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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 November 13, 2019
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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.

How Do Today's Brookings, SD Mortgage Rates Compare?

November 13, 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%

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?

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

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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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Brookings, SD

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Brookings, SD

1 unit: $484,350

Additional Mortgage Resources for Brookings, SD Residents

Mortgage Rates for South Dakota Cities

Aberdeen Mortgage Rates

Brookings Mortgage Rates

Harrisburg Mortgage Rates

Rapid City Mortgage Rates

Sioux Falls Mortgage Rates

Sources

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