South Dakota mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across South Dakota's 66 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 8,133 home-purchase mortgages for owner-occupied, single-family homes in South Dakota. The median buyer borrowed $285,000 on a home valued at $335,000 and reported a household income of $100,000.
Buyers financed a median 93% of the home's value (roughly 7% down), paid a median 6.49% on 30-year fixed conventional loans and faced median conventional loan costs of $4,750.
Lenders denied 6.9% of completed home-purchase applications.
Key facts
- Home buyers' median income ($100,000) is 14% lower than the U.S. median ($116,000).
- The median 30-year fixed conventional rate here was 13 basis points below the U.S. median (6.625%).
- Median conventional loan costs ($4,750) were 15% lower than the U.S. median ($5,570).
- The most common age bracket among borrowers was 25–34 (34.6% of purchase loans).
- 46.3% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (38.7% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every South Dakota county. See every South Dakota county's 2026 FHA and conforming loan limits.
South Dakota counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Aurora County | 13 | — | — | — | — | — | — | $541,287 |
| Beadle County | 110 | $185,000 | $75,000 | 5.0% | — | $3,450 | 16.7% | $541,287 |
| Bennett County | 2 | — | — | — | — | — | — | $541,287 |
| Bon Homme County | 36 | $155,000 | $67,000 | — | — | — | 17.8% | $541,287 |
| Brookings County | 264 | $285,000 | $113,000 | 15.0% | 6.375% | $4,960 | 8.0% | $541,287 |
| Brown County | 252 | $235,000 | $87,000 | 5.0% | 6.500% | $4,370 | 7.3% | $541,287 |
| Brule County | 21 | — | — | — | — | — | — | $541,287 |
| Buffalo County | 0 | — | — | — | — | — | — | $541,287 |
| Butte County | 110 | $265,000 | $90,000 | 5.0% | 6.625% | $4,900 | 8.1% | $541,287 |
| Campbell County | 4 | — | — | — | — | — | — | $541,287 |
| Charles Mix County | 24 | — | — | — | — | — | — | $541,287 |
| Clark County | 19 | — | — | — | — | — | — | $541,287 |
| Clay County | 89 | $235,000 | $97,000 | 10.0% | 6.375% | $3,340 | 13.6% | $541,287 |
| Codington County | 257 | $245,000 | $90,000 | 10.0% | 6.500% | $4,630 | 5.5% | $541,287 |
| Corson County | 0 | — | — | — | — | — | — | $541,287 |
| Custer County | 71 | $355,000 | $110,000 | 20.0% | 6.625% | $5,760 | 6.4% | $541,287 |
| Davison County | 154 | $235,000 | $87,000 | 9.0% | 6.375% | $4,290 | 6.6% | $541,287 |
| Day County | 25 | — | — | — | — | — | — | $541,287 |
| Deuel County | 33 | $245,000 | $84,000 | — | — | — | 8.3% | $541,287 |
| Dewey County | 1 | — | — | — | — | — | — | $541,287 |
| Douglas County | 15 | — | — | — | — | — | — | $541,287 |
| Edmunds County | 16 | — | — | — | — | — | — | $541,287 |
| Fall River County | 74 | $245,000 | $94,000 | 5.0% | 6.500% | $4,990 | 11.8% | $541,287 |
| Faulk County | 9 | — | — | — | — | — | — | $541,287 |
| Grant County | 69 | $195,000 | $94,000 | 7.0% | 6.490% | $4,760 | 9.2% | $541,287 |
| Gregory County | 16 | — | — | — | — | — | — | $541,287 |
| Haakon County | 8 | — | — | — | — | — | — | $541,287 |
| Hamlin County | 61 | $245,000 | $84,000 | 5.1% | — | — | 10.3% | $541,287 |
| Hand County | 14 | — | — | — | — | — | — | $541,287 |
| Hanson County | 21 | — | — | — | — | — | — | $541,287 |
| Harding County | 4 | — | — | — | — | — | — | $541,287 |
| Hughes County | 150 | $245,000 | $97,000 | 10.0% | 6.250% | $4,970 | 5.0% | $541,287 |
| Hutchinson County | 59 | $175,000 | $72,000 | 5.0% | 6.125% | — | 9.2% | $541,287 |
| Hyde County | 9 | — | — | — | — | — | — | $541,287 |
| Jackson County | 2 | — | — | — | — | — | — | $541,287 |
| Jerauld County | 9 | — | — | — | — | — | — | $541,287 |
| Jones County | 4 | — | — | — | — | — | — | $541,287 |
| Kingsbury County | 44 | $225,000 | $90,000 | 15.1% | — | — | 15.4% | $541,287 |
| Lake County | 102 | $265,000 | $99,000 | 5.0% | 6.500% | $4,580 | 11.3% | $541,287 |
| Lawrence County | 256 | $335,000 | $111,000 | 12.4% | 6.490% | $5,800 | 6.7% | $541,650 |
| Lincoln County | 996 | $315,000 | $114,000 | 10.0% | 6.490% | $4,960 | 4.6% | $541,287 |
| Lyman County | 9 | — | — | — | — | — | — | $541,287 |
| McCook County | 70 | $215,000 | $75,000 | 5.0% | — | $3,940 | 13.4% | $541,287 |
| McPherson County | 12 | — | — | — | — | — | — | $541,287 |
| Marshall County | 13 | — | — | — | — | — | — | $541,287 |
| Meade County | 301 | $365,000 | $118,000 | 5.0% | 6.625% | $5,790 | 4.4% | $541,287 |
| Mellette County | 1 | — | — | — | — | — | — | $541,287 |
| Miner County | 8 | — | — | — | — | — | — | $541,287 |
| Minnehaha County | 2,369 | $285,000 | $98,000 | 6.7% | 6.375% | $4,570 | 5.3% | $541,287 |
| Moody County | 40 | $195,000 | $80,000 | 5.0% | — | — | 7.0% | $541,287 |
| Oglala Lakota County | 0 | — | — | — | — | — | — | $541,287 |
| Pennington County | 1,311 | $325,000 | $102,000 | 5.0% | 6.500% | $5,580 | 5.0% | $541,287 |
| Perkins County | 6 | — | — | — | — | — | — | $541,287 |
| Potter County | 12 | — | — | — | — | — | — | $541,287 |
| Roberts County | 30 | $165,000 | — | 15.0% | — | — | 14.3% | $541,287 |
| Sanborn County | 6 | — | — | — | — | — | — | $541,287 |
| Spink County | 11 | — | — | — | — | — | — | $541,287 |
| Stanley County | 16 | — | — | — | — | — | — | $541,287 |
| Sully County | 13 | — | — | — | — | — | — | $541,287 |
| Todd County | 0 | — | — | — | — | — | — | $541,287 |
| Tripp County | 23 | — | — | — | — | — | 22.6% | $541,287 |
| Turner County | 78 | $275,000 | $104,000 | 5.0% | 6.500% | $4,970 | 9.3% | $541,287 |
| Union County | 167 | $305,000 | $117,000 | 10.0% | 6.575% | $4,540 | 9.1% | $541,287 |
| Walworth County | 26 | — | — | — | — | — | 9.7% | $541,287 |
| Yankton County | 187 | $245,000 | $100,000 | 10.0% | 6.375% | $3,400 | 6.9% | $541,287 |
| Ziebach County | 0 | — | — | — | — | — | — | $541,287 |
Who bought homes in South Dakota
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in South Dakota
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | South Dakota | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.490% | 6.625% |
| 30-year fixed rate · FHA | 6.125% | 6.250% |
| 30-year fixed rate · VA | 6.125% | 6.125% |
| 15-year fixed rate · conventional | 5.750% | 5.875% |
| Rate spread vs. APOR · conventional | +0.03 pts | +0.13 pts |
| Total loan costs · conventional | $4,750 | $5,570 |
| Total loan costs · FHA | $8,310 | $11,310 |
| Total loan costs · VA | $6,540 | $6,490 |
| Origination charges (all loan types) | $2,400 | $1,860 |
| Borrowers paying discount points | 38.1% | 51.3% |
| Points paid, when paid (% of loan) | 0.76% | 0.87% |
| Borrowers receiving lender credits | 34.6% | 33.1% |
| Adjustable-rate mortgages | 3.5% | 7.4% |
| Jumbo loans (above conforming limit) | 1.4% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
South Dakota: 613 of 8,856 completed home-purchase applications were denied (6.9%).
Denial rate
| Application | South Dakota | U.S. |
|---|---|---|
| Home purchase | 6.9% | 8.5% |
| Conventional | 5.5% | 7.1% |
| FHA | 10.7% | 12.5% |
| VA | 6.5% | 8.0% |
| USDA | 11.3% | 12.5% |
| Refinance | 15.7% | 17.9% |
| Cash-out refinance | 30.8% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in South Dakota
Top mortgage lenders in South Dakota
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | Plains Commerce Bank | 1,363 | 12.3% | 4.2% | 6.375% | −0.01 | $6,390 |
| 2 | CMG Mortgage, Inc. | 555 | 5.0% | 0.2% | 6.625% | +0.12 | $5,580 |
| 3 | Rocket Mortgage, LLC | 494 | 4.5% | 17.7% | 6.750% | +0.19 | $5,560 |
| 4 | First Bank & Trust | 492 | 4.5% | 11.9% | 6.375% | −0.07 | $5,140 |
| 5 | First Premier Bank | 479 | 4.3% | 13.7% | 6.375% | −0.08 | $3,910 |
| 6 | First Dakota National Bank | 427 | 3.9% | 4.0% | 6.375% | −0.09 | $2,520 |
| 7 | First International Bank & Trust | 388 | 3.5% | 1.3% | 6.500% | +0.05 | $3,650 |
| 8 | United Wholesale Mortgage (UWM) | 379 | 3.4% | 4.6% | 6.625% | +0.23 | $5,850 |
| 9 | Fairway Independent Mortgage Corporation | 322 | 2.9% | 1.7% | 6.750% | +0.26 | $3,370 |
| 10 | Dacotah Bank | 293 | 2.6% | 3.3% | 6.500% | +0.17 | $4,320 |
| 11 | Black Hills Federal Credit Union | 292 | 2.6% | 3.9% | 6.250% | −0.15 | $6,090 |
| 12 | Veterans United Home Loans | 291 | 2.6% | 9.3% | — | — | — |
| 13 | American Bank & Trust | 267 | 2.4% | 16.7% | 6.500% | +0.07 | $3,570 |
| 14 | Levo Federal Credit Union | 254 | 2.3% | 2.0% | 6.250% | −0.20 | $4,610 |
| 15 | Central Bank | 222 | 2.0% | 1.5% | 6.250% | −0.09 | $5,290 |
| 16 | Cortrust Mortgage, Inc. | 216 | 2.0% | 4.3% | 6.375% | −0.08 | $4,920 |
| 17 | Bankwest, Inc. | 200 | 1.8% | 7.4% | 6.125% | −0.14 | $5,840 |
| 18 | U.S. Bank, N.A. | 193 | 1.8% | 8.8% | 6.500% | −0.04 | $3,540 |
| 19 | Granite Bank | 174 | 1.6% | 7.9% | 6.375% | +0.15 | $4,660 |
| 20 | Freedom Mortgage Corporation | 158 | 1.4% | — | — | — | — |
| 21 | CU Mortgage Direct, LLC | 158 | 1.4% | 6.8% | 6.375% | +0.05 | $4,530 |
| 22 | Rate | 155 | 1.4% | 5.3% | 6.625% | +0.16 | $4,080 |
| 23 | CrossCountry Mortgage, Inc. | 144 | 1.3% | 0.8% | 6.750% | +0.37 | $5,670 |
| 24 | First National Bank | 142 | 1.3% | 9.9% | — | — | — |
| 25 | Service First Federal Credit Union | 132 | 1.2% | 2.6% | — | — | — |
Largest lenders in South Dakota by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in South Dakota
- Sioux Falls, SD-MN · 3,607 purchases
- Rapid City, SD · 1,683 purchases
- Sioux City, IA-NE-SD · 1,161 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology