Racine FHA Loan Rates, Closing Costs & Stats
RACINE, 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.
Racine's 83 lenders originated 543 FHA loans during 2022. The total origination value was $108,445,000, with an average FHA loan value of $199,715.
Racine FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Racine
averaged
6.26%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Racine's average FHA mortgage closing costs are $5,964.
The average rate for the prior week (2023-05-19) was
6.24% and
one month ago for the week of 2023-04-21, the
average rate was 6.18%.
The average rate one year ago was 4.9%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.41%.
Racine 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 Racine level.
The top Racine FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
44 FHA loans originated. Their average total fees are
$7,134, which is $2,020
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Racine FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($4,895), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,442), Associated Bank ($5,523), WISCONSIN MORTGAGE CORPORATION ($5,825) and Paramount Residential Mortgage Group, Inc. ($6,220).
The lowest rate Racine FHA lenders (with over 10 loans originated) are
AMERISAVE MORTGAGE CORPORATION (3.98%), QUICKEN LOANS, LLC (4.56%), Mr. Cooper ( Nationstar Mortgage ) (4.62%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (4.63%) and FREEDOM MORTGAGE CORPORATION (4.67%).
Racine FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
RACINE, WI | RACINE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
RACINE, WI | RACINE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Racine (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 | $179,950 (16.4%) | $233,028 (5.4%) | 0.67 | 395 |
2018-02-01 | $190,950 (32.5%) | $236,103 (6.9%) | 0.69 | 329 |
2018-03-01 | $199,900 (30.3%) | $246,275 (8.2%) | 0.70 | 319 |
2018-04-01 | $217,950 (13.6%) | $253,853 (9.7%) | 0.74 | 299 |
2018-05-01 | $229,425 (17.1%) | $259,651 (8.1%) | 0.77 | 345 |
2018-06-01 | $239,900 (19.1%) | $269,026 (11.0%) | 0.80 | 405 |
2018-07-01 | $235,250 (22.2%) | $266,608 (9.4%) | 0.79 | 449 |
2018-08-01 | $225,500 (18.9%) | $264,930 (8.4%) | 0.76 | 508 |
2018-09-01 | $228,450 (13.3%) | $267,258 (8.8%) | 0.77 | 544 |
2018-10-01 | $224,950 (14.6%) | $265,512 (9.0%) | 0.76 | 563 |
2018-11-01 | $222,400 (23.3%) | $266,609 (11.5%) | 0.75 | 558 |
2018-12-01 | $210,000 (30.6%) | $258,952 (11.7%) | 0.72 | 523 |
2019-01-01 | $199,950 (14.5%) | $257,494 (10.5%) | 0.69 | 458 |
2019-02-01 | $228,450 (22.0%) | $277,973 (17.7%) | 0.77 | 399 |
2019-03-01 | $229,900 (9.3%) | $281,822 (14.4%) | 0.77 | 399 |
2019-04-01 | $244,900 (3.5%) | $297,998 (17.4%) | 0.78 | 404 |
2019-05-01 | $253,975 (2.4%) | $308,297 (18.7%) | 0.79 | 423 |
2019-06-01 | $238,750 (-3.6%) | $293,890 (9.2%) | 0.75 | 485 |
2019-07-01 | $229,950 (-3.6%) | $290,090 (8.8%) | 0.72 | 523 |
2019-08-01 | $238,200 (-4.6%) | $293,476 (10.8%) | 0.75 | 557 |
2019-09-01 | $231,425 (-2.7%) | $287,085 (7.4%) | 0.73 | 576 |
2019-10-01 | $226,950 (-2.7%) | $286,104 (7.8%) | 0.73 | 595 |
2019-11-01 | $215,000 (-9.3%) | $278,364 (4.4%) | 0.70 | 580 |
2019-12-01 | $209,800 (-4.3%) | $275,950 (6.6%) | 0.70 | 483 |
2020-01-01 | $210,000 (1.2%) | $279,472 (8.5%) | 0.70 | 446 |
2020-02-01 | $209,900 (-19.6%) | $280,324 (0.9%) | 0.69 | 403 |
2020-03-01 | $234,925 (-4.3%) | $295,867 (5.0%) | 0.74 | 391 |
2020-04-01 | $233,075 (-1.4%) | $274,778 (-7.8%) | 0.73 | 400 |
2020-05-01 | $240,450 (-6.2%) | $282,504 (-8.4%) | 0.73 | 366 |
2020-06-01 | $245,975 (1.9%) | $284,125 (-3.3%) | 0.72 | 342 |
2020-07-01 | $250,000 (3.7%) | $306,814 (5.8%) | 0.72 | 349 |
2020-08-01 | $248,000 (6.6%) | $301,486 (2.7%) | 0.71 | 335 |
2020-09-01 | $239,950 (12.2%) | $299,797 (4.4%) | 0.69 | 323 |
2020-10-01 | $229,900 (2.7%) | $290,950 (1.7%) | 0.66 | 314 |
2020-11-01 | $209,950 (-5.0%) | $285,097 (2.4%) | 0.61 | 324 |
2020-12-01 | $199,944 (-11.1%) | $281,649 (2.1%) | 0.59 | 291 |
2021-01-01 | $209,900 (5.6%) | $282,659 (1.1%) | 0.63 | 212 |
2021-02-01 | $219,900 (11.4%) | $291,380 (3.9%) | 0.64 | 165 |
2021-03-01 | $225,000 (-0.9%) | $303,975 (2.7%) | 0.64 | 143 |
2021-04-01 | $242,000 (6.4%) | $311,851 (13.5%) | 0.66 | 138 |
2021-05-01 | $249,900 (-9.1%) | $318,593 (12.8%) | 0.66 | 190 |
2021-06-01 | $254,225 (-7.4%) | $319,808 (12.6%) | 0.67 | 213 |
2021-07-01 | $249,900 (-0.6%) | $322,261 (5.0%) | 0.66 | 253 |
2021-08-01 | $246,750 (-7.2%) | $317,383 (5.3%) | 0.66 | 320 |
2021-09-01 | $242,450 (-12.0%) | $311,264 (3.8%) | 0.65 | 365 |
2021-10-01 | $239,900 (-4.0%) | $312,262 (7.3%) | 0.64 | 345 |
2021-11-01 | $235,000 (5.7%) | $303,600 (6.5%) | 0.63 | 300 |
2021-12-01 | $239,950 (22.2%) | $311,232 (10.5%) | 0.65 | 233 |
2022-01-01 | $229,950 (-2.1%) | $316,786 (12.1%) | 0.62 | 176 |
2022-02-01 | $249,950 (9.5%) | $340,955 (17.0%) | 0.65 | 115 |
2022-03-01 | $252,450 (26.3%) | $345,659 (13.7%) | 0.63 | 117 |
2022-04-01 | $244,500 (3.2%) | $343,560 (10.2%) | 0.58 | 125 |
2022-05-01 | $274,200 (28.1%) | $348,687 (9.5%) | 0.63 | 184 |
2022-06-01 | $291,200 (21.0%) | $360,235 (12.6%) | 0.65 | 250 |
2022-07-01 | $298,000 (20.8%) | $367,459 (14.0%) | 0.67 | 301 |
2022-08-01 | $284,925 (28.7%) | $357,084 (12.5%) | 0.66 | 316 |
2022-09-01 | $277,500 (26.5%) | $354,751 (14.0%) | 0.65 | 313 |
2022-10-01 | $284,900 (25.0%) | $358,125 (14.7%) | 0.67 | 349 |
2022-11-01 | $287,450 (41.3%) | $354,963 (16.9%) | 0.69 | 303 |
2022-12-01 | $299,900 (38.3%) | $356,779 (14.6%) | 0.74 | 271 |
2023-01-01 | $315,500 (56.2%) | $357,587 (12.9%) | 0.78 | 238 |
2023-02-01 | $302,425 (35.3%) | $360,462 (5.7%) | 0.73 | 212 |
2023-03-01 | $336,950 (0.0%) | $373,939 (8.2%) | 0.79 | 0 |
2023-04-01 | $350,000 (0.0%) | $390,778 (13.7%) | 0.81 | 0 |
Racine's median listing price comes in at 81% of the national average.
Racine's average listing price for 2023-04-01 was $390,778, a difference of $47,218 (13.7%) versus the prior year and $16,839 versus the prior month.
For the 2023-04-01 period, Racine had 0 MLS listings, a difference of 0 listings versus the prior month and -125 listings (-100%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Racine (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 74 days | 1,618 sqft |
2018-02-01 | 71 days | 1,632 sqft |
2018-03-01 | 49 days | 1,650 sqft |
2018-04-01 | 36 days | 1,695 sqft |
2018-05-01 | 37 days | 1,650 sqft |
2018-06-01 | 37 days | 1,666 sqft |
2018-07-01 | 40 days | 1,632 sqft |
2018-08-01 | 39 days | 1,619 sqft |
2018-09-01 | 43 days | 1,660 sqft |
2018-10-01 | 46 days | 1,672 sqft |
2018-11-01 | 50 days | 1,670 sqft |
2018-12-01 | 60 days | 1,633 sqft |
2019-01-01 | 79 days | 1,565 sqft |
2019-02-01 | 73 days | 1,607 sqft |
2019-03-01 | 53 days | 1,634 sqft |
2019-04-01 | 39 days | 1,698 sqft |
2019-05-01 | 40 days | 1,762 sqft |
2019-06-01 | 39 days | 1,738 sqft |
2019-07-01 | 40 days | 1,711 sqft |
2019-08-01 | 52 days | 1,742 sqft |
2019-09-01 | 65 days | 1,747 sqft |
2019-10-01 | 48 days | 1,738 sqft |
2019-11-01 | 53 days | 1,737 sqft |
2019-12-01 | 67 days | 1,721 sqft |
2020-01-01 | 76 days | 1,700 sqft |
2020-02-01 | 67 days | 1,711 sqft |
2020-03-01 | 44 days | 1,748 sqft |
2020-04-01 | 42 days | 1,749 sqft |
2020-05-01 | 47 days | 1,750 sqft |
2020-06-01 | 44 days | 1,725 sqft |
2020-07-01 | 40 days | 1,794 sqft |
2020-08-01 | 37 days | 1,729 sqft |
2020-09-01 | 37 days | 1,691 sqft |
2020-10-01 | 38 days | 1,638 sqft |
2020-11-01 | 41 days | 1,604 sqft |
2020-12-01 | 45 days | 1,596 sqft |
2021-01-01 | 50 days | 1,588 sqft |
2021-02-01 | 40 days | 1,601 sqft |
2021-03-01 | 38 days | 1,618 sqft |
2021-04-01 | 32 days | 1,612 sqft |
2021-05-01 | 23 days | 1,678 sqft |
2021-06-01 | 30 days | 1,718 sqft |
2021-07-01 | 30 days | 1,676 sqft |
2021-08-01 | 30 days | 1,669 sqft |
2021-09-01 | 34 days | 1,666 sqft |
2021-10-01 | 37 days | 1,627 sqft |
2021-11-01 | 43 days | 1,599 sqft |
2021-12-01 | 55 days | 1,605 sqft |
2022-01-01 | 60 days | 1,619 sqft |
2022-02-01 | 43 days | 1,630 sqft |
2022-03-01 | 29 days | 1,667 sqft |
2022-04-01 | 28 days | 1,637 sqft |
2022-05-01 | 25 days | 1,663 sqft |
2022-06-01 | 24 days | 1,649 sqft |
2022-07-01 | 30 days | 1,680 sqft |
2022-08-01 | 34 days | 1,674 sqft |
2022-09-01 | 37 days | 1,674 sqft |
2022-10-01 | 37 days | 1,648 sqft |
2022-11-01 | 43 days | 1,609 sqft |
2022-12-01 | 52 days | 1,590 sqft |
2023-01-01 | 54 days | 1,563 sqft |
2023-02-01 | 45 days | 1,582 sqft |
2023-03-01 | 44 days | 1,615 sqft |
2023-04-01 | 35 days | 1,655 sqft |
Racine's median square footage for active listings during the 2023-04-01 period was 1,655 sqft. One year prior, the average listing was 1,637 sqft.