Rates as of July 8, 2026
| Program | Mortgage Rate | APR* | Change |
|---|---|---|---|
| Conventional 30-year fixed | |||
| Conventional 30-year fixed | 6.708% | 6.789% | Unchanged |
| Conventional 15-year fixed | |||
| Conventional 15-year fixed | 5.811% | 6.025% | Unchanged |
| 30-year fixed FHA† | |||
| 30-year fixed FHA† | 6.606% | 6.67% | +0.33 |
| 30-year fixed VA† | |||
| 30-year fixed VA† | 6.65% | 6.706% | +0.34 |
| Conventional 20-year fixed | |||
| Conventional 20-year fixed | 6.875% | 7.003% | Unchanged |
| Conventional 10-year fixed | |||
| Conventional 10-year fixed | 6.5% | 6.587% | Unchanged |
| † National average shown — statewide South Dakota data for this loan type isn't available yet. | |||
| Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here. | |||
Buying a Home in South Dakota
If you’re buying a home in South Dakota, you can use any of the nationwide mortgage programs that provide affordable, accessible home loans. That includes government-backed mortgage programs like:
- USDA loans, which allow 0% down in qualified rural areas
- VA loans, which allow 0% down for eligible veterans
- FHA loans, which let you put just 3.5% down
But South Dakotans also benefit from state-level mortgage programs. These can be especially helpful if you’re a first-time home buyer, or don’t have a ton of money for a down payment.
If either of those applies to you, check out programs like:
- The South Dakota First-Time Homebuyer Program
- The HUD’s resource on down payment and homeownership assistance in South Dakota
- The GROW program for qualifying lower-priced homes
For more information about how to purchase and finance your new home, see our complete guide to home buying.
Refinancing in South Dakota
South Dakota has very few state laws that stand in the way of a homeowner refinancing.
So, unlike in some other states, you don’t:
- Need an attorney
- Have to show a tangible net benefit (TNB) that results from your refinancing (read on for more about those)
That said, you also don’t get any special consumer protections when you refinance a house in South Dakota.
As a resource, website SD Law Help lists some common predatory lending practices and suggests ways to avoid dangerous loans. Alternatively, you may wish to use an attorney to act for you through your refinancing transaction. He or she would have a duty to act on your behalf and protect you from unscrupulous lenders.
So what are those “tangible net benefits” that South Dakotan law doesn’t require?
Well, in other states you might not be allowed to refinance unless you can prove you’re getting some benefit. That could mean:
- A lower monthly payment
- A lower mortgage rate
- A shorter term (you might swap your existing 30-year loan for a 10-, 15- or 20-year one)
- A fixed-rate mortgage to replace your existing adjustable-rate mortgage (ARM)
- A check on closing because you’re doing a cash-out refinance
In South Dakota, you’re not required to prove the reason for your refinance. However, if you’re not walking away with one or more of those benefits, you might ask yourself what you’re doing.
You can learn more about when it’s worth it to refinance here.