Monroe FHA Loan Rates, Closing Costs & Stats
MONROE, LA
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.
Monroe's 65 lenders originated 467 FHA loans during 2023. The total origination value was $89,945,000, with an average FHA loan value of $192,602.
Monroe FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Monroe
averaged
0.09%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Monroe's average FHA mortgage closing costs are $7,412.
The average rate for the prior week (2024-11-22) was
6.48% and
one month ago for the week of 2024-10-25, the
average rate was 6.56%.
The average rate one year ago was 7.35%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.08%.
Monroe 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 Monroe level.
The top Monroe FHA lender as defined by loan originations is Eagle Bank and Trust Company, with
85 FHA loans originated. Their average total fees are
$8,440, which is $2,109
lower than the next largest lender,
Assurance Financial Group, L.L.C..
The lowest fee Monroe FHA lenders (with over 10 loans originated) are
DSLD MORTGAGE, LLC ($6,091), GMFS LLC ($6,899), MOVEMENT MORTGAGE, LLC ($8,209), Origin Bank ($8,288) and Eagle Bank and Trust Company ($8,440).
The lowest rate Monroe FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.25%), NEWREZ LLC (6.33%), Eagle Bank and Trust Company (6.52%), DSLD MORTGAGE, LLC (6.53%) and UNITED WHOLESALE MORTGAGE, LLC (6.59%).
Monroe FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MONROE, LA | MOREHOUSE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONROE, LA | OUACHITA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONROE, LA | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONROE, LA | MOREHOUSE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MONROE, LA | OUACHITA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MONROE, LA | UNION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Monroe (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 | $187,500 (2.8%) | $228,320 (-0.8%) | 0.70 | 881 |
2018-02-01 | $185,000 (2.8%) | $223,473 (-3.3%) | 0.67 | 937 |
2018-03-01 | $185,900 (3.4%) | $223,521 (-1.9%) | 0.65 | 951 |
2018-04-01 | $185,475 (0.3%) | $223,703 (-3.2%) | 0.63 | 1,015 |
2018-05-01 | $190,000 (0.5%) | $226,054 (-2.3%) | 0.63 | 1,060 |
2018-06-01 | $193,500 (-0.8%) | $231,702 (-0.7%) | 0.65 | 1,046 |
2018-07-01 | $198,000 (3.3%) | $235,190 (1.1%) | 0.66 | 1,099 |
2018-08-01 | $192,500 (2.8%) | $233,286 (0.6%) | 0.64 | 1,118 |
2018-09-01 | $191,500 (1.5%) | $233,005 (0.1%) | 0.64 | 1,107 |
2018-10-01 | $187,875 (-0.3%) | $229,028 (-1.4%) | 0.64 | 1,098 |
2018-11-01 | $185,000 (-2.8%) | $226,731 (-2.7%) | 0.63 | 1,068 |
2018-12-01 | $184,900 (-5.2%) | $224,592 (-2.4%) | 0.64 | 999 |
2019-01-01 | $186,125 (-0.7%) | $227,845 (-0.2%) | 0.64 | 957 |
2019-02-01 | $187,250 (1.2%) | $227,088 (1.6%) | 0.63 | 1,010 |
2019-03-01 | $190,714 (2.6%) | $229,648 (2.7%) | 0.62 | 1,068 |
2019-04-01 | $196,750 (6.1%) | $232,914 (4.1%) | 0.62 | 1,124 |
2019-05-01 | $195,000 (2.6%) | $230,386 (1.9%) | 0.61 | 1,137 |
2019-06-01 | $194,950 (0.8%) | $231,020 (-0.3%) | 0.61 | 1,120 |
2019-07-01 | $196,100 (-1.0%) | $232,987 (-0.9%) | 0.61 | 1,135 |
2019-08-01 | $195,032 (1.3%) | $231,934 (-0.6%) | 0.62 | 1,110 |
2019-09-01 | $191,780 (0.2%) | $230,085 (-1.3%) | 0.61 | 1,090 |
2019-10-01 | $192,486 (2.5%) | $232,607 (1.6%) | 0.62 | 1,041 |
2019-11-01 | $199,250 (7.7%) | $236,941 (4.5%) | 0.65 | 988 |
2019-12-01 | $199,900 (8.1%) | $237,368 (5.7%) | 0.67 | 932 |
2020-01-01 | $207,750 (11.6%) | $239,627 (5.2%) | 0.69 | 714 |
2020-02-01 | $199,900 (6.8%) | $231,669 (2.0%) | 0.65 | 706 |
2020-03-01 | $199,900 (4.8%) | $230,519 (0.4%) | 0.63 | 670 |
2020-04-01 | $199,450 (1.4%) | $229,181 (-1.6%) | 0.62 | 637 |
2020-05-01 | $209,000 (7.2%) | $236,523 (2.7%) | 0.64 | 577 |
2020-06-01 | $209,998 (7.7%) | $243,949 (5.6%) | 0.62 | 566 |
2020-07-01 | $215,000 (9.6%) | $247,460 (6.2%) | 0.62 | 536 |
2020-08-01 | $219,000 (12.3%) | $263,520 (13.6%) | 0.63 | 521 |
2020-09-01 | $214,925 (12.1%) | $264,025 (14.8%) | 0.62 | 489 |
2020-10-01 | $219,900 (14.2%) | $267,446 (15.0%) | 0.63 | 454 |
2020-11-01 | $218,864 (9.8%) | $264,481 (11.6%) | 0.64 | 419 |
2020-12-01 | $219,675 (9.9%) | $263,476 (11.0%) | 0.65 | 382 |
2021-01-01 | $210,000 (1.1%) | $262,871 (9.7%) | 0.63 | 348 |
2021-02-01 | $207,500 (3.8%) | $265,241 (14.5%) | 0.60 | 326 |
2021-03-01 | $219,900 (10.0%) | $270,142 (17.2%) | 0.62 | 285 |
2021-04-01 | $230,700 (15.7%) | $267,328 (16.7%) | 0.62 | 258 |
2021-05-01 | $229,000 (9.6%) | $266,419 (12.6%) | 0.61 | 235 |
2021-06-01 | $231,700 (10.3%) | $279,402 (14.5%) | 0.61 | 247 |
2021-07-01 | $239,900 (11.6%) | $298,300 (20.5%) | 0.63 | 262 |
2021-08-01 | $240,500 (9.8%) | $303,470 (15.2%) | 0.64 | 274 |
2021-09-01 | $239,375 (11.4%) | $308,450 (16.8%) | 0.64 | 257 |
2021-10-01 | $229,000 (4.1%) | $290,209 (8.5%) | 0.61 | 217 |
2021-11-01 | $221,600 (1.3%) | $306,736 (16.0%) | 0.59 | 206 |
2021-12-01 | $231,750 (5.5%) | $312,309 (18.5%) | 0.63 | 203 |
2022-01-01 | $246,500 (17.4%) | $306,023 (16.4%) | 0.67 | 187 |
2022-02-01 | $260,723 (25.7%) | $315,793 (19.1%) | 0.68 | 175 |
2022-03-01 | $254,975 (16.0%) | $300,594 (11.3%) | 0.64 | 176 |
2022-04-01 | $260,000 (12.7%) | $310,949 (16.3%) | 0.62 | 169 |
2022-05-01 | $249,950 (9.2%) | $294,123 (10.4%) | 0.57 | 181 |
2022-06-01 | $247,000 (6.6%) | $289,553 (3.6%) | 0.55 | 216 |
2022-07-01 | $250,000 (4.2%) | $300,403 (0.7%) | 0.56 | 235 |
2022-08-01 | $253,225 (5.3%) | $321,084 (5.8%) | 0.59 | 257 |
2022-09-01 | $253,725 (6.0%) | $322,550 (4.6%) | 0.59 | 263 |
2022-10-01 | $245,000 (7.0%) | $337,213 (16.2%) | 0.58 | 258 |
2022-11-01 | $239,450 (8.1%) | $322,927 (5.3%) | 0.58 | 284 |
2022-12-01 | $238,450 (2.9%) | $310,828 (-0.5%) | 0.59 | 287 |
2023-01-01 | $238,500 (-3.3%) | $299,300 (-2.2%) | 0.59 | 257 |
2023-02-01 | $243,500 (-6.6%) | $312,148 (-1.2%) | 0.59 | 254 |
2023-03-01 | $241,250 (-5.4%) | $311,463 (3.6%) | 0.57 | 272 |
2023-04-01 | $240,000 (-7.7%) | $303,732 (-2.3%) | 0.56 | 263 |
2023-05-01 | $243,720 (-2.5%) | $304,524 (3.5%) | 0.55 | 287 |
2023-06-01 | $246,575 (-0.2%) | $309,551 (6.9%) | 0.55 | 296 |
2023-07-01 | $259,000 (3.6%) | $319,101 (6.2%) | 0.59 | 314 |
2023-08-01 | $251,290 (-0.8%) | $316,131 (-1.5%) | 0.58 | 334 |
2023-09-01 | $250,000 (-1.5%) | $312,911 (-3.0%) | 0.58 | 336 |
2023-10-01 | $249,500 (1.8%) | $307,231 (-8.9%) | 0.59 | 334 |
2023-11-01 | $244,000 (1.9%) | $304,974 (-5.6%) | 0.58 | 362 |
2023-12-01 | $240,000 (0.7%) | $303,713 (-2.3%) | 0.59 | 365 |
2024-01-01 | $236,500 (-0.8%) | $297,523 (-0.6%) | 0.58 | 350 |
2024-02-01 | $239,925 (-1.5%) | $291,893 (-6.5%) | 0.58 | 349 |
2024-03-01 | $250,000 (3.6%) | $299,160 (-4.0%) | 0.59 | 360 |
2024-04-01 | $259,000 (7.9%) | $313,081 (3.1%) | 0.60 | 377 |
2024-05-01 | $268,375 (10.1%) | $337,027 (10.7%) | 0.61 | 377 |
2024-06-01 | $259,000 (5.0%) | $337,342 (9.0%) | 0.58 | 387 |
2024-07-01 | $270,250 (4.3%) | $333,345 (4.5%) | 0.62 | 394 |
2024-08-01 | $259,000 (3.1%) | $314,332 (-0.6%) | 0.60 | 423 |
2024-09-01 | $249,400 (-0.2%) | $301,955 (-3.5%) | 0.59 | 434 |
2024-10-01 | $239,775 (-3.9%) | $296,398 (-3.5%) | 0.56 | 451 |
Monroe's median listing price comes in at 56% of the national average.
Monroe's average listing price for 2024-10-01 was $296,398, a difference of $-10,833 (-3.5%) versus the prior year and $-5,557 versus the prior month.
For the 2024-10-01 period, Monroe had 451 MLS listings, a difference of 17 listings (4%) versus the prior month and 117 listings (35%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Monroe (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 100 days | 1,976 sqft |
2018-02-01 | 98 days | 1,943 sqft |
2018-03-01 | 93 days | 1,950 sqft |
2018-04-01 | 80 days | 1,962 sqft |
2018-05-01 | 74 days | 1,961 sqft |
2018-06-01 | 72 days | 1,983 sqft |
2018-07-01 | 72 days | 1,985 sqft |
2018-08-01 | 73 days | 1,947 sqft |
2018-09-01 | 80 days | 1,939 sqft |
2018-10-01 | 86 days | 1,906 sqft |
2018-11-01 | 92 days | 1,909 sqft |
2018-12-01 | 102 days | 1,914 sqft |
2019-01-01 | 116 days | 1,923 sqft |
2019-02-01 | 109 days | 1,926 sqft |
2019-03-01 | 93 days | 1,937 sqft |
2019-04-01 | 77 days | 1,950 sqft |
2019-05-01 | 78 days | 1,943 sqft |
2019-06-01 | 81 days | 1,970 sqft |
2019-07-01 | 84 days | 1,960 sqft |
2019-08-01 | 89 days | 1,951 sqft |
2019-09-01 | 93 days | 1,939 sqft |
2019-10-01 | 94 days | 1,954 sqft |
2019-11-01 | 99 days | 1,978 sqft |
2019-12-01 | 107 days | 1,981 sqft |
2020-01-01 | 115 days | 1,990 sqft |
2020-02-01 | 120 days | 1,922 sqft |
2020-03-01 | 106 days | 1,936 sqft |
2020-04-01 | 96 days | 1,941 sqft |
2020-05-01 | 91 days | 2,012 sqft |
2020-06-01 | 83 days | 2,005 sqft |
2020-07-01 | 63 days | 2,006 sqft |
2020-08-01 | 65 days | 2,010 sqft |
2020-09-01 | 74 days | 2,026 sqft |
2020-10-01 | 79 days | 2,082 sqft |
2020-11-01 | 90 days | 2,060 sqft |
2020-12-01 | 88 days | 2,049 sqft |
2021-01-01 | 86 days | 2,050 sqft |
2021-02-01 | 79 days | 2,068 sqft |
2021-03-01 | 71 days | 2,074 sqft |
2021-04-01 | 69 days | 2,090 sqft |
2021-05-01 | 50 days | 2,052 sqft |
2021-06-01 | 44 days | 2,081 sqft |
2021-07-01 | 44 days | 2,044 sqft |
2021-08-01 | 43 days | 2,075 sqft |
2021-09-01 | 50 days | 2,019 sqft |
2021-10-01 | 66 days | 2,009 sqft |
2021-11-01 | 58 days | 1,937 sqft |
2021-12-01 | 58 days | 1,953 sqft |
2022-01-01 | 60 days | 1,971 sqft |
2022-02-01 | 48 days | 2,064 sqft |
2022-03-01 | 50 days | 2,076 sqft |
2022-04-01 | 44 days | 2,064 sqft |
2022-05-01 | 32 days | 2,010 sqft |
2022-06-01 | 31 days | 2,027 sqft |
2022-07-01 | 40 days | 2,096 sqft |
2022-08-01 | 52 days | 2,114 sqft |
2022-09-01 | 59 days | 2,103 sqft |
2022-10-01 | 54 days | 2,114 sqft |
2022-11-01 | 52 days | 2,051 sqft |
2022-12-01 | 60 days | 1,951 sqft |
2023-01-01 | 82 days | 1,930 sqft |
2023-02-01 | 83 days | 1,966 sqft |
2023-03-01 | 60 days | 2,010 sqft |
2023-04-01 | 60 days | 2,000 sqft |
2023-05-01 | 53 days | 1,984 sqft |
2023-06-01 | 57 days | 2,001 sqft |
2023-07-01 | 64 days | 2,073 sqft |
2023-08-01 | 61 days | 2,015 sqft |
2023-09-01 | 65 days | 2,017 sqft |
2023-10-01 | 67 days | 2,020 sqft |
2023-11-01 | 71 days | 2,020 sqft |
2023-12-01 | 75 days | 1,981 sqft |
2024-01-01 | 90 days | 1,950 sqft |
2024-02-01 | 87 days | 1,981 sqft |
2024-03-01 | 66 days | 1,985 sqft |
2024-04-01 | 57 days | 2,036 sqft |
2024-05-01 | 58 days | 2,067 sqft |
2024-06-01 | 64 days | 2,015 sqft |
2024-07-01 | 65 days | 2,000 sqft |
2024-08-01 | 61 days | 1,959 sqft |
2024-09-01 | 61 days | 1,905 sqft |
2024-10-01 | 66 days | 1,878 sqft |
Monroe's median square footage for active listings during the 2024-10-01 period was 1,878 sqft. One year prior, the average listing was 2,020 sqft.