Mortgage Rates in Hot Springs, South Dakota — March 2026
Updated March 2026 | Based on Hot Springs market data and regional lending conditions
Hot Springs is a growing city in South Dakota with a population of 3,477. The current 30-year fixed mortgage rate in Hot Springs is 6.75%, which is 0.1% above the national average. With a median home price of $220,000 and a 20% down payment of $44,000, homebuyers can expect a monthly principal and interest payment of approximately $1,142.
Current Mortgage Rates in Hot Springs, SD
Below are the current average mortgage rates available in the Hot Springs 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 | 6.75% | 6.65% | +0.1% |
| 15-Year Fixed | 5.99% | 5.89% | +0.1% |
| 5/1 ARM | 6.25% | 6.15% | +0.1% |
| FHA | 6.5% | 6.25% | +0.25% |
| VA | 6.25% | 6.05% | +0.2% |
| Jumbo | 7% | 6.85% | +0.15% |
Hot Springs Housing Market Overview
The Hot Springs housing market offers relatively affordable housing compared to many major cities. The median household income in Hot Springs is $53,600, and the cost of living index is 92.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $59,400 to comfortably afford the median-priced home in Hot Springs, which exceeds the current median household income.
Monthly Payment Breakdown for Hot Springs
Based on the median home price of $220,000 with 20% down ($44,000), here is what you can expect to pay monthly in Hot Springs:
15-Year vs. 30-Year Mortgage in Hot Springs
Choosing a 15-year mortgage in Hot Springs at 5.99% instead of a 30-year at 6.75% would save you $144,000 in total interest over the life of the loan. However, your monthly payment would be $1,484 instead of $1,142 — an increase of $342 per month.
Calculate Your Hot Springs Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Hot Springs
What are the current mortgage rates in Hot Springs, SD?
As of March 2026, the average 30-year fixed mortgage rate in Hot Springs, South Dakota is 6.75%, while the 15-year fixed rate is 5.99%. FHA loans average 6.5% and VA loans 6.25%. These rates are 0.1% above the national average of 6.65%.
How much is a monthly mortgage payment in Hot Springs?
Based on the median home price of $220,000 with 20% down, the estimated monthly mortgage payment in Hot Springs is $1,142 for principal and interest. Including property taxes of $244/month, the total monthly housing cost is approximately $1,386.
What income do I need to buy a home in Hot Springs?
Using the 28% rule, you would need an annual income of approximately $59,400 to afford the median-priced home in Hot Springs at $220,000. The median household income in Hot Springs is $53,600. This means most households would need to either earn above the median or consider homes below $220,000.
Is Hot Springs a good place to buy a home in 2026?
Hot Springs offers a below-average cost of living with a cost of living index of 92.7 (national average = 100). The property tax rate in South Dakota is 1.33%, which is near the national average. Hot Springs has a population of 3,477 and offers a very affordable lifestyle.
Mortgage Rates in Other South Dakota Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Hot Springs, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.