Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
In order to help you see how South Dakota mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
In order to qualify for the best mortgage rates in South Dakota it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
South Dakota is the forty sixth most populous US state. According to the US census, as of 2016, there is an estimated population of about 0.0.9 million residents, which represents 0.3% of the US population.
According to Wikipedia: "The service industry is the largest economic contributor in South Dakota. This sector includes the retail, finance, and health care industries. Citibank, which was the largest bank holding company in the United States at one time, established national banking operations in South Dakota in 1981 to take advantage of favorable banking regulations.Government spending is another important segment of the state's economy, providing over ten percent of the gross state product. Ellsworth Air Force Base, near Rapid City, is the second-largest single employer in the state."
According to the Glassman-ACS report for 2015, South Dakota ranked 24th among the states in highest poverty level in 2015, with 13.7% percent of people below poverty level, compared to 14.7% nationally. South Dakota’s median household economy in 2015 was approximately $53,017, which was slightly lower than the national average of $55,775. South Dakota’s unemployment rate was much lower than the national average. Based on the Bureau of Labor Statistics, as of September 2017, the South Dakota unemployment rate is 3.4% compared to 4.2% national average.
Based on 2015 HMDA data, South Dakota compared to National loan program distribution, had a larger percentage of purchase loans (59% vs 51% national) and lower share of refinance loans (36% vs 46% nationally). Conventional loans were much lower than national averages (66% vs 69% nationally, as were FHA loans (16% vs 20% nationally). VA loans were a bit higher (12% vs 10% nationally) and rural loans, FSA/RHS were considerably more significant (7% vs. 2% nationally).
Here are some outside resources that can help you understand the South Dakota mortgage environment:
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages
Check out some differences between South Dakota and the US:
Mortgage Rates for Conventional Loans in South Dakota vs USA
Mortgage Fees for Conventional Loans in South Dakota
Purchase Price for Conventional Loans in South Dakota vs USA