Watertown Mortgage Rates

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  • Trends
  • Rates vs. Fees
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  • Market Share
  • Loan Attributes
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  • Time on Market/Property Size
    • 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.