Which mortgage lender in the Rapid City, SD area typically has the best rates? To help you narrow down where to shop for a mortgage, MortgageWaldo.com provides an objective and data driven ranking of mortgage lenders operating in the Rapid City, SD area by interest rate and market share. We maintain our independence by not accepting any compensation from the mortgage lenders we rank, and use data on all fixed rate mortgages that were closed in the past year to generate our rankings.
Going by historical data, the best mortgage lender in the Rapid City, SD area in terms of interest rate is Gateway First Bank, with an average “Rate Difference” of -0.10%. This means that, comparing similar borrowers, Gateway First Bank provided a -0.10% lower interest rate for its customers than other lenders in the area. Gateway First Bank has a market share of 15.9%. On the other hand, the most popular lender in the Rapid City, SD area is CMG Financial, with a larger market share of 16.1%. CMG Financial is an average lender in terms of the interest rate it offers, with a “Rate Difference” of +0.09% compared to those of other lenders in this area.
Our detailed ranking of mortgage lenders in the Rapid City, SD area is shown in the table below. In the table, we also give our assessment of whether they are, on average, a cheap/expensive lender through a star rating system. You can choose to tailor our ranking table to a specific mortgage type (Conventional/Jumbo/FHA/VA) and purpose (purchase/refinance) through the drop-down menu. For example, going by historical data, the cheapest lender for Conventional mortgages in Rapid City, SD is Dacotah Bank. If you want to take out a loan that is above conforming limits (above $548,250 or $822,375 depending on the area in 2021), the cheapest Jumbo mortgage provider is Wells Fargo Bank. If on the other hand, you want lower down payment or credit score requirements, the cheapest FHA mortgage provider is Open Mortgage. The cheapest VA mortgage provider is Black Hills Federal Credit Union. Note that as a consumer advocate we always recommend shopping among several of our top ranked lenders in order to get the best rates and fees.
Ranking of Mortgage Lenders in Rapid City, SD
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.10% | 15.88% | |
| Dacotah Bank | -0.08% | 1.88% | |
| Black Hills Federal Credit Union | -0.07% | 14.72% | |
| Open Mortgage | -0.05% | 11.37% | |
| US Bank | -0.02% | 3.03% | |
| BankWest | 0.00% | 2.08% | |
| First Interstate Bank | 0.01% | 6.78% | |
| Wells Fargo Bank | 0.01% | 6.03% | |
| USAA | 0.01% | 2.15% | |
| loanDepot | 0.07% | 1.68% | |
| CMG Financial | 0.09% | 16.12% | |
| Lend Smart Mortgage | 0.09% | 9.94% | |
| Quicken Loans | 0.10% | 8.34% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.09% | 18.26% | |
| Dacotah Bank | -0.08% | 1.94% | |
| Black Hills Federal Credit Union | -0.07% | 13.71% | |
| Open Mortgage | -0.06% | 13.29% | |
| US Bank | -0.05% | 2.67% | |
| Wells Fargo Bank | -0.04% | 5.52% | |
| BankWest | -0.00% | 2.43% | |
| loanDepot | 0.01% | 0.18% | |
| USAA | 0.02% | 2.49% | |
| First Interstate Bank | 0.02% | 6.49% | |
| Quicken Loans | 0.02% | 2.43% | |
| CMG Financial | 0.11% | 20.45% | |
| Lend Smart Mortgage | 0.13% | 10.13% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.11% | 11.31% | |
| Dacotah Bank | -0.09% | 1.75% | |
| Black Hills Federal Credit Union | -0.07% | 16.67% | |
| CMG Financial | -0.06% | 7.81% | |
| Open Mortgage | -0.03% | 7.69% | |
| First Interstate Bank | -0.01% | 7.34% | |
| USAA | -0.00% | 1.52% | |
| Lend Smart Mortgage | 0.00% | 9.56% | |
| BankWest | 0.01% | 1.40% | |
| US Bank | 0.02% | 3.73% | |
| loanDepot | 0.08% | 4.55% | |
| Wells Fargo Bank | 0.08% | 6.99% | |
| Quicken Loans | 0.12% | 19.70% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Dacotah Bank | -0.09% | 2.63% | |
| Gateway First Bank | -0.09% | 13.38% | |
| Black Hills Federal Credit Union | -0.06% | 19.70% | |
| US Bank | -0.03% | 3.75% | |
| USAA | -0.01% | 0.81% | |
| BankWest | 0.00% | 2.38% | |
| Wells Fargo Bank | 0.01% | 8.32% | |
| First Interstate Bank | 0.01% | 8.82% | |
| CMG Financial | 0.01% | 11.76% | |
| loanDepot | 0.02% | 1.06% | |
| Open Mortgage | 0.02% | 7.50% | |
| Quicken Loans | 0.11% | 9.13% | |
| Lend Smart Mortgage | 0.11% | 10.76% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Dacotah Bank | -0.09% | 2.69% | |
| Gateway First Bank | -0.09% | 15.92% | |
| US Bank | -0.07% | 3.58% | |
| Black Hills Federal Credit Union | -0.05% | 18.91% | |
| Wells Fargo Bank | -0.04% | 7.46% | |
| USAA | -0.01% | 0.90% | |
| BankWest | 0.00% | 2.99% | |
| loanDepot | 0.01% | 0.20% | |
| CMG Financial | 0.02% | 16.12% | |
| Quicken Loans | 0.03% | 2.59% | |
| First Interstate Bank | 0.03% | 8.96% | |
| Open Mortgage | 0.04% | 8.06% | |
| Lend Smart Mortgage | 0.18% | 11.64% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.09% | 9.09% | |
| Dacotah Bank | -0.09% | 2.53% | |
| Black Hills Federal Credit Union | -0.07% | 21.04% | |
| CMG Financial | -0.06% | 4.38% | |
| Lend Smart Mortgage | -0.04% | 9.26% | |
| Open Mortgage | -0.02% | 6.57% | |
| First Interstate Bank | -0.02% | 8.59% | |
| USAA | 0.01% | 0.67% | |
| BankWest | 0.02% | 1.35% | |
| loanDepot | 0.02% | 2.53% | |
| US Bank | 0.02% | 4.04% | |
| Wells Fargo Bank | 0.08% | 9.76% | |
| Quicken Loans | 0.13% | 20.20% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Open Mortgage | -0.11% | 28.92% | |
| Gateway First Bank | -0.07% | 25.90% | |
| Lend Smart Mortgage | -0.05% | 8.43% | |
| BankWest | 0.01% | 1.51% | |
| First Interstate Bank | 0.02% | 1.81% | |
| Black Hills Federal Credit Union | 0.02% | 0.60% | |
| Quicken Loans | 0.03% | 9.64% | |
| loanDepot | 0.03% | 0.90% | |
| US Bank | 0.04% | 0.60% | |
| CMG Financial | 0.24% | 21.69% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Open Mortgage | -0.12% | 31.67% | |
| Gateway First Bank | -0.08% | 27.76% | |
| Lend Smart Mortgage | -0.05% | 9.96% | |
| BankWest | 0.01% | 1.42% | |
| First Interstate Bank | 0.03% | 1.78% | |
| Black Hills Federal Credit Union | 0.03% | 0.71% | |
| US Bank | 0.04% | 0.71% | |
| Quicken Loans | 0.07% | 2.49% | |
| CMG Financial | 0.26% | 23.49% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.03% | 15.69% | |
| First Interstate Bank | -0.01% | 1.96% | |
| BankWest | -0.01% | 1.96% | |
| Quicken Loans | -0.00% | 49.02% | |
| Open Mortgage | 0.01% | 13.73% | |
| loanDepot | 0.01% | 5.88% | |
| CMG Financial | 0.04% | 11.76% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.03% | 20.00% | |
| Black Hills Federal Credit Union | -0.00% | 12.00% | |
| Dacotah Bank | 0.00% | 4.00% | |
| US Bank | 0.01% | 48.00% | |
| First Interstate Bank | 0.02% | 16.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Wells Fargo Bank | -0.03% | 33.33% | |
| Black Hills Federal Credit Union | -0.00% | 20.00% | |
| Dacotah Bank | 0.00% | 6.67% | |
| First Interstate Bank | 0.02% | 13.33% | |
| US Bank | 0.03% | 26.67% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| US Bank | -0.00% | 80.00% | |
| First Interstate Bank | 0.02% | 20.00% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Black Hills Federal Credit Union | -0.14% | 8.91% | |
| Gateway First Bank | -0.13% | 17.82% | |
| Open Mortgage | -0.07% | 12.55% | |
| First Interstate Bank | -0.03% | 3.45% | |
| BankWest | -0.02% | 1.64% | |
| Dacotah Bank | -0.02% | 0.73% | |
| Wells Fargo Bank | -0.02% | 2.36% | |
| US Bank | 0.01% | 0.36% | |
| USAA | 0.01% | 7.45% | |
| Lend Smart Mortgage | 0.09% | 8.91% | |
| CMG Financial | 0.10% | 26.18% | |
| loanDepot | 0.10% | 4.00% | |
| Quicken Loans | 0.11% | 5.64% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Black Hills Federal Credit Union | -0.17% | 8.93% | |
| Gateway First Bank | -0.12% | 18.16% | |
| Open Mortgage | -0.09% | 14.12% | |
| Wells Fargo Bank | -0.04% | 3.17% | |
| BankWest | -0.04% | 1.73% | |
| Dacotah Bank | -0.04% | 1.15% | |
| First Interstate Bank | -0.03% | 2.88% | |
| Quicken Loans | -0.03% | 2.02% | |
| loanDepot | -0.01% | 0.29% | |
| US Bank | -0.01% | 0.58% | |
| USAA | 0.00% | 9.22% | |
| Lend Smart Mortgage | 0.10% | 6.34% | |
| CMG Financial | 0.15% | 31.41% |
| Lender Name | Rate Difference | Rate Rating | Market Share |
|---|---|---|---|
| Gateway First Bank | -0.14% | 17.24% | |
| Black Hills Federal Credit Union | -0.10% | 8.87% | |
| CMG Financial | -0.07% | 17.24% | |
| Open Mortgage | -0.03% | 9.85% | |
| First Interstate Bank | -0.02% | 4.43% | |
| USAA | 0.01% | 4.43% | |
| BankWest | 0.01% | 1.48% | |
| Wells Fargo Bank | 0.06% | 0.99% | |
| Lend Smart Mortgage | 0.10% | 13.30% | |
| loanDepot | 0.14% | 10.34% | |
| Quicken Loans | 0.18% | 11.82% |
* Data is compiled for the Rapid City, SD commuting zone area, which comprises of counties of Butte County, SD, Custer County, SD, Fall River County, SD, Lawrence County, SD, Meade County, SD, and Pennington County, SD. This includes cities/towns/communities of Rapid City, SD as well as Rapid Valley, SD, Blackhawk, SD, Custer, SD, Box Elder, SD, Sturgis, SD, Blucksberg Mountain, SD, Deadwood, SD, Spearfish, SD, Lead, SD, Belle Fourche, SD, North Spearfish, SD, Hill City, SD, Box Elder, SD, Hot Springs, SD, Keystone, SD, Edgemont, SD, and Newell, SD. Lenders must have made at least 30 loans in the area to be included. Source of the data is Federal Financial Institutions Examination Council (FFIEC). Rate Difference (the average difference of interest rates relative to those of other lenders) were computed by subtracting the rate at origination from the average predicted rate conditional on the commuting zone, borrower LTV, DTI, Loan Amount, Loan Type, and Loan Purpose, and then regularized based on a Bayesian approach to account for smaller sample sizes. Above-average mortgage closing costs were then added to the rate difference at a rate of +0.15/point. Star ratings were determined in intervals of 0.10% in rate difference per half star.
Mortgage Lender Rankings in Other Cities
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