Mortgage Rates in South Dakota: Today's Averages & 2026 Outlook
South Dakota 30-year fixed rates are running around 6.88% — roughly 3 bps above the national average of 6.85%. Here's how SD rates stack up, what drives the spread, and the programs that can price you lower.
Today's South Dakota rates by loan type
Estimates for South Dakota based on the current national 30-year average of 6.85% plus the state's typical spread (+3 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives South Dakota mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every South Dakota lender starts from. But SD typically prices about 3 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. Conventional dominant; USDA share solid outside Sioux Falls and Rapid City. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical South Dakota loan is around $220,000 on a $245,000 home. That size sits well inside conforming loan limits, so most SD buyers get standard agency pricing.
Refi activity. Refi share is small — legacy sub-5% books dominate.
What a typical South Dakota payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $245,000 |
| Median loan amount (typical LTV) | $220,000 |
| 30-yr rate (state avg) | 6.88% |
| Monthly principal & interest | $1,446 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$1,880 |
Directional math for South Dakota in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in South Dakota
What most SD borrowers use
Conventional dominant; USDA share solid outside Sioux Falls and Rapid City.
Below-market SD rate options
SDHDA's First-Time Homebuyer Program pairs a competitive fixed rate with DPA.
Is a refi worth it in SD?
Refi share is small — legacy sub-5% books dominate.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with SD down-payment assistance and seller-paid closing costs. See SD grants → · SD closing costs →
Get matched with a South Dakota lender — free
We'll match you with vetted SD lenders competing for your loan. Compare real Loan Estimates side-by-side — the same South Dakota buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
South Dakota mortgage rates: FAQ
What is today's mortgage rate in South Dakota?▾
The average 30-year fixed mortgage rate in South Dakota is around 6.88% — roughly 3 bps above the current national average of 6.85%. 15-year fixed loans run about 6.13%, FHA around 6.63%, and VA around 6.53%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do South Dakota mortgage rates compare to the national average?▾
South Dakota rates typically sit slightly above (about 3 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (conventional dominant; usda share solid outside sioux falls and rapid city.), and state-level closing-cost dynamics.
What monthly payment can I expect on a South Dakota home?▾
On the median South Dakota loan of $220,000 at 6.88% for 30 years, principal and interest run about $1,446/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in South Dakota?▾
Yes. SDHDA's First-Time Homebuyer Program pairs a competitive fixed rate with DPA. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my South Dakota mortgage right now?▾
Refi share is small — legacy sub-5% books dominate. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.