South Dakota USDA Loan Rates, Closing Costs & Stats
South Dakota
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
South Dakota USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in South Dakota
averaged
6.62%
for the week of 2025-05-16, compared to the national average (all USDA variants) of
6.481% for the same period.
South Dakota's average USDA mortgage closing costs are $4,883.
The average rate for the prior week (2025-05-09) was
6.43% and
one month ago for the week of 2025-04-11, the
average rate was 6.62%.
The average rate one year ago was 6.73%.
For refis of the same type during the week of 2025-05-16, the average rate
was 6.25%.
South Dakota USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Dakota level.
The top South Dakota USDA lender as defined by loan originations is Plains Commerce Bank, with
48 USDA loans originated. Their average total fees are
$5,811, which is $659
higher than the next largest lender,
First Bank & Trust.
The lowest fee South Dakota USDA lenders (with over 10 loans originated) are
Dacotah Bank ($4,091), First Dakota National Bank ($4,359), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,004), BANKWEST, INC. ($5,100) and First Bank & Trust ($5,152).
The lowest rate South Dakota USDA lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.65%), First Bank & Trust (5.71%), First Dakota National Bank (5.74%), Plains Commerce Bank (5.80%) and Dacotah Bank (5.97%).