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Sioux Falls

Current Mortgage Rates in Sioux Falls, South Dakota

Compare mortgage rates and fees for leading lenders in Sioux Falls, 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 Sioux Falls.

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

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Mortgage Rates in Sioux Falls, 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 Sioux Falls, SD Mortgage Rates Compare?

November 11, 2019

The current average rate for a 30 year fixed rate mortgage in Sioux Falls 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
Sioux Falls, 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 Sioux Falls, South Dakota?

The median home value for Sioux Falls, SD (Minnehaha County) is $205,251

The median household income for Sioux Falls, SD (Minnehaha County) is $59,074

Based on current mortgage rates and a 10% down payment, you need to make $38,081 per year to buy the median priced home in Sioux Falls

The home price you can afford to buy based on household income in Sioux Falls is 155% of the median home value which means housing prices are average

Sioux Falls (Minnehaha County) ranks 62 out of 66 counties in South Dakota and 2,468 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Sioux Falls, SD is average

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Loan Limits for Sioux Falls, South Dakota

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

Conforming loan limits for Sioux Falls, SD

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

FHA loan limits for Sioux Falls, SD

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

VA loan limits for Sioux Falls, SD

1 unit: $484,350

Additional Mortgage Resources for Sioux Falls, SD Residents

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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