Rates as of November 6, 2026
· Avg South Dakota property tax: 1.12%
· Avg annual home insurance: $3,432
In South Dakota, a mortgage above $832,750 is a jumbo loan in every county for 2026.
Today’s 30-year jumbo rate is 6.875%, compared with 6.875% for a conforming conventional loan.
What it costs when you need a jumbo loan in South Dakota's largest cities
How much home you can buy before you need a jumbo loan, and what that home costs each month at today's South Dakota rates of 6.875% (7.119% APR, 30-year jumbo) and 6.875% (7.171% APR, 30-year conventional). Median prices are for each city.
Sioux Falls · $342,900 median
- Principal & interestat 6.875% (7.119% APR)
- $5,471
- Est. property tax
- $1,006
- Est. homeowners insurance
- $286
Rapid City · $399,900 median
- Principal & interestat 6.875% (7.119% APR)
- $5,471
- Est. property tax
- $937
- Est. homeowners insurance
- $360*
Payments include principal and interest at today’s rates (6.875% with a 7.119% APR for 30-year jumbo; 6.875% with a 7.171% APR for 30-year conventional), estimated property taxes, and estimated homeowners insurance. * Where we don't have a local figure, the estimate uses the South Dakota average of the cities we do have. They do not include private mortgage insurance on conventional loans with less than 20% down, or HOA dues.
These examples are based on median prices, not the sample loan used in the rate table above.
Where you’d need a jumbo loan in South Dakota
A loan is a jumbo loan when it’s above the county’s 2026 conforming limit. Here’s the home price where that happens in each city, and whether the median home in each one crosses it.
Home price where a loan becomes jumbo, by down payment.
| City | County limit | Jumbo above (20% down) | Jumbo above (10% down) | Median home |
|---|
| Sioux FallsMinnehaha County |
$832,750 |
$1,040,938 |
$925,278 |
$342,900Conforming with 20% down |
| Rapid CityPennington County |
$832,750 |
$1,040,938 |
$925,278 |
$399,900Conforming with 20% down |
Jumbo vs. conforming rates in South Dakota
30-year fixed jumbo6.875%7.119% APR
30-year fixed conforming6.875%7.171% APR
Today the jumbo rate is the same as the conforming rate. Here’s what borrowing $50,000 past the limit adds to the monthly payment.
Principal and interest, 30-year fixed, at today’s conforming rate of 6.875% (7.171% APR) and jumbo rate of 6.875% (7.119% APR).
| Cities | Loan at the limit (conforming) | Limit + $50,000 (jumbo) | Difference |
|---|
| All cities shown$832,750 limit |
$5,471/mo$832,750 at 6.875% (7.171% APR) |
$5,799/mo$882,750 at 6.875% (7.119% APR) |
+$328/mo |
Stay conforming or go jumbo in South Dakota?
Compare putting more down to keep the loan at the conforming limit with taking a jumbo loan and 20% down. Where the median home already fits under the limit with 20% down, the example uses a home priced about 15% above that point.
Principal and interest, 30-year fixed, at today’s South Dakota conforming rate of 6.875% (7.171% APR) and jumbo rate of 6.875% (7.119% APR).
| City | Stay conforming | Jumbo with 20% down |
|---|
| Sioux FallsExample $1,198,000 home (median $342,900 fits under the limit) |
$5,471/mo$365,250 down (30%), $832,750 loan |
$6,296/mo$239,600 down, $958,400 loan |
| Rapid CityExample $1,198,000 home (median $399,900 fits under the limit) |
$5,471/mo$365,250 down (30%), $832,750 loan |
$6,296/mo$239,600 down, $958,400 loan |
Payments are principal and interest only, at the rates and APRs above; taxes and insurance are the same either way and are shown in the cost cards above. Jumbo loans often have stricter credit, reserve and down payment requirements than conforming loans.
Jumbo refinance rates in South Dakota
30-year jumbo refinance6.875%7.131% APR
30-year conforming refinance7.000%7.333% APR
On a $982,750 jumbo balance, principal and interest at 6.875% (7.131% APR) is about $6,456 a month. If your balance has dropped to $832,750 or less, refinancing into a conforming loan at 7.000% may be an option. Rates as of November 6, 2026.
How much income do you need to buy a home in South Dakota?
A common lender guideline is to keep your total housing payment at or below 28% of your gross monthly income, which is what you earn before taxes and other deductions. Based on that guideline, here's the yearly household income needed for the median home in each city:
Sioux FallsSmallest jumbo loan · Jumbo · $6,763/mo payment · 20% down Conventional: $103,695/yr
$289,851/yrabout $24,154/mo before taxes
Rapid CitySmallest jumbo loan · Jumbo · $6,767/mo payment · 20% down Conventional: $120,909/yr
$290,034/yrabout $24,169/mo before taxes
What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.
Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.
How much do jumbo loan rates change your payment in South Dakota's largest cities?
Monthly principal and interest at today’s 6.875% (7.119% APR) on each home with the smallest jumbo loan and 20% down (Jumbo). Every 0.25% change in rate is worth about $140 a month.
Monthly P&I in South Dakota's largest cities at today's 6.875% (7.119% APR) and nearby rates on each city's example loan. APR is shown for today’s rate only; your APR at other rates depends on points and fees.
| City |
6.125% | 6.375% | 6.625% | 6.875%
today | 7.125% |
| All cities shown$832,800 loan |
$5,060 | $5,196 | $5,333 | $5,471 | $5,611 |
2026 conforming loan limits in South Dakota
Every South Dakota county uses the same 2026 one-unit conforming loan limit of $832,750.
A loan above the limit is a jumbo loan. See South Dakota FHA loan limits for the HUD-set FHA caps.
Limits are for one-unit homes; two- to four-unit limits are higher. Max prices assume the loan equals the limit and do not include financed fees.
How to make a home in South Dakota more affordable
- Negotiate on price. In an average South Dakota city, about 15% of listings have had a price cut, so many sellers are open to offers.
- Ask for seller concessions. Homes take about 56 days to sell on average in South Dakota cities, 2 more than last year. Sellers may cover closing costs or pay for a rate buydown.
- Consider buying down your rate. In an average South Dakota city, a rate 0.5% lower saves about $275 a month on the example loan.
- Put more down to stay conforming. In South Dakota cities, the 2026 conforming limit is $832,750, so 20% down keeps the loan at or under the limit on a home up to $1,040,938, which avoids jumbo underwriting.
How we calculated the market figures above: simple averages across the 2 South Dakota cities above (Sioux Falls and Rapid City), using Movoto market trends data for each city. Price cuts are the share of active listings with a price reduction. Days to sell is days on market, compared with a year earlier. The rate saving is the drop in monthly principal and interest on each city’s example loan from today’s 6.875% (7.119% APR) to a rate 0.5% lower. Limits are FHFA 2026 one-unit limits for each city’s county.
South Dakota jumbo loan FAQs
What are jumbo loan rates in South Dakota today?
As of November 6, 2026, Lower’s 30-year jumbo rate is 6.875% (7.119% APR) and the 30-year fixed conventional rate is 6.875% (7.171% APR). Your rate depends on your credit, down payment, loan amount and any points you pay. See the rate table above for points and full details.
What is the monthly payment on a median-priced home in South Dakota's largest cities?
With 20% down (Conventional) at 6.875% (7.171% APR), the monthly payment on the median home is about $2,420 in Sioux Falls ($342,900 median) and about $2,821 in Rapid City ($399,900 median). Payments include principal and interest at that rate and APR, estimated property taxes and estimated homeowners insurance.
How much income do you need to buy a home in South Dakota?
To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $103,695 a year in Sioux Falls to about $120,909 in Rapid City to buy the median home with 20% down (Conventional). Lenders also consider your other debts, so the income you need may be higher or lower.
How much home can I buy in South Dakota before I need a jumbo loan?
The 2026 one-unit conforming loan limit in every South Dakota county is $832,750. With 20% down, you can buy a home up to about $1,040,938 before the loan becomes a jumbo loan, or about $876,579 with 5% down. Jumbo status depends on the loan amount, not the price.
What is considered a jumbo loan in South Dakota?
A jumbo loan is any mortgage above the county’s conforming loan limit. In South Dakota, that’s $832,750 in every county for 2026.
How do jumbo rates compare with conforming rates in South Dakota?
As of November 6, 2026, Lower’s 30-year jumbo rate is 6.875% (7.119% APR) and the 30-year conforming rate is 6.875% (7.171% APR). In Sioux Falls, borrowing $50,000 past the $832,750 limit at the jumbo rate of 6.875% (7.119% APR) raises principal and interest from about $5,471 to $5,799 a month.
Is it a buyer’s or seller’s market in South Dakota's largest cities right now?
In the latest Movoto market trends data, homes sold in about 52 days in Sioux Falls (8 days slower) and 59 days in Rapid City (4 days faster), compared with a year earlier. Price cuts were most common in Rapid City, where about 16% of listings have been reduced.
How much does a quarter-point rate change affect payments in South Dakota?
On the smallest-jumbo-loan examples above, at today’s 6.875% (7.119% APR), each 0.25% change in rate moves principal and interest by about $140 a month, or $1,678 a year.
How much are property taxes in South Dakota's largest cities?
Lower estimates yearly property taxes, as a share of a home’s value, at about 1.16% in Sioux Falls ($331 a month on the median home) and 1.08% in Rapid City ($360 a month on the median home). Your actual bill depends on your assessed value, local levies and any exemptions.
What first-time homebuyer programs are available in South Dakota?
Every state has a housing finance agency (HFA) that runs first-time homebuyer programs, including down payment assistance, below-market mortgage rates and mortgage credit certificates. In South Dakota, check with the state HFA to see what you qualify for. These programs can usually be combined with a conforming or FHA loan, so ask Lower whether the assistance you qualify for can be paired with your loan.
Related South Dakota mortgage pages
Movoto market trends data, September 2026, for each city. Cities are the state's largest by Census Bureau population estimates (Vintage 2024) among cities with Movoto data; where a city has too few sales, the next-busiest markets by homes sold fill in. Conforming loan limits: FHFA, 2026. Property tax estimates use county effective rates from the American Community Survey; homeowners insurance estimates are average annual premiums from The Zebra; your quote will vary. Rates as of November 6, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.
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