Mortgage Rates in Mitchell, South Dakota — March 2026
Updated March 2026 | Based on Mitchell market data and regional lending conditions
Mitchell is a growing city in South Dakota with a population of 15,660. The current 30-year fixed mortgage rate in Mitchell is 6.73%, which is 0.08% above the national average. With a median home price of $195,000 and a 20% down payment of $39,000, homebuyers can expect a monthly principal and interest payment of approximately $1,010.
Current Mortgage Rates in Mitchell, SD
Below are the current average mortgage rates available in the Mitchell 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 | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.33% | 6.25% | +0.08% |
| VA | 6.13% | 6.05% | +0.08% |
| Jumbo | 6.93% | 6.85% | +0.08% |
Mitchell Housing Market Overview
The Mitchell housing market offers relatively affordable housing compared to many major cities. The median household income in Mitchell is $45,250, and the cost of living index is 83.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $51,771 to comfortably afford the median-priced home in Mitchell, which exceeds the current median household income.
Monthly Payment Breakdown for Mitchell
Based on the median home price of $195,000 with 20% down ($39,000), here is what you can expect to pay monthly in Mitchell:
15-Year vs. 30-Year Mortgage in Mitchell
Choosing a 15-year mortgage in Mitchell at 5.97% instead of a 30-year at 6.73% would save you $127,080 in total interest over the life of the loan. However, your monthly payment would be $1,314 instead of $1,010 — an increase of $304 per month.
Calculate Your Mitchell 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 Mitchell
What are the current mortgage rates in Mitchell, SD?
As of March 2026, the average 30-year fixed mortgage rate in Mitchell, South Dakota is 6.73%, while the 15-year fixed rate is 5.97%. FHA loans average 6.33% and VA loans 6.13%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Mitchell?
Based on the median home price of $195,000 with 20% down, the estimated monthly mortgage payment in Mitchell is $1,010 for principal and interest. Including property taxes of $198/month, the total monthly housing cost is approximately $1,208.
What income do I need to buy a home in Mitchell?
Using the 28% rule, you would need an annual income of approximately $51,771 to afford the median-priced home in Mitchell at $195,000. The median household income in Mitchell is $45,250. This means most households would need to either earn above the median or consider homes below $195,000.
Is Mitchell a good place to buy a home in 2026?
Mitchell offers a below-average cost of living with a cost of living index of 83.5 (national average = 100). The property tax rate in South Dakota is 1.22%, which is near the national average. Mitchell has a population of 15,660 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 Mitchell, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.