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Rapid City

Compare Current Rapid City, South Dakota Mortgage Rates

Compare Rapid City, SD mortgage rates and fees from top lenders. 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 lowest 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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Rapid City, SD Mortgage Rates as of May 25, 2024
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Rapid City, SD Mortgage Rates

May 25, 2024

Current mortgage rates in Rapid City, SD are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Rapid City, SD Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

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 $289,490

Based on current mortgage rates and a 10% down payment, you need to make $60,392 per year to buy the median priced home in Rapid City

With this income, you could qualify for a $260,541 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 $1,399

The median household income for Rapid City, SD (Pennington County) is $64,992

Based on this income, you can afford a home valued at approximately $311,540

The home price you can afford to buy based on household income in Rapid City is 108% 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 2,721 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: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Rapid City, SD

1 unit: $472,030
2 units: $604,400
3 units: $730,525
4 units: $907,900

VA loan limits for Rapid City, SD

1 unit: $726,200

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