Vermillion 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 Vermillion averaged 6.87% for the week of 2023-03-16, compared to the national average of 6.6% for the same period.

    The average rate for the prior week (2023-03-09) was 7.1% and one month ago for the week of 2023-02-09, the average rate was 6.19%.

    Vermillion's average rate one year ago was 3.51%.

    For refis of the same type during the week of 2023-03-16, the average rate was 6.74%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-16 6.6%
    Vermillion 30 Year Fixed Rate 2023-03-16 6.87%
    Vermillion 30 Year Fixed Rate Refi 2023-03-16 6.74%
    Vermillion 15 Year Fixed Rate 2023-03-16 6.33%
    Vermillion 15 Year Fixed Rate Refi 2023-03-16 6.54%
    Vermillion 30 Year FHA 2023-03-16 6.09%
    Vermillion 30 Year FHA Refi 2023-03-16 6.44%
    Vermillion 30 Year USDA 2023-03-16 6.12%
    Vermillion 30 Year VA 2023-03-16 6.15%
    Vermillion 30 Year VA Refi 2023-03-16 5.68%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Vermillion, SD.

    Vermillion 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 Vermillion, 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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    First Dakota National Bank 26 4.84% $3,130
    Plains Commerce Bank 15 5.07% $4,651
    First Bank & Trust 8 5.33% $4,248
    CORTRUST MORTGAGE, INC. 7 5.23% $5,175
    Bank of the West 4 4.44% $4,170
    CU MORTGAGE DIRECT, LLC 3 3.88% $4,570
    USAA Federal Savings Bank 3 5.46% $9,933
    Central Bank 3 4.23% $6,458
    QUICKEN LOANS, LLC 3 5.08% $7,716
    BLACK HILLS FEDERAL CREDIT UNION 2 4.44% $4,568
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.81% $4,079
    Northwest Bank 2 5.06% $3,627
    U.S. Bank 2 5.19% $3,880
    Wells Fargo Bank 2 6.06% $5,157
    First PREMIER Bank 2 6.70% $3,953
    First National Bank of Omaha 1 4.88% $3,896
    AMERISAVE MORTGAGE CORPORATION 1 4.38% $6,707
    BROKER SOLUTIONS, INC. 1 7.63% $9,269
    Citizens Bank 1 4.25% $7,739
    Community Mortgage Banc Corporation 1 5.35% $1,938
    Farm Credit Mid-America, ACA 1 4.90% $6,084
    American Mortgage & Equity Consultants, Inc. 1 3.88% $2,250
    Heritage Bank 1 5.75% $1,895
    LOANDEPOT.COM, LLC 1 4.50% $3,603
    Midwest Heritage Bank FSB 1 4.63% $1,202
    Minnwest Bank 1 4.50% $3,585
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.99% $3,038
    Reliabank Dakota 1 4.88% $5,652

    Vermillion Average Closing Costs & Other Stats

    Vermillion, SD's 28 lenders originated 270 loans during 2022. The total origination value was $54,050,000, with an average loan value of $200,185.

    Vermillion's average closing costs are $4,211.

    The top Vermillion lender as defined by loan originations is First Dakota National Bank, with 26 loans originated. Their average total fees are $3,130, which is $1,521 lower than the next largest lender, Plains Commerce Bank.

    The lowest fee Vermillion lenders (with over 10 loans originated) are First Dakota National Bank ($3,130), Plains Commerce Bank ($4,651), .

    The lowest rate Vermillion lenders (with over 10 loans originated) are First Dakota National Bank (4.84%), Plains Commerce Bank (5.07%), .

    Vermillion, 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 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    First Dakota National Bank $17,070,000 $11,780,000 -31.0% 21.8%
    First Bank & Trust $6,375,000 $7,345,000 15.2% 13.6%
    Plains Commerce Bank $11,785,000 $6,885,000 -41.6% 12.7%
    Bank of the West $5,500,000 $3,005,000 -45.4% 5.6%
    CORTRUST MORTGAGE, INC. $2,735,000 $2,005,000 -26.7% 3.7%
    QUICKEN LOANS, LLC $4,955,000 $1,510,000 -69.5% 2.8%
    CU MORTGAGE DIRECT, LLC $3,155,000 $1,460,000 -53.7% 2.7%
    First PREMIER Bank $2,405,000 $1,445,000 -39.9% 2.7%
    Central Bank $420,000 $1,320,000 214.3% 2.4%
    CorTrust Bank $180,000 $1,255,000 597.2% 2.3%
    USAA Federal Savings Bank $560,000 $1,115,000 99.1% 2.1%
    First National Bank of Omaha $280,000 $1,110,000 296.4% 2.1%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,010,000 $1,015,000 0.5% 1.9%
    Prudential Huntoon Paige Associates, LLC $895,000 n/a 1.7%
    Northwest Bank $855,000 n/a 1.6%
    TRIAD FINANCIAL SERVICES, INC. $105,000 $640,000 509.5% 1.2%
    Wells Fargo Bank $3,505,000 $600,000 -82.9% 1.1%
    CROSSCOUNTRY MORTGAGE, LLC $785,000 $560,000 -28.7% 1.0%
    Reliabank Dakota $545,000 n/a 1.0%
    BLACK HILLS FEDERAL CREDIT UNION $205,000 $525,000 156.1% 1.0%
    21ST MORTGAGE CORPORATION $480,000 $510,000 6.3% 0.9%
    The First National Bank in Sioux Falls $475,000 $485,000 2.1% 0.9%
    First International Bank & Trust $470,000 n/a 0.9%
    U.S. Bank $660,000 $435,000 -34.1% 0.8%
    UNITED WHOLESALE MORTGAGE, LLC $385,000 n/a 0.7%
    American Mortgage & Equity Consultants, Inc. $305,000 n/a 0.6%
    Farm Credit Mid-America, ACA $995,000 $305,000 -69.3% 0.6%
    Flanagan State Bank $345,000 $305,000 -11.6% 0.6%
    SERVICE FIRST FEDERAL CREDIT UNION $305,000 n/a 0.6%
    NEWREZ LLC $290,000 n/a 0.5%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $285,000 n/a 0.5%
    GUARANTEED RATE, INC. $1,015,000 $275,000 -72.9% 0.5%
    ZILLOW HOME LOANS, LLC $275,000 n/a 0.5%
    NAVY FEDERAL CREDIT UNION $320,000 $255,000 -20.3% 0.5%
    American Bank & Trust $245,000 $225,000 -8.2% 0.4%
    Citizens Bank $225,000 n/a 0.4%
    Premier Bank $175,000 $225,000 28.6% 0.4%
    MID AMERICA MORTGAGE, INC. $135,000 $215,000 59.3% 0.4%
    BROKER SOLUTIONS, INC. $655,000 $195,000 -70.2% 0.4%
    LOANDEPOT.COM, LLC $205,000 $195,000 -4.9% 0.4%
    Heritage Bank $190,000 n/a 0.4%
    First Savings Bank $185,000 n/a 0.3%
    Minnwest Bank $165,000 n/a 0.3%
    Truist $165,000 n/a 0.3%
    Community Mortgage Banc Corporation $865,000 $155,000 -82.1% 0.3%
    HIGHMARK $155,000 n/a 0.3%
    Mortgage Research Center, LLC $745,000 $155,000 -79.2% 0.3%
    PNC Bank $135,000 n/a 0.2%
    First Interstate Bank $145,000 $125,000 -13.8% 0.2%
    PENNYMAC LOAN SERVICES, LLC $495,000 $105,000 -78.8% 0.2%
    AMERISAVE MORTGAGE CORPORATION $315,000 $95,000 -69.8% 0.2%
    Chicago Mortgage Solutions LLC $95,000 n/a 0.2%
    BANKWEST, INC. $1,390,000 $90,000 -93.5% 0.2%
    Citizens Bank Minnesota $75,000 n/a 0.1%
    Midwest Heritage Bank FSB $65,000 n/a 0.1%
    SIOUX FALLS $55,000 n/a 0.1%
    The Security National Bank of Sioux City, Iowa $5,000 n/a 0.0%

    Vermillion's top lender by overall market share is First Dakota National Bank, with 21.8% market share. In second place, with 13.6%, is First Bank & Trust, having originated $7,345,000 in loans. In third place, with 12.7%, is Plains Commerce Bank, having originated $6,885,000 in loans. In fourth place, with 5.6%, is Bank of the West, having originated $3,005,000 in loans. In fifth place, with 3.7%, is CORTRUST MORTGAGE, INC., having originated $2,005,000 in loans.

    Vermillion Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Vermillion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $150,725 (-18.0%) $173,677 (-7.0%) 0.00 26
    2018-02-01 $179,925 (-1.8%) $203,648 (8.8%) 0.00 28
    2018-03-01 $219,500 (17.6%) $216,027 (10.2%) 0.00 30
    2018-04-01 $225,925 (18.3%) $232,509 (13.2%) 0.00 36
    2018-05-01 $216,425 (22.0%) $223,744 (10.3%) 0.00 30
    2018-06-01 $220,000 (25.7%) $223,461 (11.8%) 0.00 33
    2018-07-01 $225,900 (27.3%) $224,433 (18.5%) 0.00 33
    2018-08-01 $181,150 (1.3%) $199,425 (4.7%) 0.00 35
    2018-09-01 $189,950 (11.8%) $207,871 (14.7%) 0.00 24
    2018-10-01 $179,900 (4.3%) $204,614 (14.8%) 0.00 22
    2018-11-01 $203,725 (30.4%) $225,184 (28.4%) 0.00 20
    2018-12-01 $259,900 (74.4%) $258,347 (47.2%) 0.00 17
    2019-01-01 $254,950 (69.2%) $247,153 (42.3%) 0.00 16
    2019-02-01 $264,450 (47.0%) $253,660 (24.6%) 0.00 23
    2019-03-01 $241,786 (10.2%) $245,136 (13.5%) 0.00 25
    2019-04-01 $227,011 (0.5%) $238,918 (2.8%) 0.00 26
    2019-05-01 $183,700 (-15.1%) $199,676 (-10.8%) 0.00 24
    2019-06-01 $189,900 (-13.7%) $224,406 (0.4%) 0.00 31
    2019-07-01 $184,950 (-18.1%) $207,916 (-7.4%) 0.00 36
    2019-08-01 $178,108 (-1.7%) $203,425 (2.0%) 0.00 36
    2019-09-01 $167,919 (-11.6%) $208,409 (0.3%) 0.00 34
    2019-10-01 $161,127 (-10.4%) $211,829 (3.5%) 0.00 32
    2019-11-01 $159,948 (-21.5%) $216,159 (-4.0%) 0.00 30
    2019-12-01 $154,500 (-40.6%) $225,688 (-12.6%) 0.00 26
    2020-01-01 $156,950 (-38.4%) $238,896 (-3.3%) 0.00 23
    2020-02-01 $139,900 (-47.1%) $209,074 (-17.6%) 0.00 27
    2020-03-01 $159,450 (-34.1%) $220,990 (-9.9%) 0.00 26
    2020-04-01 $158,675 (-30.1%) $237,158 (-0.7%) 0.00 27
    2020-05-01 $199,900 (8.8%) $255,561 (28.0%) 0.00 28
    2020-06-01 $198,675 (4.6%) $260,713 (16.2%) 0.00 29
    2020-07-01 $196,225 (6.1%) $273,595 (31.6%) 0.00 29
    2020-08-01 $189,900 (6.6%) $284,648 (39.9%) 0.00 24
    2020-09-01 $181,925 (8.3%) $283,441 (36.0%) 0.00 24
    2020-10-01 $179,000 (11.1%) $286,787 (35.4%) 0.00 25
    2020-11-01 $169,900 (6.2%) $230,993 (6.9%) 0.00 27
    2020-12-01 $236,175 (52.9%) $305,567 (35.4%) 0.00 17
    2021-01-01 $289,900 (84.7%) $323,650 (35.5%) 0.00 14
    2021-02-01 $279,900 (100.1%) $323,506 (54.7%) 0.00 14
    2021-03-01 $198,675 (24.6%) $276,535 (25.1%) 0.00 14
    2021-04-01 $231,450 (45.9%) $368,735 (55.5%) 0.00 14
    2021-05-01 $199,900 (0.0%) $333,105 (30.3%) 0.00 19
    2021-06-01 $248,725 (25.2%) $333,866 (28.1%) 0.00 20
    2021-07-01 $215,000 (9.6%) $289,045 (5.7%) 0.00 23
    2021-08-01 $212,200 (11.7%) $283,110 (-0.5%) 0.00 21
    2021-09-01 $199,900 (9.9%) $299,284 (5.6%) 0.00 17
    2021-10-01 $235,000 (31.3%) $300,704 (4.9%) 0.00 17
    2021-11-01 $196,450 (15.6%) $281,439 (21.8%) 0.00 19
    2021-12-01 $227,200 (-3.8%) $302,384 (-1.0%) 0.00 17
    2022-01-01 $254,950 (-12.1%) $331,681 (2.5%) 0.00 14
    2022-02-01 $257,400 (-8.0%) $278,522 (-13.9%) 0.00 10
    2022-03-01 $234,950 (18.3%) $354,124 (28.1%) 0.00 11
    2022-04-01 $326,500 (41.1%) $468,717 (27.1%) 0.00 13
    2022-05-01 $328,700 (64.4%) $508,130 (52.5%) 0.00 13
    2022-06-01 $377,400 (51.7%) $502,256 (50.4%) 0.00 17
    2022-07-01 $269,900 (25.5%) $438,814 (51.8%) 0.00 20
    2022-08-01 $213,500 (0.6%) $329,579 (16.4%) 0.00 27
    2022-09-01 $224,900 (12.5%) $374,251 (25.1%) 0.00 32
    2022-10-01 $234,900 (0.0%) $341,439 (13.6%) 0.00 27
    2022-11-01 $255,000 (29.8%) $360,824 (28.2%) 0.00 20
    2022-12-01 $260,000 (14.4%) $379,200 (25.4%) 0.00 17
    2023-01-01 $271,225 (6.4%) $257,364 (-22.4%) 0.00 15
    2023-02-01 $274,950 (6.8%) $269,630 (-3.2%) 0.00 10
    Vermillion's median listing price for 2023-02-01 was $274,950, a difference of $17,550 (6.8%) versus the prior year and $3,725 versus the prior month.

    Vermillion's median listing price comes in at 0% of the national average.

    Vermillion's average listing price for 2023-02-01 was $269,630, a difference of $-8,892 (-3.2%) versus the prior year and $12,266 versus the prior month.

    For the 2023-02-01 period, Vermillion had 10 MLS listings, a difference of -5 listings (-33%) versus the prior month and 0 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Vermillion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,920 sqft
    2018-02-01 0 days 2,216 sqft
    2018-03-01 0 days 2,460 sqft
    2018-04-01 0 days 2,460 sqft
    2018-05-01 0 days 2,402 sqft
    2018-06-01 0 days 2,415 sqft
    2018-07-01 0 days 2,373 sqft
    2018-08-01 0 days 2,105 sqft
    2018-09-01 0 days 2,109 sqft
    2018-10-01 0 days 2,108 sqft
    2018-11-01 0 days 2,170 sqft
    2018-12-01 0 days 2,694 sqft
    2019-01-01 0 days 2,480 sqft
    2019-02-01 0 days 2,549 sqft
    2019-03-01 0 days 2,172 sqft
    2019-04-01 0 days 1,803 sqft
    2019-05-01 0 days 1,912 sqft
    2019-06-01 0 days 1,901 sqft
    2019-07-01 0 days 1,846 sqft
    2019-08-01 0 days 1,824 sqft
    2019-09-01 0 days 1,800 sqft
    2019-10-01 0 days 1,782 sqft
    2019-11-01 0 days 1,758 sqft
    2019-12-01 0 days 1,693 sqft
    2020-01-01 0 days 1,532 sqft
    2020-02-01 0 days 1,474 sqft
    2020-03-01 0 days 1,516 sqft
    2020-04-01 0 days 1,524 sqft
    2020-05-01 0 days 1,540 sqft
    2020-06-01 0 days 1,798 sqft
    2020-07-01 0 days 1,944 sqft
    2020-08-01 0 days 1,825 sqft
    2020-09-01 0 days 1,836 sqft
    2020-10-01 0 days 1,846 sqft
    2020-11-01 0 days 1,830 sqft
    2020-12-01 0 days 1,874 sqft
    2021-01-01 0 days 2,133 sqft
    2021-02-01 0 days 2,340 sqft
    2021-03-01 0 days 2,354 sqft
    2021-04-01 0 days 2,318 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 2,279 sqft
    2021-07-01 0 days 2,184 sqft
    2021-08-01 0 days 2,095 sqft
    2021-09-01 0 days 2,281 sqft
    2021-10-01 0 days 1,930 sqft
    2021-11-01 0 days 1,582 sqft
    2021-12-01 0 days 1,651 sqft
    2022-01-01 0 days 1,560 sqft
    2022-02-01 0 days 2,314 sqft
    2022-03-01 0 days 1,554 sqft
    2022-04-01 0 days 1,749 sqft
    2022-05-01 0 days 1,660 sqft
    2022-06-01 0 days 2,214 sqft
    2022-07-01 0 days 1,820 sqft
    2022-08-01 0 days 1,697 sqft
    2022-09-01 0 days 1,689 sqft
    2022-10-01 0 days 1,728 sqft
    2022-11-01 0 days 1,740 sqft
    2022-12-01 0 days 1,760 sqft
    2023-01-01 0 days 2,264 sqft
    2023-02-01 0 days 2,262 sqft
    Vermillion's median listing age (time on market) for 2023-02-01 was 0 days.

    Vermillion's median square footage for active listings during the 2023-02-01 period was 2,262 sqft. One year prior, the average listing was 2,314 sqft.

    Vermillion, SD Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 183 $41,755,000 $228,169
    Cash Out Refi 34 $6,200,000 $182,353
    Refi 27 $4,275,000 $158,333
    Home Improvement 15 $765,000 $51,000
    Other 11 $1,055,000 $95,909

    Vermillion's most frequently cited loan purpose was Home Purchase, with 183 originations. The 2nd most popular reason was Cash Out Refi, with 34 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 68 $17,270,000 $253,971
    4-5% 63 $14,135,000 $224,365
    6-7% 40 $7,230,000 $180,750
    3-4% 39 $8,585,000 $220,128
    7-8% 18 $1,600,000 $88,889
    Over 8% 15 $585,000 $39,000
    2.5-3% 7 $1,625,000 $232,143
    <2.5% 6 $890,000 $148,333

    During 2022, Vermillion's most frequently originated rate bucket was 5-6%, with 68 originations.

    Loan Sizing (Vermillion, SD MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 95 $14,475,000 $152,368
    $200k-400k 81 $22,185,000 $273,889
    $100,000 or less 71 $3,455,000 $48,662
    $400k-600k 19 $8,875,000 $467,105
    $Over $1MM 3 $4,165,000 $1,388,333
    $600k-1000k 1 $895,000 $895,000

    Vermillion's loan sizing saw the bucket of loans from $100k-200k with 95 originations, totaling $14,475,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 117 $26,565,000 $227,051
    60-80% 60 $15,940,000 $265,667
    Under 20% 22 $1,430,000 $65,000
    20-40% 21 $2,975,000 $141,667
    40-60% 21 $4,225,000 $201,190

    Vermillion's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 117 originations, totaling $26,565,000 in origination value.