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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 November 11, 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 Rapid City, SD Mortgage Rates Compare?

November 11, 2019

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%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Rapid City, South Dakota?

The median home value for Rapid City, SD (Pennington County) is $207,360

The median household income for Rapid City, SD (Pennington County) is $53,842

Based on current mortgage rates and a 10% down payment, you need to make $38,472 per year to buy the median priced home in Rapid City

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 2,678 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Rapid City, SD

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

VA loan limits for Rapid City, SD

1 unit: $484,350

Additional Mortgage Resources for Rapid City, 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