RAPID CITY Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Rapid City averaged
6.65%
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
6.58% and
one month ago for the week of 2024-10-03, the
average rate was 5.98%.
Rapid City's average rate one year ago was 7.42%.
For refis of the same type during the week of 2024-11-07, the average rate
was 7.33%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-11-07 | 6.79% |
| Rapid City 30 Year Fixed Rate | 2024-11-07 | 6.65% |
| Rapid City 30 Year Fixed Rate Refi | 2024-11-07 | 7.33% |
| Rapid City 15 Year Fixed Rate | 2024-11-07 | 5.8% |
| Rapid City 15 Year Fixed Rate Refi | 2024-11-07 | 6.4% |
| Rapid City 30 Year FHA | 2024-11-07 | 6.22% |
| Rapid City 30 Year FHA Refi | 2024-11-07 | 6.23% |
| Rapid City 30 Year USDA | 2024-11-07 | 6.38% |
| Rapid City 30 Year USDA Refi | 2024-11-07 | 6.38% |
| Rapid City 30 Year VA | 2024-11-07 | 6.3% |
| Rapid City 30 Year VA Refi | 2024-11-07 | 6.14% |
RAPID CITY 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 RAPID CITY, 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.).
RAPID CITY Average Closing Costs & Other Stats
RAPID CITY, SD's 83 lenders originated 2,777
loans during 2023. The total origination value was $812,395,000, with an average loan value of
$292,544.
RAPID CITY's average closing costs are $5,546.
The top RAPID CITY lender as defined by loan originations is CMG MORTGAGE, INC., with
212 loans originated. Their average total fees are
$6,018, which is $67
lower than the next largest lender,
BLACK HILLS FEDERAL CREDIT UNION.
The lowest fee RAPID CITY lenders (with over 10 loans originated) are
U.S. Bank ($3,394), Gateway First Bank ($3,923), First National Bank ($4,282), Dacotah Bank ($4,615) and Unify Home Lending Inc. ($4,957).
The lowest rate RAPID CITY lenders (with over 10 loans originated) are
BLACK HILLS FEDERAL CREDIT UNION (6.27%), The Huntington National Bank (6.48%), Gateway First Bank (6.51%), BANKWEST, INC. (6.55%) and Wells Fargo Bank (6.55%).
RAPID CITY, 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 |
|---|---|---|---|---|
| CMG MORTGAGE, INC. | $118,780,000 | $123,615,000 | 4.1% | 15.2% |
| BLACK HILLS FEDERAL CREDIT UNION | $136,855,000 | $78,990,000 | -42.3% | 9.7% |
| Gateway First Bank | $75,190,000 | $57,385,000 | -23.7% | 7.1% |
| UNITED WHOLESALE MORTGAGE, LLC | $73,730,000 | $56,520,000 | -23.3% | 7.0% |
| Unify Home Lending Inc. | $37,090,000 | $43,725,000 | 17.9% | 5.4% |
| Plains Commerce Bank | $36,195,000 | $36,635,000 | 1.2% | 4.5% |
| Cedar Rapids Bank and Trust Company | $32,005,000 | n/a | 3.9% | |
| WALKER & DUNLOP, LLC | $30,355,000 | n/a | 3.7% | |
| JONES LANG LASALLE MULTIFAMILY, LLC | $25,565,000 | n/a | 3.1% | |
| QUICKEN LOANS, LLC | $29,000,000 | $18,980,000 | -34.6% | 2.3% |
| First National Bank | $35,915,000 | $18,770,000 | -47.7% | 2.3% |
| Cornerstone Bank | $255,000 | $17,145,000 | 6,623.5% | 2.1% |
| Dacotah Bank | $29,450,000 | $16,385,000 | -44.4% | 2.0% |
| Black Hills Community Bank | $25,210,000 | $15,075,000 | -40.2% | 1.9% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $865,000 | $14,905,000 | 1,623.1% | 1.8% |
| Pioneer Bank & Trust | $16,785,000 | $14,245,000 | -15.1% | 1.8% |
| First Interstate Bank | $44,210,000 | $14,170,000 | -67.9% | 1.7% |
| PENNYMAC LOAN SERVICES, LLC | $11,810,000 | $13,570,000 | 14.9% | 1.7% |
| Mortgage Research Center, LLC | $18,620,000 | $12,415,000 | -33.3% | 1.5% |
| U.S. Bank | $38,385,000 | $11,905,000 | -69.0% | 1.5% |
| BANKWEST, INC. | $20,350,000 | $11,490,000 | -43.5% | 1.4% |
| HIGHMARK | $10,720,000 | $8,230,000 | -23.2% | 1.0% |
| Security First Bank | $23,610,000 | $7,670,000 | -67.5% | 0.9% |
| The Huntington National Bank | $4,620,000 | $7,485,000 | 62.0% | 0.9% |
| Servion, Inc. | $4,475,000 | $6,960,000 | 55.5% | 0.9% |
| DAS Acquisition Company, LLC | $6,670,000 | $5,895,000 | -11.6% | 0.7% |
| Wells Fargo Bank | $22,460,000 | $5,505,000 | -75.5% | 0.7% |
| USAA Federal Savings Bank | $4,945,000 | $4,485,000 | -9.3% | 0.6% |
| Century Mortgage Company DBA Century Lending Company | $1,680,000 | $4,275,000 | 154.5% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $8,745,000 | $3,465,000 | -60.4% | 0.4% |
| LOANDEPOT.COM, LLC | $7,435,000 | $3,095,000 | -58.4% | 0.4% |
| NAVY FEDERAL CREDIT UNION | $7,515,000 | $2,795,000 | -62.8% | 0.3% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $3,855,000 | $2,680,000 | -30.5% | 0.3% |
| Flagstar Bank, FSB | $5,295,000 | $2,495,000 | -52.9% | 0.3% |
| JPMorgan Chase Bank | $4,435,000 | $2,495,000 | -43.7% | 0.3% |
| Northern Hills FCU | $4,195,000 | $2,385,000 | -43.1% | 0.3% |
| Arbor Realty Trust, Inc. | $2,375,000 | n/a | 0.3% | |
| Lend Smart Mortgage, LLC | $27,770,000 | $2,195,000 | -92.1% | 0.3% |
| FIRST COLONY MORTGAGE CORPORATION | $2,015,000 | n/a | 0.2% | |
| Home Federal Savings Bank | $1,895,000 | n/a | 0.2% | |
| MUTUAL OF OMAHA MORTGAGE, INC. | $1,605,000 | $1,815,000 | 13.1% | 0.2% |
| NEWREZ LLC | $5,580,000 | $1,815,000 | -67.5% | 0.2% |
| Morgan Stanley Private Bank | $935,000 | $1,770,000 | 89.3% | 0.2% |
| Raymond James Bank | $1,710,000 | n/a | 0.2% | |
| The Federal Savings Bank | $3,550,000 | $1,655,000 | -53.4% | 0.2% |
| Discover Bank | $365,000 | $1,650,000 | 352.1% | 0.2% |
| Farm Credit Mid-America, ACA | $3,035,000 | $1,645,000 | -45.8% | 0.2% |
| First State Bank | $1,605,000 | n/a | 0.2% | |
| GUILD MORTGAGE COMPANY | $1,040,000 | $1,590,000 | 52.9% | 0.2% |
| First Dakota National Bank | $2,675,000 | $1,560,000 | -41.7% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $675,000 | $1,555,000 | 130.4% | 0.2% |
| OPEN MORTGAGE, LLC | $5,115,000 | $1,530,000 | -70.1% | 0.2% |
| GUARANTEED RATE, INC. | $1,225,000 | $1,435,000 | 17.1% | 0.2% |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $495,000 | $1,330,000 | 168.7% | 0.2% |
| White Sands Federal Credit Union | $1,275,000 | n/a | 0.2% | |
| BROKER SOLUTIONS, INC. | $3,100,000 | $1,270,000 | -59.0% | 0.2% |
| BMO Harris Bank | $55,000 | $1,255,000 | 2,181.8% | 0.2% |
| FREEDOM MORTGAGE CORPORATION | $10,925,000 | $1,255,000 | -88.5% | 0.2% |
| PENTAGON FEDERAL CREDIT UNION | $1,330,000 | $1,240,000 | -6.8% | 0.2% |
| American Bank & Trust | $54,735,000 | $1,175,000 | -97.9% | 0.1% |
| Commerce Home Mortgage, Inc. | $1,145,000 | n/a | 0.1% | |
| MOVEMENT MORTGAGE, LLC | $1,290,000 | $1,115,000 | -13.6% | 0.1% |
| Carrington Mortgage Services, LLC | $1,320,000 | $875,000 | -33.7% | 0.1% |
| CARDINAL FINANCIAL | $3,730,000 | $870,000 | -76.7% | 0.1% |
| First Bank & Trust | $860,000 | $865,000 | 0.6% | 0.1% |
| First Federal Bank | $410,000 | $860,000 | 109.8% | 0.1% |
| TRIAD FINANCIAL SERVICES, INC. | $855,000 | n/a | 0.1% | |
| Gate City Bank | $555,000 | $830,000 | 49.5% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $195,000 | $730,000 | 274.4% | 0.1% |
| VILLAGE CAPITAL MORTGAGE | $610,000 | $720,000 | 18.0% | 0.1% |
| Goldwater Bank, N.A. | $715,000 | n/a | 0.1% | |
| Magnolia Bank | $285,000 | $710,000 | 149.1% | 0.1% |
| The First National Bank in Sioux Falls | $905,000 | $695,000 | -23.2% | 0.1% |
| AMERISAVE MORTGAGE CORPORATION | $2,810,000 | $690,000 | -75.4% | 0.1% |
| Central Bank | $1,180,000 | $690,000 | -41.5% | 0.1% |
| Figure Lending LLC | $45,000 | $685,000 | 1,422.2% | 0.1% |
| United Fidelity Funding Corp. | $685,000 | n/a | 0.1% | |
| HOMESTAR FINANCIAL CORPORATION | $38,815,000 | $670,000 | -98.3% | 0.1% |
| Adams Bank & Trust | $665,000 | n/a | 0.1% | |
| NBKC BANK | $335,000 | $660,000 | 97.0% | 0.1% |
| Barrington Bank & Trust Company, N.A. | $1,825,000 | $645,000 | -64.7% | 0.1% |
| AMCAP MORTGAGE, LTD. | $615,000 | n/a | 0.1% | |
| Charles Schwab Bank, SSB | $615,000 | n/a | 0.1% | |
| NEW DAY FINANCIAL, LLC | $4,665,000 | $580,000 | -87.6% | 0.1% |
| OCMBC, INC. | $545,000 | n/a | 0.1% | |
| AMERICAN FINANCIAL RESOURCES, INC. | $145,000 | $540,000 | 272.4% | 0.1% |
| SERVICE FIRST FEDERAL CREDIT UNION | $505,000 | n/a | 0.1% | |
| The Central Trust Bank | $375,000 | $500,000 | 33.3% | 0.1% |
| CorTrust Bank | $25,000 | $495,000 | 1,880.0% | 0.1% |
| UNION HOME MORTGAGE CORP. | $495,000 | n/a | 0.1% | |
| Northpointe Bank | $405,000 | $490,000 | 21.0% | 0.1% |
| PLANET HOME LENDING, LLC | $1,655,000 | $490,000 | -70.4% | 0.1% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $580,000 | $480,000 | -17.2% | 0.1% |
| BAY EQUITY LLC | $340,000 | $465,000 | 36.8% | 0.1% |
| CU MORTGAGE DIRECT, LLC | $865,000 | $440,000 | -49.1% | 0.1% |
| AmeriHome Mortgage Company, LLC | $425,000 | n/a | 0.1% | |
| Bell Bank | $42,495,000 | $425,000 | -99.0% | 0.1% |
| NFM, INC. | $315,000 | $425,000 | 34.9% | 0.1% |
| Bank of America | $3,840,000 | $420,000 | -89.1% | 0.1% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $500,000 | $410,000 | -18.0% | 0.1% |
| Dover Federal Credit Union | $405,000 | n/a | 0.0% | |
| Equity Prime Mortgage LLC | $545,000 | $405,000 | -25.7% | 0.0% |
| Security First Bank of North Dakota | $385,000 | n/a | 0.0% | |
| FirstBank | $380,000 | n/a | 0.0% | |
| Bank of England | $365,000 | n/a | 0.0% | |
| LAKEVIEW LOAN SERVICING, LLC | $3,065,000 | $360,000 | -88.3% | 0.0% |
| CROSSCOUNTRY MORTGAGE, LLC | $970,000 | $355,000 | -63.4% | 0.0% |
| Nations Lending Corporation | $155,000 | $355,000 | 129.0% | 0.0% |
| POLARIS HOME FUNDING CORP. | $145,000 | $355,000 | 144.8% | 0.0% |
| Great Southern Bank | $345,000 | n/a | 0.0% | |
| S1L, Inc. | $345,000 | n/a | 0.0% | |
| TEXAS TECH | $345,000 | n/a | 0.0% | |
| Prosperity Home Mortgage, LLC | $330,000 | n/a | 0.0% | |
| First PREMIER Bank | $1,240,000 | $325,000 | -73.8% | 0.0% |
| North American Savings Bank, F.S.B. | $640,000 | $315,000 | -50.8% | 0.0% |
| Coastal Community Bank | $310,000 | n/a | 0.0% | |
| AMERICAN FINANCIAL NETWORK, INC. | $305,000 | n/a | 0.0% | |
| Citizens Bank | $985,000 | $305,000 | -69.0% | 0.0% |
| MidFirst Bank | $305,000 | n/a | 0.0% | |
| Paramount Residential Mortgage Group, Inc. | $1,470,000 | $305,000 | -79.3% | 0.0% |
| Opportunity Bank of Montana | $295,000 | n/a | 0.0% | |
| BNC National Bank | $285,000 | n/a | 0.0% | |
| Flanagan State Bank | $775,000 | $285,000 | -63.2% | 0.0% |
| Centier Bank | $280,000 | n/a | 0.0% | |
| First Bank | $275,000 | n/a | 0.0% | |
| Minnwest Bank | $275,000 | n/a | 0.0% | |
| Cache Valley Bank | $265,000 | n/a | 0.0% | |
| Lakeview Community Capital, LLC | $265,000 | n/a | 0.0% | |
| M&T Bank | $265,000 | n/a | 0.0% | |
| First International Bank & Trust | $1,300,000 | $255,000 | -80.4% | 0.0% |
| GSF Mortgage Corporation | $255,000 | n/a | 0.0% | |
| VERIDIAN CREDIT UNION | $305,000 | $255,000 | -16.4% | 0.0% |
| ANB Bank | $235,000 | n/a | 0.0% | |
| Core Bank | $235,000 | n/a | 0.0% | |
| West Gate Bank | $245,000 | $230,000 | -6.1% | 0.0% |
| GreenStone Farm Credit Services, FLCA | $225,000 | n/a | 0.0% | |
| Heritage Bank | $5,365,000 | $225,000 | -95.8% | 0.0% |
| SUMMIT MORTGAGE CORPORATION | $395,000 | $225,000 | -43.0% | 0.0% |
| Waterstone Mortgage Corporation | $225,000 | n/a | 0.0% | |
| First National Bank of Omaha | $215,000 | n/a | 0.0% | |
| ZILLOW HOME LOANS, LLC | $205,000 | n/a | 0.0% | |
| IOWA BANKERS MORTGAGE CORPORATION | $195,000 | n/a | 0.0% | |
| PHH Mortgage Corporation | $350,000 | $185,000 | -47.1% | 0.0% |
| Truist | $145,000 | $185,000 | 27.6% | 0.0% |
| Willamette Valley Bank | $185,000 | n/a | 0.0% | |
| A&D Mortgage LLC | $175,000 | n/a | 0.0% | |
| SIOUX FALLS | $170,000 | n/a | 0.0% | |
| MORIA DEVELOPMENT, INC. | $165,000 | n/a | 0.0% | |
| DOMINION FINANCIAL SERVICES, LLC | $145,000 | n/a | 0.0% | |
| RANLIFE, INC. | $145,000 | n/a | 0.0% | |
| Home Federal Savings & Loan Association of Grand Island | $135,000 | n/a | 0.0% | |
| Pinnacle Bank - Wyoming | $265,000 | $125,000 | -52.8% | 0.0% |
| 21ST MORTGAGE CORPORATION | $610,000 | $80,000 | -86.9% | 0.0% |
| MEMBER FIRST MORTGAGE, LLC | $65,000 | n/a | 0.0% | |
| WINGS FINANCIAL | $285,000 | $65,000 | -77.2% | 0.0% |
| United States Senate Federal Credit Union | $35,000 | n/a | 0.0% | |
| Service Federal Credit Union | $25,000 | n/a | 0.0% | |
| VOYAGE FEDERAL CREDIT UNION | $25,000 | n/a | 0.0% |
RAPID CITY's top lender by overall market share is CMG MORTGAGE, INC., with 15.2% market share. In second place, with 9.7%, is BLACK HILLS FEDERAL CREDIT UNION, having originated $78,990,000 in loans. In third place, with 7.1%, is Gateway First Bank, having originated $57,385,000 in loans. In fourth place, with 7.0%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $56,520,000 in loans. In fifth place, with 5.4%, is Unify Home Lending Inc., having originated $43,725,000 in loans.
RAPID CITY, SD Average Rent (2023)
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| Zip Code | Metro | Studio Apartment Rent | 1BR Apartment Rent | 2BR Apartment Rent | 3BR Apartment Rent | 4BR Apartment Rent |
|---|---|---|---|---|---|---|
| 57553 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57701 | Rapid City, SD HUD Metro FMR Area | $640 | $720 | $950 | $1,310 | $1,450 |
| 57702 | Rapid City, SD HUD Metro FMR Area | $730 | $830 | $1,090 | $1,500 | $1,660 |
| 57703 | Rapid City, SD HUD Metro FMR Area | $800 | $900 | $1,190 | $1,640 | $1,800 |
| 57706 | Rapid City, SD HUD Metro FMR Area | $760 | $860 | $1,140 | $1,520 | $1,910 |
| 57709 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57718 | Rapid City, SD HUD Metro FMR Area | $720 | $820 | $1,080 | $1,440 | $1,840 |
| 57719 | Rapid City, SD HUD Metro FMR Area | $700 | $800 | $1,050 | $1,440 | $1,620 |
| 57725 | Rapid City, SD HUD Metro FMR Area | $690 | $780 | $1,030 | $1,410 | $1,580 |
| 57730 | Rapid City, SD HUD Metro FMR Area | $700 | $800 | $1,050 | $1,450 | $1,590 |
| 57732 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57744 | Rapid City, SD HUD Metro FMR Area | $680 | $770 | $1,010 | $1,390 | $1,530 |
| 57745 | Rapid City, SD HUD Metro FMR Area | $570 | $650 | $850 | $1,200 | $1,350 |
| 57750 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57751 | Rapid City, SD HUD Metro FMR Area | $550 | $630 | $830 | $1,170 | $1,320 |
| 57754 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57761 | Rapid City, SD HUD Metro FMR Area | $610 | $690 | $910 | $1,240 | $1,420 |
| 57767 | Rapid City, SD HUD Metro FMR Area | $610 | $690 | $910 | $1,240 | $1,420 |
| 57775 | Rapid City, SD HUD Metro FMR Area | $550 | $630 | $830 | $1,170 | $1,320 |
| 57780 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
| 57790 | Rapid City, SD HUD Metro FMR Area | $550 | $630 | $830 | $1,170 | $1,320 |
| 57791 | Rapid City, SD HUD Metro FMR Area | $560 | $640 | $840 | $1,170 | $1,420 |
| 82701 | Rapid City, SD HUD Metro FMR Area | $670 | $760 | $1,000 | $1,380 | $1,520 |
2022 Average & Median Rent Data Statistics
RAPID CITY, SD average 1BR rent: $746, median: $760
RAPID CITY, SD average 2BR rent: $982, median: $1,000
RAPID CITY, SD average 3BR rent: $1,353, median: $1,380
RAPID CITY, SD Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 1,753 | $647,095,000 | $369,136 |
| Home Improvement | 354 | $30,650,000 | $86,582 |
| Cash Out Refi | 300 | $65,950,000 | $219,833 |
| Refi | 269 | $56,375,000 | $209,572 |
| Other | 101 | $12,325,000 | $122,030 |
Rapid City's most frequently cited loan purpose was Home Purchase, with 1,753 originations. The 2nd most popular reason was Home Improvement, with 354 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 955 | $305,475,000 | $319,869 |
| 7-8% | 666 | $150,760,000 | $226,366 |
| 5-6% | 478 | $207,970,000 | $435,084 |
| Over 8% | 430 | $50,720,000 | $117,953 |
| <2.5% | 46 | $1,610,000 | $35,000 |
| 4-5% | 23 | $9,315,000 | $405,000 |
| 3-4% | 6 | $12,360,000 | $2,060,000 |
| 2.5-3% | 6 | $600,000 | $100,000 |
During 2023, Rapid City's most frequently originated rate bucket was 6-7%, with 955 originations.
Loan Sizing (RAPID CITY, SD MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 1,284 | $371,720,000 | $289,502 |
| $100,000 or less | 607 | $30,875,000 | $50,865 |
| $100k-200k | 489 | $72,835,000 | $148,947 |
| $400k-600k | 295 | $139,525,000 | $472,966 |
| $600k-1000k | 81 | $57,565,000 | $710,679 |
| $Over $1MM | 21 | $139,875,000 | $6,660,714 |
RAPID CITY's loan sizing saw the bucket of loans from $200k-400k with 1,284 originations, totaling $371,720,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 1,040 | $356,640,000 | $342,923 |
| 60-80% | 515 | $213,055,000 | $413,699 |
| Under 20% | 420 | $22,210,000 | $52,881 |
| 20-40% | 289 | $45,835,000 | $158,599 |
| 40-60% | 220 | $54,430,000 | $247,409 |
| Over 100% | 106 | $38,410,000 | $362,358 |
RAPID CITY's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 1,040 originations, totaling $356,640,000 in origination value.