RAPID CITY Mortgage Rates & Closing Costs
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% |
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 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.