Duluth FHA Loan Rates, Closing Costs & Stats
DULUTH, MN-WI
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Duluth's 86 lenders originated 683 FHA loans during 2021. The total origination value was $106,665,000, with an average FHA loan value of $156,171.
Duluth FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Duluth
averaged
5.92%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Duluth's average FHA mortgage closing costs are $5,817.
The average rate for the prior week (2023-01-20) was
6% and
one month ago for the week of 2022-12-23, the
average rate was 6.49%.
The average rate one year ago was 3.98%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.92%.
Duluth FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Duluth level.
The top Duluth FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
97 FHA loans originated. Their average total fees are
$5,574, which is $412
higher than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Duluth FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($3,864), PENNYMAC LOAN SERVICES, LLC ($4,045), FREEDOM MORTGAGE CORPORATION ($4,089), HOME POINT FINANCIAL CORPORATION ($4,435) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,162).
The lowest rate Duluth FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. (2.69%), QUICKEN LOANS, LLC (2.81%), FREEDOM MORTGAGE CORPORATION (2.91%), HOME POINT FINANCIAL CORPORATION (2.94%) and North Shore Bank of Commerce (2.94%).
Duluth FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
DULUTH, MN-WI | CARLTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DULUTH, MN-WI | LAKE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DULUTH, MN-WI | ST. LOUIS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DULUTH, MN-WI | DOUGLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $155,667 (4.2%) | $242,610 (7.2%) | 0.58 | 1,185 |
2018-02-01 | $159,900 (6.6%) | $250,586 (7.2%) | 0.58 | 1,171 |
2018-03-01 | $169,000 (5.7%) | $266,988 (11.2%) | 0.59 | 1,210 |
2018-04-01 | $179,075 (8.5%) | $273,681 (12.9%) | 0.61 | 1,241 |
2018-05-01 | $184,450 (8.5%) | $275,955 (11.0%) | 0.62 | 1,411 |
2018-06-01 | $185,000 (4.8%) | $270,920 (8.2%) | 0.62 | 1,673 |
2018-07-01 | $185,000 (5.7%) | $270,172 (5.6%) | 0.62 | 1,753 |
2018-08-01 | $185,000 (5.7%) | $265,080 (3.9%) | 0.62 | 1,754 |
2018-09-01 | $183,950 (6.2%) | $259,278 (3.2%) | 0.62 | 1,719 |
2018-10-01 | $179,975 (5.9%) | $259,817 (5.4%) | 0.61 | 1,668 |
2018-11-01 | $179,450 (12.2%) | $256,384 (6.3%) | 0.61 | 1,519 |
2018-12-01 | $174,500 (9.8%) | $252,648 (4.0%) | 0.60 | 1,315 |
2019-01-01 | $171,225 (10.0%) | $267,180 (10.1%) | 0.59 | 1,059 |
2019-02-01 | $170,450 (6.6%) | $265,166 (5.8%) | 0.58 | 1,008 |
2019-03-01 | $184,900 (9.4%) | $276,051 (3.4%) | 0.60 | 1,050 |
2019-04-01 | $206,950 (15.6%) | $286,829 (4.8%) | 0.66 | 1,118 |
2019-05-01 | $200,000 (8.4%) | $287,654 (4.2%) | 0.63 | 1,272 |
2019-06-01 | $200,000 (8.1%) | $283,268 (4.6%) | 0.63 | 1,460 |
2019-07-01 | $202,400 (9.4%) | $285,293 (5.6%) | 0.63 | 1,583 |
2019-08-01 | $197,173 (6.6%) | $280,283 (5.7%) | 0.62 | 1,612 |
2019-09-01 | $193,082 (5.0%) | $273,270 (5.4%) | 0.62 | 1,586 |
2019-10-01 | $192,905 (7.2%) | $268,372 (3.3%) | 0.62 | 1,542 |
2019-11-01 | $189,900 (5.8%) | $260,970 (1.8%) | 0.62 | 1,342 |
2019-12-01 | $187,000 (7.2%) | $261,610 (3.6%) | 0.62 | 1,116 |
2020-01-01 | $185,000 (8.0%) | $267,242 (0.0%) | 0.62 | 922 |
2020-02-01 | $199,900 (17.3%) | $286,569 (8.1%) | 0.65 | 875 |
2020-03-01 | $219,250 (18.6%) | $305,218 (10.6%) | 0.69 | 892 |
2020-04-01 | $222,450 (7.5%) | $304,952 (6.3%) | 0.70 | 938 |
2020-05-01 | $220,000 (10.0%) | $299,269 (4.0%) | 0.67 | 1,004 |
2020-06-01 | $229,000 (14.5%) | $304,805 (7.6%) | 0.67 | 1,045 |
2020-07-01 | $229,350 (13.3%) | $311,347 (9.1%) | 0.66 | 1,027 |
2020-08-01 | $226,900 (15.1%) | $308,595 (10.1%) | 0.65 | 949 |
2020-09-01 | $223,975 (16.0%) | $306,508 (12.2%) | 0.64 | 865 |
2020-10-01 | $219,000 (13.5%) | $309,978 (15.5%) | 0.63 | 775 |
2020-11-01 | $212,400 (11.9%) | $309,580 (18.6%) | 0.62 | 669 |
2020-12-01 | $211,075 (12.9%) | $316,135 (20.8%) | 0.63 | 571 |
2021-01-01 | $200,000 (8.1%) | $329,255 (23.2%) | 0.60 | 439 |
2021-02-01 | $214,875 (7.5%) | $336,437 (17.4%) | 0.62 | 354 |
2021-03-01 | $219,450 (0.1%) | $335,778 (10.0%) | 0.62 | 352 |
2021-04-01 | $227,450 (2.3%) | $338,200 (10.9%) | 0.62 | 378 |
2021-05-01 | $219,000 (-0.5%) | $322,744 (7.8%) | 0.58 | 466 |
2021-06-01 | $212,450 (-7.2%) | $315,837 (3.6%) | 0.56 | 566 |
2021-07-01 | $210,000 (-8.4%) | $310,389 (-0.3%) | 0.55 | 593 |
2021-08-01 | $199,750 (-12.0%) | $292,790 (-5.1%) | 0.53 | 580 |
2021-09-01 | $199,450 (-11.0%) | $291,229 (-5.0%) | 0.53 | 553 |
2021-10-01 | $199,250 (-9.0%) | $272,973 (-11.9%) | 0.53 | 522 |
2021-11-01 | $199,450 (-6.1%) | $294,004 (-5.0%) | 0.53 | 420 |
2021-12-01 | $189,500 (-10.2%) | $295,303 (-6.6%) | 0.51 | 330 |
2022-01-01 | $189,900 (-5.1%) | $311,909 (-5.3%) | 0.51 | 283 |
2022-02-01 | $219,000 (1.9%) | $362,493 (7.7%) | 0.57 | 235 |
2022-03-01 | $234,675 (6.9%) | $385,229 (14.7%) | 0.59 | 227 |
2022-04-01 | $249,900 (9.9%) | $369,298 (9.2%) | 0.60 | 266 |
2022-05-01 | $257,750 (17.7%) | $377,471 (17.0%) | 0.59 | 354 |
2022-06-01 | $261,150 (22.9%) | $372,662 (18.0%) | 0.58 | 437 |
2022-07-01 | $259,900 (23.8%) | $365,989 (17.9%) | 0.59 | 531 |
2022-08-01 | $250,000 (25.2%) | $350,902 (19.9%) | 0.58 | 599 |
2022-09-01 | $252,475 (26.6%) | $351,332 (20.6%) | 0.59 | 594 |
2022-10-01 | $253,900 (27.4%) | $363,211 (33.1%) | 0.60 | 552 |
2022-11-01 | $250,000 (25.3%) | $359,005 (22.1%) | 0.60 | 499 |
2022-12-01 | $252,500 (33.3%) | $360,992 (22.2%) | 0.63 | 435 |
Duluth's median listing price comes in at 63% of the national average.
Duluth's average listing price for 2022-12-01 was $360,992, a difference of $65,689 (22.2%) versus the prior year and $1,987 versus the prior month.
For the 2022-12-01 period, Duluth had 435 MLS listings, a difference of -64 listings (-13%) versus the prior month and 105 listings (32%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 124 days | 1,490 sqft |
2018-02-01 | 123 days | 1,508 sqft |
2018-03-01 | 103 days | 1,544 sqft |
2018-04-01 | 83 days | 1,567 sqft |
2018-05-01 | 71 days | 1,561 sqft |
2018-06-01 | 60 days | 1,568 sqft |
2018-07-01 | 66 days | 1,564 sqft |
2018-08-01 | 73 days | 1,561 sqft |
2018-09-01 | 80 days | 1,530 sqft |
2018-10-01 | 87 days | 1,488 sqft |
2018-11-01 | 97 days | 1,490 sqft |
2018-12-01 | 115 days | 1,456 sqft |
2019-01-01 | 127 days | 1,492 sqft |
2019-02-01 | 137 days | 1,500 sqft |
2019-03-01 | 121 days | 1,506 sqft |
2019-04-01 | 93 days | 1,544 sqft |
2019-05-01 | 65 days | 1,566 sqft |
2019-06-01 | 57 days | 1,543 sqft |
2019-07-01 | 61 days | 1,551 sqft |
2019-08-01 | 70 days | 1,521 sqft |
2019-09-01 | 80 days | 1,476 sqft |
2019-10-01 | 90 days | 1,444 sqft |
2019-11-01 | 106 days | 1,440 sqft |
2019-12-01 | 129 days | 1,444 sqft |
2020-01-01 | 137 days | 1,464 sqft |
2020-02-01 | 142 days | 1,464 sqft |
2020-03-01 | 139 days | 1,478 sqft |
2020-04-01 | 101 days | 1,502 sqft |
2020-05-01 | 82 days | 1,498 sqft |
2020-06-01 | 76 days | 1,500 sqft |
2020-07-01 | 62 days | 1,538 sqft |
2020-08-01 | 64 days | 1,540 sqft |
2020-09-01 | 70 days | 1,497 sqft |
2020-10-01 | 74 days | 1,508 sqft |
2020-11-01 | 81 days | 1,452 sqft |
2020-12-01 | 88 days | 1,456 sqft |
2021-01-01 | 107 days | 1,421 sqft |
2021-02-01 | 118 days | 1,439 sqft |
2021-03-01 | 93 days | 1,452 sqft |
2021-04-01 | 51 days | 1,524 sqft |
2021-05-01 | 40 days | 1,515 sqft |
2021-06-01 | 34 days | 1,504 sqft |
2021-07-01 | 44 days | 1,504 sqft |
2021-08-01 | 54 days | 1,430 sqft |
2021-09-01 | 53 days | 1,446 sqft |
2021-10-01 | 53 days | 1,454 sqft |
2021-11-01 | 61 days | 1,478 sqft |
2021-12-01 | 75 days | 1,451 sqft |
2022-01-01 | 85 days | 1,407 sqft |
2022-02-01 | 83 days | 1,613 sqft |
2022-03-01 | 62 days | 1,690 sqft |
2022-04-01 | 33 days | 1,640 sqft |
2022-05-01 | 28 days | 1,601 sqft |
2022-06-01 | 32 days | 1,626 sqft |
2022-07-01 | 35 days | 1,620 sqft |
2022-08-01 | 40 days | 1,568 sqft |
2022-09-01 | 49 days | 1,582 sqft |
2022-10-01 | 53 days | 1,600 sqft |
2022-11-01 | 61 days | 1,562 sqft |
2022-12-01 | 79 days | 1,551 sqft |
Duluth's median square footage for active listings during the 2022-12-01 period was 1,551 sqft. One year prior, the average listing was 1,451 sqft.