Watertown Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in Watertown averaged 6.59% for the week of 2024-06-06, compared to the national average of 6.99% for the same period.

The average rate for the prior week (2024-05-30) was 7.03% and one month ago for the week of 2024-05-02, the average rate was 7.22%.

Watertown's average rate one year ago was 6.39%.

For refis of the same type during the week of 2024-06-06, the average rate was 7.49%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-06-06 6.99%
Watertown 30 Year Fixed Rate 2024-06-06 6.59%
Watertown 30 Year Fixed Rate Refi 2024-06-06 7.49%
Watertown 15 Year Fixed Rate 2024-06-06 6.39%
Watertown 15 Year Fixed Rate Refi 2024-06-06 6.69%
Watertown 30 Year FHA 2024-06-06 6.49%
Watertown 30 Year FHA Refi 2024-06-06 6.59%
Watertown 30 Year USDA 2024-06-06 6.8%
Watertown 30 Year USDA Refi 2024-06-06 6.9%
Watertown 30 Year VA 2024-06-06 6.19%
Watertown 30 Year VA Refi 2024-06-06 6.49%
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 lender, 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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
American Bank & Trust 26 6.57% $4,924
First PREMIER Bank 23 6.81% $3,486
Dacotah Bank 23 6.29% $3,416
First Bank & Trust 21 6.58% $5,527
Plains Commerce Bank 18 6.49% $4,389
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 7.01% $4,985
Reliabank Dakota 10 6.50% $4,477
QUICKEN LOANS, LLC 7 6.62% $7,555
GUARANTEED RATE, INC. 4 7.18% $4,621
CHURCHILL MORTGAGE CORPORATION 4 6.56% $9,578
First Interstate Bank 3 6.13% $3,463
USAA Federal Savings Bank 3 6.79% $3,432
Wells Fargo Bank 3 7.29% $4,856
The First National Bank in Sioux Falls 2 6.44% $5,882
UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $5,804
First Dakota National Bank 2 6.44% $4,204
First Western Bank & Trust 2 7.00% $4,556
CU MORTGAGE DIRECT, LLC 2 5.94% $4,735
Deere Employees Credit Union 2 5.75% $3,101
CORNERSTONE HOME LENDING, INC. 1 7.38% $3,631
Primebank 1 6.25% $2,464
BLACK HILLS FEDERAL CREDIT UNION 1 5.99% $10,466
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.13% $6,653
Simmons Bank 1 5.75% $1,429
Summit Mortgage Corporation 1 6.13% $3,301
U.S. Bank 1 6.63% $2,957
V.I.P. MORTGAGE, INC. 1 7.25% $5,003
PENNYMAC LOAN SERVICES, LLC 1 5.62% $9,984
First International Bank & Trust 1 7.13% $1,158
Flagstar Bank, FSB 1 7.63% $0
Gate City Bank 1 6.88% $6,610
Heritage Bank 1 5.88% $2,554
LAKEVIEW LOAN SERVICING, LLC 1 7.38% $7,473
Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $5,183
NBKC BANK 1 6.63% $6,156
FIRST COMMUNITY CREDIT UNION 1 6.75% $6,082

Watertown Average Closing Costs & Other Stats

Watertown, SD's 36 lenders originated 579 loans during 2023. The total origination value was $126,935,000, with an average loan value of $219,231.

Watertown's average closing costs are $4,754.

The top Watertown lender as defined by loan originations is American Bank & Trust, with 26 loans originated. Their average total fees are $4,924, which is $1,437 higher than the next largest lender, First PREMIER Bank.

The lowest fee Watertown lenders (with over 10 loans originated) are Dacotah Bank ($3,416), First PREMIER Bank ($3,486), Plains Commerce Bank ($4,389), Reliabank Dakota ($4,477) and American Bank & Trust ($4,924).

The lowest rate Watertown lenders (with over 10 loans originated) are Dacotah Bank (6.29%), Plains Commerce Bank (6.49%), Reliabank Dakota (6.50%), American Bank & Trust (6.57%) and First Bank & Trust (6.58%).

Watertown, 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 2022 Loan Value 2023 Loan Value % Change 2023 Market Share
American Bank & Trust $28,725,000 $20,130,000 -29.9% 15.9%
First Bank & Trust $16,190,000 $13,320,000 -17.7% 10.5%
First PREMIER Bank $22,415,000 $13,240,000 -40.9% 10.4%
Dacotah Bank $15,300,000 $11,885,000 -22.3% 9.4%
FAIRWAY INDEPENDENT MORTGAGE CORPORATION $9,370,000 $11,235,000 19.9% 8.9%
Plains Commerce Bank $12,140,000 $9,595,000 -21.0% 7.6%
Union State Bank of Fargo $5,785,000 n/a 4.6%
QUICKEN LOANS, LLC $6,230,000 $4,400,000 -29.4% 3.5%
Reliabank Dakota $10,140,000 $4,105,000 -59.5% 3.2%
First Interstate Bank $7,060,000 $2,475,000 -64.9% 1.9%
USAA Federal Savings Bank $460,000 $2,450,000 432.6% 1.9%
GUARANTEED RATE, INC. $3,505,000 $2,405,000 -31.4% 1.9%
Mortgage Research Center, LLC $1,045,000 $2,120,000 102.9% 1.7%
Bell Bank $1,780,000 n/a 1.4%
CHURCHILL MORTGAGE CORPORATION $2,870,000 $1,375,000 -52.1% 1.1%
UNITED WHOLESALE MORTGAGE, LLC $1,240,000 n/a 1.0%
First International Bank & Trust $3,140,000 $1,115,000 -64.5% 0.9%
First Dakota National Bank $1,785,000 $1,035,000 -42.0% 0.8%
Servion, Inc. $1,025,000 n/a 0.8%
BLACK HILLS FEDERAL CREDIT UNION $650,000 $1,020,000 56.9% 0.8%
Cornerstone Bank $965,000 n/a 0.8%
AgCountry Farm Credit Services, FLCA $935,000 n/a 0.7%
PENNYMAC LOAN SERVICES, LLC $390,000 $785,000 101.3% 0.6%
Wells Fargo Bank $3,610,000 $760,000 -78.9% 0.6%
The First National Bank in Sioux Falls $570,000 $680,000 19.3% 0.5%
First Western Bank & Trust $155,000 $620,000 300.0% 0.5%
Deere Employees Credit Union $55,000 $595,000 981.8% 0.5%
SIOUX FALLS $315,000 $550,000 74.6% 0.4%
BOKF $535,000 n/a 0.4%
CORNERSTONE HOME LENDING, INC. $525,000 n/a 0.4%
Summit Mortgage Corporation $775,000 $520,000 -32.9% 0.4%
Heritage Bank $205,000 $475,000 131.7% 0.4%
NAVY FEDERAL CREDIT UNION $625,000 $455,000 -27.2% 0.4%
VOYAGE FEDERAL CREDIT UNION $455,000 n/a 0.4%
Mr. Cooper ( Nationstar Mortgage ) $400,000 $420,000 5.0% 0.3%
Gate City Bank $415,000 n/a 0.3%
Primebank $405,000 n/a 0.3%
AMERISAVE MORTGAGE CORPORATION $205,000 $340,000 65.9% 0.3%
CU MORTGAGE DIRECT, LLC $8,350,000 $340,000 -95.9% 0.3%
FIRST COMMUNITY CREDIT UNION $185,000 $315,000 70.3% 0.2%
North American Savings Bank, F.S.B. $620,000 $315,000 -49.2% 0.2%
BANKWEST, INC. $655,000 $305,000 -53.4% 0.2%
BMO Harris Bank $305,000 n/a 0.2%
NBKC BANK $305,000 n/a 0.2%
Citizens Bank $325,000 $295,000 -9.2% 0.2%
V.I.P. MORTGAGE, INC. $295,000 n/a 0.2%
Discover Bank $290,000 n/a 0.2%
CROSSCOUNTRY MORTGAGE, LLC $555,000 $285,000 -48.6% 0.2%
Flagstar Bank, FSB $490,000 $265,000 -45.9% 0.2%
Simmons Bank $215,000 n/a 0.2%
FREEDOM MORTGAGE CORPORATION $455,000 $205,000 -54.9% 0.2%
BROKER SOLUTIONS, INC. $265,000 $200,000 -24.5% 0.2%
LAKEVIEW LOAN SERVICING, LLC $330,000 $185,000 -43.9% 0.1%
U.S. Bank $3,170,000 $130,000 -95.9% 0.1%
Farm Credit Mid-America, ACA $2,905,000 $125,000 -95.7% 0.1%
AMERICAN PACIFIC MORTGAGE CORPORATION $115,000 n/a 0.1%
21ST MORTGAGE CORPORATION $105,000 $80,000 -23.8% 0.1%
TRIAD FINANCIAL SERVICES, INC. $335,000 $80,000 -76.1% 0.1%
Bank of America $75,000 n/a 0.1%
Coastal Community Bank $40,000 n/a 0.0%

Watertown's top lender by overall market share is American Bank & Trust, with 15.9% market share. In second place, with 10.5%, is First Bank & Trust, having originated $13,320,000 in loans. In third place, with 10.4%, is First PREMIER Bank, having originated $13,240,000 in loans. In fourth place, with 9.4%, is Dacotah Bank, having originated $11,885,000 in loans. In fifth place, with 8.9%, is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, having originated $11,235,000 in loans.


Watertown Housing Market Trends (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 $234,900 (6.1%) $252,219 (5.3%) 0.00 154
2018-02-01 $233,650 (5.6%) $252,012 (3.4%) 0.00 160
2018-03-01 $239,000 (10.5%) $258,848 (7.9%) 0.00 172
2018-04-01 $243,500 (16.0%) $262,899 (12.3%) 0.00 169
2018-05-01 $239,900 (20.0%) $257,056 (10.1%) 0.00 180
2018-06-01 $249,900 (17.7%) $265,356 (8.3%) 0.00 180
2018-07-01 $232,700 (7.8%) $248,982 (0.4%) 0.00 186
2018-08-01 $229,900 (7.5%) $248,841 (1.2%) 0.00 180
2018-09-01 $229,900 (5.5%) $245,142 (-1.3%) 0.00 169
2018-10-01 $229,900 (3.7%) $243,296 (-3.0%) 0.00 162
2018-11-01 $225,200 (4.1%) $243,512 (1.0%) 0.00 161
2018-12-01 $229,400 (4.3%) $245,154 (-0.6%) 0.00 144
2019-01-01 $225,100 (-4.2%) $242,143 (-4.0%) 0.00 136
2019-02-01 $212,450 (-9.1%) $233,235 (-7.5%) 0.00 139
2019-03-01 $222,929 (-6.7%) $237,899 (-8.1%) 0.00 144
2019-04-01 $231,625 (-4.9%) $242,086 (-7.9%) 0.00 148
2019-05-01 $229,900 (-4.2%) $238,929 (-7.1%) 0.00 181
2019-06-01 $229,900 (-8.0%) $235,616 (-11.2%) 0.00 196
2019-07-01 $227,150 (-2.4%) $234,613 (-5.8%) 0.00 206
2019-08-01 $218,627 (-4.9%) $231,932 (-6.8%) 0.00 201
2019-09-01 $209,218 (-9.0%) $227,430 (-7.2%) 0.00 196
2019-10-01 $202,945 (-11.7%) $224,429 (-7.8%) 0.00 186
2019-11-01 $199,400 (-11.5%) $224,053 (-8.0%) 0.00 168
2019-12-01 $209,000 (-8.9%) $228,581 (-6.8%) 0.00 141
2020-01-01 $219,225 (-2.6%) $238,493 (-1.5%) 0.00 126
2020-02-01 $226,950 (6.8%) $240,965 (3.3%) 0.00 138
2020-03-01 $224,450 (0.7%) $238,470 (0.2%) 0.00 138
2020-04-01 $219,900 (-5.1%) $243,350 (0.5%) 0.00 143
2020-05-01 $219,900 (-4.4%) $248,190 (3.9%) 0.00 165
2020-06-01 $241,150 (4.9%) $261,435 (11.0%) 0.00 179
2020-07-01 $252,900 (11.3%) $269,170 (14.7%) 0.00 165
2020-08-01 $249,900 (14.3%) $262,499 (13.2%) 0.00 138
2020-09-01 $227,800 (8.9%) $260,933 (14.7%) 0.00 134
2020-10-01 $219,900 (8.4%) $260,299 (16.0%) 0.00 127
2020-11-01 $207,400 (4.0%) $255,325 (14.0%) 0.00 112
2020-12-01 $224,900 (7.6%) $279,225 (22.2%) 0.00 94
2021-01-01 $219,900 (0.3%) $275,506 (15.5%) 0.00 87
2021-02-01 $232,475 (2.4%) $290,211 (20.4%) 0.00 72
2021-03-01 $261,150 (16.4%) $311,510 (30.6%) 0.00 77
2021-04-01 $309,900 (40.9%) $322,964 (32.7%) 0.00 95
2021-05-01 $339,900 (54.6%) $336,098 (35.4%) 0.00 97
2021-06-01 $339,900 (41.0%) $356,649 (36.4%) 0.00 100
2021-07-01 $375,000 (48.3%) $380,606 (41.4%) 0.00 102
2021-08-01 $339,900 (36.0%) $369,820 (40.9%) 0.00 107
2021-09-01 $339,900 (49.2%) $360,941 (38.3%) 0.00 106
2021-10-01 $339,900 (54.6%) $353,526 (35.8%) 0.00 93
2021-11-01 $339,900 (63.9%) $334,028 (30.8%) 0.00 78
2021-12-01 $334,900 (48.9%) $320,359 (14.7%) 0.00 69
2022-01-01 $339,900 (54.6%) $338,782 (23.0%) 0.00 54
2022-02-01 $339,900 (46.2%) $362,159 (24.8%) 0.00 56
2022-03-01 $339,900 (30.2%) $361,236 (16.0%) 0.00 53
2022-04-01 $332,400 (7.3%) $322,662 (-0.1%) 0.00 54
2022-05-01 $341,150 (0.4%) $386,299 (14.9%) 0.00 76
2022-06-01 $364,900 (7.4%) $395,208 (10.8%) 0.00 82
2022-07-01 $349,900 (-6.7%) $383,095 (0.7%) 0.00 87
2022-08-01 $354,900 (4.4%) $391,221 (5.8%) 0.00 77
2022-09-01 $372,400 (9.6%) $399,841 (10.8%) 0.00 85
2022-10-01 $339,900 (0.0%) $377,058 (6.7%) 0.00 76
2022-11-01 $339,900 (0.0%) $376,925 (12.8%) 0.00 69
2022-12-01 $339,900 (1.5%) $365,672 (14.1%) 0.00 61
2023-01-01 $339,900 (0.0%) $377,434 (11.4%) 0.00 56
2023-02-01 $347,400 (2.2%) $381,324 (5.3%) 0.00 48
2023-03-01 $364,900 (7.4%) $417,981 (15.7%) 0.00 46
2023-04-01 $379,900 (14.3%) $463,434 (43.6%) 0.00 59
2023-05-01 $399,225 (17.0%) $484,994 (25.6%) 0.00 80
2023-06-01 $399,225 (9.4%) $492,396 (24.6%) 0.00 87
2023-07-01 $399,900 (14.3%) $503,709 (31.5%) 0.00 83
2023-08-01 $392,400 (10.6%) $502,554 (28.5%) 0.00 87
2023-09-01 $369,900 (-0.7%) $472,086 (18.1%) 0.00 100
2023-10-01 $349,450 (2.8%) $451,649 (19.8%) 0.00 102
2023-11-01 $344,675 (1.4%) $430,838 (14.3%) 0.00 96
2023-12-01 $349,900 (2.9%) $431,824 (18.1%) 0.00 90
2024-01-01 $353,650 (4.1%) $435,101 (15.3%) 0.00 76
2024-02-01 $379,900 (9.4%) $439,929 (15.4%) 0.00 74
2024-03-01 $374,900 (2.7%) $406,679 (-2.7%) 0.00 59
2024-04-01 $380,900 (0.3%) $415,406 (-10.4%) 0.00 72
2024-05-01 $371,000 (-7.1%) $385,546 (-20.5%) 0.00 83
Watertown's median listing price for 2024-05-01 was $371,000, a difference of $-28,225 (-7.1%) versus the prior year and $-9,900 versus the prior month.

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

Watertown's average listing price for 2024-05-01 was $385,546, a difference of $-99,448 (-20.5%) versus the prior year and $-29,860 versus the prior month.

For the 2024-05-01 period, Watertown had 83 MLS listings, a difference of 11 listings (15%) versus the prior month and 3 listings (4%) 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 2,286 sqft
2018-02-01 0 days 2,313 sqft
2018-03-01 0 days 2,354 sqft
2018-04-01 0 days 2,433 sqft
2018-05-01 0 days 2,433 sqft
2018-06-01 0 days 2,434 sqft
2018-07-01 0 days 2,295 sqft
2018-08-01 0 days 2,299 sqft
2018-09-01 0 days 2,304 sqft
2018-10-01 0 days 2,288 sqft
2018-11-01 0 days 2,323 sqft
2018-12-01 0 days 2,349 sqft
2019-01-01 0 days 2,304 sqft
2019-02-01 0 days 2,275 sqft
2019-03-01 0 days 2,309 sqft
2019-04-01 0 days 2,355 sqft
2019-05-01 0 days 2,308 sqft
2019-06-01 0 days 2,265 sqft
2019-07-01 0 days 2,251 sqft
2019-08-01 0 days 2,188 sqft
2019-09-01 0 days 2,186 sqft
2019-10-01 0 days 2,184 sqft
2019-11-01 0 days 2,143 sqft
2019-12-01 0 days 2,147 sqft
2020-01-01 0 days 2,195 sqft
2020-02-01 0 days 2,205 sqft
2020-03-01 0 days 2,175 sqft
2020-04-01 0 days 2,157 sqft
2020-05-01 0 days 2,169 sqft
2020-06-01 0 days 2,298 sqft
2020-07-01 0 days 2,320 sqft
2020-08-01 0 days 2,288 sqft
2020-09-01 0 days 2,282 sqft
2020-10-01 0 days 2,193 sqft
2020-11-01 0 days 2,192 sqft
2020-12-01 0 days 2,202 sqft
2021-01-01 0 days 2,080 sqft
2021-02-01 0 days 2,173 sqft
2021-03-01 0 days 2,233 sqft
2021-04-01 0 days 2,066 sqft
2021-05-01 0 days 1,731 sqft
2021-06-01 0 days 1,731 sqft
2021-07-01 0 days 1,753 sqft
2021-08-01 0 days 1,742 sqft
2021-09-01 0 days 1,742 sqft
2021-10-01 0 days 1,731 sqft
2021-11-01 0 days 1,731 sqft
2021-12-01 0 days 1,697 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 1,815 sqft
2022-07-01 0 days 1,932 sqft
2022-08-01 0 days 2,297 sqft
2022-09-01 0 days 2,316 sqft
2022-10-01 0 days 2,185 sqft
2022-11-01 0 days 2,010 sqft
2022-12-01 0 days 2,004 sqft
2023-01-01 0 days 1,988 sqft
2023-02-01 0 days 1,795 sqft
2023-03-01 0 days 1,770 sqft
2023-04-01 0 days 1,991 sqft
2023-05-01 0 days 2,268 sqft
2023-06-01 0 days 2,034 sqft
2023-07-01 0 days 2,109 sqft
2023-08-01 0 days 1,614 sqft
2023-09-01 0 days 1,574 sqft
2023-10-01 0 days 1,501 sqft
2023-11-01 0 days 1,466 sqft
2023-12-01 0 days 1,525 sqft
2024-01-01 0 days 1,525 sqft
2024-02-01 0 days 1,525 sqft
2024-03-01 0 days 1,532 sqft
2024-04-01 0 days 1,530 sqft
2024-05-01 0 days 1,467 sqft
Watertown's median listing age (time on market) for 2024-05-01 was 0 days.

Watertown's median square footage for active listings during the 2024-05-01 period was 1,467 sqft. One year prior, the average listing was 2,268 sqft.

Watertown, SD Market Loan Reason

Loan Purpose Originations Total Value Average Loan
Home Purchase 340 $96,670,000 $284,324
Refi 85 $12,355,000 $145,353
Home Improvement 68 $5,330,000 $78,382
Cash Out Refi 48 $8,890,000 $185,208
Other 38 $3,690,000 $97,105

Watertown's most frequently cited loan purpose was Home Purchase, with 340 originations. The 2nd most popular reason was Refi, with 85 originations.

Interest Rate Frequencies

Loan Rate Originations Total Value Average Loan
6-7% 195 $46,515,000 $238,538
Over 8% 127 $15,185,000 $119,567
5-6% 122 $25,290,000 $207,295
7-8% 121 $31,515,000 $260,455
2.5-3% 7 $195,000 $27,857
4-5% 3 $1,285,000 $428,333
<2.5% 1 $155,000 $155,000
3-4% 1 $555,000 $555,000

During 2023, Watertown's most frequently originated rate bucket was 6-7%, with 195 originations.

Loan Sizing (Watertown, SD MSA)

Loan Size Originations Total Value Average Loan
$200k-400k 179 $50,075,000 $279,749
$100,000 or less 173 $9,375,000 $54,191
$100k-200k 164 $24,690,000 $150,549
$400k-600k 49 $23,455,000 $478,673
$600k-1000k 8 $6,070,000 $758,750
$Over $1MM 6 $13,270,000 $2,211,667

Watertown's loan sizing saw the bucket of loans from $200k-400k with 179 originations, totaling $50,075,000 in origination value.

LTV Distribution

Loan to Value Originations Total Value Average Loan
80-100% 198 $49,680,000 $250,909
60-80% 122 $37,220,000 $305,082
Under 20% 107 $6,195,000 $57,897
20-40% 77 $10,585,000 $137,468
40-60% 58 $12,590,000 $217,069
Over 100% 13 $4,345,000 $334,231

Watertown's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 198 originations, totaling $49,680,000 in origination value.