Mortgage Rates in Madison, South Dakota — March 2026
Updated March 2026 | Based on Madison market data and regional lending conditions
Madison is a growing city in South Dakota with a population of 7,279. The current 30-year fixed mortgage rate in Madison is 6.86%, which is 0.21% above the national average. With a median home price of $207,000 and a 20% down payment of $41,400, homebuyers can expect a monthly principal and interest payment of approximately $1,086.
Current Mortgage Rates in Madison, SD
Below are the current average mortgage rates available in the Madison 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 | 6.86% | 6.65% | +0.21% |
| 15-Year Fixed | 6.08% | 5.89% | +0.19% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.11% | 6.85% | +0.26% |
Madison Housing Market Overview
The Madison housing market offers relatively affordable housing compared to many major cities. The median household income in Madison is $61,600, and the cost of living index is 90.9 (national average = 100). Based on the 28% affordability rule, the median income in Madison is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Madison
Based on the median home price of $207,000 with 20% down ($41,400), here is what you can expect to pay monthly in Madison:
15-Year vs. 30-Year Mortgage in Madison
Choosing a 15-year mortgage in Madison at 6.08% instead of a 30-year at 6.86% would save you $138,060 in total interest over the life of the loan. However, your monthly payment would be $1,405 instead of $1,086 — an increase of $319 per month.
Calculate Your Madison 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 Madison
What are the current mortgage rates in Madison, SD?
As of March 2026, the average 30-year fixed mortgage rate in Madison, South Dakota is 6.86%, while the 15-year fixed rate is 6.08%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.21% above the national average of 6.65%.
How much is a monthly mortgage payment in Madison?
Based on the median home price of $207,000 with 20% down, the estimated monthly mortgage payment in Madison is $1,086 for principal and interest. Including property taxes of $238/month, the total monthly housing cost is approximately $1,324.
What income do I need to buy a home in Madison?
Using the 28% rule, you would need an annual income of approximately $56,743 to afford the median-priced home in Madison at $207,000. The median household income in Madison is $61,600. The median income is currently sufficient to meet this threshold.
Is Madison a good place to buy a home in 2026?
Madison offers a below-average cost of living with a cost of living index of 90.9 (national average = 100). The property tax rate in South Dakota is 1.38%, which is near the national average. Madison has a population of 7,279 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 Madison, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.