 loans originated. Their average total fees are $4,293, which is $445 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Brookings lenders (with over 10 loans originated) are Great Western Bank ($3,147), Wells Fargo Bank ($3,259), Dacotah Bank ($3,530), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($3,848) and Plains Commerce Bank ($3,869).

The lowest rate Brookings lenders (with over 10 loans originated) are Plains Commerce Bank (2.94%), First Bank & Trust (2.97%), Dacotah Bank (3.06%), Wells Fargo Bank (3.11%) and QUICKEN LOANS, LLC (3.13%).

Brookings, SD Lender 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 2020 Loan Value 2021 Loan Value % Change 2021 Market Share
First Bank & Trust $2,415,000 $74,825,000 2,998.3% 34.3%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $17,925,000 $23,160,000 29.2% 10.6%
Great Western Bank $17,260,000 $12,910,000 -25.2% 5.9%
Plains Commerce Bank $22,010,000 $12,520,000 -43.1% 5.7%
QUICKEN LOANS, LLC $12,775,000 $10,865,000 -15.0% 5.0%
Dacotah Bank $7,030,000 $9,335,000 32.8% 4.3%
American Bank & Trust $1,010,000 $6,035,000 497.5% 2.8%
Central Bank $6,310,000 $5,935,000 -5.9% 2.7%
Wells Fargo Bank $6,380,000 $5,015,000 -21.4% 2.3%
Flanagan State Bank $3,610,000 $2,860,000 -20.8% 1.3%
First PREMIER Bank $2,955,000 $2,795,000 -5.4% 1.3%
Mortgage Research Center, LLC $915,000 $2,705,000 195.6% 1.2%
The First National Bank in Sioux Falls $815,000 $2,570,000 215.3% 1.2%
FREEDOM MORTGAGE CORPORATION $1,745,000 $2,115,000 21.2% 1.0%
LAKEVIEW LOAN SERVICING, LLC $1,210,000 $1,945,000 60.7% 0.9%
GUARANTEED RATE, INC. $2,245,000 $1,930,000 -14.0% 0.9%
Farm Credit Mid-America, ACA $1,800,000 $1,825,000 1.4% 0.8%
Arbor Realty Trust, Inc. $1,665,000 n/a 0.8%
U.S. Bank $1,850,000 $1,575,000 -14.9% 0.7%
IDEAL $1,390,000 $1,565,000 12.6% 0.7%
SIOUX FALLS $1,750,000 $1,555,000 -11.1% 0.7%
CHURCHILL MORTGAGE CORPORATION $1,495,000 n/a 0.7%
PENNYMAC LOAN SERVICES, LLC $1,305,000 $1,490,000 14.2% 0.7%
First Dakota National Bank $1,670,000 $1,470,000 -12.0% 0.7%
CROSSCOUNTRY MORTGAGE, LLC $1,210,000 $1,445,000 19.4% 0.7%
Servion, Inc. $1,150,000 $1,325,000 15.2% 0.6%
BANKWEST, INC. $235,000 $1,295,000 451.1% 0.6%
CU MORTGAGE DIRECT, LLC $3,665,000 $1,280,000 -65.1% 0.6%
Reliabank Dakota $2,935,000 $1,120,000 -61.8% 0.5%
NAVY FEDERAL CREDIT UNION $265,000 $1,060,000 300.0% 0.5%
LOANDEPOT.COM, LLC $280,000 $1,055,000 276.8% 0.5%
First International Bank & Trust $1,035,000 n/a 0.5%
BETTER MORTGAGE CORPORATION $515,000 $915,000 77.7% 0.4%
CALIBER HOME LOANS, INC. $440,000 $820,000 86.4% 0.4%
The Huntington National Bank $770,000 n/a 0.4%
AMERISAVE MORTGAGE CORPORATION $585,000 $705,000 20.5% 0.3%
BLACK HILLS FEDERAL CREDIT UNION $1,860,000 $630,000 -66.1% 0.3%
THRIVENT Federal Credit Union $310,000 $615,000 98.4% 0.3%
Heritage Bank $540,000 $570,000 5.6% 0.3%
USAA Federal Savings Bank $1,580,000 $560,000 -64.6% 0.3%
CORTRUST MORTGAGE, INC. $3,690,000 $540,000 -85.4% 0.2%
Carrington Mortgage Services, LLC $495,000 n/a 0.2%
SIRVA MORTGAGE, INC. $165,000 $465,000 181.8% 0.2%
Bank of the West $460,000 n/a 0.2%
AmeriHome Mortgage Company, LLC $425,000 n/a 0.2%
Bank Midwest $175,000 $420,000 140.0% 0.2%
Northwest Bank $415,000 n/a 0.2%
Gate City Bank $360,000 $390,000 8.3% 0.2%
The Federal Savings Bank $325,000 $385,000 18.5% 0.2%
Bank of America $240,000 $380,000 58.3% 0.2%
VILLAGE CAPITAL & INVESTMENT LLC $380,000 n/a 0.2%
HOMEBRIDGE FINANCIAL SERVICES, INC. $365,000 n/a 0.2%
Great Southern Bank $355,000 n/a 0.2%
UNITED WHOLESALE MORTGAGE, LLC $1,095,000 $350,000 -68.0% 0.2%
HOME POINT FINANCIAL CORPORATION $325,000 n/a 0.1%
SOUTHPOINT FINANCIAL $320,000 $315,000 -1.6% 0.1%
Wyndham Capital Mortgage, Inc. $305,000 n/a 0.1%
BROKER SOLUTIONS, INC. $925,000 $300,000 -67.6% 0.1%
Axos Bank $295,000 n/a 0.1%
UMB Bank $295,000 n/a 0.1%
Nations Lending Corporation $275,000 n/a 0.1%
GUILD MORTGAGE COMPANY $265,000 n/a 0.1%
NEWREZ LLC $165,000 $260,000 57.6% 0.1%
North American Savings Bank, F.S.B. $255,000 n/a 0.1%
Flagstar Bank, FSB $525,000 $245,000 -53.3% 0.1%
Think Mutual Bank $245,000 n/a 0.1%
FirstBank $215,000 n/a 0.1%
Lincoln Savings Bank $215,000 n/a 0.1%
MID AMERICA MORTGAGE, INC. $215,000 n/a 0.1%
MUTUAL OF OMAHA MORTGAGE, INC. $185,000 $215,000 16.2% 0.1%
NEW DAY FINANCIAL, LLC $155,000 $215,000 38.7% 0.1%
21ST MORTGAGE CORPORATION $95,000 $205,000 115.8% 0.1%
HOMEOWNERS FINANCIAL GROUP USA, LLC $310,000 $185,000 -40.3% 0.1%
Midwest Heritage Bank FSB $185,000 n/a 0.1%
American Mortgage & Equity Consultants, Inc. $175,000 n/a 0.1%
OCEANSIDE MORTGAGE COMPANY $175,000 n/a 0.1%
Pioneer Bank & Trust $175,000 n/a 0.1%
Summit Mortgage Corporation $175,000 n/a 0.1%
Mr. Cooper ( Nationstar Mortgage ) $495,000 $170,000 -65.7% 0.1%
CorTrust Bank $155,000 n/a 0.1%
PURDUE FEDERAL CREDIT UNION $155,000 n/a 0.1%
SOFI LENDING CORP. $145,000 n/a 0.1%
HomeTown Bank $135,000 n/a 0.1%
Minnwest Bank $105,000 n/a 0.0%
S1L, Inc. $105,000 n/a 0.0%
AMERICAN ADVISORS GROUP $25,000 $55,000 120.0% 0.0%

Brookings's top lender by overall market share is First Bank & Trust, with 34.3% market share. In second place, with 10.6%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $23,160,000 in loans. In third place, with 5.9%, is Great Western Bank, having originated $12,910,000 in loans. In third place, with 5.7%, is Plains Commerce Bank, having originated $12,520,000 in loans. In third place, with 5.0%, is QUICKEN LOANS, LLC, having originated $10,865,000 in loans.


Brookings, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 445 $103,385,000 $232,326
Refi 324 $68,600,000 $211,728
Cash Out Refi 182 $36,700,000 $201,648
Home Improvement 41 $6,635,000 $161,829
Other 32 $2,620,000 $81,875

Brookings's most frequently cited loan purpose was Home Purchase, with 445 originations. The 2nd most popular reason was Refi, with 324 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
2.5-3% 395 $87,545,000 $221,633
3-4% 280 $70,240,000 $250,857
<2.5% 276 $49,330,000 $178,732
4-5% 54 $9,100,000 $168,519
6-7% 8 $430,000 $53,750
5-6% 6 $530,000 $88,333
Over 8% 1 $15,000 $15,000

During 2021, Brookings's most frequently originated rate bucket was 2.5-3%, with 395 originations.

Loan Sizing (Brookings, SD MSA)

Loan Size Originations Total Value Average Loan
$200k-400k 412 $107,760,000 $261,553
$100k-200k 397 $61,545,000 $155,025
$100,000 or less 155 $8,495,000 $54,806
$400k-600k 45 $20,885,000 $464,111
$600k-1000k 10 $8,260,000 $826,000
$Over $1MM 5 $10,995,000 $2,199,000

Brookings's loan sizing saw the bucket of loans from $200k-400k with 412 originations, totaling $107,760,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 376 $92,630,000 $246,356
60-80% 333 $76,655,000 $230,195
40-60% 138 $28,830,000 $208,913
Under 20% 74 $4,780,000 $64,595
20-40% 66 $6,980,000 $105,758
Over 100% 12 $3,060,000 $255,000

Brookings's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 376 originations, totaling $92,630,000 in origination value.


Market Conditions (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 $209,643 (-12.6%) $230,744 (-3.8%) 0.00 91
2018-02-01 $213,150 (-36.4%) $245,589 (-14.6%) 0.00 89
2018-03-01 $224,900 (-30.8%) $247,501 (-23.8%) 0.00 97
2018-04-01 $228,400 (-29.7%) $242,699 (-13.4%) 0.00 105
2018-05-01 $224,450 (-30.9%) $246,946 (-17.3%) 0.00 113
2018-06-01 $216,385 (27.4%) $234,070 (39.0%) 0.00 125
2018-07-01 $212,400 (1.2%) $235,644 (-2.5%) 0.00 137
2018-08-01 $212,400 (2.3%) $242,496 (5.1%) 0.00 139
2018-09-01 $209,900 (0.0%) $244,499 (4.6%) 0.00 142
2018-10-01 $214,900 (5.9%) $241,935 (0.5%) 0.00 137
2018-11-01 $222,900 (3.0%) $248,711 (1.4%) 0.00 127
2018-12-01 $222,900 (3.0%) $250,045 (3.7%) 0.00 107
2019-01-01 $229,900 (9.7%) $251,003 (8.8%) 0.00 85
2019-02-01 $237,400 (11.4%) $262,471 (6.9%) 0.00 77
2019-03-01 $241,186 (7.2%) $271,697 (9.8%) 0.00 77
2019-04-01 $243,900 (6.8%) $279,021 (15.0%) 0.00 77
2019-05-01 $256,900 (14.5%) $287,681 (16.5%) 0.00 81
2019-06-01 $259,900 (20.1%) $290,040 (23.9%) 0.00 100
2019-07-01 $256,900 (21.0%) $284,019 (20.5%) 0.00 108
2019-08-01 $259,806 (22.3%) $285,068 (17.6%) 0.00 106
2019-09-01 $248,390 (18.3%) $278,423 (13.9%) 0.00 101
2019-10-01 $258,400 (20.2%) $289,925 (19.8%) 0.00 100
2019-11-01 $256,900 (15.3%) $284,832 (14.5%) 0.00 97
2019-12-01 $249,900 (12.1%) $286,115 (14.4%) 0.00 86
2020-01-01 $246,900 (7.4%) $265,970 (6.0%) 0.00 75
2020-02-01 $243,423 (2.5%) $266,318 (1.5%) 0.00 77
2020-03-01 $258,409 (7.1%) $285,008 (4.9%) 0.00 72
2020-04-01 $272,400 (11.7%) $294,661 (5.6%) 0.00 83
2020-05-01 $279,900 (9.0%) $293,860 (2.2%) 0.00 88
2020-06-01 $289,400 (11.4%) $301,417 (3.9%) 0.00 95
2020-07-01 $299,900 (16.7%) $312,552 (10.1%) 0.00 84
2020-08-01 $269,900 (3.9%) $284,443 (-0.2%) 0.00 77
2020-09-01 $269,900 (8.7%) $291,201 (4.6%) 0.00 74
2020-10-01 $276,900 (7.2%) $336,128 (15.9%) 0.00 51
2020-11-01 $269,900 (5.1%) $332,668 (16.8%) 0.00 48
2020-12-01 $292,400 (17.0%) $347,418 (21.4%) 0.00 41
2021-01-01 $312,500 (26.6%) $334,558 (25.8%) 0.00 32
2021-02-01 $317,400 (30.4%) $373,078 (40.1%) 0.00 31
2021-03-01 $299,900 (16.1%) $372,381 (30.7%) 0.00 35
2021-04-01 $291,400 (7.0%) $305,152 (3.6%) 0.00 27
2021-05-01 $289,900 (3.6%) $308,533 (5.0%) 0.00 32
2021-06-01 $299,900 (3.6%) $369,085 (22.5%) 0.00 41
2021-07-01 $294,400 (-1.8%) $382,340 (22.3%) 0.00 35
2021-08-01 $278,900 (3.3%) $388,603 (36.6%) 0.00 37
2021-09-01 $289,400 (7.2%) $386,547 (32.7%) 0.00 37
2021-10-01 $302,000 (9.1%) $381,971 (13.6%) 0.00 47
2021-11-01 $300,450 (11.3%) $389,369 (17.0%) 0.00 39
2021-12-01 $327,400 (12.0%) $419,076 (20.6%) 0.00 35
2022-01-01 $329,900 (5.6%) $386,461 (15.5%) 0.00 28
2022-02-01 $324,900 (2.4%) $325,500 (-12.8%) 0.00 30
2022-03-01 $325,900 (8.7%) $333,758 (-10.4%) 0.00 33
2022-04-01 $319,900 (9.8%) $332,471 (9.0%) 0.00 35
2022-05-01 $326,900 (12.8%) $349,917 (13.4%) 0.00 34
2022-06-01 $326,900 (9.0%) $351,655 (-4.7%) 0.00 36
Brookings's median listing price for 2022-06-01 was $326,900, a difference of $27,000 (9.0%) versus the prior year and $0 versus the prior month.

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

Brookings's average listing price for 2022-06-01 was $351,655, a difference of $-17,430 (-4.7%) versus the prior year and $1,738 versus the prior month.

For the 2022-06-01 period, Brookings had 36 MLS listings, a difference of 2 listings (6%) versus the prior month and -5 listings (-12%) 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 1,288 sqft
2018-02-01 0 days 1,314 sqft
2018-03-01 0 days 1,328 sqft
2018-04-01 0 days 1,332 sqft
2018-05-01 0 days 1,344 sqft
2018-06-01 0 days 1,344 sqft
2018-07-01 0 days 1,347 sqft
2018-08-01 0 days 1,369 sqft
2018-09-01 0 days 1,364 sqft
2018-10-01 0 days 1,347 sqft
2018-11-01 0 days 1,344 sqft
2018-12-01 0 days 1,358 sqft
2019-01-01 0 days 1,375 sqft
2019-02-01 0 days 1,401 sqft
2019-03-01 0 days 1,427 sqft
2019-04-01 0 days 1,430 sqft
2019-05-01 0 days 1,436 sqft
2019-06-01 0 days 1,495 sqft
2019-07-01 0 days 1,445 sqft
2019-08-01 0 days 1,444 sqft
2019-09-01 0 days 1,428 sqft
2019-10-01 0 days 1,445 sqft
2019-11-01 0 days 1,412 sqft
2019-12-01 0 days 1,443 sqft
2020-01-01 0 days 1,376 sqft
2020-02-01 0 days 1,379 sqft
2020-03-01 0 days 1,422 sqft
2020-04-01 0 days 1,481 sqft
2020-05-01 0 days 1,481 sqft
2020-06-01 0 days 1,497 sqft
2020-07-01 0 days 1,536 sqft
2020-08-01 0 days 1,511 sqft
2020-09-01 0 days 1,504 sqft
2020-10-01 0 days 1,662 sqft
2020-11-01 0 days 1,560 sqft
2020-12-01 0 days 1,560 sqft
2021-01-01 0 days 1,679 sqft
2021-02-01 0 days 1,586 sqft
2021-03-01 0 days 1,562 sqft
2021-04-01 0 days 1,508 sqft
2021-05-01 0 days 1,376 sqft
2021-06-01 0 days 1,546 sqft
2021-07-01 0 days 1,546 sqft
2021-08-01 0 days 1,560 sqft
2021-09-01 0 days 1,574 sqft
2021-10-01 0 days 1,586 sqft
2021-11-01 0 days 1,581 sqft
2021-12-01 0 days 1,586 sqft
2022-01-01 0 days 1,586 sqft
2022-02-01 0 days 1,503 sqft
2022-03-01 0 days 1,448 sqft
2022-04-01 0 days 1,460 sqft
2022-05-01 0 days 1,460 sqft
2022-06-01 0 days 1,513 sqft
Brookings's median listing age (time on market) for 2022-06-01 was 0 days.

Brookings's median square footage for active listings during the 2022-06-01 period was 1,513 sqft. One year prior, the average listing was 1,546 sqft.