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Best Mortgage Rates in South Dakota — April 2026

Compare current South Dakota mortgage rates across loan types. The average home price in South Dakota is $290,000 with a property tax rate of 1.22%. Find the best rate for your South Dakota home purchase or refinance.

Avg Home Price
$290,000
Property Tax Rate
1.22%
Median Income
$63,920
Population
910K

Current South Dakota Mortgage Rates

Updated April 2026. Rates shown are averages — your rate depends on credit score, down payment, loan amount, and lender.

Loan TypeRateAPRMonthly P&I*
30-Year Fixed6.86%6.98%$1,522
20-Year Fixed6.63%6.73%$1,748
15-Year Fixed6.16%6.24%$1,978
10-Year Fixed5.96%6.03%$2,571
FHA 30-Year6.46%6.61%$1,460
VA 30-Year6.26%6.36%$1,430

*Monthly payment based on $232,000 loan (20% down on $290,000 avg home price). Does not include taxes or insurance.

Estimated Monthly Payment in South Dakota

Full PITI breakdown for a $290,000 home with 20% down at 6.86%:

Principal & Interest$1,522
Property Taxes$295
Homeowners Insurance$85
Total Monthly (PITI)$1,901

South Dakota First-Time Homebuyer Programs

SDHDA First-Time Homebuyer

The South Dakota Housing Development Authority offers programs to help first-time buyers in South Dakota achieve homeownership. Benefits typically include:

  • Below-market interest rates for qualifying borrowers
  • Down payment assistance (up to 3-5% of purchase price)
  • Closing cost assistance programs
  • Homebuyer education and counseling
  • Compatible with FHA, VA, USDA, and conventional loans

Income limits, purchase price limits, and credit score requirements apply. Contact the South Dakota Housing Development Authority directly for current program details.

Popular Cities for Homebuying in South Dakota

🏠Sioux Falls
🏠Rapid City
🏠Aberdeen
🏠Brookings

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South Dakota Mortgage FAQs

What are current mortgage rates in South Dakota?+
As of April 2026, average mortgage rates in South Dakota are approximately 6.86% for a 30-year fixed, 6.16% for a 15-year fixed, and 6.46% for an FHA 30-year loan. Rates vary based on your credit score, down payment, loan amount, and lender. Use our mortgage calculator to estimate your specific payment.
How much house can I afford in South Dakota?+
With the average home price of $290,000 in South Dakota and a median household income of $63,920, affordability depends on your debt-to-income ratio, down payment, and current rates. A general rule is your monthly payment (including taxes and insurance) should not exceed 28-33% of gross income. At current rates, a $290,000 home with 20% down would cost approximately $1,901/month.
What is the property tax rate in South Dakota?+
The effective property tax rate in South Dakota averages 1.22%. On the average home price of $290,000, that's approximately $3,538 per year or $295/month. Property taxes are a significant part of your monthly housing cost and vary by county.
Are there first-time homebuyer programs in South Dakota?+
Yes! South Dakota offers the SDHDA First-Time Homebuyer through the South Dakota Housing Development Authority. This program typically provides below-market interest rates, down payment assistance, and closing cost help for qualifying first-time buyers. Income limits and property value caps apply. Contact the South Dakota Housing Development Authority for current program details and eligibility.
Should I get a 15-year or 30-year mortgage in South Dakota?+
A 15-year mortgage in South Dakota currently offers rates around 6.16% vs 6.86% for 30-year, saving you significantly on interest. On a $232,000 loan, the 30-year payment is $1,522/month while a 15-year is $1,978/month. Choose 15-year if you can afford the higher payment; choose 30-year for more cash flow flexibility.
What credit score do I need to buy a home in South Dakota?+
In South Dakota, conventional loans typically require a 620+ credit score, FHA loans require 580+ (or 500+ with 10% down), and VA loans have no official minimum but lenders usually want 620+. Higher credit scores get better rates — a score of 760+ qualifies for the best rates in South Dakota, potentially saving thousands over the life of the loan. The South Dakota Housing Development Authority programs may have specific credit requirements.

South Dakota Mortgage Tools

🏠Mortgage Calculator🔄Refinance Calculator🏡HELOC Calculator📖Mortgage Guide

Mortgage Rates in Neighboring States

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