Red Wing FHA Loan Rates, Closing Costs & Stats
Red Wing, 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.
Red Wing's 32 lenders originated 83 FHA loans during 2023. The total origination value was $20,105,000, with an average FHA loan value of $242,229.
Red Wing FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Red Wing
averaged
6.1%
for the week of 2024-12-06, compared to the national average (all FHA variants) of
6.363% for the same period.
Red Wing's average FHA mortgage closing costs are $7,562.
The average rate for the prior week (2024-11-29) was
6.44% and
one month ago for the week of 2024-11-01, the
average rate was 6.44%.
The average rate one year ago was 6.96%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.56%.
Red Wing 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 Red Wing level.
The top Red Wing FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
8 FHA loans originated. Their average total fees are
$10,107, which is $2,979
lower than the next largest lender,
FREEDOM MORTGAGE CORPORATION.
The lowest fee Red Wing FHA lenders (with over 10 loans originated) are
.
The lowest rate Red Wing FHA lenders (with over 10 loans originated) are
.
Red Wing FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
RED WING, MN | GOODHUE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
RED WING, MN | GOODHUE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Red Wing (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 | $240,450 (3.5%) | $281,446 (-1.0%) | 0.00 | 117 |
2018-02-01 | $268,450 (15.7%) | $293,207 (-0.1%) | 0.00 | 122 |
2018-03-01 | $264,450 (8.4%) | $283,718 (-5.5%) | 0.00 | 133 |
2018-04-01 | $269,900 (12.5%) | $303,495 (4.3%) | 0.00 | 138 |
2018-05-01 | $277,450 (13.4%) | $314,384 (5.5%) | 0.00 | 161 |
2018-06-01 | $289,950 (20.9%) | $315,131 (7.9%) | 0.00 | 172 |
2018-07-01 | $283,412 (18.1%) | $304,907 (5.3%) | 0.00 | 178 |
2018-08-01 | $276,563 (14.1%) | $304,270 (1.7%) | 0.00 | 188 |
2018-09-01 | $279,900 (14.3%) | $303,188 (0.1%) | 0.00 | 198 |
2018-10-01 | $274,900 (5.8%) | $296,552 (-4.8%) | 0.00 | 204 |
2018-11-01 | $282,400 (12.1%) | $305,317 (0.6%) | 0.00 | 182 |
2018-12-01 | $289,900 (19.1%) | $313,897 (7.9%) | 0.00 | 157 |
2019-01-01 | $269,825 (12.2%) | $306,668 (9.0%) | 0.00 | 138 |
2019-02-01 | $274,700 (2.3%) | $316,456 (7.9%) | 0.00 | 126 |
2019-03-01 | $282,386 (6.8%) | $321,301 (13.3%) | 0.00 | 132 |
2019-04-01 | $291,711 (8.1%) | $320,072 (5.5%) | 0.00 | 151 |
2019-05-01 | $279,950 (0.9%) | $309,485 (-1.6%) | 0.00 | 164 |
2019-06-01 | $273,950 (-5.5%) | $297,000 (-5.8%) | 0.00 | 180 |
2019-07-01 | $271,250 (-4.3%) | $298,835 (-2.0%) | 0.00 | 199 |
2019-08-01 | $265,909 (-3.9%) | $296,343 (-2.6%) | 0.00 | 207 |
2019-09-01 | $255,273 (-8.8%) | $292,799 (-3.4%) | 0.00 | 205 |
2019-10-01 | $245,950 (-10.5%) | $290,436 (-2.1%) | 0.00 | 205 |
2019-11-01 | $239,850 (-15.1%) | $280,954 (-8.0%) | 0.00 | 196 |
2019-12-01 | $239,850 (-17.3%) | $278,505 (-11.3%) | 0.00 | 167 |
2020-01-01 | $252,175 (-6.5%) | $287,911 (-6.1%) | 0.00 | 154 |
2020-02-01 | $260,000 (-5.4%) | $291,037 (-8.0%) | 0.00 | 146 |
2020-03-01 | $264,900 (-6.2%) | $311,084 (-3.2%) | 0.00 | 156 |
2020-04-01 | $264,175 (-9.4%) | $315,550 (-1.4%) | 0.00 | 146 |
2020-05-01 | $264,900 (-5.4%) | $324,903 (5.0%) | 0.00 | 161 |
2020-06-01 | $265,175 (-3.2%) | $322,904 (8.7%) | 0.00 | 166 |
2020-07-01 | $284,900 (5.0%) | $333,368 (11.6%) | 0.00 | 138 |
2020-08-01 | $314,950 (18.4%) | $352,311 (18.9%) | 0.00 | 127 |
2020-09-01 | $299,900 (17.5%) | $336,252 (14.8%) | 0.00 | 141 |
2020-10-01 | $289,900 (17.9%) | $316,392 (8.9%) | 0.00 | 137 |
2020-11-01 | $287,200 (19.7%) | $316,514 (12.7%) | 0.00 | 127 |
2020-12-01 | $278,175 (16.0%) | $303,916 (9.1%) | 0.00 | 102 |
2021-01-01 | $280,075 (11.1%) | $306,306 (6.4%) | 0.00 | 71 |
2021-02-01 | $303,700 (16.8%) | $321,675 (10.5%) | 0.00 | 60 |
2021-03-01 | $334,345 (26.2%) | $360,314 (15.8%) | 0.00 | 55 |
2021-04-01 | $331,935 (25.7%) | $352,232 (11.6%) | 0.00 | 56 |
2021-05-01 | $294,900 (11.3%) | $323,752 (-0.4%) | 0.00 | 70 |
2021-06-01 | $302,300 (14.0%) | $335,326 (3.9%) | 0.00 | 74 |
2021-07-01 | $309,750 (8.7%) | $350,500 (5.1%) | 0.00 | 74 |
2021-08-01 | $299,625 (-4.9%) | $344,723 (-2.2%) | 0.00 | 84 |
2021-09-01 | $299,888 (0.0%) | $371,085 (10.4%) | 0.00 | 83 |
2021-10-01 | $299,700 (3.4%) | $385,900 (22.0%) | 0.00 | 93 |
2021-11-01 | $284,900 (-0.8%) | $345,695 (9.2%) | 0.00 | 77 |
2021-12-01 | $298,650 (7.4%) | $369,883 (21.7%) | 0.00 | 57 |
2022-01-01 | $299,900 (7.1%) | $364,569 (19.0%) | 0.00 | 52 |
2022-02-01 | $295,450 (-2.7%) | $363,535 (13.0%) | 0.00 | 34 |
2022-03-01 | $321,050 (-4.0%) | $447,109 (24.1%) | 0.00 | 42 |
2022-04-01 | $323,500 (-2.5%) | $450,254 (27.8%) | 0.00 | 48 |
2022-05-01 | $324,450 (10.0%) | $426,790 (31.8%) | 0.00 | 63 |
2022-06-01 | $314,975 (4.2%) | $400,270 (19.4%) | 0.00 | 82 |
2022-07-01 | $300,000 (-3.2%) | $376,413 (7.4%) | 0.00 | 93 |
2022-08-01 | $315,000 (5.1%) | $396,274 (15.0%) | 0.00 | 81 |
2022-09-01 | $329,900 (10.0%) | $398,671 (7.4%) | 0.00 | 90 |
2022-10-01 | $322,450 (7.6%) | $390,140 (1.1%) | 0.00 | 97 |
2022-11-01 | $317,425 (11.4%) | $385,419 (11.5%) | 0.00 | 83 |
2022-12-01 | $299,900 (0.4%) | $373,409 (1.0%) | 0.00 | 70 |
2023-01-01 | $295,925 (-1.3%) | $391,274 (7.3%) | 0.00 | 60 |
2023-02-01 | $347,450 (17.6%) | $422,628 (16.3%) | 0.00 | 51 |
2023-03-01 | $339,900 (5.9%) | $421,776 (-5.7%) | 0.00 | 51 |
2023-04-01 | $379,900 (17.4%) | $446,662 (-0.8%) | 0.00 | 44 |
2023-05-01 | $363,650 (12.1%) | $428,025 (0.3%) | 0.00 | 54 |
2023-06-01 | $356,200 (13.1%) | $440,766 (10.1%) | 0.00 | 68 |
2023-07-01 | $364,950 (21.7%) | $439,957 (16.9%) | 0.00 | 75 |
2023-08-01 | $398,161 (26.4%) | $453,962 (14.6%) | 0.00 | 88 |
2023-09-01 | $375,000 (13.7%) | $420,659 (5.5%) | 0.00 | 96 |
2023-10-01 | $348,950 (8.2%) | $414,644 (6.3%) | 0.00 | 101 |
2023-11-01 | $323,475 (1.9%) | $399,721 (3.7%) | 0.00 | 106 |
2023-12-01 | $343,450 (14.5%) | $390,366 (4.5%) | 0.00 | 96 |
2024-01-01 | $340,150 (14.9%) | $388,780 (-0.6%) | 0.00 | 85 |
2024-02-01 | $331,225 (-4.7%) | $392,045 (-7.2%) | 0.00 | 77 |
2024-03-01 | $359,900 (5.9%) | $419,559 (-0.5%) | 0.00 | 81 |
2024-04-01 | $389,900 (2.6%) | $453,658 (1.6%) | 0.00 | 94 |
2024-05-01 | $397,400 (9.3%) | $464,926 (8.6%) | 0.00 | 92 |
2024-06-01 | $369,900 (3.9%) | $435,807 (-1.1%) | 0.00 | 91 |
2024-07-01 | $347,100 (-4.9%) | $415,922 (-5.5%) | 0.00 | 88 |
2024-08-01 | $349,450 (-12.2%) | $413,715 (-8.9%) | 0.00 | 99 |
2024-09-01 | $335,000 (-10.7%) | $400,340 (-4.8%) | 0.00 | 105 |
2024-10-01 | $339,500 (-2.7%) | $399,419 (-3.7%) | 0.00 | 118 |
2024-11-01 | $354,500 (9.6%) | $401,416 (0.4%) | 0.00 | 107 |
Red Wing's median listing price comes in at 0% of the national average.
Red Wing's average listing price for 2024-11-01 was $401,416, a difference of $1,695 (0.4%) versus the prior year and $1,997 versus the prior month.
For the 2024-11-01 period, Red Wing had 107 MLS listings, a difference of -11 listings (-9%) versus the prior month and 1 listings (1%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Red Wing (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,214 sqft |
2018-02-01 | 0 days | 2,344 sqft |
2018-03-01 | 0 days | 2,279 sqft |
2018-04-01 | 0 days | 2,375 sqft |
2018-05-01 | 0 days | 2,270 sqft |
2018-06-01 | 0 days | 2,166 sqft |
2018-07-01 | 0 days | 2,111 sqft |
2018-08-01 | 0 days | 2,094 sqft |
2018-09-01 | 0 days | 2,080 sqft |
2018-10-01 | 0 days | 2,103 sqft |
2018-11-01 | 0 days | 2,064 sqft |
2018-12-01 | 0 days | 2,048 sqft |
2019-01-01 | 0 days | 1,784 sqft |
2019-02-01 | 0 days | 1,943 sqft |
2019-03-01 | 0 days | 2,025 sqft |
2019-04-01 | 0 days | 2,032 sqft |
2019-05-01 | 0 days | 2,024 sqft |
2019-06-01 | 0 days | 1,933 sqft |
2019-07-01 | 0 days | 1,872 sqft |
2019-08-01 | 0 days | 1,902 sqft |
2019-09-01 | 0 days | 1,875 sqft |
2019-10-01 | 0 days | 1,866 sqft |
2019-11-01 | 0 days | 1,834 sqft |
2019-12-01 | 0 days | 1,828 sqft |
2020-01-01 | 0 days | 1,833 sqft |
2020-02-01 | 0 days | 1,775 sqft |
2020-03-01 | 0 days | 1,820 sqft |
2020-04-01 | 0 days | 1,803 sqft |
2020-05-01 | 0 days | 1,824 sqft |
2020-06-01 | 0 days | 1,800 sqft |
2020-07-01 | 0 days | 1,778 sqft |
2020-08-01 | 0 days | 1,939 sqft |
2020-09-01 | 0 days | 1,915 sqft |
2020-10-01 | 0 days | 1,927 sqft |
2020-11-01 | 0 days | 1,904 sqft |
2020-12-01 | 0 days | 1,836 sqft |
2021-01-01 | 0 days | 1,775 sqft |
2021-02-01 | 0 days | 1,644 sqft |
2021-03-01 | 0 days | 1,653 sqft |
2021-04-01 | 0 days | 1,801 sqft |
2021-05-01 | 0 days | 1,647 sqft |
2021-06-01 | 0 days | 1,744 sqft |
2021-07-01 | 0 days | 1,701 sqft |
2021-08-01 | 0 days | 1,735 sqft |
2021-09-01 | 0 days | 1,818 sqft |
2021-10-01 | 0 days | 1,666 sqft |
2021-11-01 | 0 days | 1,604 sqft |
2021-12-01 | 0 days | 1,589 sqft |
2022-01-01 | 0 days | 1,602 sqft |
2022-02-01 | 0 days | 2,285 sqft |
2022-03-01 | 0 days | 2,359 sqft |
2022-04-01 | 0 days | 2,200 sqft |
2022-05-01 | 0 days | 1,864 sqft |
2022-06-01 | 0 days | 1,947 sqft |
2022-07-01 | 0 days | 1,894 sqft |
2022-08-01 | 0 days | 1,940 sqft |
2022-09-01 | 0 days | 2,112 sqft |
2022-10-01 | 0 days | 1,973 sqft |
2022-11-01 | 0 days | 2,001 sqft |
2022-12-01 | 0 days | 1,711 sqft |
2023-01-01 | 0 days | 1,690 sqft |
2023-02-01 | 0 days | 1,641 sqft |
2023-03-01 | 0 days | 1,618 sqft |
2023-04-01 | 0 days | 1,656 sqft |
2023-05-01 | 0 days | 1,742 sqft |
2023-06-01 | 0 days | 1,824 sqft |
2023-07-01 | 0 days | 1,937 sqft |
2023-08-01 | 0 days | 2,102 sqft |
2023-09-01 | 0 days | 2,064 sqft |
2023-10-01 | 0 days | 2,010 sqft |
2023-11-01 | 0 days | 1,937 sqft |
2023-12-01 | 0 days | 1,844 sqft |
2024-01-01 | 0 days | 1,783 sqft |
2024-02-01 | 0 days | 1,884 sqft |
2024-03-01 | 0 days | 1,866 sqft |
2024-04-01 | 0 days | 2,030 sqft |
2024-05-01 | 0 days | 1,941 sqft |
2024-06-01 | 0 days | 1,828 sqft |
2024-07-01 | 0 days | 1,776 sqft |
2024-08-01 | 0 days | 1,820 sqft |
2024-09-01 | 0 days | 1,885 sqft |
2024-10-01 | 0 days | 1,883 sqft |
2024-11-01 | 0 days | 1,978 sqft |
Red Wing's median square footage for active listings during the 2024-11-01 period was 1,978 sqft. One year prior, the average listing was 1,937 sqft.