South Dakota Mortgage Rates & Closing Costs

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

30 Year Fixed Rate mortgages in South Dakota averaged 6.94% for the week of 2024-07-03, compared to the national average of 6.95% for the same period.

The average rate for the prior week (2024-06-27) was 6.75% and one month ago for the week of 2024-05-30, the average rate was 6.82%.

South Dakota's average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-07-03, the average rate was 7.79%.

Loan Type Date Rate
US 30 Year Fixed Rate 2024-07-03 6.95%
South Dakota 30 Year Fixed Rate 2024-07-03 6.94%
South Dakota 30 Year Fixed Rate Refi 2024-07-03 7.79%
South Dakota 15 Year Fixed Rate 2024-07-03 6.9%
South Dakota 15 Year Fixed Rate Refi 2024-07-03 6.15%
South Dakota 30 Year FHA 2024-07-03 6.33%
South Dakota 30 Year FHA Refi 2024-07-03 6.62%
South Dakota 30 Year USDA 2024-07-03 5.85%
South Dakota 30 Year USDA Refi 2024-07-03 6.74%
South Dakota 30 Year VA 2024-07-03 6.16%
South Dakota 30 Year VA Refi 2024-07-03 6.58%
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within South Dakota.

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.).

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Plains Commerce Bank 770 6.56% $5,474
First Bank & Trust 300 6.29% $5,465
CMG MORTGAGE, INC. 293 6.56% $5,981
First Dakota National Bank 284 6.61% $3,372
First PREMIER Bank 210 6.59% $4,186
BLACK HILLS FEDERAL CREDIT UNION 191 6.36% $6,067
QUICKEN LOANS, LLC 178 6.80% $7,122
Dacotah Bank 172 6.57% $4,023
American Bank & Trust 168 6.40% $4,771
CORTRUST MORTGAGE, INC. 151 6.54% $4,901
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 142 6.94% $4,059
UNITED WHOLESALE MORTGAGE, LLC 135 6.84% $5,866
Central Bank 120 6.01% $6,141
BANKWEST, INC. 109 6.55% $5,213
CU MORTGAGE DIRECT, LLC 106 6.42% $4,165
Gateway First Bank 106 6.57% $3,876
First National Bank of Omaha 106 6.48% $4,790
SIOUX FALLS 103 6.22% $4,656
U.S. Bank 102 6.77% $4,285
Wells Fargo Bank 100 6.77% $4,329
Unify Home Lending Inc. 92 6.60% $5,176
First International Bank & Trust 90 6.69% $4,817
Reliabank Dakota 85 6.55% $4,559
CROSSCOUNTRY MORTGAGE, LLC 76 6.97% $6,892
First National Bank 69 6.82% $3,926
First Interstate Bank 67 6.65% $4,236
The First National Bank in Sioux Falls 64 6.39% $5,500
GUARANTEED RATE, INC. 58 7.06% $4,733
Farm Credit Mid-America, ACA 56 7.19% $7,218
IOWA BANKERS MORTGAGE CORPORATION 30 6.36% $4,792
AMERICAN PACIFIC MORTGAGE CORPORATION 27 6.70% $9,184
PENNYMAC LOAN SERVICES, LLC 25 6.62% $6,672
JPMorgan Chase Bank 22 6.53% $4,334
USAA Federal Savings Bank 21 6.70% $4,855
The Huntington National Bank 19 6.64% $5,331
PRIMARY RESIDENTIAL MORTGAGE, INC. 18 6.84% $6,302
Minnwest Bank 18 6.53% $4,732
NEWREZ LLC 18 6.73% $4,742
Flagstar Bank, FSB 17 6.69% $4,569
West Gate Bank 14 6.77% $4,626
American State Bank 14 6.69% $3,640
Servion, Inc. 14 6.61% $5,869
Primebank 14 6.07% $5,215
Citizens Bank 13 6.47% $5,304
Northwest Bank 13 6.12% $6,099
DAS Acquisition Company, LLC 11 7.09% $7,566
Heritage Bank 11 6.13% $4,990
Prosperity Home Mortgage, LLC 11 6.59% $4,711
Mr. Cooper ( Nationstar Mortgage ) 10 7.07% $8,111
MUTUAL OF OMAHA MORTGAGE, INC. 10 6.81% $7,916
NAVY FEDERAL CREDIT UNION 10 6.90% $3,996
American Mortgage & Equity Consultants, Inc. 9 7.08% $7,365
AMERISAVE MORTGAGE CORPORATION 9 6.55% $9,216
FIRST COMMUNITY MORTGAGE, INC. 9 6.99% $5,710
Century Mortgage Company DBA Century Lending Company 8 7.55% $7,490
BMO Harris Bank 8 6.19% $3,607
SIOUXLAND FEDERAL CREDIT UNION 8 5.98% $4,985
LOANDEPOT.COM, LLC 7 6.50% $9,241
First Western Bank & Trust 7 6.23% $4,125
CHURCHILL MORTGAGE CORPORATION 7 6.75% $7,495
ZILLOW HOME LOANS, LLC 6 6.98% $5,702
Deere Employees Credit Union 6 6.19% $3,168
Mortgage Research Center, LLC 6 6.62% $5,036
NBKC BANK 6 6.63% $3,182
Summit Mortgage Corporation 6 6.85% $3,611
Discover Bank 5 6.69% $0
Morgan Stanley Private Bank 5 5.75% $3,283
First Savings Bank 5 6.65% $6,970
BROKER SOLUTIONS, INC. 5 7.19% $5,907
Dakota Community Bank & Trust 5 6.92% $5,962
OPEN MORTGAGE, LLC 4 6.78% $9,581
Ally Bank 4 6.59% $4,316
Truist 4 6.87% $5,822
Bell Bank 4 6.53% $6,145
Raymond James Bank 4 4.59% $4,546
HOMESTAR FINANCIAL CORPORATION 4 6.25% $2,857
Bank of America 4 6.06% $6,210
BETTER MORTGAGE CORPORATION 4 6.03% $6,297
Home Federal Savings Bank 4 5.91% $5,458
FIRST COLONY MORTGAGE CORPORATION 4 6.22% $4,444
AmeriHome Mortgage Company, LLC 3 6.63% $5,083
Paramount Residential Mortgage Group, Inc. 3 7.58% $6,514
Lend Smart Mortgage, LLC 3 6.25% $14,400
PREMIA MORTGAGE, LLC 3 6.61% $200
BAY EQUITY LLC 3 6.87% $5,689
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 7.21% $5,834
Flanagan State Bank 3 6.50% $7,668
Security First Bank 3 6.54% $5,526
FREEDOM MORTGAGE CORPORATION 3 6.75% $8,636
Stifel Bank and Trust 3 5.92% $2,625
Gate City Bank 3 5.92% $6,571
WINGS FINANCIAL 3 5.71% $3,602
The Central Trust Bank 3 5.96% $3,294
The Federal Savings Bank 3 6.96% $6,837
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.66% $8,950
THRIVENT Federal Credit Union 3 6.71% $3,903
TOWN AND COUNTRY Credit Union 3 6.62% $5,049
LAKEVIEW LOAN SERVICING, LLC 3 7.29% $7,255
AMERICAN FINANCING CORPORATION 3 6.08% $7,229
Bremer Bank 3 6.29% $6,373
CHARTER WEST BANK 3 6.83% $5,138
VERIDIAN CREDIT UNION 3 6.79% $1,726
V.I.P. MORTGAGE, INC. 3 6.42% $7,188
Goldwater Bank, N.A. 3 7.00% $6,091
FirstBank 2 6.44% $3,604
Charles Schwab Bank, SSB 2 5.58% $3,099
Choice Financial Group 2 6.06% $10,787
First Federal Bank 2 6.44% $2,987
GUARANTEED RATE AFFINITY, LLC 2 7.13% $1,753
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.88% $9,806
PHH Mortgage Corporation 2 7.18% $5,965
CHEVRON 2 6.44% $2,124
Northpointe Bank 2 6.81% $12,368
Sunflower Bank 2 6.95% $4,056
GREENSTATE CREDIT UNION 2 6.25% $3,058
COMPEER FINANCIAL, FLCA 2 7.88% $4,069
FIRST COMMUNITY CREDIT UNION 2 6.38% $7,420
Leader Bank 2 6.19% $4,869
Quontic Bank 2 8.50% $10,962
Think Mutual Bank 2 5.50% $4,025
Pinnacle Bank 2 6.44% $2,732
Access Bank 1 5.88% $2,449
TEXAS TECH 1 8.00% $4,619
ANGEL OAK MORTGAGE SOLUTIONS LLC 1 7.75% $15,880
Union Bank and Trust Company 1 6.00% $3,827
UNION HOME MORTGAGE CORP. 1 6.88% $2,645
United Fidelity Funding Corp. 1 6.63% $3,764
AMERICAN FINANCIAL RESOURCES, INC. 1 6.88% $12,527
American Bank Center 1 6.88% $9,424
Washington Trust Bank 1 6.75% $4,529
ALLIANT CREDIT UNION 1 7.38% $3,694
First Community Credit Union 1 5.50% $1,265
First Bank 1 5.88% $3,121
EVERETT FINANCIAL, INC. 1 7.88% $4,797
First Horizon Bank 1 6.63% $3,664
Eagle Bank and Trust Company 1 6.88% $5,065
DELMAR FINANCIAL COMPANY 1 7.50% $4,908
Deerwood Bank 1 7.13% $5,114
CORNERSTONE HOME LENDING, INC. 1 7.38% $3,631
First Western Trust Bank 1 6.25% $918
FOUR POINTS 1 5.75% $2,256
Frandsen Bank & Trust 1 6.46% $4,670
Frontier Bank 1 7.38% $4,107
COMMUNITYAMERICA 1 7.63% $5,578
Grand Bank for Savings, FSB 1 9.38% $5,510
Great Southern Bank 1 6.38% $3,445
GreenStone Farm Credit Services, FLCA 1 6.90% $3,884
CITIZENS EQUITY FIRST 1 5.88% $1,743
GUILD MORTGAGE COMPANY 1 5.63% $18,922
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 8.88% $7,486
HOMESIDE FINANCIAL, LLC 1 0.00% $65
Ixonia Bank 1 6.38% $7,666
KELLER MORTGAGE, LLC 1 6.13% $2,943
Lincoln Savings Bank 1 5.63% $2,936
MASON MCDUFFIE MORTGAGE CORPORATION 1 7.13% $4,974
Merchants Bank 1 6.53% $2,351
Midwest Heritage Bank FSB 1 7.00% $3,835
Carrington Mortgage Services, LLC 1 6.38% $7,194
MORIA DEVELOPMENT, INC. 1 6.75% $4,029
White Sands Federal Credit Union 1 4.95% $3,880
CARDINAL FINANCIAL 1 5.99% $6,796
M&T Bank 1 6.25% $5,924
CALCON MUTUAL MORTGAGE LLC 1 6.25% $1,485
NATIONS RELIABLE LENDING, LLC 1 5.99% $12,710
Cache Valley Bank 1 6.75% $6,053
NexBank 1 6.50% $1,740
NFM, INC. 1 7.00% $2,194
Northview Bank 1 6.13% $3,790
Oakstar Bank 1 6.50% $3,671
OCMBC, INC. 1 8.00% $28,686
Opportunity Bank of Montana 1 6.75% $6,018
Pinnacle Bank - Wyoming 1 6.88% $8,904
PLAZA HOME MORTGAGE, INC. 1 6.75% $3,765
Baxter Credit Union 1 6.50% $3,252
Barrington Bank & Trust Company, N.A. 1 6.63% $3,315
Bank of Utah 1 6.88% $7,987
Royal Credit Union 1 6.13% $3,564
S1L, Inc. 1 5.99% $3,041
SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $13,284
Bankers Trust Company 1 6.25% $2,312
Simmons Bank 1 5.75% $1,429
Axos Bank 1 8.50% $5,200
Arvest Bank 1 7.13% $3,462
SIRVA MORTGAGE, INC. 1 7.63% $2,161
Starion Bank 1 5.38% $2,180
STAR ONE CREDIT UNION 1 5.88% $2,029
SUMMIT FUNDING, INC. 1 7.63% $6,209

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.