Watertown Mortgage Rates

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

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%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Watertown, SD.

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.).

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First PREMIER Bank 100 2.75% $3,758
First Bank & Trust 88 2.70% $4,717
Plains Commerce Bank 53 2.99% $4,195
American Bank & Trust 50 2.85% $4,167
CU MORTGAGE DIRECT, LLC 50 3.05% $3,981
Dacotah Bank 44 2.88% $3,026
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 43 3.13% $3,936
Reliabank Dakota 38 2.88% $4,694
QUICKEN LOANS, LLC 24 3.05% $4,610
Great Western Bank 20 2.99% $3,138
GUARANTEED RATE, INC. 14 3.15% $3,810
Wells Fargo Bank 10 2.98% $3,352
CORTRUST MORTGAGE, INC. 7 2.64% $4,481
Farm Credit Mid-America, ACA 6 3.30% $7,667
U.S. Bank 6 3.19% $2,958
LOANDEPOT.COM, LLC 5 3.05% $5,316
First Dakota National Bank 5 3.03% $2,631
FREEDOM MORTGAGE CORPORATION 4 3.19% $3,163
PENNYMAC LOAN SERVICES, LLC 3 2.87% $4,541
First International Bank & Trust 3 3.17% $3,525
CHURCHILL MORTGAGE CORPORATION 3 3.25% $4,510
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 3.04% $4,779
BROKER SOLUTIONS, INC. 2 3.25% $3,616
Mr. Cooper ( Nationstar Mortgage ) 2 3.56% $5,610
AMERISAVE MORTGAGE CORPORATION 2 3.06% $2,523
CALIBER HOME LOANS, INC. 2 2.68% $5,679
Flagstar Bank, FSB 2 3.25% $2,867
NAVY FEDERAL CREDIT UNION 1 3.13% $1,002
Bank of America 1 3.25% $3,515
PREMIA MORTGAGE, LLC 1 2.88% $0
Amerifirst Financial, Inc. 1 3.88% $3,462
Summit Mortgage Corporation 1 3.25% $2,594
The First National Bank in Sioux Falls 1 2.88% $8,614
The Huntington National Bank 1 3.00% $2,073
Citizens Bank 1 2.63% $2,704
Alerus Financial 1 2.88% $0
CMG MORTGAGE, INC. 1 3.50% $4,942
CROSSCOUNTRY MORTGAGE, LLC 1 2.99% $5,340
Central Bank 1 2.88% $2,531
DRAPER AND KRAMER MORTGAGE CORP. 1 3.13% $3,822
First Home Bank 1 3.13% $4,417
First National Bank 1 2.38% $2,236
Frandsen Bank & Trust 1 2.75% $5,607
Gate City Bank 1 2.63% $4,759
BLACK HILLS FEDERAL CREDIT UNION 1 2.99% $5,037
BETTER MORTGAGE CORPORATION 1 2.75% $7,520
Lend Smart Mortgage, LLC 1 3.25% $4,987
Midwest Heritage Bank FSB 1 2.88% $2,685
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.00% $5,461
Nations Lending Corporation 1 3.75% $8,100

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. Louis
Date 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 for 2022-06-01 was $364,900, a difference of $-15,000 (-4.0%) versus the prior year and $0 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-06-01 was 0 days.

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.