Brookings Mortgage Rates & Closing Costs

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

    30 Year Fixed Rate mortgages in Brookings averaged 6.64% for the week of 2024-11-07, compared to the national average of 6.79% for the same period.

    The average rate for the prior week (2024-10-31) was 6.27% and one month ago for the week of 2024-10-03, the average rate was 5.87%.

    Brookings's average rate one year ago was 7.71%.

    For refis of the same type during the week of 2024-11-07, the average rate was 7.29%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2024-11-07 6.79%
    Brookings 30 Year Fixed Rate 2024-11-07 6.64%
    Brookings 30 Year Fixed Rate Refi 2024-11-07 7.29%
    Brookings 15 Year Fixed Rate 2024-11-07 6%
    Brookings 15 Year Fixed Rate Refi 2024-11-07 6.1%
    Brookings 30 Year FHA 2024-11-07 6.33%
    Brookings 30 Year FHA Refi 2024-11-07 6.53%
    Brookings 30 Year USDA 2024-11-07 6.58%
    Brookings 30 Year USDA Refi 2024-11-07 6.48%
    Brookings 30 Year VA 2024-11-07 6.14%
    Brookings 30 Year VA Refi 2024-11-07 6.54%
    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, 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.