Monroe FHA Loan Rates, Closing Costs & Stats
MONROE, MI
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 68 lenders originated 410 FHA loans during 2023. The total origination value was $85,310,000, with an average FHA loan value of $208,073.
Monroe FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Monroe
averaged
0.13%
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 $6,717.
The average rate for the prior week (2024-11-22) was
6.53% and
one month ago for the week of 2024-10-25, the
average rate was 6.3%.
The average rate one year ago was 7.19%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.33%.
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 AMERICAN FINANCIAL NETWORK, INC., with
71 FHA loans originated. Their average total fees are
$9,907, which is $210
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Monroe FHA lenders (with over 10 loans originated) are
UNION HOME MORTGAGE CORP. ($9,003), CROSSCOUNTRY MORTGAGE, LLC ($9,126), QUICKEN LOANS, LLC ($9,698), AMERICAN FINANCIAL NETWORK, INC. ($9,907) and EVERETT FINANCIAL, INC. ($10,567).
The lowest rate Monroe FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.28%), MORTGAGE 1 INCORPORATED (6.42%), UNITED WHOLESALE MORTGAGE, LLC (6.61%), UNION HOME MORTGAGE CORP. (6.63%) and AMERICAN FINANCIAL NETWORK, INC. (6.76%).
Monroe FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MONROE, MI | MONROE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONROE, MI | MONROE | 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 | $169,175 (2.5%) | $210,985 (7.4%) | 0.63 | 443 |
2018-02-01 | $172,150 (3.7%) | $211,571 (6.0%) | 0.63 | 425 |
2018-03-01 | $187,000 (13.4%) | $217,793 (10.1%) | 0.66 | 406 |
2018-04-01 | $197,400 (16.2%) | $219,405 (7.5%) | 0.67 | 420 |
2018-05-01 | $199,225 (10.7%) | $220,592 (2.4%) | 0.67 | 436 |
2018-06-01 | $199,999 (6.7%) | $226,780 (2.3%) | 0.67 | 497 |
2018-07-01 | $216,400 (8.9%) | $229,790 (2.4%) | 0.72 | 538 |
2018-08-01 | $211,450 (19.2%) | $223,929 (2.5%) | 0.71 | 587 |
2018-09-01 | $199,450 (10.9%) | $223,200 (2.4%) | 0.67 | 577 |
2018-10-01 | $197,000 (9.4%) | $221,064 (0.9%) | 0.67 | 533 |
2018-11-01 | $203,063 (14.7%) | $222,793 (4.1%) | 0.69 | 497 |
2018-12-01 | $194,900 (19.6%) | $221,852 (5.7%) | 0.67 | 460 |
2019-01-01 | $187,450 (10.8%) | $222,207 (5.3%) | 0.65 | 444 |
2019-02-01 | $196,925 (14.4%) | $226,595 (7.1%) | 0.67 | 432 |
2019-03-01 | $203,614 (8.9%) | $228,108 (4.7%) | 0.67 | 417 |
2019-04-01 | $209,900 (6.3%) | $228,921 (4.3%) | 0.67 | 414 |
2019-05-01 | $199,900 (0.3%) | $232,337 (5.3%) | 0.62 | 421 |
2019-06-01 | $203,900 (2.0%) | $233,873 (3.1%) | 0.64 | 458 |
2019-07-01 | $210,195 (-2.9%) | $238,457 (3.8%) | 0.66 | 493 |
2019-08-01 | $207,173 (-2.0%) | $235,591 (5.2%) | 0.66 | 497 |
2019-09-01 | $203,082 (1.8%) | $234,180 (4.9%) | 0.65 | 493 |
2019-10-01 | $202,855 (3.0%) | $235,095 (6.4%) | 0.65 | 491 |
2019-11-01 | $201,490 (-0.8%) | $233,127 (4.6%) | 0.66 | 501 |
2019-12-01 | $199,900 (2.6%) | $226,863 (2.3%) | 0.67 | 452 |
2020-01-01 | $199,900 (6.6%) | $227,342 (2.3%) | 0.67 | 388 |
2020-02-01 | $209,950 (6.6%) | $235,558 (4.0%) | 0.69 | 342 |
2020-03-01 | $209,950 (3.1%) | $240,615 (5.5%) | 0.66 | 294 |
2020-04-01 | $204,900 (-2.4%) | $225,136 (-1.7%) | 0.64 | 265 |
2020-05-01 | $199,000 (-0.5%) | $228,038 (-1.9%) | 0.60 | 281 |
2020-06-01 | $221,950 (8.9%) | $237,540 (1.6%) | 0.65 | 264 |
2020-07-01 | $227,400 (8.2%) | $244,771 (2.7%) | 0.66 | 241 |
2020-08-01 | $239,900 (15.8%) | $254,669 (8.1%) | 0.69 | 247 |
2020-09-01 | $238,950 (17.7%) | $255,979 (9.3%) | 0.68 | 221 |
2020-10-01 | $229,900 (13.3%) | $251,786 (7.1%) | 0.66 | 223 |
2020-11-01 | $240,088 (19.2%) | $260,915 (11.9%) | 0.70 | 212 |
2020-12-01 | $229,900 (15.0%) | $261,655 (15.3%) | 0.68 | 204 |
2021-01-01 | $230,000 (15.1%) | $261,679 (15.1%) | 0.69 | 173 |
2021-02-01 | $248,008 (18.1%) | $269,668 (14.5%) | 0.72 | 156 |
2021-03-01 | $239,975 (14.3%) | $270,163 (12.3%) | 0.68 | 142 |
2021-04-01 | $260,630 (27.2%) | $289,398 (28.5%) | 0.71 | 152 |
2021-05-01 | $256,905 (29.1%) | $278,481 (22.1%) | 0.68 | 150 |
2021-06-01 | $256,175 (15.4%) | $280,627 (18.1%) | 0.67 | 190 |
2021-07-01 | $245,000 (7.7%) | $281,278 (14.9%) | 0.65 | 205 |
2021-08-01 | $248,050 (3.4%) | $281,802 (10.7%) | 0.66 | 243 |
2021-09-01 | $246,200 (3.0%) | $282,759 (10.5%) | 0.66 | 235 |
2021-10-01 | $239,900 (4.4%) | $281,833 (11.9%) | 0.64 | 210 |
2021-11-01 | $239,925 (-0.1%) | $282,363 (8.2%) | 0.64 | 198 |
2021-12-01 | $234,900 (2.2%) | $287,897 (10.0%) | 0.64 | 176 |
2022-01-01 | $234,900 (2.1%) | $289,639 (10.7%) | 0.64 | 164 |
2022-02-01 | $251,500 (1.4%) | $298,795 (10.8%) | 0.65 | 141 |
2022-03-01 | $250,750 (4.5%) | $300,272 (11.1%) | 0.63 | 121 |
2022-04-01 | $254,000 (-2.5%) | $303,202 (4.8%) | 0.61 | 126 |
2022-05-01 | $259,925 (1.2%) | $313,737 (12.7%) | 0.59 | 153 |
2022-06-01 | $274,950 (7.3%) | $319,707 (13.9%) | 0.61 | 183 |
2022-07-01 | $275,000 (12.2%) | $315,035 (12.0%) | 0.62 | 227 |
2022-08-01 | $246,650 (-0.6%) | $292,199 (3.7%) | 0.57 | 251 |
2022-09-01 | $264,725 (7.5%) | $300,343 (6.2%) | 0.62 | 232 |
2022-10-01 | $259,200 (8.1%) | $292,717 (3.9%) | 0.61 | 224 |
2022-11-01 | $267,500 (11.5%) | $298,588 (5.8%) | 0.64 | 221 |
2022-12-01 | $279,850 (19.1%) | $311,298 (8.1%) | 0.69 | 197 |
2023-01-01 | $275,900 (17.5%) | $306,128 (5.7%) | 0.68 | 184 |
2023-02-01 | $265,000 (5.4%) | $306,604 (2.6%) | 0.64 | 169 |
2023-03-01 | $267,000 (6.5%) | $299,210 (-0.4%) | 0.63 | 139 |
2023-04-01 | $269,950 (6.3%) | $305,585 (0.8%) | 0.63 | 143 |
2023-05-01 | $279,300 (7.5%) | $313,670 (0.0%) | 0.63 | 162 |
2023-06-01 | $296,365 (7.8%) | $326,439 (2.1%) | 0.67 | 163 |
2023-07-01 | $295,000 (7.3%) | $347,518 (10.3%) | 0.67 | 168 |
2023-08-01 | $289,250 (17.3%) | $339,244 (16.1%) | 0.66 | 192 |
2023-09-01 | $299,900 (13.3%) | $349,063 (16.2%) | 0.70 | 198 |
2023-10-01 | $275,000 (6.1%) | $326,916 (11.7%) | 0.65 | 200 |
2023-11-01 | $276,200 (3.3%) | $322,622 (8.1%) | 0.66 | 237 |
2023-12-01 | $275,000 (-1.7%) | $326,898 (5.0%) | 0.67 | 240 |
2024-01-01 | $267,775 (-2.9%) | $317,879 (3.8%) | 0.65 | 221 |
2024-02-01 | $274,500 (3.6%) | $329,951 (7.6%) | 0.66 | 201 |
2024-03-01 | $279,400 (4.6%) | $336,768 (12.6%) | 0.66 | 167 |
2024-04-01 | $277,450 (2.8%) | $342,803 (12.2%) | 0.65 | 156 |
2024-05-01 | $272,788 (-2.3%) | $374,472 (19.4%) | 0.62 | 175 |
2024-06-01 | $299,999 (1.2%) | $394,376 (20.8%) | 0.67 | 191 |
2024-07-01 | $299,450 (1.5%) | $374,316 (7.7%) | 0.68 | 215 |
2024-08-01 | $294,900 (2.0%) | $365,309 (7.7%) | 0.69 | 244 |
2024-09-01 | $288,675 (-3.7%) | $357,400 (2.4%) | 0.68 | 257 |
2024-10-01 | $284,950 (3.6%) | $342,758 (4.9%) | 0.67 | 266 |
Monroe's median listing price comes in at 67% of the national average.
Monroe's average listing price for 2024-10-01 was $342,758, a difference of $15,842 (4.9%) versus the prior year and $-14,642 versus the prior month.
For the 2024-10-01 period, Monroe had 266 MLS listings, a difference of 9 listings (4%) versus the prior month and 66 listings (33%) 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 | 83 days | 1,644 sqft |
2018-02-01 | 84 days | 1,622 sqft |
2018-03-01 | 72 days | 1,641 sqft |
2018-04-01 | 50 days | 1,684 sqft |
2018-05-01 | 47 days | 1,699 sqft |
2018-06-01 | 44 days | 1,726 sqft |
2018-07-01 | 45 days | 1,759 sqft |
2018-08-01 | 45 days | 1,734 sqft |
2018-09-01 | 52 days | 1,691 sqft |
2018-10-01 | 59 days | 1,682 sqft |
2018-11-01 | 71 days | 1,685 sqft |
2018-12-01 | 80 days | 1,705 sqft |
2019-01-01 | 89 days | 1,678 sqft |
2019-02-01 | 89 days | 1,700 sqft |
2019-03-01 | 69 days | 1,716 sqft |
2019-04-01 | 53 days | 1,733 sqft |
2019-05-01 | 46 days | 1,705 sqft |
2019-06-01 | 49 days | 1,732 sqft |
2019-07-01 | 44 days | 1,766 sqft |
2019-08-01 | 48 days | 1,753 sqft |
2019-09-01 | 54 days | 1,742 sqft |
2019-10-01 | 53 days | 1,735 sqft |
2019-11-01 | 54 days | 1,715 sqft |
2019-12-01 | 70 days | 1,697 sqft |
2020-01-01 | 86 days | 1,699 sqft |
2020-02-01 | 94 days | 1,702 sqft |
2020-03-01 | 104 days | 1,675 sqft |
2020-04-01 | 92 days | 1,636 sqft |
2020-05-01 | 67 days | 1,629 sqft |
2020-06-01 | 47 days | 1,669 sqft |
2020-07-01 | 46 days | 1,675 sqft |
2020-08-01 | 46 days | 1,706 sqft |
2020-09-01 | 48 days | 1,734 sqft |
2020-10-01 | 50 days | 1,737 sqft |
2020-11-01 | 54 days | 1,728 sqft |
2020-12-01 | 51 days | 1,662 sqft |
2021-01-01 | 63 days | 1,686 sqft |
2021-02-01 | 56 days | 1,690 sqft |
2021-03-01 | 49 days | 1,672 sqft |
2021-04-01 | 30 days | 1,681 sqft |
2021-05-01 | 43 days | 1,675 sqft |
2021-06-01 | 29 days | 1,664 sqft |
2021-07-01 | 31 days | 1,664 sqft |
2021-08-01 | 29 days | 1,659 sqft |
2021-09-01 | 37 days | 1,659 sqft |
2021-10-01 | 46 days | 1,680 sqft |
2021-11-01 | 57 days | 1,621 sqft |
2021-12-01 | 54 days | 1,526 sqft |
2022-01-01 | 48 days | 1,544 sqft |
2022-02-01 | 54 days | 1,566 sqft |
2022-03-01 | 53 days | 1,601 sqft |
2022-04-01 | 46 days | 1,662 sqft |
2022-05-01 | 25 days | 1,736 sqft |
2022-06-01 | 26 days | 1,774 sqft |
2022-07-01 | 31 days | 1,752 sqft |
2022-08-01 | 31 days | 1,642 sqft |
2022-09-01 | 42 days | 1,638 sqft |
2022-10-01 | 50 days | 1,617 sqft |
2022-11-01 | 53 days | 1,632 sqft |
2022-12-01 | 55 days | 1,650 sqft |
2023-01-01 | 62 days | 1,666 sqft |
2023-02-01 | 55 days | 1,653 sqft |
2023-03-01 | 49 days | 1,642 sqft |
2023-04-01 | 42 days | 1,642 sqft |
2023-05-01 | 32 days | 1,661 sqft |
2023-06-01 | 35 days | 1,708 sqft |
2023-07-01 | 37 days | 1,731 sqft |
2023-08-01 | 34 days | 1,684 sqft |
2023-09-01 | 33 days | 1,757 sqft |
2023-10-01 | 38 days | 1,698 sqft |
2023-11-01 | 37 days | 1,699 sqft |
2023-12-01 | 46 days | 1,696 sqft |
2024-01-01 | 58 days | 1,649 sqft |
2024-02-01 | 66 days | 1,702 sqft |
2024-03-01 | 52 days | 1,664 sqft |
2024-04-01 | 46 days | 1,654 sqft |
2024-05-01 | 35 days | 1,668 sqft |
2024-06-01 | 37 days | 1,702 sqft |
2024-07-01 | 31 days | 1,719 sqft |
2024-08-01 | 33 days | 1,739 sqft |
2024-09-01 | 40 days | 1,720 sqft |
2024-10-01 | 45 days | 1,687 sqft |
Monroe's median square footage for active listings during the 2024-10-01 period was 1,687 sqft. One year prior, the average listing was 1,698 sqft.