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South Dakota Mortgage Rates

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South Dakota Mortgage Rates

Comparing South Dakota Mortgage Rates with National Rates

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. 

Shopping for Best Mortgage Rates in South Dakota

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.

Qualifying for a Mortgage in South Dakota

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.

Mortgage Resources for South Dakota

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:

  1. FHA loan amounts in South Dakota: (note:set the table to South Dakota). There are 66 counties in the state of South Dakota. None of the counties were at the Highest loan limit, currently at $636,150. All of the counties were at the Standard loan limit, currently at $275,665.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for South Dakota and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. All of the counties are within this limit.
  3. South Dakota First Home Buyer Programs: The South Dakota Housing Development Authority (SDHDA) aims to help provide affordable housing opportunities. Their First-time Homebuyer Program provides down payment assistance. They also have benefits for veterans. The program has property, income and credit criteria. In addition the SDHDA publishes mortgage rates for South Dakota programs.  
  4. Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website

Mortgage Trends and Statistics for South Dakota

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
  • Mortgage Fees for Conventional Loans in South Dakota
  • Loan Amount for Conventional Loans in South Dakota

 

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

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