Watertown Mortgage Rates
30 Year Fixed Rate mortgages in Watertown averaged
5.36%
for the week of 2022-06-30, compared to the national average of
5.7% for the same period.
The average rate for the prior week (2022-06-23) was
5.87% and
one month ago for the week of 2022-05-26, the
average rate was 4.86%.
Watertown's average rate one year ago was 3.21%.
For refis of the same type during the week of 2022-06-30, the average rate
was 5.57%.
Loan Type | Date | Rate |
---|---|---|
US 30 Year Fixed Rate | 2022-06-30 | 5.7% |
Watertown 30 Year Fixed Rate | 2022-06-30 | 5.36% |
Watertown 30 Year Fixed Rate Refi | 2022-06-30 | 5.57% |
Watertown 15 Year Fixed Rate | 2022-06-30 | 4.92% |
Watertown 15 Year Fixed Rate Refi | 2022-06-30 | 4.78% |
Watertown 30 Year FHA | 2022-06-30 | 5.2% |
Watertown 30 Year FHA Refi | 2022-06-30 | 5.09% |
Watertown 30 Year USDA | 2022-06-30 | 5.01% |
Watertown 30 Year USDA Refi | 2022-06-30 | 5.77% |
Watertown 30 Year VA | 2022-06-30 | 5.45% |
Watertown 30 Year VA Refi | 2022-06-30 | 5.08% |
Watertown Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lendor, for only loans originated in the Watertown, 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.).
Watertown, SD's 50 lenders originated 1,547
loans during 2021. The total origination value was $329,605,000, with an average loan value of
$213,061.
The top Watertown lender as defined by loan originations is First PREMIER Bank, with
100 loans originated. Their average total fees are
$3,758, which is $959
lower than the next largest lender,
First Bank & Trust.
The lowest fee Watertown lenders (with over 10 loans originated) are
Dacotah Bank ($3,026), Great Western Bank ($3,138), Wells Fargo Bank ($3,352), First PREMIER Bank ($3,758) and GUARANTEED RATE, INC. ($3,810).
The lowest rate Watertown lenders (with over 10 loans originated) are
First Bank & Trust (2.70%), First PREMIER Bank (2.75%), American Bank & Trust (2.85%), Dacotah Bank (2.88%) and Reliabank Dakota (2.88%).
Watertown, SD Lender 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 | 2020 Loan Value | 2021 Loan Value | % Change | 2021 Market Share |
---|---|---|---|---|
First PREMIER Bank | $53,640,000 | $45,875,000 | -14.5% | 13.9% |
American Bank & Trust | $12,725,000 | $35,980,000 | 182.8% | 10.9% |
First Bank & Trust | $9,565,000 | $32,085,000 | 235.4% | 9.7% |
Dacotah Bank | $32,690,000 | $28,845,000 | -11.8% | 8.8% |
Plains Commerce Bank | $37,985,000 | $23,970,000 | -36.9% | 7.3% |
Reliabank Dakota | $23,940,000 | $20,370,000 | -14.9% | 6.2% |
FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $17,375,000 | $19,955,000 | 14.8% | 6.1% |
CU MORTGAGE DIRECT, LLC | $20,850,000 | $14,980,000 | -28.2% | 4.5% |
Great Western Bank | $41,505,000 | $14,780,000 | -64.4% | 4.5% |
QUICKEN LOANS, LLC | $13,035,000 | $12,765,000 | -2.1% | 3.9% |
Union State Bank of Fargo | $11,575,000 | n/a | 3.5% | |
GUARANTEED RATE, INC. | $4,485,000 | $7,590,000 | 69.2% | 2.3% |
Wells Fargo Bank | $4,595,000 | $6,705,000 | 45.9% | 2.0% |
First Dakota National Bank | $3,035,000 | $5,400,000 | 77.9% | 1.6% |
FREEDOM MORTGAGE CORPORATION | $1,190,000 | $4,185,000 | 251.7% | 1.3% |
CORTRUST MORTGAGE, INC. | $6,755,000 | $3,270,000 | -51.6% | 1.0% |
Farm Credit Mid-America, ACA | $5,955,000 | $3,165,000 | -46.9% | 1.0% |
U.S. Bank | $1,825,000 | $3,075,000 | 68.5% | 0.9% |
LOANDEPOT.COM, LLC | $1,705,000 | $2,465,000 | 44.6% | 0.7% |
LAKEVIEW LOAN SERVICING, LLC | $400,000 | $2,010,000 | 402.5% | 0.6% |
CHURCHILL MORTGAGE CORPORATION | $390,000 | $1,960,000 | 402.6% | 0.6% |
PENNYMAC LOAN SERVICES, LLC | $1,070,000 | $1,740,000 | 62.6% | 0.5% |
First National Bank | $910,000 | $1,340,000 | 47.3% | 0.4% |
NAVY FEDERAL CREDIT UNION | $750,000 | $1,290,000 | 72.0% | 0.4% |
HOME POINT FINANCIAL CORPORATION | $245,000 | $1,165,000 | 375.5% | 0.4% |
Mortgage Research Center, LLC | $1,320,000 | $1,120,000 | -15.2% | 0.3% |
Bell Bank | $285,000 | $915,000 | 221.1% | 0.3% |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $300,000 | $900,000 | 200.0% | 0.3% |
First International Bank & Trust | $900,000 | n/a | 0.3% | |
Central Bank | $1,205,000 | $840,000 | -30.3% | 0.3% |
Mr. Cooper ( Nationstar Mortgage ) | $565,000 | $835,000 | 47.8% | 0.3% |
CALIBER HOME LOANS, INC. | $1,070,000 | $785,000 | -26.6% | 0.2% |
DRAPER AND KRAMER MORTGAGE CORP. | $745,000 | n/a | 0.2% | |
CROSSCOUNTRY MORTGAGE, LLC | $225,000 | $730,000 | 224.4% | 0.2% |
JPMorgan Chase Bank | $650,000 | n/a | 0.2% | |
USAA Federal Savings Bank | $635,000 | n/a | 0.2% | |
NEW DAY FINANCIAL, LLC | $760,000 | $605,000 | -20.4% | 0.2% |
The First National Bank in Sioux Falls | $1,760,000 | $605,000 | -65.6% | 0.2% |
Bank of America | $595,000 | n/a | 0.2% | |
AMERISAVE MORTGAGE CORPORATION | $1,660,000 | $590,000 | -64.5% | 0.2% |
Citizens Bank | $195,000 | $515,000 | 164.1% | 0.2% |
BROKER SOLUTIONS, INC. | $510,000 | n/a | 0.2% | |
21ST MORTGAGE CORPORATION | $495,000 | n/a | 0.2% | |
FOUR POINTS | $490,000 | $465,000 | -5.1% | 0.1% |
Servion, Inc. | $470,000 | $450,000 | -4.3% | 0.1% |
BLACK HILLS FEDERAL CREDIT UNION | $1,290,000 | $420,000 | -67.4% | 0.1% |
SIOUX FALLS | $765,000 | $400,000 | -47.7% | 0.1% |
Heritage Bank | $160,000 | $385,000 | 140.6% | 0.1% |
Barrington Bank & Trust Company, N.A. | $885,000 | $380,000 | -57.1% | 0.1% |
Summit Mortgage Corporation | $380,000 | n/a | 0.1% | |
Frandsen Bank & Trust | $375,000 | n/a | 0.1% | |
AMERICAN ADVISORS GROUP | $355,000 | n/a | 0.1% | |
IOWA BANKERS MORTGAGE CORPORATION | $345,000 | n/a | 0.1% | |
West Gate Bank | $335,000 | n/a | 0.1% | |
DAS Acquisition Company, LLC | $320,000 | n/a | 0.1% | |
Flagstar Bank, FSB | $945,000 | $320,000 | -66.1% | 0.1% |
Midwest Heritage Bank FSB | $315,000 | n/a | 0.1% | |
Alerus Financial | $445,000 | $285,000 | -36.0% | 0.1% |
PREMIA MORTGAGE, LLC | $285,000 | n/a | 0.1% | |
UNITED WHOLESALE MORTGAGE, LLC | $2,585,000 | $265,000 | -89.7% | 0.1% |
BAY EQUITY LLC | $260,000 | n/a | 0.1% | |
BANKWEST, INC. | $495,000 | $235,000 | -52.5% | 0.1% |
SOUTHPOINT FINANCIAL | $235,000 | n/a | 0.1% | |
BETTER MORTGAGE CORPORATION | $315,000 | $225,000 | -28.6% | 0.1% |
Gate City Bank | $235,000 | $225,000 | -4.3% | 0.1% |
The Huntington National Bank | $225,000 | n/a | 0.1% | |
VILLAGE CAPITAL & INVESTMENT LLC | $420,000 | $225,000 | -46.4% | 0.1% |
First Federal Bank | $215,000 | n/a | 0.1% | |
Lend Smart Mortgage, LLC | $215,000 | n/a | 0.1% | |
Flanagan State Bank | $185,000 | n/a | 0.1% | |
CIBC Bank USA | $175,000 | n/a | 0.1% | |
Colonial Savings, F.A. | $175,000 | $175,000 | 0.0% | 0.1% |
Nations Lending Corporation | $1,230,000 | $175,000 | -85.8% | 0.1% |
CMG MORTGAGE, INC. | $205,000 | $155,000 | -24.4% | 0.0% |
Peoples Bank | $155,000 | n/a | 0.0% | |
PENTAGON FEDERAL CREDIT UNION | $135,000 | n/a | 0.0% | |
AMERICAN FINANCING CORPORATION | $125,000 | n/a | 0.0% | |
MUTUAL OF OMAHA MORTGAGE, INC. | $330,000 | $105,000 | -68.2% | 0.0% |
NEWREZ LLC | $105,000 | n/a | 0.0% | |
Bank Five Nine | $95,000 | n/a | 0.0% | |
First Home Bank | $95,000 | n/a | 0.0% | |
ACADEMY MORTGAGE CORPORATION | $85,000 | n/a | 0.0% | |
Amerifirst Financial, Inc. | $85,000 | n/a | 0.0% | |
Carrington Mortgage Services, LLC | $75,000 | n/a | 0.0% | |
CorTrust Bank | $30,000 | n/a | 0.0% |
Watertown's top lender by overall market share is First PREMIER Bank, with 13.9% market share. In second place, with 10.9%, is American Bank & Trust, having originated $35,980,000 in loans. In third place, with 9.7%, is First Bank & Trust, having originated $32,085,000 in loans. In third place, with 8.8%, is Dacotah Bank, having originated $28,845,000 in loans. In third place, with 7.3%, is Plains Commerce Bank, having originated $23,970,000 in loans.
Watertown, SD Market Loan Reason
Loan Purpose | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 629 | $154,595,000 | $245,779 |
Refi | 571 | $112,865,000 | $197,662 |
Cash Out Refi | 263 | $55,985,000 | $212,871 |
Home Improvement | 49 | $2,745,000 | $56,020 |
Other | 35 | $3,415,000 | $97,571 |
Watertown's most frequently cited loan purpose was Home Purchase, with 629 originations. The 2nd most popular reason was Refi, with 571 originations.
Interest Rate Frequencies
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
2.5-3% | 548 | $118,090,000 | $215,493 |
<2.5% | 508 | $101,890,000 | $200,571 |
3-4% | 349 | $77,885,000 | $223,166 |
4-5% | 78 | $15,370,000 | $197,051 |
5-6% | 43 | $2,915,000 | $67,791 |
6-7% | 10 | $750,000 | $75,000 |
7-8% | 2 | $50,000 | $25,000 |
Over 8% | 1 | $45,000 | $45,000 |
During 2021, Watertown's most frequently originated rate bucket was 2.5-3%, with 548 originations.
Loan Sizing (Watertown, SD MSA)
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-200k | 610 | $91,010,000 | $149,197 |
$200k-400k | 555 | $148,545,000 | $267,649 |
$100,000 or less | 284 | $17,590,000 | $61,937 |
$400k-600k | 81 | $38,865,000 | $479,815 |
$600k-1000k | 9 | $6,755,000 | $750,556 |
$Over $1MM | 8 | $26,840,000 | $3,355,000 |
Watertown's loan sizing saw the bucket of loans from $100k-200k with 610 originations, totaling $91,010,000 in origination value.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
60-80% | 544 | $132,110,000 | $242,849 |
80-100% | 537 | $120,545,000 | $224,479 |
40-60% | 204 | $36,720,000 | $180,000 |
20-40% | 125 | $13,195,000 | $105,560 |
Under 20% | 82 | $4,140,000 | $50,488 |
Over 100% | 18 | $4,440,000 | $246,667 |
Watertown's loan sizing saw loans grouped in the 60-80% Loan-to-value bucket with 544 originations, totaling $132,110,000 in origination value.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $239,000 (4.9%) | $257,233 (3.8%) | 0.00 | 144 |
2018-02-01 | $234,900 (2.2%) | $256,541 (1.9%) | 0.00 | 148 |
2018-03-01 | $239,900 (7.9%) | $263,149 (5.3%) | 0.00 | 160 |
2018-04-01 | $249,900 (17.1%) | $269,139 (11.2%) | 0.00 | 159 |
2018-05-01 | $247,450 (17.9%) | $264,592 (9.8%) | 0.00 | 167 |
2018-06-01 | $257,900 (13.4%) | $275,974 (7.8%) | 0.00 | 162 |
2018-07-01 | $246,200 (7.1%) | $261,374 (0.9%) | 0.00 | 166 |
2018-08-01 | $246,700 (7.5%) | $258,335 (0.4%) | 0.00 | 163 |
2018-09-01 | $239,900 (2.1%) | $257,204 (-1.9%) | 0.00 | 152 |
2018-10-01 | $238,900 (2.1%) | $250,895 (-5.0%) | 0.00 | 143 |
2018-11-01 | $229,900 (4.1%) | $249,855 (0.1%) | 0.00 | 153 |
2018-12-01 | $239,900 (2.1%) | $250,733 (-1.3%) | 0.00 | 138 |
2019-01-01 | $233,000 (-2.5%) | $245,613 (-4.5%) | 0.00 | 130 |
2019-02-01 | $225,100 (-4.2%) | $234,741 (-8.5%) | 0.00 | 132 |
2019-03-01 | $234,186 (-2.4%) | $238,384 (-9.4%) | 0.00 | 136 |
2019-04-01 | $239,900 (-4.0%) | $244,225 (-9.3%) | 0.00 | 141 |
2019-05-01 | $239,900 (-3.1%) | $245,946 (-7.1%) | 0.00 | 161 |
2019-06-01 | $234,900 (-8.9%) | $244,519 (-11.4%) | 0.00 | 176 |
2019-07-01 | $229,900 (-6.6%) | $240,512 (-8.0%) | 0.00 | 186 |
2019-08-01 | $225,614 (-8.6%) | $241,116 (-6.7%) | 0.00 | 187 |
2019-09-01 | $219,900 (-8.3%) | $239,164 (-7.0%) | 0.00 | 182 |
2019-10-01 | $211,000 (-11.7%) | $233,178 (-7.1%) | 0.00 | 170 |
2019-11-01 | $216,900 (-5.7%) | $232,424 (-7.0%) | 0.00 | 158 |
2019-12-01 | $215,950 (-10.0%) | $236,776 (-5.6%) | 0.00 | 127 |
2020-01-01 | $224,000 (-3.9%) | $244,586 (-0.4%) | 0.00 | 116 |
2020-02-01 | $229,900 (2.1%) | $247,223 (5.3%) | 0.00 | 127 |
2020-03-01 | $224,900 (-4.0%) | $242,759 (1.8%) | 0.00 | 125 |
2020-04-01 | $219,900 (-8.3%) | $245,171 (0.4%) | 0.00 | 135 |
2020-05-01 | $219,900 (-8.3%) | $242,921 (-1.2%) | 0.00 | 144 |
2020-06-01 | $234,950 (0.0%) | $256,491 (4.9%) | 0.00 | 156 |
2020-07-01 | $253,400 (10.2%) | $267,038 (11.0%) | 0.00 | 141 |
2020-08-01 | $249,900 (10.8%) | $266,556 (10.6%) | 0.00 | 118 |
2020-09-01 | $229,900 (4.6%) | $265,591 (11.1%) | 0.00 | 118 |
2020-10-01 | $224,900 (6.6%) | $262,904 (12.8%) | 0.00 | 113 |
2020-11-01 | $218,900 (0.9%) | $264,169 (13.7%) | 0.00 | 95 |
2020-12-01 | $234,950 (8.8%) | $280,056 (18.3%) | 0.00 | 80 |
2021-01-01 | $235,000 (4.9%) | $278,566 (13.9%) | 0.00 | 73 |
2021-02-01 | $242,400 (5.4%) | $293,837 (18.9%) | 0.00 | 60 |
2021-03-01 | $266,450 (18.5%) | $315,015 (29.8%) | 0.00 | 65 |
2021-04-01 | $339,900 (54.6%) | $340,254 (38.8%) | 0.00 | 97 |
2021-05-01 | $349,900 (59.1%) | $343,427 (41.4%) | 0.00 | 91 |
2021-06-01 | $379,900 (61.7%) | $372,142 (45.1%) | 0.00 | 95 |
2021-07-01 | $377,450 (49.0%) | $373,027 (39.7%) | 0.00 | 97 |
2021-08-01 | $377,450 (51.0%) | $374,241 (40.4%) | 0.00 | 101 |
2021-09-01 | $344,900 (50.0%) | $362,751 (36.6%) | 0.00 | 98 |
2021-10-01 | $339,900 (51.1%) | $343,709 (30.7%) | 0.00 | 86 |
2021-11-01 | $339,900 (55.3%) | $343,896 (30.2%) | 0.00 | 73 |
2021-12-01 | $339,900 (44.7%) | $334,150 (19.3%) | 0.00 | 63 |
2022-01-01 | $339,900 (44.6%) | $350,647 (25.9%) | 0.00 | 50 |
2022-02-01 | $349,900 (44.4%) | $350,689 (19.4%) | 0.00 | 53 |
2022-03-01 | $344,900 (29.4%) | $335,235 (6.4%) | 0.00 | 50 |
2022-04-01 | $339,900 (0.0%) | $311,721 (-8.4%) | 0.00 | 52 |
2022-05-01 | $364,900 (4.3%) | $381,804 (11.2%) | 0.00 | 72 |
2022-06-01 | $364,900 (-4.0%) | $375,131 (0.8%) | 0.00 | 75 |
Watertown's median listing price comes in at 0% of the national average.
Watertown's average listing price for 2022-06-01 was $375,131, a difference of $2,989 (0.8%) versus the prior year and $-6,673 versus the prior month.
For the 2022-06-01 period, Watertown had 75 MLS listings, a difference of 3 listings (4%) versus the prior month and -20 listings (-21%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,359 sqft |
2018-02-01 | 0 days | 2,412 sqft |
2018-03-01 | 0 days | 2,432 sqft |
2018-04-01 | 0 days | 2,505 sqft |
2018-05-01 | 0 days | 2,563 sqft |
2018-06-01 | 0 days | 2,565 sqft |
2018-07-01 | 0 days | 2,457 sqft |
2018-08-01 | 0 days | 2,404 sqft |
2018-09-01 | 0 days | 2,416 sqft |
2018-10-01 | 0 days | 2,376 sqft |
2018-11-01 | 0 days | 2,392 sqft |
2018-12-01 | 0 days | 2,366 sqft |
2019-01-01 | 0 days | 2,327 sqft |
2019-02-01 | 0 days | 2,304 sqft |
2019-03-01 | 0 days | 2,342 sqft |
2019-04-01 | 0 days | 2,392 sqft |
2019-05-01 | 0 days | 2,352 sqft |
2019-06-01 | 0 days | 2,265 sqft |
2019-07-01 | 0 days | 2,277 sqft |
2019-08-01 | 0 days | 2,237 sqft |
2019-09-01 | 0 days | 2,246 sqft |
2019-10-01 | 0 days | 2,214 sqft |
2019-11-01 | 0 days | 2,174 sqft |
2019-12-01 | 0 days | 2,225 sqft |
2020-01-01 | 0 days | 2,246 sqft |
2020-02-01 | 0 days | 2,280 sqft |
2020-03-01 | 0 days | 2,223 sqft |
2020-04-01 | 0 days | 2,175 sqft |
2020-05-01 | 0 days | 2,184 sqft |
2020-06-01 | 0 days | 2,350 sqft |
2020-07-01 | 0 days | 2,441 sqft |
2020-08-01 | 0 days | 2,428 sqft |
2020-09-01 | 0 days | 2,348 sqft |
2020-10-01 | 0 days | 2,280 sqft |
2020-11-01 | 0 days | 2,251 sqft |
2020-12-01 | 0 days | 2,290 sqft |
2021-01-01 | 0 days | 2,171 sqft |
2021-02-01 | 0 days | 2,350 sqft |
2021-03-01 | 0 days | 2,290 sqft |
2021-04-01 | 0 days | 2,003 sqft |
2021-05-01 | 0 days | 1,753 sqft |
2021-06-01 | 0 days | 1,793 sqft |
2021-07-01 | 0 days | 1,734 sqft |
2021-08-01 | 0 days | 1,760 sqft |
2021-09-01 | 0 days | 1,754 sqft |
2021-10-01 | 0 days | 1,731 sqft |
2021-11-01 | 0 days | 1,731 sqft |
2021-12-01 | 0 days | 1,699 sqft |
2022-01-01 | 0 days | 1,731 sqft |
2022-02-01 | 0 days | 1,731 sqft |
2022-03-01 | 0 days | 1,731 sqft |
2022-04-01 | 0 days | 1,731 sqft |
2022-05-01 | 0 days | 1,731 sqft |
2022-06-01 | 0 days | 1,731 sqft |
Watertown's median square footage for active listings during the 2022-06-01 period was 1,731 sqft. One year prior, the average listing was 1,793 sqft.