South Dakota Refinance Rates & Programs 2026

South Dakota offers affordable housing and very low refinancing costs. From Sioux Falls to Rapid City across the Mount Rushmore State, here's what you need to know.

Current South Dakota Refinance Rates

| Loan Type | Average Rate | |-----------|--------------| | 30-Year Fixed | 6.22% | | 15-Year Fixed | 5.54% | | FHA 30-Year | 6.17% | | VA 30-Year | 5.50% |

Use our refinance calculator.

South Dakota-Specific Programs

South Dakota Housing Development Authority (SDHDA)

• First-time homebuyer programs
• If you used SDHDA assistance, check subordination before refinancing
• Mortgage Credit Certificates available

USDA Refinancing

Much of South Dakota qualifies for USDA loans outside Sioux Falls and Rapid City.

VA Loans

Ellsworth Air Force Base. VA IRRRL available.

Cost of Refinancing

Very low:

| Cost Item | Typical Amount | |-----------|---------------| | Origination | $0 - $1,800 | | Appraisal | $350 - $500 | | Title | $500 - $900 | | Recording | $25 - $50 | | Total | $2,500 - $5,000 |

No state mortgage tax.

When to Refinance

Refinance if rates dropped 0.75%+. Low costs mean quick break-even.

FAQ

How long? 25-35 days. Property taxes change? No. Credit score? 580 FHA, 620 conv, 740+ best. Keep SDHDA MCC? Yes, with participating lender.

Bottom Line

SD's low costs make refinancing attractive when rates drop 0.75%+.

Get quote: See rates.

---

Author: Bill McCoy, 15 years experience.