South Dakota Mortgage and Refinance Rates for July 2026

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Updated on July 03, 2026

On Friday, July 03, 2026, the national average 30-year fixed mortgage APR is 6.61%. The national average 30-year fixed refinance APR is 6.79%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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South Dakota mortgage and refinance rates today

Showing results for: Single-family home, 30 year fixed and 5 year ARM mortgages with all points options.

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Optimum First Mortgage 30 Year Fixed

NMLS #240415 | State Lic: MLD1600

Rate as of 7/3/26: 5.498%
APR: 5.677%
Points: 1.587
Monthly payment: $3,134
Upfront costs: $10,7558 year cost: $238,526
Customer score

Tomo Mortgage 30 Year Fixed

NMLS #2059741 | State Lic: MLD2152

Rate as of 7/3/26: 5.490%
APR: 5.692%
Points: 1.735
Monthly payment: $3,138
Upfront costs: $11,2778 year cost: $238,697
Customer score

Mutual of Omaha Mortgage 30 Year Fixed

NMLS #1025894

Rate as of 7/3/26: 5.750%
APR: 5.915%
Points: 1.361
Monthly payment: $3,221
Upfront costs: $9,7518 year cost: $248,957
Customer score

Real Genius 30 Year Fixed

NMLS #2389303 | State Lic: MLD2301

Rate as of 7/3/26: 5.750%
APR: 5.944%
Points: 1.841
Monthly payment: $3,222
Upfront costs: $11,4578 year cost: $250,663
Customer score

Sage Home Loans 30 Year Fixed

NMLS #3304 | State Lic: MLD921

Rate as of 7/3/26: 5.750%
APR: 5.947%
Points: 1.84
Monthly payment: $3,221
Upfront costs: $11,6518 year cost: $250,857
Customer score

Third Federal Savings and Loan 30 Year Fixed

NMLS #449401

Rate as of 7/3/26: 5.790%
APR: 6.001%
Points: 2
Monthly payment: $3,235
Upfront costs: $12,4358 year cost: $253,401
Customer score

Alliant Credit Union 30 Year Fixed

NMLS #197185

Rate as of 7/3/26: 6.000%
APR: 6.175%
Points: 1.677
Monthly payment: $3,310
Upfront costs: $10,2078 year cost: $260,424
Customer score

Optimum First Mortgage 5/6 Arm

NMLS #240415 | State Lic: MLD1600

Rate as of 7/3/26: 5.248%
APR: 6.008%
Points: 1.908
Monthly payment: $3,047
Upfront costs: $12,5278 year cost: $238,131
Customer score

Real Genius 5/6 Arm

NMLS #2389303 | State Lic: MLD2301

Rate as of 7/3/26: 5.250%
APR: 6.115%
Points: 1.676
Monthly payment: $3,049
Upfront costs: $10,5468 year cost: $262,295
Customer score

Third Federal Savings and Loan 5/1 Arm

NMLS #449401

Rate as of 7/3/26: 5.940%
APR: 5.780%
Points: 1
Monthly payment: $3,288
Upfront costs: $6,9158 year cost: $268,742
Customer score

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Table of contents

Current mortgage rates in South Dakota
Mortgage options in South Dakota
First-time homebuyer programs in South Dakota
How to find the best mortgage rate in South Dakota for you
Additional South Dakota mortgage resources

Current mortgage rates in South Dakota

As of Friday, July 03, 2026, current mortgage interest rates in South Dakota are 6.38% for a 30-year fixed mortgage and 5.84% for a 15-year fixed mortgage.

Following three consecutive rate cuts by the Federal Reserve last year, mortgage rates drifted downward a bit, and ended the year with an average of 6.66%. Rates were continuing to drop — hovering around the 6% mark — until the conflict in Iran began in February. Now rates are around 6.40%. Experts anticipate they’ll continue to bounce around between the 6 and 7% range for most of 2026.

Learn more: Latest mortgage rate forecast

Refinance rates in South Dakota

While mortgage refinance rates have more than doubled since the pandemic, home equity remains solid (though it is cooling) according to ATTOM, a provider of property and real estate data. South Dakota’s share of equity-rich homes actually increased in the first quarter of 2026 (compared to the last quarter of 2025), one of only three states that saw a year-over-year increase in this metric. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

South Dakota mortgage rates by loan type

Product	Interest Rate
30-Year Fixed Rate	6.38%
15-Year Fixed Rate	5.84%
30-Year Fixed Rate Jumbo	6.48%

Rates as of Friday, July 03, 2026 at 6:30 AM

Product	Interest Rate
30-Year Fixed Rate	6.72%
15-Year Fixed Rate	6.01%
15-Year Fixed Rate Jumbo	6.42%
30-Year Fixed Rate Jumbo	6.81%
3/1 Adjustable Rate Mortgage	5.50%

Rates as of Friday, July 03, 2026 at 6:30 AM

Bankrate’s mortgage rates include national rate and APR averages; Bankrate Monitor (BRM) National Index rate averages; and “top offers”:
- National rate and APR averages: Displayed as daily and weekly averages, these rates and APRs are primarily collected from the 5 largest banks and thrifts across hundreds of markets in the U.S.
- Bankrate Monitor (BRM) National Index rate averages: Reported weekly, this long-standing survey collects rates from banks and thrifts across hundreds of markets in the U.S.
- “Top offers”: Displayed daily and weekly, these are an average of the rates listed first on our rate tables as advertised by our partners. The averages shown are based on the loan type and term selected.
You can compare national average mortgage rates to top offers to see how much you could save when shopping on Bankrate.

Learn more about how we collect, display and report mortgage rates.

Mortgage options in South Dakota

If you’re looking to get a mortgage in South Dakota, there are several options:

Conventional mortgages usually require a credit score of 620 and a debt-to-income (DTI) ratio of no more than 45%. You’ll need to put at least 3% down, but at that level, you’ll need to pay private mortgage insurance (PMI) as well.
If you have a lower credit score, a loan insured by the Federal Housing Administration (FHA) might be a better option. You can get an FHA loan with a credit score of 580 and a down payment of 3.5%.
South Dakota has properties eligible for loans backed by the United States Department of Agriculture (USDA). USDA loans can come with reduced interest rates and don’t require a down payment. However, you’ll need to be below area-specific income requirements.
For qualifying active-duty service members, veterans and surviving spouses, a mortgage guaranteed by the Department of Veterans Affairs (VA) is an option. You’ll need to pay a funding fee, but on the flipside, VA loans don't require a down payment or mortgage insurance.

Learn more: Types of home loans

First-time homebuyer programs in South Dakota

If you're a first-time buyer hoping to plant some roots in The Mount Rushmore state, check if you qualify for any of these first-time homebuyer assistance programs:

South Dakota Housing First-Time Homebuyer Program: South Dakota Housing offers a first-time homebuyers program with several different loan types, including a fixed-rate mortgage. To qualify, you can’t have owned a home in the last three years, and you must meet certain income and purchase price limits.
Down Payment Assistance: South Dakota Housing Development Authority’s Fixed Rate Plus loan provides up to 5% for down payment or closing costs as a zero-percent second mortgage, due when the first mortgage is paid off or the home is sold.
Homes Are Possible Assistance: Homes Are Possible Inc. (HAPI) offers a $5,000 interest-free loan for down payment or closing costs, to be repaid when the home is sold or the mortgage is paid off.
GROW South Dakota Assistance: GROW South Dakota offers a zero-percent deferred loan ranging from $5,000 to $10,500 for down payment or closing costs, due either when the loan matures, or the home is sold or refinanced.

Learn more: South Dakota first-time homebuyer resources

How to find the best mortgage rate in South Dakota for you

To get the best deal on interest rates and loan terms, be sure to shop around with multiple lenders before picking one. You might also find it helpful to read South Dakota lender reviews to get an idea of other people's experiences and satisfaction with a given lender in the state. Here are some steps to take to find the best mortgage rate for you:

Step 1: Strengthen your credit score: Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed. You’re entitled to a free credit report from each of the three main reporting bureaus, which you can get through AnnualCreditReport.com.
Step 2: Determine your budget: To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need, or one that would max out your budget and leave no room for unexpected expenses.
Step 3: Know your mortgage options: There are a few different types of mortgages. Explore which one might be best for your situation.
Step 4: Compare rates and terms from several lenders: Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies.
Step 5: Get pre-approved for a mortgage: As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Additional South Dakota mortgage resources

South Dakota loan limits by county

Learn the conforming loan limit for your city or town.

South Dakota mortgage lenders

Explore loan-offering institutions throughout the state.

Meet our Bankrate experts

Written by

Andrew Dehan Andrew Dehan

Former Senior Writer, Home Lending

South Dakota Mortgage and Refinance Rates for July 2026

Don't be like the 90% of buyers who overpay

South Dakota mortgage and refinance rates today

How Bankrate works

How Bankrate works

Get lender information

Compare personalized rates

Get matched with lenders

Current mortgage rates in South Dakota

Refinance rates in South Dakota

South Dakota mortgage rates by loan type

How Bankrate collects mortgage rates

Mortgage options in South Dakota

South Dakota conventional mortgages

South Dakota FHA loans

South Dakota USDA loans

South Dakota VA loans

First-time homebuyer programs in South Dakota

How to find the best mortgage rate in South Dakota for you

Additional South Dakota mortgage resources

Meet our Bankrate experts

Article sources

Mortgage rates in other states