Brookings Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Brookings averaged
6.69%
for the week of 2025-06-18, compared to the national average of
6.81% for the same period.
The average rate for the prior week (2025-06-12) was
6.92% and
one month ago for the week of 2025-05-15, the
average rate was 6.59%.
Brookings's average rate one year ago was 6.73%.
For refis of the same type during the week of 2025-06-18, the average rate
was 6.91%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2025-06-18 | 6.81% |
| Brookings 30 Year Fixed Rate | 2025-06-18 | 6.69% |
| Brookings 30 Year Fixed Rate Refi | 2025-06-18 | 6.91% |
| Brookings 15 Year Fixed Rate | 2025-06-18 | 5.96% |
| Brookings 15 Year Fixed Rate Refi | 2025-06-18 | 6.56% |
| Brookings 30 Year FHA | 2025-06-18 | 0% |
| Brookings 30 Year FHA Refi | 2025-06-18 | -0.2% |
| Brookings 30 Year USDA | 2025-06-18 | -0.2% |
| Brookings 30 Year USDA Refi | 2025-06-18 | 0% |
| Brookings 30 Year VA | 2025-06-18 | 0% |
| Brookings 30 Year VA Refi | 2025-06-18 | 0.2% |
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.).
Brookings Average Closing Costs & Other Stats
Brookings, SD's 32 lenders originated 481
loans during 2024. The total origination value was $118,265,000, with an average loan value of
$245,873.
Brookings's average closing costs are $4,788.
The top Brookings lender as defined by loan originations is First Bank & Trust, with
66 loans originated. Their average total fees are
$4,928, which is $693
higher than the next largest lender,
GUARANTEED RATE, INC..
The lowest fee Brookings lenders (with over 10 loans originated) are
Dacotah Bank ($3,733), GUARANTEED RATE, INC. ($4,235), Central Bank ($4,874), First Bank & Trust ($4,928) and .
The lowest rate Brookings lenders (with over 10 loans originated) are
Central Bank (6.36%), First Bank & Trust (6.40%), Dacotah Bank (6.48%), GUARANTEED RATE, INC. (7.06%) and .
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 | 2023 Loan Value | 2024 Loan Value | % Change | 2024 Market Share |
|---|---|---|---|---|
| First Bank & Trust | $29,995,000 | $30,250,000 | 0.9% | 25.6% |
| GUARANTEED RATE, INC. | $8,395,000 | $13,390,000 | 59.5% | 11.3% |
| Central Bank | $3,330,000 | $6,580,000 | 97.6% | 5.6% |
| BANKWEST, INC. | $65,000 | $6,190,000 | 9,423.1% | 5.2% |
| Plains Commerce Bank | $5,540,000 | $5,815,000 | 5.0% | 4.9% |
| Dacotah Bank | $4,455,000 | $4,595,000 | 3.1% | 3.9% |
| First Interstate Bank | $820,000 | $4,560,000 | 456.1% | 3.9% |
| First PREMIER Bank | $1,035,000 | $4,430,000 | 328.0% | 3.7% |
| CARDINAL FINANCIAL | $3,505,000 | n/a | 3.0% | |
| QUICKEN LOANS, LLC | $4,395,000 | $3,050,000 | -30.6% | 2.6% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $2,665,000 | $2,260,000 | -15.2% | 1.9% |
| USAA Federal Savings Bank | $225,000 | $2,170,000 | 864.4% | 1.8% |
| Mortgage Research Center, LLC | $1,155,000 | $1,565,000 | 35.5% | 1.3% |
| FREEDOM MORTGAGE CORPORATION | $175,000 | $1,485,000 | 748.6% | 1.3% |
| First Dakota National Bank | $890,000 | $1,035,000 | 16.3% | 0.9% |
| CU MORTGAGE DIRECT, LLC | $335,000 | $1,005,000 | 200.0% | 0.8% |
| American Bank & Trust | $1,250,000 | $995,000 | -20.4% | 0.8% |
| BLACK HILLS FEDERAL CREDIT UNION | $445,000 | $965,000 | 116.9% | 0.8% |
| SIOUX FALLS | $1,135,000 | $945,000 | -16.7% | 0.8% |
| First International Bank & Trust | $995,000 | $890,000 | -10.6% | 0.8% |
| Wells Fargo Bank | $1,480,000 | $890,000 | -39.9% | 0.8% |
| American State Bank | $180,000 | $820,000 | 355.6% | 0.7% |
| Bremer Bank | $775,000 | $810,000 | 4.5% | 0.7% |
| U.S. Bank | $900,000 | $795,000 | -11.7% | 0.7% |
| PLANET HOME LENDING, LLC | $760,000 | n/a | 0.6% | |
| First National Bank of Omaha | $295,000 | $740,000 | 150.8% | 0.6% |
| The First National Bank in Sioux Falls | $915,000 | $605,000 | -33.9% | 0.5% |
| IOWA BANKERS MORTGAGE CORPORATION | $135,000 | $580,000 | 329.6% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $175,000 | $570,000 | 225.7% | 0.5% |
| LOANDEPOT.COM, LLC | $505,000 | n/a | 0.4% | |
| Peoples State Bank of Plainview | $495,000 | n/a | 0.4% | |
| 21ST MORTGAGE CORPORATION | $490,000 | n/a | 0.4% | |
| Baxter Credit Union | $435,000 | n/a | 0.4% | |
| PENNYMAC LOAN SERVICES, LLC | $75,000 | $435,000 | 480.0% | 0.4% |
| Bell Bank | $415,000 | n/a | 0.4% | |
| CORTRUST MORTGAGE, INC. | $460,000 | $410,000 | -10.9% | 0.3% |
| Stride Bank | $405,000 | n/a | 0.3% | |
| GREENSTATE CREDIT UNION | $375,000 | n/a | 0.3% | |
| SERVICE FIRST FEDERAL CREDIT UNION | $375,000 | n/a | 0.3% | |
| Flanagan State Bank | $95,000 | $365,000 | 284.2% | 0.3% |
| HomeTown Bank | $185,000 | $365,000 | 97.3% | 0.3% |
| HOMESIDE FINANCIAL, LLC | $355,000 | n/a | 0.3% | |
| UNITED WHOLESALE MORTGAGE, LLC | $710,000 | $350,000 | -50.7% | 0.3% |
| CMG MORTGAGE, INC. | $175,000 | $345,000 | 97.1% | 0.3% |
| Deere Employees Credit Union | $345,000 | n/a | 0.3% | |
| CROSSCOUNTRY MORTGAGE, LLC | $285,000 | $325,000 | 14.0% | 0.3% |
| JPMorgan Chase Bank | $755,000 | $325,000 | -57.0% | 0.3% |
| Reliabank Dakota | $1,060,000 | $315,000 | -70.3% | 0.3% |
| AMERICAN FINANCIAL RESOURCES, INC. | $305,000 | n/a | 0.3% | |
| POLARIS HOME FUNDING CORP. | $275,000 | $305,000 | 10.9% | 0.3% |
| RESIDENTIAL BANCORP | $305,000 | n/a | 0.3% | |
| Servion, Inc. | $225,000 | $305,000 | 35.6% | 0.3% |
| Summit Mortgage Corporation | $305,000 | n/a | 0.3% | |
| Barrington Bank & Trust Company, N.A. | $300,000 | n/a | 0.3% | |
| NAVY FEDERAL CREDIT UNION | $160,000 | $300,000 | 87.5% | 0.3% |
| Flagstar Bank, FSB | $470,000 | $295,000 | -37.2% | 0.2% |
| AmeriHome Mortgage Company, LLC | $285,000 | n/a | 0.2% | |
| Citizens Bank | $110,000 | $285,000 | 159.1% | 0.2% |
| Minnwest Bank | $455,000 | $285,000 | -37.4% | 0.2% |
| Farm Credit Mid-America, ACA | $220,000 | $275,000 | 25.0% | 0.2% |
| LIBERTY FIRST | $265,000 | n/a | 0.2% | |
| Sierra Pacific Mortgage Company, Inc. | $225,000 | n/a | 0.2% | |
| Cornerstone Bank | $185,000 | $215,000 | 16.2% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $215,000 | n/a | 0.2% | |
| VERIDIAN CREDIT UNION | $205,000 | n/a | 0.2% | |
| VILLAGE CAPITAL MORTGAGE | $195,000 | n/a | 0.2% | |
| First Western Bank & Trust | $185,000 | n/a | 0.2% | |
| BETTER MORTGAGE CORPORATION | $125,000 | $165,000 | 32.0% | 0.1% |
| Heritage Bank | $165,000 | n/a | 0.1% | |
| Coastal Community Bank | $95,000 | $130,000 | 36.8% | 0.1% |
| Ally Bank | $125,000 | n/a | 0.1% | |
| Pinnacle Bank - Wyoming | $115,000 | n/a | 0.1% | |
| CorTrust Bank | $45,000 | $105,000 | 133.3% | 0.1% |
| Discover Bank | $410,000 | $55,000 | -86.6% | 0.0% |
| Frandsen Bank & Trust | $55,000 | n/a | 0.0% | |
| LAKEVIEW LOAN SERVICING, LLC | $175,000 | $35,000 | -80.0% | 0.0% |
| NOVATION CREDIT UNION | $90,000 | $35,000 | -61.1% | 0.0% |
| SIOUXLAND FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% |
Brookings's top lender by overall market share is First Bank & Trust, with 25.6% market share. In second place, with 11.3%, is GUARANTEED RATE, INC., having originated $13,390,000 in loans. In third place, with 5.6%, is Central Bank, having originated $6,580,000 in loans. In fourth place, with 5.2%, is BANKWEST, INC., having originated $6,190,000 in loans. In fifth place, with 4.9%, is Plains Commerce Bank, having originated $5,815,000 in loans.
Brookings, SD Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 308 | $94,380,000 | $306,429 |
| Refi | 67 | $12,065,000 | $180,075 |
| Home Improvement | 45 | $3,695,000 | $82,111 |
| Other | 33 | $3,075,000 | $93,182 |
| Cash Out Refi | 28 | $5,050,000 | $180,357 |
Brookings's most frequently cited loan purpose was Home Purchase, with 308 originations. The 2nd most popular reason was Refi, with 67 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 196 | $57,680,000 | $294,286 |
| Over 8% | 116 | $14,330,000 | $123,534 |
| 5-6% | 81 | $19,165,000 | $236,605 |
| 7-8% | 66 | $20,370,000 | $308,636 |
| 4-5% | 7 | $1,895,000 | $270,714 |
| 2.5-3% | 5 | $135,000 | $27,000 |
During 2024, Brookings's most frequently originated rate bucket was 6-7%, with 196 originations.
Loan Sizing (Brookings, SD MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 207 | $57,985,000 | $280,121 |
| $100,000 or less | 118 | $6,280,000 | $53,220 |
| $100k-200k | 96 | $14,660,000 | $152,708 |
| $400k-600k | 48 | $22,140,000 | $461,250 |
| $600k-1000k | 8 | $5,460,000 | $682,500 |
| $Over $1MM | 4 | $11,740,000 | $2,935,000 |
Brookings's loan sizing saw the bucket of loans from $200k-400k with 207 originations, totaling $57,985,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 184 | $54,100,000 | $294,022 |
| 60-80% | 92 | $29,500,000 | $320,652 |
| Under 20% | 79 | $9,365,000 | $118,544 |
| 20-40% | 51 | $6,095,000 | $119,510 |
| 40-60% | 48 | $9,900,000 | $206,250 |
| Over 100% | 7 | $2,665,000 | $380,714 |
Brookings's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 184 originations, totaling $54,100,000 in origination value.