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.
April 7, 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%
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
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
FHA loan limits for Rapid City, SD
VA loan limits for Rapid City, SD