RAPID CITY Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Rapid City averaged 6.71% 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 6.84% and one month ago for the week of 2025-05-15, the average rate was 7.01%.

Rapid City's average rate one year ago was 7.05%.

For refis of the same type during the week of 2025-06-18, the average rate was 7.01%.

Loan Type Date Rate
US 30 Year Fixed Rate 2025-06-18 6.81%
Rapid City 30 Year Fixed Rate 2025-06-18 6.71%
Rapid City 30 Year Fixed Rate Refi 2025-06-18 7.01%
Rapid City 15 Year Fixed Rate 2025-06-18 6.16%
Rapid City 15 Year Fixed Rate Refi 2025-06-18 6.06%
Rapid City 30 Year FHA 2025-06-18 0.02%
Rapid City 30 Year FHA Refi 2025-06-18 -0.1%
Rapid City 30 Year USDA 2025-06-18 0.2%
Rapid City 30 Year USDA Refi 2025-06-18 -0.2%
Rapid City 30 Year VA 2025-06-18 0%
Rapid City 30 Year VA Refi 2025-06-18 -0.34%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within RAPID CITY, SD.

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.).

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
CMG MORTGAGE, INC. 143 6.83% $6,493
BLACK HILLS FEDERAL CREDIT UNION 111 6.36% $6,241
Plains Commerce Bank 80 6.55% $6,563
Granite Community Bank 49 6.40% $5,293
QUICKEN LOANS, LLC 47 6.61% $7,409
UNITED WHOLESALE MORTGAGE, LLC 45 6.93% $6,787
Gateway First Bank 23 6.52% $4,781
U.S. Bank 19 6.95% $4,580
AMERICAN PACIFIC MORTGAGE CORPORATION 17 6.77% $12,317
Dacotah Bank 16 6.59% $3,892
NEWREZ LLC 16 6.75% $5,469
Century Mortgage Company DBA Century Lending Company 15 6.80% $6,683
BANKWEST, INC. 13 6.80% $6,188
Wells Fargo Bank 10 6.90% $4,936
UNION HOME MORTGAGE CORP. 10 6.94% $5,280
TOWNE MORTGAGE COMPANY 9 6.43% $4,595
Mr. Cooper ( Nationstar Mortgage ) 8 6.75% $8,485
Servion, Inc. 7 6.59% $5,027
BMO Harris Bank 6 7.31% $4,421
JPMorgan Chase Bank 6 6.45% $2,301
The Huntington National Bank 5 7.02% $7,466
NAVY FEDERAL CREDIT UNION 5 5.88% $5,480
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.37% $6,634
OPEN MORTGAGE, LLC 5 6.85% $5,798
LOANDEPOT.COM, LLC 5 6.42% $6,270
Security First Bank 4 6.59% $2,596
GUILD MORTGAGE COMPANY 4 6.44% $7,444
DAS Acquisition Company, LLC 4 6.91% $4,760
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.31% $5,131
First Bank & Trust 3 7.00% $13,473
ZILLOW HOME LOANS, LLC 3 6.25% $6,942
First International Bank & Trust 3 5.63% $2,606
GUARANTEED RATE, INC. 3 6.94% $3,721
PENNYMAC LOAN SERVICES, LLC 3 6.37% $3,848
First Dakota National Bank 2 6.81% $3,088
AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $3,465
AMERISAVE MORTGAGE CORPORATION 2 6.19% $11,888
Bremer Bank 2 7.13% $6,195
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.13% $2,625
Farm Credit Mid-America, ACA 2 7.19% $9,752
First Interstate Bank 2 7.06% $3,383
Flagstar Bank, FSB 2 7.06% $4,761
LENOX FINANCIAL MORTGAGE CORPORATION 2 6.12% $7,661
MOVEMENT MORTGAGE, LLC 2 6.84% $6,021
USAA Federal Savings Bank 2 7.13% $3,708
HOMESTEAD FUNDING CORP. 1 5.88% $4,320
Jonah Bank of Wyoming 1 6.75% $6,474
GOLDEN PLAINS 1 8.00% $6,857
LAKEVIEW LOAN SERVICING, LLC 1 7.63% $6,002
American Bank & Trust 1 7.25% $2,777
First National Bank of Omaha 1 6.63% $4,644
Magnolia Bank 1 6.99% $12,052
Morgan Stanley Private Bank 1 5.90% $3,097
West Gate Bank 1 6.50% $3,795
First Financial Bank 1 7.63% $7,325
First Federal Bank 1 6.63% $2,394
Alerus Financial 1 7.13% $755
NBKC BANK 1 7.13% $3,182
Discover Bank 1 6.49% $0
CU MORTGAGE DIRECT, LLC 1 7.00% $7,418
COMPEER FINANCIAL, FLCA 1 7.88% $3,749
Citibank 1 7.38% $7,439
PNC Bank 1 6.88% $2,974
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $6,480
Prosperity Home Mortgage, LLC 1 7.13% $5,350
CASTLE & COOKE MORTGAGE, LLC 1 7.63% $6,878
Carrington Mortgage Services, LLC 1 6.13% $4,380
CARDINAL FINANCIAL 1 7.63% $11,149
SIRVA MORTGAGE, INC. 1 6.00% $2,887
Stifel Bank and Trust 1 6.50% $2,156
Sunflower Bank 1 6.88% $8,633
CANOPY MORTGAGE, LLC 1 6.38% $10,419
BROKER SOLUTIONS, INC. 1 7.50% $3,999
BETTER MORTGAGE CORPORATION 1 6.13% $2,061
Bank of America 1 6.50% $4,520
ALLIANT CREDIT UNION 1 6.00% $2,923
ANGEL OAK MORTGAGE SOLUTIONS LLC 1 10.25% $17,565
VERIDIAN CREDIT UNION 1 6.38% $2,961
GUARANTEED RATE AFFINITY, LLC 1 6.63% $4,512
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.38% $7,595
HOMESIDE FINANCIAL, LLC 1 7.63% $3,497

RAPID CITY Average Closing Costs & Other Stats

RAPID CITY, SD's 81 lenders originated 2,908 loans during 2024. The total origination value was $834,800,000, with an average loan value of $287,070.

RAPID CITY's average closing costs are $5,772.

The top RAPID CITY lender as defined by loan originations is CMG MORTGAGE, INC., with 143 loans originated. Their average total fees are $6,493, which is $252 higher than the next largest lender, BLACK HILLS FEDERAL CREDIT UNION.

The lowest fee RAPID CITY lenders (with over 10 loans originated) are Dacotah Bank ($3,892), U.S. Bank ($4,580), Gateway First Bank ($4,781), Wells Fargo Bank ($4,936) and UNION HOME MORTGAGE CORP. ($5,280).

The lowest rate RAPID CITY lenders (with over 10 loans originated) are BLACK HILLS FEDERAL CREDIT UNION (6.36%), Granite Community Bank (6.40%), Gateway First Bank (6.52%), Plains Commerce Bank (6.55%) and Dacotah Bank (6.59%).

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 2023 Loan Value 2024 Loan Value % Change 2024 Market Share
CMG MORTGAGE, INC. $123,615,000 $124,185,000 0.5% 14.9%
BLACK HILLS FEDERAL CREDIT UNION $78,990,000 $98,425,000 24.6% 11.8%
UNITED WHOLESALE MORTGAGE, LLC $56,520,000 $57,775,000 2.2% 6.9%
Plains Commerce Bank $36,635,000 $55,495,000 51.5% 6.6%
BANKWEST, INC. $11,490,000 $51,570,000 348.8% 6.2%
Granite Community Bank $33,085,000 n/a 4.0%
QUICKEN LOANS, LLC $18,980,000 $28,305,000 49.1% 3.4%
Gateway First Bank $57,385,000 $23,755,000 -58.6% 2.8%
U.S. Bank $11,905,000 $21,185,000 78.0% 2.5%
Dacotah Bank $16,385,000 $19,705,000 20.3% 2.4%
Pioneer Bank & Trust $14,245,000 $18,325,000 28.6% 2.2%
Mortgage Research Center, LLC $12,415,000 $16,860,000 35.8% 2.0%
Black Hills Community Bank $15,075,000 $16,795,000 11.4% 2.0%
PENNYMAC LOAN SERVICES, LLC $13,570,000 $16,105,000 18.7% 1.9%
AMERICAN PACIFIC MORTGAGE CORPORATION $14,905,000 $15,215,000 2.1% 1.8%
Century Mortgage Company DBA Century Lending Company $4,275,000 $15,215,000 255.9% 1.8%
WALKER & DUNLOP, LLC $30,355,000 $12,715,000 -58.1% 1.5%
Security First Bank $7,670,000 $12,110,000 57.9% 1.5%
First National Bank $18,770,000 $10,430,000 -44.4% 1.2%
NEWREZ LLC $1,815,000 $9,740,000 436.6% 1.2%
First Interstate Bank $14,170,000 $9,495,000 -33.0% 1.1%
FREEDOM MORTGAGE CORPORATION $1,255,000 $9,390,000 648.2% 1.1%
HIGHMARK $8,230,000 $8,660,000 5.2% 1.0%
TOWNE MORTGAGE COMPANY $8,170,000 n/a 1.0%
Mr. Cooper ( Nationstar Mortgage ) $3,465,000 $5,705,000 64.6% 0.7%
SENTINEL FEDERAL CREDIT UNION $5,520,000 n/a 0.7%
NAVY FEDERAL CREDIT UNION $2,795,000 $5,270,000 88.6% 0.6%
UNION HOME MORTGAGE CORP. $495,000 $5,185,000 947.5% 0.6%
Northern Hills FCU $2,385,000 $4,860,000 103.8% 0.6%
Servion, Inc. $6,960,000 $4,635,000 -33.4% 0.6%
LAKEVIEW LOAN SERVICING, LLC $360,000 $4,425,000 1,129.2% 0.5%
Wells Fargo Bank $5,505,000 $4,410,000 -19.9% 0.5%
MUTUAL OF OMAHA MORTGAGE, INC. $1,815,000 $3,985,000 119.6% 0.5%
USAA Federal Savings Bank $4,485,000 $3,635,000 -19.0% 0.4%
OPEN MORTGAGE, LLC $1,530,000 $3,615,000 136.3% 0.4%
LOANDEPOT.COM, LLC $3,095,000 $3,530,000 14.1% 0.4%
BMO Harris Bank $1,255,000 $3,160,000 151.8% 0.4%
First Bank & Trust $865,000 $3,065,000 254.3% 0.4%
Flagstar Bank, FSB $2,495,000 $3,055,000 22.4% 0.4%
BROKER SOLUTIONS, INC. $1,270,000 $3,025,000 138.2% 0.4%
The Huntington National Bank $7,485,000 $2,695,000 -64.0% 0.3%
Farm Credit Mid-America, ACA $1,645,000 $2,560,000 55.6% 0.3%
JPMorgan Chase Bank $2,495,000 $2,445,000 -2.0% 0.3%
GUILD MORTGAGE COMPANY $1,590,000 $2,400,000 50.9% 0.3%
ARK-LA-TEX FINANCIAL SERVICES, LLC. $1,555,000 $2,395,000 54.0% 0.3%
The Federal Savings Bank $1,655,000 $2,355,000 42.3% 0.3%
AMERICAN FINANCIAL RESOURCES, INC. $540,000 $2,080,000 285.2% 0.2%
Midwest Bank $2,005,000 n/a 0.2%
MOVEMENT MORTGAGE, LLC $1,115,000 $1,885,000 69.1% 0.2%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $2,680,000 $1,825,000 -31.9% 0.2%
Bridgewater Bank $1,815,000 n/a 0.2%
First International Bank & Trust $255,000 $1,555,000 509.8% 0.2%
Carrington Mortgage Services, LLC $875,000 $1,525,000 74.3% 0.2%
Hilltop National Bank $1,455,000 n/a 0.2%
Discover Bank $1,650,000 $1,435,000 -13.0% 0.2%
Prosperity Home Mortgage, LLC $330,000 $1,435,000 334.8% 0.2%
First Federal Bank $860,000 $1,410,000 64.0% 0.2%
DAS Acquisition Company, LLC $5,895,000 $1,395,000 -76.3% 0.2%
PLANET HOME LENDING, LLC $490,000 $1,325,000 170.4% 0.2%
NBKC BANK $660,000 $1,315,000 99.2% 0.2%
Citibank $1,295,000 n/a 0.2%
First Dakota National Bank $1,560,000 $1,215,000 -22.1% 0.1%
Bell Bank $425,000 $1,205,000 183.5% 0.1%
VILLAGE CAPITAL MORTGAGE $720,000 $1,205,000 67.4% 0.1%
AIR ACADEMY $1,155,000 n/a 0.1%
PNC Bank $1,070,000 n/a 0.1%
HOMESTEAD FUNDING CORP. $960,000 n/a 0.1%
GUARANTEED RATE, INC. $1,435,000 $925,000 -35.5% 0.1%
First National Bank of Omaha $215,000 $905,000 320.9% 0.1%
CU MORTGAGE DIRECT, LLC $440,000 $790,000 79.5% 0.1%
CASTLE & COOKE MORTGAGE, LLC $745,000 n/a 0.1%
ZILLOW HOME LOANS, LLC $205,000 $745,000 263.4% 0.1%
Citizens Bank $305,000 $730,000 139.3% 0.1%
First Financial Bank $715,000 n/a 0.1%
HOMEBRIDGE FINANCIAL SERVICES, INC. $410,000 $685,000 67.1% 0.1%
Reliabank Dakota $670,000 n/a 0.1%
Bremer Bank $630,000 n/a 0.1%
Jonah Bank of Wyoming $625,000 n/a 0.1%
AMERISAVE MORTGAGE CORPORATION $690,000 $620,000 -10.1% 0.1%
NEW DAY FINANCIAL, LLC $580,000 $590,000 1.7% 0.1%
West Gate Bank $230,000 $565,000 145.7% 0.1%
SUN WEST MORTGAGE COMPANY, INC. $555,000 n/a 0.1%
LENOX FINANCIAL MORTGAGE CORPORATION $550,000 n/a 0.1%
Waterstone Mortgage Corporation $225,000 $535,000 137.8% 0.1%
Paramount Residential Mortgage Group, Inc. $305,000 $525,000 72.1% 0.1%
AmeriHome Mortgage Company, LLC $425,000 $520,000 22.4% 0.1%
American Bank & Trust $1,175,000 $510,000 -56.6% 0.1%
Magnolia Bank $710,000 $510,000 -28.2% 0.1%
21ST MORTGAGE CORPORATION $80,000 $495,000 518.8% 0.1%
CHURCHILL MORTGAGE CORPORATION $490,000 n/a 0.1%
Equity Prime Mortgage LLC $405,000 $465,000 14.8% 0.1%
PENTAGON FEDERAL CREDIT UNION $1,240,000 $465,000 -62.5% 0.1%
ANGEL OAK MORTGAGE SOLUTIONS LLC $1,330,000 $455,000 -65.8% 0.1%
American Mortgage & Equity Consultants, Inc. $445,000 n/a 0.1%
CROSSCOUNTRY MORTGAGE, LLC $355,000 $435,000 22.5% 0.1%
ALLIANT CREDIT UNION $420,000 n/a 0.1%
SIRVA MORTGAGE, INC. $415,000 n/a 0.0%
American State Bank $405,000 n/a 0.0%
Bank of America $420,000 $405,000 -3.6% 0.0%
Morgan Stanley Private Bank $1,770,000 $405,000 -77.1% 0.0%
PLAZA HOME MORTGAGE, INC. $405,000 n/a 0.0%
GUARANTEED RATE AFFINITY, LLC $395,000 n/a 0.0%
PRIMELENDING, A PLAINSCAPITAL COMPANY $395,000 n/a 0.0%
BETTER MORTGAGE CORPORATION $385,000 n/a 0.0%
Brighton Bank $375,000 n/a 0.0%
CANOPY MORTGAGE, LLC $365,000 n/a 0.0%
GOLDEN PLAINS $365,000 n/a 0.0%
Ixonia Bank $365,000 n/a 0.0%
HOMESIDE FINANCIAL, LLC $360,000 n/a 0.0%
Alerus Financial $345,000 n/a 0.0%
FOUR POINTS $315,000 n/a 0.0%
PREMIA MORTGAGE, LLC $315,000 n/a 0.0%
FARMERS INSURANCE GROUP FEDERAL CREDIT UNION $310,000 n/a 0.0%
Flanagan State Bank $285,000 $305,000 7.0% 0.0%
VERIDIAN CREDIT UNION $255,000 $305,000 19.6% 0.0%
CARDINAL FINANCIAL $870,000 $295,000 -66.1% 0.0%
Figure Lending LLC $685,000 $295,000 -56.9% 0.0%
PHH Mortgage Corporation $185,000 $295,000 59.5% 0.0%
MID AMERICA MORTGAGE, INC. $285,000 n/a 0.0%
CORTRUST MORTGAGE, INC. $265,000 n/a 0.0%
FIRST COMMUNITY MORTGAGE, INC. $265,000 n/a 0.0%
COMPEER FINANCIAL, FLCA $255,000 n/a 0.0%
SERVICE FIRST FEDERAL CREDIT UNION $505,000 $255,000 -49.5% 0.0%
AMERICAN FINANCING CORPORATION $235,000 n/a 0.0%
BNC National Bank $285,000 $235,000 -17.5% 0.0%
Northpointe Bank $490,000 $235,000 -52.0% 0.0%
DOMINION FINANCIAL SERVICES, LLC $145,000 $225,000 55.2% 0.0%
Stifel Bank and Trust $225,000 n/a 0.0%
Sunflower Bank $195,000 n/a 0.0%
POLARIS HOME FUNDING CORP. $355,000 $185,000 -47.9% 0.0%
Coastal Community Bank $310,000 $165,000 -46.8% 0.0%
OCMBC, INC. $545,000 $145,000 -73.4% 0.0%
FINANCE OF AMERICA REVERSE LLC $730,000 $125,000 -82.9% 0.0%
CREDIT HUMAN FEDERAL CREDIT UNION $120,000 n/a 0.0%
TRIAD FINANCIAL SERVICES, INC. $855,000 $95,000 -88.9% 0.0%
Home Mortgage Alliance Corp $75,000 n/a 0.0%
Pinnacle Bank - Wyoming $125,000 $55,000 -56.0% 0.0%
RESIDENTIAL BANCORP $55,000 n/a 0.0%

RAPID CITY's top lender by overall market share is CMG MORTGAGE, INC., with 14.9% market share. In second place, with 11.8%, is BLACK HILLS FEDERAL CREDIT UNION, having originated $98,425,000 in loans. In third place, with 6.9%, is UNITED WHOLESALE MORTGAGE, LLC, having originated $57,775,000 in loans. In fourth place, with 6.6%, is Plains Commerce Bank, having originated $55,495,000 in loans. In fifth place, with 6.2%, is BANKWEST, INC., having originated $51,570,000 in loans.

RAPID CITY, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 1,735 $595,565,000 $343,265
Cash Out Refi 331 $79,625,000 $240,559
Refi 330 $108,980,000 $330,242
Home Improvement 275 $26,185,000 $95,218
Other 237 $24,445,000 $103,143

Rapid City's most frequently cited loan purpose was Home Purchase, with 1,735 originations. The 2nd most popular reason was Cash Out Refi, with 331 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 1,025 $350,155,000 $341,615
Over 8% 546 $58,900,000 $107,875
7-8% 521 $173,015,000 $332,083
5-6% 509 $167,915,000 $329,892
4-5% 33 $10,445,000 $316,515
<2.5% 31 $1,225,000 $39,516
2.5-3% 10 $1,350,000 $135,000
3-4% 2 $530,000 $265,000

During 2024, Rapid City's most frequently originated rate bucket was 6-7%, with 1,025 originations.

Loan Sizing (RAPID CITY, SD MSA)

Loan Size Originations Total Value Average Loan
$200k-400k 1,366 $401,520,000 $293,939
$100,000 or less 598 $31,120,000 $52,040
$100k-200k 469 $69,075,000 $147,281
$400k-600k 345 $162,185,000 $470,101
$600k-1000k 101 $71,005,000 $703,020
$Over $1MM 29 $99,895,000 $3,444,655

RAPID CITY's loan sizing saw the bucket of loans from $200k-400k with 1,366 originations, totaling $401,520,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 1,079 $369,705,000 $342,637
60-80% 447 $180,315,000 $403,389
Under 20% 434 $35,340,000 $81,429
20-40% 315 $46,265,000 $146,873
40-60% 235 $69,185,000 $294,404
Over 100% 130 $49,500,000 $380,769

RAPID CITY's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 1,079 originations, totaling $369,705,000 in origination value.