Mortgage Rates in Vermillion, South Dakota — March 2026
Updated March 2026 | Based on Vermillion market data and regional lending conditions
Vermillion is a growing city in South Dakota with a population of 13,034. The current 30-year fixed mortgage rate in Vermillion is 6.88%, which is 0.23% above the national average. With a median home price of $228,000 and a 20% down payment of $45,600, homebuyers can expect a monthly principal and interest payment of approximately $1,199.
Current Mortgage Rates in Vermillion, SD
Below are the current average mortgage rates available in the Vermillion 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 | 6.88% | 6.65% | +0.23% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.13% | 6.85% | +0.28% |
Vermillion Housing Market Overview
The Vermillion housing market offers relatively affordable housing compared to many major cities. The median household income in Vermillion is $57,200, and the cost of living index is 86.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $62,400 to comfortably afford the median-priced home in Vermillion, which exceeds the current median household income.
Monthly Payment Breakdown for Vermillion
Based on the median home price of $228,000 with 20% down ($45,600), here is what you can expect to pay monthly in Vermillion:
15-Year vs. 30-Year Mortgage in Vermillion
Choosing a 15-year mortgage in Vermillion at 6.09% instead of a 30-year at 6.88% would save you $153,000 in total interest over the life of the loan. However, your monthly payment would be $1,548 instead of $1,199 — an increase of $349 per month.
Calculate Your Vermillion 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 Vermillion
What are the current mortgage rates in Vermillion, SD?
As of March 2026, the average 30-year fixed mortgage rate in Vermillion, South Dakota is 6.88%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Vermillion?
Based on the median home price of $228,000 with 20% down, the estimated monthly mortgage payment in Vermillion is $1,199 for principal and interest. Including property taxes of $257/month, the total monthly housing cost is approximately $1,456.
What income do I need to buy a home in Vermillion?
Using the 28% rule, you would need an annual income of approximately $62,400 to afford the median-priced home in Vermillion at $228,000. The median household income in Vermillion is $57,200. This means most households would need to either earn above the median or consider homes below $228,000.
Is Vermillion a good place to buy a home in 2026?
Vermillion offers a below-average cost of living with a cost of living index of 86.2 (national average = 100). The property tax rate in South Dakota is 1.35%, which is near the national average. Vermillion has a population of 13,034 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 Vermillion, South Dakota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.