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Rapid City

Current Mortgage Rates in Rapid City, South Dakota

Compare mortgage rates and fees for leading lenders in Rapid City, 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 Rapid City.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rapid City. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Rapid City, SD as of July 5, 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 Rapid City, SD Mortgage Rates Compare?

July 5, 2020

The current average rate for a 30 year fixed rate mortgage in Rapid City 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
Rapid City, SD Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Rapid City, South Dakota?

Below we provide helpful information on the real estate market, home prices and housing affordability in Rapid City. Understand how much you need to earn to afford a home in Rapid City, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Rapid City 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 Rapid City is right for you.

The median home value for Rapid City, SD (Pennington County) is $218,557

Based on current mortgage rates and a 10% down payment, you need to make $39,335 per year to buy the median priced home in Rapid City

With this income, you could qualify for a $196,702 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 Rapid City is $911

The median household income for Rapid City, SD (Pennington County) is $55,100

Based on this income, you can afford a home valued at approximately $306,154

The home price you can afford to buy based on household income in Rapid City is 140% of the median home value which means housing prices are average. Rapid City (Pennington County) ranks 65 out of 66 counties in South Dakota and 2,666 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Rapid City, SD is average

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Loan Limits for Rapid City, South Dakota

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Rapid City (Pennington County) below.

Conforming loan limits for Rapid City, SD

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

FHA loan limits for Rapid City, SD

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

VA loan limits for Rapid City, SD

1 unit: $510,400

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