Mortgage Rates in Garretson, South Dakota — March 2026
Updated March 2026 | Based on Garretson market data and regional lending conditions
Garretson is a growing city in South Dakota with a population of 1,277. The current 30-year fixed mortgage rate in Garretson is 6.78%, which is 0.13% above the national average. With a median home price of $203,000 and a 20% down payment of $40,600, homebuyers can expect a monthly principal and interest payment of approximately $1,057.
Current Mortgage Rates in Garretson, SD
Below are the current average mortgage rates available in the Garretson area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.78% | 6.65% | +0.13% |
| 15-Year Fixed | 6.02% | 5.89% | +0.13% |
| 5/1 ARM | 6.27% | 6.15% | +0.12% |
| FHA | 6.52% | 6.25% | +0.27% |
| VA | 6.27% | 6.05% | +0.22% |
| Jumbo | 7.03% | 6.85% | +0.18% |
Garretson Housing Market Overview
The Garretson housing market offers relatively affordable housing compared to many major cities. The median household income in Garretson is $50,100, and the cost of living index is 94.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $54,643 to comfortably afford the median-priced home in Garretson, which exceeds the current median household income.
Monthly Payment Breakdown for Garretson
Based on the median home price of $203,000 with 20% down ($40,600), here is what you can expect to pay monthly in Garretson:
15-Year vs. 30-Year Mortgage in Garretson
Choosing a 15-year mortgage in Garretson at 6.02% instead of a 30-year at 6.78% would save you $133,560 in total interest over the life of the loan. However, your monthly payment would be $1,372 instead of $1,057 — an increase of $315 per month.
Calculate Your Garretson Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Garretson
What are the current mortgage rates in Garretson, SD?
As of March 2026, the average 30-year fixed mortgage rate in Garretson, South Dakota is 6.78%, while the 15-year fixed rate is 6.02%. FHA loans average 6.52% and VA loans 6.27%. These rates are 0.13% above the national average of 6.65%.
How much is a monthly mortgage payment in Garretson?
Based on the median home price of $203,000 with 20% down, the estimated monthly mortgage payment in Garretson is $1,057 for principal and interest. Including property taxes of $218/month, the total monthly housing cost is approximately $1,275.
What income do I need to buy a home in Garretson?
Using the 28% rule, you would need an annual income of approximately $54,643 to afford the median-priced home in Garretson at $203,000. The median household income in Garretson is $50,100. This means most households would need to either earn above the median or consider homes below $203,000.
Is Garretson a good place to buy a home in 2026?
Garretson offers a below-average cost of living with a cost of living index of 94.3 (national average = 100). The property tax rate in South Dakota is 1.29%, which is near the national average. Garretson has a population of 1,277 and offers a very affordable lifestyle.
Mortgage Rates in Other South Dakota Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Garretson, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.