Compare mortgage rates and fees for leading lenders in Brookings, SD. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Brookings.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Brookings. Plus, shopping lenders is free and there is no obligation.
September 22, 2019
The current average rate for a 30 year fixed rate mortgage in Brookings is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Brookings, SD is $175,336
The median household income for Brookings, SD is $55,108
Based on current mortgage rates and a 10% down payment, you need to make $32,530 per year to buy the median priced home in Brookings
The home price you can afford to buy based on household income in Brookings is 169% of the median home value which means housing prices are average
Brookings ranks 59 out of 66 counties in South Dakota and 2,197 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Brookings, SD is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Brookings below.
Conforming loan limits for Brookings, SD
FHA loan limits for Brookings, SD
VA loan limits for Brookings, SD
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index