Mortgage Rates South Dakota (SD) for April 2026
Brian McKay
Brian McKay
Founder & Data Architect- Automated Online Rate Data Aggregation
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Current 30-year fixed mortgage rates in South Dakota include Wells FargoWells Fargo101 S Chicago St, Aberdeen, SD, 57005A5.0 ★Texas Ratio: 7.44% at 5.50%, and U.S. BankU.S. Bank103 S Main Ave, Aberdeen, SD, 57033A5.0 ★Texas Ratio: 6.46% at 6.62%. Mortgage rates as of April 11, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare mortgage rates across all loan types in South Dakota side-by-side. South Dakota mortgage rates currently start as low as 5.50% from Wells Fargo at 101 S Chicago St, Aberdeen, SD, 57005. Rates are continually updated — we recommend checking back frequently.
Mortgage Rates reflect actual verified offers from lenders actively lending to South Dakota borrowers. Your final approved rate will depend on your credit profile, loan-to-value ratio, and daily market movements. Last Updated and Verified: April 11, 2026
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South Dakota Mortgage Rate Trends
Compare local South Dakota mortgage rate quotes against the statewide average
Daily mortgage rate averages tracked across our database of verified mortgage rate quotes — updated every evening.
South Dakota 30-year fixed rates rose 0.029 points over the past 7 days to 6.321%.
South Dakota 15-year fixed rates rose 0.165 points over the past 7 days to 6.000%.
South Dakota Mortgage Rate Forecast — Next 12 Months
Where are South Dakota mortgage rates headed through April 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. Not financial advice.
What Forecast Rates Mean for South Dakota Home Buyers
Monthly principal & interest payment on South Dakota median home of $257,400 (20% down, 30-year fixed, state-level Census ACS median)
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (SD avg) | 6.321% | $1,277 | — | 20.4% |
| 6-Month Forecast | 6.321% (5.97–6.62%) | $1,277 | +$0/mo | 20.4% |
| 12-Month Forecast | 5.921% (5.57–6.22%) | $1,224 | -$53/mo | 19.6% |
Income column = annual mortgage payment as % of South Dakota median household income ($75,081). Above 30% is generally considered cost-burdened.
MonitorBankRates Housing Affordability Index (MBR-HAI)
A daily-updated affordability score for South Dakota — updated every night from live mortgage rates across our monitoring network combined with U.S. Census Bureau income, home value, and cost burden data.
What This Score Means for South Dakota Home Buyers
With a score of 116.1, South Dakota is 15.5 points more affordable than the national average of 100.6. South Dakota ranks #13 out of 51 states for affordability — among the most affordable markets in the country.
The index reflects the current South Dakota 30-year mortgage rate of 6.357% combined with Census median home values, household income, property taxes, and cost burden data. A 0.25% rate change shifts the score by approximately 0.8–1.0 points — meaning today’s rate environment directly impacts how affordable homeownership is relative to local incomes across South Dakota.
Score updated nightly from live mortgage rates across 8,500+ monitored institutions combined with U.S. Census Bureau ACS 5-Year Estimates (2024) and CPS/HVS Q4 2025. Score of 100 = national average at 6.5% reference rate. Full methodology →
How Mortgage Rates Impact Home Affordability in South Dakota
South Dakota Housing Market Overview
According to the U.S. Census Bureau, the median owner-occupied home value in South Dakota is approximately $257,400. The 2026 FHFA conforming loan limit for South Dakota is $832,750.
South Dakota Homeownership Rate
The homeownership rate in South Dakota stands at 67%, near the national average of 65.7%. The homeowner vacancy rate of 1.3% signals a tight market with limited available inventory — making it critical to secure the best possible rate quickly when a suitable property becomes available.
Monthly Payment Estimates for South Dakota Buyers
Even a small difference in your interest rate can add up to tens of thousands of dollars over the life of a loan. The table below shows monthly principal and interest payments on a $210,000 mortgage — based on a 20% down payment on the South Dakota median home value.
| Interest Rate | Loan Term | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 5.821% | 30-year fixed | $1,235 | $234,597 |
| 6.321% Current Avg | 30-year fixed | $1,303 | $258,979 |
| 6.821% | 30-year fixed | $1,372 | $283,913 |
| 6.000% | 15-year fixed | $1,772 | $108,978 |
A 0.500% rate increase on a $210,000 loan adds roughly $69 per month and over $24,935 in total interest over a 30-year term. That’s why comparing verified, current rates from multiple lenders — using the rate table above — is one of the most impactful financial decisions a South Dakota buyer can make.
Data sources: U.S. Census Bureau; Federal Housing Finance Agency (FHFA). Monthly payments shown are principal & interest only — taxes, insurance, and PMI not included.
South Dakota Income & Housing Affordability
At a price-to-income ratio of 3.4x, South Dakota is a relatively affordable housing market compared to national averages. That ratio — median home value divided by median household income — is a standard benchmark used by housing economists to gauge how accessible homeownership is relative to local earnings. The national baseline is approximately 3.8x.
What This Means for South Dakota Buyers
With a median household income of $75,081 per year in South Dakota ($6,257/month) and a median home value of approximately $257,400, a buyer financing at 80% LTV at the current average rate would commit roughly 20.8% of gross monthly income to principal and interest alone. that falls within a manageable range relative to income, though taxes, insurance, HOA fees, and PMI will add to the true monthly cost of ownership.
Data sources: U.S. Census Bureau. Monthly payment estimate assumes 80% LTV at current average rate; principal and interest only.
Full Cost of Homeownership in South Dakota
A mortgage payment is just the starting point. Property taxes, insurance, and utilities add hundreds of dollars per month to the true cost of owning a home across South Dakota. Understanding the full picture before you buy is the difference between a home you can afford and one that stretches you thin.
Owner vs. Renter Costs
Across South Dakota, the median homeowner with a mortgage pays approximately $1,096/month in total housing costs — covering the mortgage payment, property taxes, insurance, and utilities. The median renter pays $946/month including utilities. The $150/month difference between owning and renting is relatively narrow — worth factoring carefully into a rent vs. buy analysis given that owners also build equity over time. Property taxes alone account for $212/month of the ownership cost, a figure that can vary dramatically by location and is often underestimated by first-time buyers.
Housing Cost Burden
The federal standard defines “cost burdened” as spending more than 30% of gross household income on housing. “Severely cost burdened” means spending 50% or more. Both thresholds leave little room for savings, emergencies, or other financial goals.
Across South Dakota, 23.2% of homeowners with mortgages are cost burdened and 38.1% of renters are cost burdened. Renters face significantly higher burden rates than owners — a pattern that often reflects lower renter incomes rather than lower rental costs, and one that can make the path from renting to owning financially difficult even when mortgage payments might be affordable. The 23.2% owner burden rate is below the national average of 28.0%, suggesting this market offers relatively manageable ownership costs relative to local incomes.
Data sources: U.S. Census Bureau, American Community Survey 5-Year Estimates. Monthly owner costs include mortgage payment, taxes, insurance, and utilities. Property taxes reflect median annual taxes for mortgage holders. Rent reflects median gross rent including utilities. Cost burden figures reflect households spending 30%+ of gross income on housing.
Run the Numbers on Your South Dakota Home Loan
Rates are only part of the equation. Use these calculators to translate current South Dakota mortgage rates into real numbers for your specific situation — before you talk to a lender.
Enter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios — a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current South Dakota rates — so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateIf you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point — the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateBuying isn’t always the better financial decision, and renting isn’t always throwing money away. This calculator weighs the full cost of each path — mortgage payments, taxes, insurance, and maintenance against rent increases and the opportunity cost of a down payment — to show which option builds more wealth over your intended time horizon in South Dakota.
CalculateTypes of Mortgages Available in South Dakota
Borrowers in South Dakota have access to a wide range of mortgage programs. Rates, down payment requirements, and eligibility rules vary significantly across products — understanding the differences before you compare lenders can save thousands of dollars over the life of your loan.
Fixed-Rate Mortgage
A fixed-rate mortgage locks your interest rate in for the entire loan term — your principal and interest payment on day one is identical to payment 360. That predictability is valuable for long-term financial planning, especially in markets where housing costs represent a large share of household income.
Available in 10-, 15-, 20-, and 30-year terms. The 30-year minimizes monthly payments; the 15-year cuts total interest paid dramatically but requires a higher monthly commitment. The payment comparison table above shows exactly how those trade-offs look at today’s South Dakota rate levels.
Adjustable-Rate Mortgage (ARM)
An ARM offers a fixed introductory rate for an initial period — commonly 5, 7, or 10 years — after which the rate adjusts periodically based on a market index. The starting rate is typically lower than a comparable fixed-rate loan, which reduces your monthly payment during the initial window.
ARMs work best when you have a defined exit timeline: if you plan to sell or refinance before the fixed period ends, you capture the lower rate without exposure to future adjustments. Rate caps govern how much the rate can move at each adjustment and in total, so read those terms closely before committing.
FHA Loan
Backed by the Federal Housing Administration, FHA loans are built for buyers who don’t yet meet conventional loan standards. You can qualify with a credit score of 580 and just 3.5% down — and some lenders will consider scores as low as 500 with a 10% down payment.
The cost of that lower barrier is mortgage insurance. FHA loans carry an upfront MIP of 1.75% of the loan amount (which can be rolled in) plus an annual MIP of 0.15%–0.75% depending on your term and LTV. For buyers who would otherwise wait years to save a larger down payment — given ongoing home price trends in South Dakota — FHA is often the faster path to ownership.
VA Loan
Available to eligible active-duty service members, veterans, reservists, National Guard members, and qualifying surviving spouses, VA loans are among the most favorable mortgage programs available anywhere. No down payment is required, there is no monthly mortgage insurance, and rates are generally competitive with — and often better than — conventional loan rates.
A one-time funding fee applies — 2.15% of the loan for first-time VA borrowers with no down payment — which can be financed into the loan. In South Dakota, where home prices require substantial savings for a conventional down payment, the zero-down VA benefit is an enormous advantage for those who qualify.
Jumbo Loan
Conforming loan limits in South Dakota vary by county. The 2026 FHFA baseline is $832,750 for most counties, with higher limits in designated high-cost areas. Any mortgage exceeding the applicable county limit is a jumbo loan and falls outside Fannie Mae and Freddie Mac guidelines.
Jumbo underwriting is stricter: lenders typically require a credit score of 700 or higher, substantial cash reserves, thorough income documentation, and a down payment of at least 10–20%. Rates may run slightly above conforming levels, though the gap narrows in competitive lending environments.
Methodology & Data Sources
Direct-Sourced & Verified Mortgage Rate Data: We aggregate mortgage and refinance rates for South Dakota directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every rate displayed is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in South Dakota. We feature a comprehensive mix of licensed NMLS financial institutions — from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in SD.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data — including the Texas Ratio — ensuring you compare rates from secure, reliable lenders.
Frequently Asked Questions about Mortgage Rates in South Dakota
How does my credit score affect my rate in South Dakota?
What is a 30-Year Fixed Mortgage?
What are closing costs in South Dakota?
Should I lock my mortgage rate?
What is an Adjustable-Rate Mortgage (ARM)?
What is a Jumbo Loan in South Dakota?
Do I need 20% down to buy a house in South Dakota?
What is the difference between Interest Rate and APR?
How do I find the best lender in South Dakota?
What is the median home value in South Dakota?
What is the homeownership rate in South Dakota?
What is the conforming loan limit in South Dakota?
What is the median monthly cost of homeownership in South Dakota?
What are the median property taxes in South Dakota?
What is the median rent in South Dakota?
What percentage of homeowners are cost burdened in South Dakota?
What percentage of renters are cost burdened in South Dakota?
What are the best Mortgage rates in South Dakota?
- Wells Fargo: 5.50% (30-Year Fixed-Rate VA)
- U.S. Bank: 6.62% (30-year fixed refinance)
Mortgage Rates by City in South Dakota
