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Sioux Falls

Compare Current Sioux Falls, South Dakota Mortgage Rates

Compare Sioux Falls, 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 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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Sioux Falls, SD Mortgage Rates as of May 26, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Sioux Falls, SD Mortgage Rates

May 26, 2022

Current mortgage rates in Sioux Falls, 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
Sioux Falls, SD Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.250%
15 Year Fixed Rate
%
4.430%
5/1 Adjustable Rate Mortgage
%
4.080%

How Affordable is Housing in Sioux Falls, South Dakota?

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

The median home value for Sioux Falls, SD (Minnehaha County) is $268,520

Based on current mortgage rates and a 10% down payment, you need to make $43,996 per year to buy the median priced home in Sioux Falls

With this income, you could qualify for a $241,668 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 Sioux Falls is $1,019

The median household income for Sioux Falls, SD (Minnehaha County) is $66,979

Based on this income, you can afford a home valued at approximately $408,795

The home price you can afford to buy based on household income in Sioux Falls is 152% of the median home value which means housing prices are average. Sioux Falls (Minnehaha County) ranks 63 out of 66 counties in South Dakota and 2,562 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: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Sioux Falls, SD

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Sioux Falls, SD

1 unit: $647,200

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