South Dakota Mortgage Rates;
Although the market has slowed down, it still remains pretty active. There is a lot of demand especially among first time buyers who see this as a great time to take advantage of low interest rates and a big choice of homes. The bigger cities like Sioux Falls and Rapid City are increasing in population and that means more people are looking to buy homes. Prices have stabilized and the market is a lot more balanced now. The state economy remains strong and more industries are looking to move in and create jobs in the area.
Sellers need to appreciate that home improvement and added incentives will enable them to sell their homes faster. With greater choice, buyers can negotiate hard to get the best deal and to get more bang for their buck.
Below are some rates currently being offered.
For loans up to $417,000
30 Yr Fixed : rates from 5.875%
15 Yr Fixed : rates from 5.5 % to 6.375%
1 Yr ARM : rates from 5% to 6.75%
3/1 ARM : rates from 5.375% to 6.25%
5/1 ARM : rates from 5.5% to 6.5%
For loans above $417,000
30 Yr Fixed Jumbo :rates from 6.125% to 6.5%
15 Yr Fixed Jumbo : rates from 5.75% to 6.25%
1 Yr ARM Jumbo :rates from 5.375%
3/1 ARM Jumbo :rates from 5.5%
5/1 ARM Jumbo : rates from 5.625% to 6.625%
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Looking for a mortgage in one of South Dakota's major cities? Click any of the cities below for more mortgage information.
Major South Dakota Cities;
Brookings
Huron
Mitchell
Rapid City
Watertown
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