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Brookings

Current Mortgage Rates in Brookings, South Dakota

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.

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Mortgage Rates in Brookings, SD as of January 19, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Brookings, SD Mortgage Rates Compare?

January 19, 2020

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%

Mortgage Program
Today's
Brookings, SD Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Brookings, South Dakota?

Below we provide helpful information on the real estate market, home prices and housing affordability in Brookings. Understand how much you need to earn to afford a home in Brookings, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Brookings fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Brookings is right for you.

The median home value for Brookings, SD is $182,876

Based on current mortgage rates and a 10% down payment, you need to make $32,913 per year to buy the median priced home in Brookings

With this income, you could qualify for a $164,588 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Brookings is $762

The median household income for Brookings, SD is $56,395

Based on this income, you can afford a home valued at approximately $313,350

The home price you can afford to buy based on household income in Brookings is 171% of the median home value which means housing prices are average. Brookings ranks 59 out of 66 counties in South Dakota and 2,148 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

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Loan Limits for Brookings, South Dakota

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

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Brookings, SD

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Brookings, SD

1 unit: $510,400

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