South Dakota Mortgage Rates Today — Compare SD Lenders
The average 30-year fixed mortgage rate in South Dakota is currently 6.47% APR. South Dakota has no state income tax. Sioux Falls is one of the fastest-growing mid-size cities in the US. Compare today’s rates from top South Dakota lenders across all major loan types below.
South Dakota Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $260,000 loan on a single-family primary residence in South Dakota.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.47% | 6.47% | Most Popular |
| 15-Year Fixed | 5.82% | 5.82% | Pay off faster, save interest |
| 5/1 ARM | 6.59% | 6.59% | Short-term owners |
| FHA 30-Year | 6.15% | 6.15% | Low down payment |
| VA 30-Year | 5.99% | 5.99% | Veterans & military |
| 30-Year Refinance | 6.59% | 6.59% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in South Dakota
South Dakota provides very affordable housing with no state income tax. Sioux Falls has grown significantly as a financial services hub — many major credit card companies are headquartered here due to favorable banking laws.
South Dakota Housing Development Authority offers programs for first-time buyers. The state’s no-income-tax status and relatively affordable housing make it attractive for retirees and remote workers.
What Affects Your South Dakota Mortgage Rate?
Several key factors influence the rate a South Dakota lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.