South Dakota is a historically rural state with scenic natural beauty that attracts visitors and residents alike. The state’s population is approximately 800,000 and major industries include agriculture, retail, finance, government spending (U.S. Air Force), and tourism. Outdoor recreation (fishing, hunting, biking, camping) is popular in South Dakota, as are famous attractions like Mount Rushmore, Deadwood, the Sturgis Motorcycle Rally, the Corn Palace, Jewel Cave, and the Crazy Horse Memorial. Homebuyers and homeowners in the Mount Rushmore State should be aware of current housing market conditions and stay informed about South Dakota mortgage rates.
South Dakota mortgage rates, similar to national mortgage rates, have fallen steadily since the financial crisis that began several years ago. Potential homebuyers may discover that South Dakota mortgage rates have reached record-low levels. Additionally, current homeowners may be able to benefit from low South Dakota mortgage rates by refinancing their loans.
Your South Dakota mortgage rate will be affected by a number of factors ― including your credit report, income, debts, and employment. South Dakota mortgage rates may be fixed or adjustable, based on the type of mortgage loan you get. Remember that your loan may come with other expenses, such as loan processing fees and closing costs.
The decline of South Dakota mortgage rates has inspired many homeowners to look into mortgage refinancing. To qualify for a refinance, you must provide the mortgage lender with proof of your income, assets, debts, credit score, and home equity. If your loan exceeds 80% of your home’s value, you may need to pay for mortgage insurance.
While low South Dakota mortgage rates have prompted many homeowners to refinance their loans, you must make sure that this is the right strategy for you. It’s generally recommended that you refinance only if the South Dakota mortgage rate being offered is at least 1% lower than your current mortgage rate. Otherwise, considering mortgage application fees and settlement costs, a refinance may not be worthwhile.
The table below provides South Dakota mortgage rates for refinancing. It’s advised that you shop around and compare products from different lenders before making a final decision. Remember that South Dakota mortgage rates are always changing, and it’s in your best interest to do the proper research and stay informed.