Mortgage Rates in Spearfish, South Dakota — March 2026
Updated March 2026 | Based on Spearfish market data and regional lending conditions
Spearfish is a growing city in South Dakota with a population of 12,193. The current 30-year fixed mortgage rate in Spearfish is 6.79%, which is 0.14% above the national average. With a median home price of $238,000 and a 20% down payment of $47,600, homebuyers can expect a monthly principal and interest payment of approximately $1,240.
Current Mortgage Rates in Spearfish, SD
Below are the current average mortgage rates available in the Spearfish 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 | 6.79% | 6.65% | +0.14% |
| 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 | 7.04% | 6.85% | +0.19% |
Spearfish Housing Market Overview
The Spearfish housing market offers relatively affordable housing compared to many major cities. The median household income in Spearfish is $50,100, and the cost of living index is 87 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $65,057 to comfortably afford the median-priced home in Spearfish, which exceeds the current median household income.
Monthly Payment Breakdown for Spearfish
Based on the median home price of $238,000 with 20% down ($47,600), here is what you can expect to pay monthly in Spearfish:
15-Year vs. 30-Year Mortgage in Spearfish
Choosing a 15-year mortgage in Spearfish at 6.02% instead of a 30-year at 6.79% would save you $156,780 in total interest over the life of the loan. However, your monthly payment would be $1,609 instead of $1,240 — an increase of $369 per month.
Calculate Your Spearfish 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 Spearfish
What are the current mortgage rates in Spearfish, SD?
As of March 2026, the average 30-year fixed mortgage rate in Spearfish, South Dakota is 6.79%, while the 15-year fixed rate is 6.02%. FHA loans average 6.52% and VA loans 6.27%. These rates are 0.14% above the national average of 6.65%.
How much is a monthly mortgage payment in Spearfish?
Based on the median home price of $238,000 with 20% down, the estimated monthly mortgage payment in Spearfish is $1,240 for principal and interest. Including property taxes of $278/month, the total monthly housing cost is approximately $1,518.
What income do I need to buy a home in Spearfish?
Using the 28% rule, you would need an annual income of approximately $65,057 to afford the median-priced home in Spearfish at $238,000. The median household income in Spearfish is $50,100. This means most households would need to either earn above the median or consider homes below $238,000.
Is Spearfish a good place to buy a home in 2026?
Spearfish offers a below-average cost of living with a cost of living index of 87 (national average = 100). The property tax rate in South Dakota is 1.4%, which is near the national average. Spearfish has a population of 12,193 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 Spearfish, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.