30-Year Fixed Mortgage Refinance Interest Rates in Sioux Falls, SD

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Showing results for: 30-Year Fixed refinance offers for Single Family or Townhome properties in SD, total loan amount of $228,000.

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When Should I Refinance to 30-Year Fixed in Sioux Falls?

In Sioux Falls's hot market with 13.5% annual appreciation, refinance when you can reduce your rate by 0.75%+ or access equity. If you purchased 2-3 years ago, rapid appreciation likely built substantial equity. Refinancing a $182,720 loan (80% of Sioux Falls's $228,400 median) from 7% to 6% saves $121/month. With closing costs around $4,568, you break even in 38 months. The 30-year term keeps payments low while Sioux Falls's appreciation builds equity automatically.

Should I Do Cash-Out Refinancing to 30-Year in Sioux Falls?

With 13.5% appreciation in Sioux Falls, cash-out refinancing makes sense if you have substantial equity. If your home appreciated from $228,400 to $262,660 over 3 years, you could access up to $27,408 while keeping 20% equity. Popular uses: high-ROI renovations (which compound with Sioux Falls's growth), investment properties, debt consolidation. Cash-out 30-year rates run 0.25-0.5% higher than rate-and-term, but the extended term keeps payments manageable even with a larger loan balance.

How Much Will I Save Refinancing to 30-Year in Sioux Falls?

Monthly savings depend on your rate reduction. Refinancing $182,720 from 7% to 6% saves $121/month in principal and interest. However, your total PITI payment in Sioux Falls includes $249/month property tax (at 1.31% of home value). Your actual payment drops from approximately $1,615 to $1,494 total. Over 30 years, you'll save over $44k in interest-plus Sioux Falls's appreciation builds additional equity.

What Are 30-Year Refinance Closing Costs in Sioux Falls?

Closing costs in Sioux Falls typically run 2-3% of your loan amount. On a $182,720 refinance, expect $3,654-$5,482, including appraisal ($400-700), title insurance, lender fees (0.5-1%), and escrow setup. Divide closing costs by monthly savings to find break-even: $4,568 ÷ $121 = 38 months. In hot markets like Sioux Falls, strong appreciation shortens effective break-even since rising home values increase refinanceable equity over time.

How Does Sioux Falls's Property Tax Affect 30-Year Refinancing?

Property taxes at 1.31% of Sioux Falls's home values add $249/month to a median-priced home. When refinancing to a 30-year fixed, your principal/interest payment changes but property tax stays constant. If you're quoted a new rate, calculate P&I savings ($121 in our 7%→6% example), then add back property tax and insurance for true monthly cost. Also remember: as Sioux Falls homes appreciate 13.5% annually, your assessed value-and thus property tax-may increase over the loan's life.