South Dakota Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in South Dakota averaged
6.19%
for the week of 2024-12-12, compared to the national average of
6.6% for the same period.
The average rate for the prior week (2024-12-05) was
6.48% and
one month ago for the week of 2024-11-07, the
average rate was 6.78%.
South Dakota's average rate one year ago was 7.02%.
For refis of the same type during the week of 2024-12-12, the average rate
was 7.24%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-12-12 | 6.6% |
| South Dakota 30 Year Fixed Rate | 2024-12-12 | 6.19% |
| South Dakota 30 Year Fixed Rate Refi | 2024-12-12 | 7.24% |
| South Dakota 15 Year Fixed Rate | 2024-12-12 | 6.39% |
| South Dakota 15 Year Fixed Rate Refi | 2024-12-12 | 6.34% |
| South Dakota 30 Year FHA | 2024-12-12 | 5.88% |
| South Dakota 30 Year FHA Refi | 2024-12-12 | 6.18% |
| South Dakota 30 Year USDA | 2024-12-12 | 5.42% |
| South Dakota 30 Year USDA Refi | 2024-12-12 | 6.3% |
| South Dakota 30 Year VA | 2024-12-12 | 5.67% |
| South Dakota 30 Year VA Refi | 2024-12-12 | 6.18% |
South Dakota 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 South Dakota 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.).
South Dakota Average Closing Costs & Other Stats
South Dakota's 187 lenders originated 14,880
loans during 2023. The total origination value was $3,836,560,000, with an average loan value of
$257,833.
South Dakota's average closing costs are $4,864.
The top South Dakota lender as defined by loan originations is Plains Commerce Bank, with
770 loans originated. Their average total fees are
$5,474, which is $9
higher than the next largest lender,
First Bank & Trust.
The lowest fee South Dakota lenders (with over 10 loans originated) are
First Dakota National Bank ($3,372), American State Bank ($3,640), Gateway First Bank ($3,876), First National Bank ($3,926) and NAVY FEDERAL CREDIT UNION ($3,996).
The lowest rate South Dakota lenders (with over 10 loans originated) are
Central Bank (6.01%), Primebank (6.07%), Northwest Bank (6.12%), Heritage Bank (6.13%) and SIOUX FALLS (6.22%).
South Dakota 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 |
|---|---|---|---|---|
| Plains Commerce Bank | $559,125,000 | $422,735,000 | -24.4% | 11.0% |
| First Bank & Trust | $228,925,000 | $192,915,000 | -15.7% | 5.0% |
| CMG MORTGAGE, INC. | $159,150,000 | $161,055,000 | 1.2% | 4.2% |
| First Dakota National Bank | $228,640,000 | $154,130,000 | -32.6% | 4.0% |
| American Bank & Trust | $215,665,000 | $143,575,000 | -33.4% | 3.7% |
| BLACK HILLS FEDERAL CREDIT UNION | $255,290,000 | $143,030,000 | -44.0% | 3.7% |
| First PREMIER Bank | $274,190,000 | $141,670,000 | -48.3% | 3.7% |
| QUICKEN LOANS, LLC | $136,120,000 | $89,885,000 | -34.0% | 2.3% |
| Dacotah Bank | $121,500,000 | $89,850,000 | -26.0% | 2.3% |
| Central Bank | $140,830,000 | $88,745,000 | -37.0% | 2.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $98,540,000 | $81,215,000 | -17.6% | 2.1% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $103,965,000 | $77,925,000 | -25.0% | 2.0% |
| SIOUX FALLS | $95,425,000 | $74,585,000 | -21.8% | 1.9% |
| Gateway First Bank | $106,200,000 | $73,935,000 | -30.4% | 1.9% |
| Merchants Bank of Indiana | $14,150,000 | $70,160,000 | 395.8% | 1.8% |
| First International Bank & Trust | $130,015,000 | $66,945,000 | -48.5% | 1.7% |
| First Interstate Bank | $224,745,000 | $63,750,000 | -71.6% | 1.7% |
| BANKWEST, INC. | $117,715,000 | $62,055,000 | -47.3% | 1.6% |
| First National Bank of Omaha | $25,870,000 | $61,165,000 | 136.4% | 1.6% |
| U.S. Bank | $123,055,000 | $60,490,000 | -50.8% | 1.6% |
| Unify Home Lending Inc. | $45,490,000 | $51,395,000 | 13.0% | 1.3% |
| Wells Fargo Bank | $156,635,000 | $49,655,000 | -68.3% | 1.3% |
| Reliabank Dakota | $97,030,000 | $47,720,000 | -50.8% | 1.2% |
| JONES LANG LASALLE MULTIFAMILY, LLC | $46,940,000 | n/a | 1.2% | |
| The First National Bank in Sioux Falls | $77,910,000 | $45,570,000 | -41.5% | 1.2% |
| Mortgage Research Center, LLC | $61,435,000 | $45,065,000 | -26.6% | 1.2% |
| CORTRUST MORTGAGE, INC. | $73,745,000 | $44,670,000 | -39.4% | 1.2% |
| Cornerstone Bank | $24,700,000 | $43,945,000 | 77.9% | 1.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $48,725,000 | $42,155,000 | -13.5% | 1.1% |
| First National Bank | $69,340,000 | $39,085,000 | -43.6% | 1.0% |
| GUARANTEED RATE, INC. | $39,170,000 | $38,955,000 | -0.5% | 1.0% |
| Security First Bank of North Dakota | $38,790,000 | n/a | 1.0% | |
| SERVICE FIRST FEDERAL CREDIT UNION | $38,575,000 | $38,070,000 | -1.3% | 1.0% |
| VERIDIAN CREDIT UNION | $1,200,000 | $37,170,000 | 2,997.5% | 1.0% |
| WALKER & DUNLOP, LLC | $35,020,000 | n/a | 0.9% | |
| CU MORTGAGE DIRECT, LLC | $56,100,000 | $34,750,000 | -38.1% | 0.9% |
| Cedar Rapids Bank and Trust Company | $32,005,000 | n/a | 0.8% | |
| Black Hills Community Bank | $38,180,000 | $30,220,000 | -20.8% | 0.8% |
| Farm Credit Mid-America, ACA | $45,285,000 | $29,850,000 | -34.1% | 0.8% |
| Pioneer Bank & Trust | $50,085,000 | $29,555,000 | -41.0% | 0.8% |
| CorTrust Bank | $52,640,000 | $29,285,000 | -44.4% | 0.8% |
| Minnwest Bank | $49,050,000 | $27,635,000 | -43.7% | 0.7% |
| PENNYMAC LOAN SERVICES, LLC | $27,410,000 | $25,935,000 | -5.4% | 0.7% |
| USAA Federal Savings Bank | $12,510,000 | $19,490,000 | 55.8% | 0.5% |
| American State Bank | $35,830,000 | $18,465,000 | -48.5% | 0.5% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $865,000 | $17,375,000 | 1,908.7% | 0.5% |
| Bank Midwest | $21,220,000 | $12,735,000 | -40.0% | 0.3% |
| HIGHMARK | $15,210,000 | $12,595,000 | -17.2% | 0.3% |
| Flagstar Bank, FSB | $23,820,000 | $12,250,000 | -48.6% | 0.3% |
| Servion, Inc. | $8,025,000 | $11,690,000 | 45.7% | 0.3% |
| The Huntington National Bank | $9,480,000 | $11,690,000 | 23.3% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $18,480,000 | $11,380,000 | -38.4% | 0.3% |
| First Western Bank & Trust | $2,530,000 | $10,940,000 | 332.4% | 0.3% |
| LOANDEPOT.COM, LLC | $32,790,000 | $10,555,000 | -67.8% | 0.3% |
| Primebank | $7,900,000 | $10,270,000 | 30.0% | 0.3% |
| The Security National Bank of Sioux City, Iowa | $17,975,000 | $10,065,000 | -44.0% | 0.3% |
| GREYSTONE SERVICING COMPANY LLC | $10,015,000 | n/a | 0.3% | |
| IOWA BANKERS MORTGAGE CORPORATION | $9,770,000 | $9,760,000 | -0.1% | 0.3% |
| Security First Bank | $30,665,000 | $9,750,000 | -68.2% | 0.3% |
| VOYAGE FEDERAL CREDIT UNION | $14,050,000 | $9,660,000 | -31.2% | 0.3% |
| JPMorgan Chase Bank | $17,595,000 | $9,535,000 | -45.8% | 0.2% |
| Northern Hills FCU | $9,525,000 | $8,580,000 | -9.9% | 0.2% |
| NEWREZ LLC | $11,540,000 | $8,530,000 | -26.1% | 0.2% |
| Mr. Cooper ( Nationstar Mortgage ) | $23,065,000 | $7,870,000 | -65.9% | 0.2% |
| Citizens Bank | $10,570,000 | $7,820,000 | -26.0% | 0.2% |
| Discover Bank | $2,590,000 | $7,650,000 | 195.4% | 0.2% |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | $2,475,000 | $7,600,000 | 207.1% | 0.2% |
| DAS Acquisition Company, LLC | $13,670,000 | $7,365,000 | -46.1% | 0.2% |
| Northwest Bank | $10,005,000 | $7,355,000 | -26.5% | 0.2% |
| Bell Bank | $47,740,000 | $6,925,000 | -85.5% | 0.2% |
| Pioneer Bank | $6,830,000 | n/a | 0.2% | |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $1,985,000 | $6,740,000 | 239.5% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $8,830,000 | $6,550,000 | -25.8% | 0.2% |
| FREEDOM MORTGAGE CORPORATION | $24,125,000 | $6,460,000 | -73.2% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $13,070,000 | $6,425,000 | -50.8% | 0.2% |
| Security National Bank of South Dakota | $88,360,000 | $6,320,000 | -92.8% | 0.2% |
| Rivers Edge Bank | $6,105,000 | n/a | 0.2% | |
| Century Mortgage Company DBA Century Lending Company | $1,680,000 | $6,050,000 | 260.1% | 0.2% |
| Union State Bank of Fargo | $7,230,000 | $5,785,000 | -20.0% | 0.2% |
| BMO Harris Bank | $2,915,000 | $5,595,000 | 91.9% | 0.1% |
| Heritage Bank | $22,455,000 | $5,455,000 | -75.7% | 0.1% |
| Peoples Bank | $525,000 | $5,385,000 | 925.7% | 0.1% |
| MID AMERICA MORTGAGE, INC. | $6,545,000 | $5,240,000 | -19.9% | 0.1% |
| BROKER SOLUTIONS, INC. | $12,655,000 | $4,825,000 | -61.9% | 0.1% |
| The Federal Savings Bank | $9,570,000 | $4,735,000 | -50.5% | 0.1% |
| SIOUX EMPIRE | $10,925,000 | $4,660,000 | -57.3% | 0.1% |
| American Mortgage & Equity Consultants, Inc. | $1,245,000 | $4,560,000 | 266.3% | 0.1% |
| NEW DAY FINANCIAL, LLC | $10,735,000 | $4,425,000 | -58.8% | 0.1% |
| Prosperity Home Mortgage, LLC | $1,945,000 | $4,225,000 | 117.2% | 0.1% |
| FIRST COMMUNITY MORTGAGE, INC. | $3,160,000 | $4,165,000 | 31.8% | 0.1% |
| Midwest Bank | $2,495,000 | $3,900,000 | 56.3% | 0.1% |
| SIOUXLAND FEDERAL CREDIT UNION | $7,165,000 | $3,860,000 | -46.1% | 0.1% |
| Flanagan State Bank | $7,640,000 | $3,825,000 | -49.9% | 0.1% |
| Bank of America | $6,995,000 | $3,765,000 | -46.2% | 0.1% |
| First Savings Bank | $935,000 | $3,535,000 | 278.1% | 0.1% |
| Morgan Stanley Private Bank | $1,250,000 | $3,515,000 | 181.2% | 0.1% |
| BERKADIA COMMERCIAL MORTGAGE LLC | $3,365,000 | n/a | 0.1% | |
| West Gate Bank | $2,795,000 | $3,350,000 | 19.9% | 0.1% |
| Security Savings Bank | $3,505,000 | $3,280,000 | -6.4% | 0.1% |
| Liberty National Bank | $7,465,000 | $3,090,000 | -58.6% | 0.1% |
| Carrington Mortgage Services, LLC | $6,095,000 | $2,780,000 | -54.4% | 0.1% |
| GUILD MORTGAGE COMPANY | $3,285,000 | $2,720,000 | -17.2% | 0.1% |
| CHURCHILL MORTGAGE CORPORATION | $7,505,000 | $2,590,000 | -65.5% | 0.1% |
| Coastal Community Bank | $2,585,000 | n/a | 0.1% | |
| Raymond James Bank | $1,480,000 | $2,570,000 | 73.6% | 0.1% |
| NBKC BANK | $3,535,000 | $2,495,000 | -29.4% | 0.1% |
| Arbor Realty Trust, Inc. | $3,740,000 | $2,375,000 | -36.5% | 0.1% |
| Lend Smart Mortgage, LLC | $31,090,000 | $2,340,000 | -92.5% | 0.1% |
| Home Federal Savings Bank | $2,310,000 | n/a | 0.1% | |
| TRIAD FINANCIAL SERVICES, INC. | $2,240,000 | $2,255,000 | 0.7% | 0.1% |
| 21ST MORTGAGE CORPORATION | $3,475,000 | $2,230,000 | -35.8% | 0.1% |
| CARDINAL FINANCIAL | $10,335,000 | $2,215,000 | -78.6% | 0.1% |
| Figure Lending LLC | $515,000 | $2,195,000 | 326.2% | 0.1% |
| POLARIS HOME FUNDING CORP. | $370,000 | $2,145,000 | 479.7% | 0.1% |
| ZILLOW HOME LOANS, LLC | $1,810,000 | $2,145,000 | 18.5% | 0.1% |
| OPEN MORTGAGE, LLC | $6,050,000 | $2,130,000 | -64.8% | 0.1% |
| FIRST COLONY MORTGAGE CORPORATION | $85,000 | $2,100,000 | 2,370.6% | 0.1% |
| LAKEVIEW LOAN SERVICING, LLC | $6,605,000 | $2,030,000 | -69.3% | 0.1% |
| Gate City Bank | $3,090,000 | $2,010,000 | -35.0% | 0.1% |
| Truist | $35,700,000 | $1,990,000 | -94.4% | 0.1% |
| First Federal Bank | $765,000 | $1,960,000 | 156.2% | 0.1% |
| Midwest Heritage Bank FSB | $1,000,000 | $1,945,000 | 94.5% | 0.1% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $450,000 | $1,935,000 | 330.0% | 0.1% |
| FINANCE OF AMERICA REVERSE LLC | $2,230,000 | $1,845,000 | -17.3% | 0.0% |
| PREMIA MORTGAGE, LLC | $1,070,000 | $1,845,000 | 72.4% | 0.0% |
| Summit Mortgage Corporation | $1,805,000 | $1,795,000 | -0.6% | 0.0% |
| Dakota Community Bank & Trust | $1,535,000 | $1,785,000 | 16.3% | 0.0% |
| BETTER MORTGAGE CORPORATION | $5,470,000 | $1,685,000 | -69.2% | 0.0% |
| Deere Employees Credit Union | $1,165,000 | $1,650,000 | 41.6% | 0.0% |
| Goldwater Bank, N.A. | $8,640,000 | $1,650,000 | -80.9% | 0.0% |
| PNC Bank | $1,390,000 | $1,615,000 | 16.2% | 0.0% |
| First State Bank | $305,000 | $1,605,000 | 426.2% | 0.0% |
| Barrington Bank & Trust Company, N.A. | $3,020,000 | $1,600,000 | -47.0% | 0.0% |
| Charles Schwab Bank, SSB | $1,090,000 | $1,595,000 | 46.3% | 0.0% |
| AmeriHome Mortgage Company, LLC | $135,000 | $1,585,000 | 1,074.1% | 0.0% |
| PENTAGON FEDERAL CREDIT UNION | $4,410,000 | $1,520,000 | -65.5% | 0.0% |
| Bremer Bank | $2,495,000 | $1,510,000 | -39.5% | 0.0% |
| AgCountry Farm Credit Services, FLCA | $645,000 | $1,455,000 | 125.6% | 0.0% |
| Commerce Home Mortgage, Inc. | $1,450,000 | n/a | 0.0% | |
| BankFirst | $495,000 | $1,445,000 | 191.9% | 0.0% |
| The Central Trust Bank | $820,000 | $1,440,000 | 75.6% | 0.0% |
| WINGS FINANCIAL | $1,485,000 | $1,395,000 | -6.1% | 0.0% |
| Choice Financial Group | $1,635,000 | $1,390,000 | -15.0% | 0.0% |
| ANGEL OAK MORTGAGE SOLUTIONS LLC | $2,015,000 | $1,330,000 | -34.0% | 0.0% |
| HOMEBRIDGE FINANCIAL SERVICES, INC. | $915,000 | $1,330,000 | 45.4% | 0.0% |
| Starion Bank | $895,000 | $1,305,000 | 45.8% | 0.0% |
| White Sands Federal Credit Union | $1,275,000 | n/a | 0.0% | |
| Paramount Residential Mortgage Group, Inc. | $1,470,000 | $1,270,000 | -13.6% | 0.0% |
| Pinnacle Bank | $965,000 | $1,255,000 | 30.1% | 0.0% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $4,215,000 | $1,255,000 | -70.2% | 0.0% |
| MOVEMENT MORTGAGE, LLC | $3,855,000 | $1,240,000 | -67.8% | 0.0% |
| AMERICAN FINANCING CORPORATION | $4,625,000 | $1,230,000 | -73.4% | 0.0% |
| Think Mutual Bank | $440,000 | $1,230,000 | 179.5% | 0.0% |
| Premier Bank | $2,640,000 | $1,190,000 | -54.9% | 0.0% |
| Ally Bank | $4,455,000 | $1,165,000 | -73.8% | 0.0% |
| PLAZA HOME MORTGAGE, INC. | $1,370,000 | $1,155,000 | -15.7% | 0.0% |
| Northpointe Bank | $1,965,000 | $1,150,000 | -41.5% | 0.0% |
| HOMESTAR FINANCIAL CORPORATION | $44,450,000 | $1,145,000 | -97.4% | 0.0% |
| New Century Bank | $1,145,000 | n/a | 0.0% | |
| First Savings Bank | $935,000 | $1,135,000 | 21.4% | 0.0% |
| Bank of Dixon County | $1,085,000 | n/a | 0.0% | |
| CHARTER WEST BANK | $135,000 | $1,085,000 | 703.7% | 0.0% |
| United Fidelity Funding Corp. | $1,050,000 | n/a | 0.0% | |
| PLANET HOME LENDING, LLC | $2,190,000 | $1,040,000 | -52.5% | 0.0% |
| VILLAGE CAPITAL MORTGAGE | $2,735,000 | $985,000 | -64.0% | 0.0% |
| PHH Mortgage Corporation | $655,000 | $970,000 | 48.1% | 0.0% |
| BNC National Bank | $620,000 | $960,000 | 54.8% | 0.0% |
| BAY EQUITY LLC | $1,940,000 | $955,000 | -50.8% | 0.0% |
| FIRST COMMUNITY CREDIT UNION | $635,000 | $940,000 | 48.0% | 0.0% |
| American Bank Center | $1,310,000 | $910,000 | -30.5% | 0.0% |
| Stifel Bank and Trust | $3,680,000 | $890,000 | -75.8% | 0.0% |
| AMERICAN FINANCIAL RESOURCES, INC. | $145,000 | $885,000 | 510.3% | 0.0% |
| Telco Triad Community Credit Union | $1,220,000 | $845,000 | -30.7% | 0.0% |
| V.I.P. MORTGAGE, INC. | $835,000 | n/a | 0.0% | |
| Centier Bank | $60,000 | $820,000 | 1,266.7% | 0.0% |
| TOWN AND COUNTRY Credit Union | $540,000 | $780,000 | 44.4% | 0.0% |
| BankVista | $775,000 | n/a | 0.0% | |
| Arvest Bank | $2,970,000 | $750,000 | -74.7% | 0.0% |
| Community Mortgage Banc Corporation | $555,000 | $725,000 | 30.6% | 0.0% |
| NATIONS RELIABLE LENDING, LLC | $715,000 | n/a | 0.0% | |
| Pinnacle Bank - Wyoming | $1,865,000 | $715,000 | -61.7% | 0.0% |
| Magnolia Bank | $460,000 | $710,000 | 54.3% | 0.0% |
| THRIVENT Federal Credit Union | $1,035,000 | $685,000 | -33.8% | 0.0% |
| Adams Bank & Trust | $665,000 | n/a | 0.0% | |
| Vermillion State Bank | $585,000 | $655,000 | 12.0% | 0.0% |
| CHEVRON | $640,000 | n/a | 0.0% | |
| North American Savings Bank, F.S.B. | $2,810,000 | $630,000 | -77.6% | 0.0% |
| Platte Valley Bank | $630,000 | n/a | 0.0% | |
| Baxter Credit Union | $325,000 | $625,000 | 92.3% | 0.0% |
| A&D Mortgage LLC | $615,000 | n/a | 0.0% | |
| AMCAP MORTGAGE, LTD. | $305,000 | $615,000 | 101.6% | 0.0% |
| M&T Bank | $1,075,000 | $615,000 | -42.8% | 0.0% |
| BOKF | $245,000 | $610,000 | 149.0% | 0.0% |
| HomeTown Bank | $375,000 | $605,000 | 61.3% | 0.0% |
| Ixonia Bank | $175,000 | $590,000 | 237.1% | 0.0% |
| CALCON MUTUAL MORTGAGE LLC | $545,000 | n/a | 0.0% | |
| OCMBC, INC. | $545,000 | n/a | 0.0% | |
| GUARANTEED RATE AFFINITY, LLC | $540,000 | n/a | 0.0% | |
| Midstates Bank | $1,625,000 | $530,000 | -67.4% | 0.0% |
| CORNERSTONE HOME LENDING, INC. | $525,000 | n/a | 0.0% | |
| STAR ONE CREDIT UNION | $215,000 | $525,000 | 144.2% | 0.0% |
| Quontic Bank | $215,000 | $520,000 | 141.9% | 0.0% |
| Leader Bank | $510,000 | n/a | 0.0% | |
| Frandsen Bank & Trust | $890,000 | $505,000 | -43.3% | 0.0% |
| UNION HOME MORTGAGE CORP. | $495,000 | n/a | 0.0% | |
| COMPEER FINANCIAL, FLCA | $2,450,000 | $490,000 | -80.0% | 0.0% |
| West Bank | $490,000 | n/a | 0.0% | |
| MIDFLORIDA | $485,000 | n/a | 0.0% | |
| Bethpage Federal Credit Union | $41,380,000 | $475,000 | -98.9% | 0.0% |
| CITIZENS EQUITY FIRST | $990,000 | $470,000 | -52.5% | 0.0% |
| Sunflower Bank | $590,000 | $470,000 | -20.3% | 0.0% |
| LONGBRIDGE FINANCIAL, LLC | $1,025,000 | $455,000 | -55.6% | 0.0% |
| Exchange Bank | $375,000 | $435,000 | 16.0% | 0.0% |
| Service Federal Credit Union | $435,000 | n/a | 0.0% | |
| NFM, INC. | $315,000 | $425,000 | 34.9% | 0.0% |
| Kirkwood Bank & Trust Co. | $830,000 | $415,000 | -50.0% | 0.0% |
| SOUTHPOINT FINANCIAL | $890,000 | $410,000 | -53.9% | 0.0% |
| Dover Federal Credit Union | $405,000 | n/a | 0.0% | |
| Equity Prime Mortgage LLC | $545,000 | $405,000 | -25.7% | 0.0% |
| First Community Credit Union | $405,000 | n/a | 0.0% | |
| Great Southern Bank | $470,000 | $400,000 | -14.9% | 0.0% |
| HOMESTEAD FUNDING CORP. | $395,000 | n/a | 0.0% | |
| FirstBank | $540,000 | $380,000 | -29.6% | 0.0% |
| GREENSTATE CREDIT UNION | $430,000 | $380,000 | -11.6% | 0.0% |
| Bankers Trust Company | $375,000 | n/a | 0.0% | |
| Commerce Bank | $835,000 | $375,000 | -55.1% | 0.0% |
| SECURITYNATIONAL MORTGAGE COMPANY | $375,000 | n/a | 0.0% | |
| HIWAY | $875,000 | $370,000 | -57.7% | 0.0% |
| Bank of England | $930,000 | $365,000 | -60.8% | 0.0% |
| American National Bank | $265,000 | $355,000 | 34.0% | 0.0% |
| Nations Lending Corporation | $695,000 | $355,000 | -48.9% | 0.0% |
| S1L, Inc. | $1,860,000 | $345,000 | -81.5% | 0.0% |
| TEXAS TECH | $345,000 | n/a | 0.0% | |
| Willamette Valley Bank | $125,000 | $340,000 | 172.0% | 0.0% |
| First State Bank | $305,000 | $335,000 | 9.8% | 0.0% |
| FOUR POINTS | $910,000 | $330,000 | -63.7% | 0.0% |
| CENTRAL MINNESOTA Credit Union | $315,000 | n/a | 0.0% | |
| DIGITAL Federal Credit Union | $265,000 | $315,000 | 18.9% | 0.0% |
| SUMMIT FUNDING, INC. | $315,000 | n/a | 0.0% | |
| AMERICAN FINANCIAL NETWORK, INC. | $305,000 | n/a | 0.0% | |
| Axos Bank | $305,000 | n/a | 0.0% | |
| Bank of Utah | $305,000 | n/a | 0.0% | |
| First Horizon Bank | $305,000 | n/a | 0.0% | |
| MidFirst Bank | $305,000 | n/a | 0.0% | |
| Northview Bank | $305,000 | n/a | 0.0% | |
| Oakstar Bank | $305,000 | n/a | 0.0% | |
| GENEVA FINANCIAL, LLC | $295,000 | n/a | 0.0% | |
| Grand Bank for Savings, FSB | $145,000 | $295,000 | 103.4% | 0.0% |
| Opportunity Bank of Montana | $295,000 | n/a | 0.0% | |
| STANFORD Federal Credit Union | $295,000 | n/a | 0.0% | |
| Washington Trust Bank | $290,000 | n/a | 0.0% | |
| EVERETT FINANCIAL, INC. | $1,875,000 | $285,000 | -84.8% | 0.0% |
| Royal Credit Union | $125,000 | $285,000 | 128.0% | 0.0% |
| ALLIANT CREDIT UNION | $275,000 | n/a | 0.0% | |
| First Bank | $480,000 | $275,000 | -42.7% | 0.0% |
| KELLER MORTGAGE, LLC | $3,370,000 | $275,000 | -91.8% | 0.0% |
| SIRVA MORTGAGE, INC. | $165,000 | $275,000 | 66.7% | 0.0% |
| Home Federal Savings & Loan Association of Grand Island | $245,000 | $270,000 | 10.2% | 0.0% |
| Cache Valley Bank | $265,000 | n/a | 0.0% | |
| Deerwood Bank | $265,000 | n/a | 0.0% | |
| Lakeview Community Capital, LLC | $45,000 | $265,000 | 488.9% | 0.0% |
| MORTGAGE SOLUTIONS OF COLORADO, LLC | $550,000 | $265,000 | -51.8% | 0.0% |
| Peoples State Bank of Plainview | $260,000 | n/a | 0.0% | |
| GSF Mortgage Corporation | $255,000 | n/a | 0.0% | |
| Merchants Bank | $2,175,000 | $255,000 | -88.3% | 0.0% |
| NETWORK CAPITAL FUNDING CORPORATION | $255,000 | n/a | 0.0% | |
| Wahoo State Bank | $255,000 | n/a | 0.0% | |
| Cambria Financial Group, LLC | $245,000 | n/a | 0.0% | |
| HOMESIDE FINANCIAL, LLC | $115,000 | $240,000 | 108.7% | 0.0% |
| Nebraska Bank of Commerce | $240,000 | n/a | 0.0% | |
| ANB Bank | $235,000 | n/a | 0.0% | |
| Core Bank | $1,370,000 | $235,000 | -82.8% | 0.0% |
| Union Bank and Trust Company | $2,390,000 | $235,000 | -90.2% | 0.0% |
| NOVATION CREDIT UNION | $215,000 | $230,000 | 7.0% | 0.0% |
| GreenStone Farm Credit Services, FLCA | $225,000 | n/a | 0.0% | |
| Heritage Bank | $22,455,000 | $225,000 | -99.0% | 0.0% |
| SUMMIT MORTGAGE CORPORATION | $395,000 | $225,000 | -43.0% | 0.0% |
| Waterstone Mortgage Corporation | $225,000 | n/a | 0.0% | |
| Frontier Bank | $280,000 | $215,000 | -23.2% | 0.0% |
| Simmons Bank | $620,000 | $215,000 | -65.3% | 0.0% |
| Western State Bank | $225,000 | $215,000 | -4.4% | 0.0% |
| First Bank of Manhattan | $205,000 | n/a | 0.0% | |
| COMMUNITYAMERICA | $195,000 | n/a | 0.0% | |
| LEADERONE FINANCIAL CORPORATION | $195,000 | n/a | 0.0% | |
| Lincoln Savings Bank | $195,000 | n/a | 0.0% | |
| Elements Financial Federal Credit Union | $505,000 | $180,000 | -64.4% | 0.0% |
| Eagle Bank and Trust Company | $175,000 | n/a | 0.0% | |
| USAlliance Federal Credit Union | $55,000 | $175,000 | 218.2% | 0.0% |
| F&M Bank | $170,000 | n/a | 0.0% | |
| Hometown Credit Union | $450,000 | $165,000 | -63.3% | 0.0% |
| MORIA DEVELOPMENT, INC. | $175,000 | $165,000 | -5.7% | 0.0% |
| Alliance Bank | $155,000 | n/a | 0.0% | |
| TOTAL MORTGAGE SERVICES, LLC | $155,000 | n/a | 0.0% | |
| CALIBER HOME LOANS, INC. | $6,930,000 | $145,000 | -97.9% | 0.0% |
| DOMINION FINANCIAL SERVICES, LLC | $245,000 | $145,000 | -40.8% | 0.0% |
| RANLIFE, INC. | $145,000 | n/a | 0.0% | |
| RESIDENTIAL BANCORP | $505,000 | $140,000 | -72.3% | 0.0% |
| United States Senate Federal Credit Union | $140,000 | n/a | 0.0% | |
| MASON MCDUFFIE MORTGAGE CORPORATION | $125,000 | $135,000 | 8.0% | 0.0% |
| Access Bank | $315,000 | $125,000 | -60.3% | 0.0% |
| NexBank | $450,000 | $105,000 | -76.7% | 0.0% |
| CNB Bank | $95,000 | n/a | 0.0% | |
| Citibank | $850,000 | $85,000 | -90.0% | 0.0% |
| FirstBank of Nebraska | $165,000 | $85,000 | -48.5% | 0.0% |
| DELMAR FINANCIAL COMPANY | $75,000 | n/a | 0.0% | |
| First Western Trust Bank | $65,000 | n/a | 0.0% | |
| MEMBER FIRST MORTGAGE, LLC | $105,000 | $65,000 | -38.1% | 0.0% |
| QUORUM FEDERAL CREDIT UNION | $155,000 | $55,000 | -64.5% | 0.0% |
| VISIONBank | $55,000 | n/a | 0.0% | |
| Bank of the West | $8,335,000 | $45,000 | -99.5% | 0.0% |
| RIVERLAND BANK | $35,000 | n/a | 0.0% | |
| Signature Federal Credit Union | $275,000 | $35,000 | -87.3% | 0.0% |
| ALTRA | $25,000 | n/a | 0.0% |
South Dakota's top lender by overall market share is Plains Commerce Bank, with 11.0% market share. In second place, with 5.0%, is First Bank & Trust, having originated $192,915,000 in loans. In third place, with 4.2%, is CMG MORTGAGE, INC., having originated $161,055,000 in loans. In fourth place, with 4.0%, is First Dakota National Bank, having originated $154,130,000 in loans. In fifth place, with 3.7%, is American Bank & Trust, having originated $143,575,000 in loans.
South Dakota Market Loan Reason
| Loan Purpose | Originations | Total Value | Average Loan |
|---|---|---|---|
| Home Purchase | 9,219 | $2,900,795,000 | $314,654 |
| Cash Out Refi | 1,671 | $270,555,000 | $161,912 |
| Home Improvement | 1,584 | $132,530,000 | $83,668 |
| Refi | 1,411 | $434,475,000 | $307,920 |
| Other | 995 | $98,205,000 | $98,698 |
South Dakota's most frequently cited loan purpose was Home Purchase, with 9,219 originations. The 2nd most popular reason was Cash Out Refi, with 1,671 originations.
Interest Rate Frequencies
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 5,083 | $1,432,935,000 | $281,907 |
| 7-8% | 3,054 | $808,140,000 | $264,617 |
| Over 8% | 2,625 | $287,565,000 | $109,549 |
| 5-6% | 2,604 | $810,670,000 | $311,317 |
| 4-5% | 119 | $84,705,000 | $711,807 |
| <2.5% | 75 | $3,205,000 | $42,733 |
| 2.5-3% | 65 | $5,855,000 | $90,077 |
| 3-4% | 32 | $49,790,000 | $1,555,938 |
During 2023, South Dakota's most frequently originated rate bucket was 6-7%, with 5,083 originations.
Loan Sizing (South Dakota MSA)
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $200k-400k | 5,655 | $1,586,945,000 | $280,627 |
| $100,000 or less | 3,959 | $211,435,000 | $53,406 |
| $100k-200k | 3,513 | $525,065,000 | $149,463 |
| $400k-600k | 1,212 | $575,690,000 | $474,992 |
| $600k-1000k | 409 | $292,655,000 | $715,538 |
| $Over $1MM | 132 | $644,770,000 | $4,884,621 |
South Dakota's loan sizing saw the bucket of loans from $200k-400k with 5,655 originations, totaling $1,586,945,000 in origination value.
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan |
|---|---|---|---|
| 80-100% | 5,483 | $1,593,545,000 | $290,634 |
| 60-80% | 2,841 | $1,112,315,000 | $391,522 |
| Under 20% | 2,133 | $122,045,000 | $57,218 |
| 20-40% | 1,702 | $224,760,000 | $132,056 |
| 40-60% | 1,198 | $312,830,000 | $261,127 |
| Over 100% | 246 | $111,210,000 | $452,073 |
South Dakota's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 5,483 originations, totaling $1,593,545,000 in origination value.