Hutchinson FHA Loan Rates, Closing Costs & Stats
Hutchinson, MN
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.
Hutchinson's 29 lenders originated 83 FHA loans during 2023. The total origination value was $32,265,000, with an average FHA loan value of $388,735.
Hutchinson FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Hutchinson
averaged
-0.04%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Hutchinson's average FHA mortgage closing costs are $7,230.
The average rate for the prior week (2024-11-22) was
6.75% and
one month ago for the week of 2024-10-25, the
average rate was 6.53%.
The average rate one year ago was 7.12%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.2%.
Hutchinson 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 Hutchinson level.
The top Hutchinson FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
14 FHA loans originated. Their average total fees are
$11,517, which is $2,378
higher than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Hutchinson FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC ($11,517), .
The lowest rate Hutchinson FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.38%), .
Hutchinson FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
HUTCHINSON, MN | MCLEOD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
HUTCHINSON, MN | MCLEOD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Hutchinson (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 | $183,450 (9.6%) | $196,951 (0.4%) | 0.00 | 69 |
2018-02-01 | $179,900 (-2.1%) | $203,128 (0.2%) | 0.00 | 68 |
2018-03-01 | $202,900 (10.0%) | $217,164 (8.9%) | 0.00 | 60 |
2018-04-01 | $189,800 (11.7%) | $216,940 (10.4%) | 0.00 | 57 |
2018-05-01 | $197,425 (14.5%) | $222,967 (13.6%) | 0.00 | 65 |
2018-06-01 | $218,350 (19.0%) | $235,513 (14.8%) | 0.00 | 83 |
2018-07-01 | $202,700 (13.4%) | $228,635 (13.9%) | 0.00 | 97 |
2018-08-01 | $209,925 (17.3%) | $224,212 (10.7%) | 0.00 | 98 |
2018-09-01 | $209,900 (23.5%) | $223,603 (15.0%) | 0.00 | 104 |
2018-10-01 | $188,700 (2.5%) | $222,034 (10.6%) | 0.00 | 115 |
2018-11-01 | $189,900 (7.4%) | $220,650 (13.5%) | 0.00 | 115 |
2018-12-01 | $184,950 (5.7%) | $217,612 (12.4%) | 0.00 | 90 |
2019-01-01 | $197,400 (7.6%) | $215,309 (9.3%) | 0.00 | 80 |
2019-02-01 | $189,900 (5.6%) | $227,036 (11.8%) | 0.00 | 72 |
2019-03-01 | $206,421 (1.7%) | $232,376 (7.0%) | 0.00 | 72 |
2019-04-01 | $221,946 (16.9%) | $236,543 (9.0%) | 0.00 | 84 |
2019-05-01 | $234,900 (19.0%) | $247,466 (11.0%) | 0.00 | 93 |
2019-06-01 | $223,400 (2.3%) | $239,993 (1.9%) | 0.00 | 116 |
2019-07-01 | $227,400 (12.2%) | $241,054 (5.4%) | 0.00 | 123 |
2019-08-01 | $218,823 (4.2%) | $238,388 (6.3%) | 0.00 | 130 |
2019-09-01 | $217,207 (3.5%) | $242,156 (8.3%) | 0.00 | 128 |
2019-10-01 | $215,425 (14.2%) | $239,227 (7.7%) | 0.00 | 124 |
2019-11-01 | $227,400 (19.8%) | $240,783 (9.1%) | 0.00 | 113 |
2019-12-01 | $238,800 (29.1%) | $246,600 (13.3%) | 0.00 | 92 |
2020-01-01 | $239,500 (21.3%) | $248,992 (15.6%) | 0.00 | 87 |
2020-02-01 | $242,400 (27.7%) | $249,114 (9.7%) | 0.00 | 79 |
2020-03-01 | $235,250 (14.0%) | $239,697 (3.2%) | 0.00 | 71 |
2020-04-01 | $217,150 (-2.2%) | $236,556 (0.0%) | 0.00 | 68 |
2020-05-01 | $229,900 (-2.1%) | $244,539 (-1.2%) | 0.00 | 75 |
2020-06-01 | $225,500 (0.9%) | $250,589 (4.4%) | 0.00 | 81 |
2020-07-01 | $229,450 (0.9%) | $257,613 (6.9%) | 0.00 | 71 |
2020-08-01 | $229,900 (5.1%) | $261,136 (9.5%) | 0.00 | 66 |
2020-09-01 | $228,675 (5.3%) | $253,609 (4.7%) | 0.00 | 63 |
2020-10-01 | $232,450 (7.9%) | $254,861 (6.5%) | 0.00 | 51 |
2020-11-01 | $225,000 (-1.1%) | $254,006 (5.5%) | 0.00 | 38 |
2020-12-01 | $219,950 (-7.9%) | $247,278 (0.3%) | 0.00 | 31 |
2021-01-01 | $249,950 (4.4%) | $270,006 (8.4%) | 0.00 | 30 |
2021-02-01 | $238,700 (-1.5%) | $246,379 (-1.1%) | 0.00 | 27 |
2021-03-01 | $251,700 (7.0%) | $280,587 (17.1%) | 0.00 | 29 |
2021-04-01 | $262,530 (20.9%) | $291,596 (23.3%) | 0.00 | 39 |
2021-05-01 | $256,900 (11.7%) | $263,926 (7.9%) | 0.00 | 31 |
2021-06-01 | $267,175 (18.5%) | $273,216 (9.0%) | 0.00 | 37 |
2021-07-01 | $253,450 (10.5%) | $300,827 (16.8%) | 0.00 | 40 |
2021-08-01 | $272,400 (18.5%) | $328,315 (25.7%) | 0.00 | 50 |
2021-09-01 | $255,400 (11.7%) | $319,824 (26.1%) | 0.00 | 68 |
2021-10-01 | $264,900 (14.0%) | $312,885 (22.8%) | 0.00 | 61 |
2021-11-01 | $259,900 (15.5%) | $317,678 (25.1%) | 0.00 | 56 |
2021-12-01 | $256,750 (16.7%) | $310,155 (25.4%) | 0.00 | 40 |
2022-01-01 | $259,900 (4.0%) | $282,300 (4.6%) | 0.00 | 32 |
2022-02-01 | $278,750 (16.8%) | $337,803 (37.1%) | 0.00 | 27 |
2022-03-01 | $272,200 (8.1%) | $342,063 (21.9%) | 0.00 | 24 |
2022-04-01 | $299,900 (14.2%) | $349,409 (19.8%) | 0.00 | 31 |
2022-05-01 | $305,000 (18.7%) | $361,701 (37.1%) | 0.00 | 37 |
2022-06-01 | $312,425 (16.9%) | $364,590 (33.4%) | 0.00 | 44 |
2022-07-01 | $314,900 (24.3%) | $355,382 (18.1%) | 0.00 | 49 |
2022-08-01 | $297,750 (9.3%) | $350,375 (6.7%) | 0.00 | 47 |
2022-09-01 | $258,475 (1.2%) | $330,555 (3.4%) | 0.00 | 47 |
2022-10-01 | $249,950 (-5.6%) | $314,056 (0.4%) | 0.00 | 56 |
2022-11-01 | $274,450 (5.6%) | $315,416 (-0.7%) | 0.00 | 55 |
2022-12-01 | $254,950 (-0.7%) | $287,538 (-7.3%) | 0.00 | 40 |
2023-01-01 | $269,900 (3.9%) | $283,049 (0.3%) | 0.00 | 37 |
2023-02-01 | $317,400 (13.9%) | $325,077 (-3.8%) | 0.00 | 26 |
2023-03-01 | $348,675 (28.1%) | $364,525 (6.6%) | 0.00 | 25 |
2023-04-01 | $319,900 (6.7%) | $372,292 (6.6%) | 0.00 | 34 |
2023-05-01 | $335,975 (10.2%) | $376,697 (4.2%) | 0.00 | 41 |
2023-06-01 | $312,450 (0.0%) | $365,181 (0.2%) | 0.00 | 45 |
2023-07-01 | $284,950 (-9.5%) | $340,629 (-4.2%) | 0.00 | 44 |
2023-08-01 | $305,000 (2.4%) | $344,152 (-1.8%) | 0.00 | 48 |
2023-09-01 | $309,900 (19.9%) | $339,476 (2.7%) | 0.00 | 54 |
2023-10-01 | $317,200 (26.9%) | $334,304 (6.5%) | 0.00 | 64 |
2023-11-01 | $300,000 (9.3%) | $325,145 (3.1%) | 0.00 | 58 |
2023-12-01 | $279,500 (9.6%) | $307,714 (7.0%) | 0.00 | 37 |
2024-01-01 | $294,050 (9.0%) | $315,069 (11.3%) | 0.00 | 30 |
2024-02-01 | $310,975 (-2.0%) | $337,140 (3.7%) | 0.00 | 30 |
2024-03-01 | $339,900 (-2.5%) | $345,866 (-5.1%) | 0.00 | 31 |
2024-04-01 | $320,250 (0.1%) | $360,010 (-3.3%) | 0.00 | 43 |
2024-05-01 | $344,950 (2.7%) | $384,607 (2.1%) | 0.00 | 45 |
2024-06-01 | $359,900 (15.2%) | $407,376 (11.6%) | 0.00 | 50 |
2024-07-01 | $344,900 (21.0%) | $386,374 (13.4%) | 0.00 | 59 |
2024-08-01 | $339,000 (11.2%) | $381,925 (11.0%) | 0.00 | 67 |
2024-09-01 | $333,000 (7.5%) | $376,310 (10.9%) | 0.00 | 71 |
2024-10-01 | $332,450 (4.8%) | $375,118 (12.2%) | 0.00 | 75 |
Hutchinson's median listing price comes in at 0% of the national average.
Hutchinson's average listing price for 2024-10-01 was $375,118, a difference of $40,814 (12.2%) versus the prior year and $-1,192 versus the prior month.
For the 2024-10-01 period, Hutchinson had 75 MLS listings, a difference of 4 listings (6%) versus the prior month and 11 listings (17%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Hutchinson (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,765 sqft |
2018-02-01 | 0 days | 1,835 sqft |
2018-03-01 | 0 days | 1,892 sqft |
2018-04-01 | 0 days | 1,859 sqft |
2018-05-01 | 0 days | 1,880 sqft |
2018-06-01 | 0 days | 2,005 sqft |
2018-07-01 | 0 days | 1,892 sqft |
2018-08-01 | 0 days | 1,963 sqft |
2018-09-01 | 0 days | 2,020 sqft |
2018-10-01 | 0 days | 2,020 sqft |
2018-11-01 | 0 days | 2,045 sqft |
2018-12-01 | 0 days | 1,890 sqft |
2019-01-01 | 0 days | 1,856 sqft |
2019-02-01 | 0 days | 1,941 sqft |
2019-03-01 | 0 days | 1,928 sqft |
2019-04-01 | 0 days | 1,936 sqft |
2019-05-01 | 0 days | 1,900 sqft |
2019-06-01 | 0 days | 1,939 sqft |
2019-07-01 | 0 days | 1,950 sqft |
2019-08-01 | 0 days | 1,939 sqft |
2019-09-01 | 0 days | 1,922 sqft |
2019-10-01 | 0 days | 1,907 sqft |
2019-11-01 | 0 days | 1,938 sqft |
2019-12-01 | 0 days | 2,039 sqft |
2020-01-01 | 0 days | 2,001 sqft |
2020-02-01 | 0 days | 2,050 sqft |
2020-03-01 | 0 days | 1,924 sqft |
2020-04-01 | 0 days | 1,873 sqft |
2020-05-01 | 0 days | 1,955 sqft |
2020-06-01 | 0 days | 1,974 sqft |
2020-07-01 | 0 days | 1,972 sqft |
2020-08-01 | 0 days | 1,823 sqft |
2020-09-01 | 0 days | 1,784 sqft |
2020-10-01 | 0 days | 1,885 sqft |
2020-11-01 | 0 days | 2,058 sqft |
2020-12-01 | 0 days | 1,934 sqft |
2021-01-01 | 0 days | 1,886 sqft |
2021-02-01 | 0 days | 1,572 sqft |
2021-03-01 | 0 days | 1,982 sqft |
2021-04-01 | 0 days | 1,845 sqft |
2021-05-01 | 0 days | 1,767 sqft |
2021-06-01 | 0 days | 1,799 sqft |
2021-07-01 | 0 days | 1,646 sqft |
2021-08-01 | 0 days | 1,871 sqft |
2021-09-01 | 0 days | 1,831 sqft |
2021-10-01 | 0 days | 1,872 sqft |
2021-11-01 | 0 days | 1,903 sqft |
2021-12-01 | 0 days | 1,877 sqft |
2022-01-01 | 0 days | 1,706 sqft |
2022-02-01 | 0 days | 2,392 sqft |
2022-03-01 | 0 days | 2,236 sqft |
2022-04-01 | 0 days | 2,424 sqft |
2022-05-01 | 0 days | 2,108 sqft |
2022-06-01 | 0 days | 2,076 sqft |
2022-07-01 | 0 days | 2,068 sqft |
2022-08-01 | 0 days | 2,045 sqft |
2022-09-01 | 0 days | 1,828 sqft |
2022-10-01 | 0 days | 1,799 sqft |
2022-11-01 | 0 days | 1,902 sqft |
2022-12-01 | 0 days | 1,797 sqft |
2023-01-01 | 0 days | 1,686 sqft |
2023-02-01 | 0 days | 1,800 sqft |
2023-03-01 | 0 days | 2,072 sqft |
2023-04-01 | 0 days | 2,161 sqft |
2023-05-01 | 0 days | 2,192 sqft |
2023-06-01 | 0 days | 2,099 sqft |
2023-07-01 | 0 days | 1,833 sqft |
2023-08-01 | 0 days | 1,901 sqft |
2023-09-01 | 0 days | 2,123 sqft |
2023-10-01 | 0 days | 2,008 sqft |
2023-11-01 | 0 days | 1,853 sqft |
2023-12-01 | 0 days | 1,854 sqft |
2024-01-01 | 0 days | 1,719 sqft |
2024-02-01 | 0 days | 1,778 sqft |
2024-03-01 | 0 days | 1,830 sqft |
2024-04-01 | 0 days | 1,834 sqft |
2024-05-01 | 0 days | 1,990 sqft |
2024-06-01 | 0 days | 1,959 sqft |
2024-07-01 | 0 days | 1,856 sqft |
2024-08-01 | 0 days | 2,055 sqft |
2024-09-01 | 0 days | 2,096 sqft |
2024-10-01 | 0 days | 2,063 sqft |
Hutchinson's median square footage for active listings during the 2024-10-01 period was 2,063 sqft. One year prior, the average listing was 2,008 sqft.