Albert Lea USDA Loan Rates, Closing Costs & Stats
Albert Lea, MN
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Albert Lea's 4 lenders originated 6 USDA loans during 2023. The total origination value was $800,000, with an average USDA loan value of $133,333.
Albert Lea USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Albert Lea
averaged
7.12%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Albert Lea's average USDA mortgage closing costs are $4,031.
The average rate for the prior week (2024-04-12) was
6.77% and
one month ago for the week of 2024-03-15, the
average rate was 6.85%.
The average rate one year ago was 6.19%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.76%.
Albert Lea USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albert Lea level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 3 | 7.38% | $6,397 |
| BROKER SOLUTIONS, INC. | 1 | 7.13% | $6,091 |
| Park State Bank | 1 | 6.88% | $6,044 |
| Wells Fargo Bank | 1 | 7.13% | $2,380 |
The top Albert Lea USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
3 USDA loans originated. Their average total fees are
$6,397, which is $306
higher than the next largest lender,
BROKER SOLUTIONS, INC..
The lowest fee Albert Lea USDA lenders (with over 10 loans originated) are
.
The lowest rate Albert Lea USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $88,700 (-16.4%) | $144,353 (2.2%) | 0.00 | 83 |
| 2018-02-01 | $110,925 (9.7%) | $149,606 (0.7%) | 0.00 | 75 |
| 2018-03-01 | $114,900 (14.6%) | $146,910 (-1.0%) | 0.00 | 74 |
| 2018-04-01 | $147,175 (28.1%) | $166,938 (8.8%) | 0.00 | 68 |
| 2018-05-01 | $159,650 (29.1%) | $183,682 (20.3%) | 0.00 | 81 |
| 2018-06-01 | $150,950 (17.1%) | $181,077 (9.5%) | 0.00 | 99 |
| 2018-07-01 | $138,350 (15.4%) | $170,575 (5.1%) | 0.00 | 95 |
| 2018-08-01 | $123,500 (9.9%) | $167,574 (7.0%) | 0.00 | 89 |
| 2018-09-01 | $119,900 (9.1%) | $165,142 (6.3%) | 0.00 | 85 |
| 2018-10-01 | $129,775 (18.1%) | $163,958 (3.1%) | 0.00 | 95 |
| 2018-11-01 | $128,400 (16.8%) | $156,269 (0.1%) | 0.00 | 93 |
| 2018-12-01 | $129,950 (45.2%) | $162,702 (10.0%) | 0.00 | 89 |
| 2019-01-01 | $138,325 (56.0%) | $171,003 (18.5%) | 0.00 | 70 |
| 2019-02-01 | $140,900 (27.0%) | $174,896 (16.9%) | 0.00 | 56 |
| 2019-03-01 | $144,043 (25.4%) | $178,005 (21.2%) | 0.00 | 67 |
| 2019-04-01 | $153,900 (4.6%) | $184,015 (10.2%) | 0.00 | 84 |
| 2019-05-01 | $155,650 (-2.5%) | $180,962 (-1.5%) | 0.00 | 93 |
| 2019-06-01 | $164,900 (9.2%) | $186,051 (2.8%) | 0.00 | 97 |
| 2019-07-01 | $162,400 (17.4%) | $181,832 (6.6%) | 0.00 | 104 |
| 2019-08-01 | $149,900 (21.4%) | $172,561 (3.0%) | 0.00 | 113 |
| 2019-09-01 | $149,900 (25.0%) | $174,048 (5.4%) | 0.00 | 119 |
| 2019-10-01 | $149,900 (15.5%) | $174,627 (6.5%) | 0.00 | 125 |
| 2019-11-01 | $148,900 (16.0%) | $172,258 (10.2%) | 0.00 | 123 |
| 2019-12-01 | $143,650 (10.5%) | $167,550 (3.0%) | 0.00 | 115 |
| 2020-01-01 | $139,625 (0.9%) | $169,323 (-1.0%) | 0.00 | 103 |
| 2020-02-01 | $142,900 (1.4%) | $174,375 (-0.3%) | 0.00 | 92 |
| 2020-03-01 | $144,900 (0.6%) | $178,250 (0.1%) | 0.00 | 99 |
| 2020-04-01 | $149,950 (-2.6%) | $177,391 (-3.6%) | 0.00 | 100 |
| 2020-05-01 | $163,900 (5.3%) | $191,108 (5.6%) | 0.00 | 105 |
| 2020-06-01 | $158,400 (-3.9%) | $195,567 (5.1%) | 0.00 | 95 |
| 2020-07-01 | $156,650 (-3.5%) | $208,145 (14.5%) | 0.00 | 81 |
| 2020-08-01 | $159,900 (6.7%) | $209,367 (21.3%) | 0.00 | 85 |
| 2020-09-01 | $153,900 (2.7%) | $205,178 (17.9%) | 0.00 | 76 |
| 2020-10-01 | $145,700 (-2.8%) | $190,376 (9.0%) | 0.00 | 71 |
| 2020-11-01 | $131,200 (-11.9%) | $165,572 (-3.9%) | 0.00 | 66 |
| 2020-12-01 | $122,400 (-14.8%) | $160,821 (-4.0%) | 0.00 | 52 |
| 2021-01-01 | $125,400 (-10.2%) | $163,177 (-3.6%) | 0.00 | 35 |
| 2021-02-01 | $121,900 (-14.7%) | $173,673 (-0.4%) | 0.00 | 29 |
| 2021-03-01 | $149,500 (3.2%) | $202,360 (13.5%) | 0.00 | 29 |
| 2021-04-01 | $168,725 (12.5%) | $225,764 (27.3%) | 0.00 | 23 |
| 2021-05-01 | $184,900 (12.8%) | $237,376 (24.2%) | 0.00 | 30 |
| 2021-06-01 | $192,400 (21.5%) | $241,133 (23.3%) | 0.00 | 27 |
| 2021-07-01 | $169,900 (8.5%) | $217,513 (4.5%) | 0.00 | 38 |
| 2021-08-01 | $142,050 (-11.2%) | $195,828 (-6.5%) | 0.00 | 57 |
| 2021-09-01 | $149,225 (-3.0%) | $193,462 (-5.7%) | 0.00 | 61 |
| 2021-10-01 | $149,000 (2.3%) | $190,143 (-0.1%) | 0.00 | 70 |
| 2021-11-01 | $137,925 (5.1%) | $180,510 (9.0%) | 0.00 | 71 |
| 2021-12-01 | $119,950 (-2.0%) | $178,142 (10.8%) | 0.00 | 55 |
| 2022-01-01 | $128,000 (2.1%) | $189,438 (16.1%) | 0.00 | 51 |
| 2022-02-01 | $147,400 (20.9%) | $210,922 (21.5%) | 0.00 | 35 |
| 2022-03-01 | $146,200 (-2.2%) | $198,906 (-1.7%) | 0.00 | 34 |
| 2022-04-01 | $159,900 (-5.2%) | $224,765 (-0.4%) | 0.00 | 29 |
| 2022-05-01 | $173,400 (-6.2%) | $250,429 (5.5%) | 0.00 | 34 |
| 2022-06-01 | $212,400 (10.4%) | $262,744 (9.0%) | 0.00 | 42 |
| 2022-07-01 | $235,900 (38.9%) | $262,157 (20.5%) | 0.00 | 51 |
| 2022-08-01 | $204,900 (44.2%) | $251,372 (28.4%) | 0.00 | 56 |
| 2022-09-01 | $199,900 (34.0%) | $252,303 (30.4%) | 0.00 | 61 |
| 2022-10-01 | $220,000 (47.7%) | $256,843 (35.1%) | 0.00 | 58 |
| 2022-11-01 | $218,225 (58.2%) | $274,918 (52.3%) | 0.00 | 54 |
| 2022-12-01 | $201,900 (68.3%) | $249,034 (39.8%) | 0.00 | 56 |
| 2023-01-01 | $190,150 (48.6%) | $251,005 (32.5%) | 0.00 | 46 |
| 2023-02-01 | $195,425 (32.6%) | $247,707 (17.4%) | 0.00 | 43 |
| 2023-03-01 | $180,000 (23.1%) | $240,434 (20.9%) | 0.00 | 40 |
| 2023-04-01 | $190,900 (19.4%) | $238,998 (6.3%) | 0.00 | 42 |
| 2023-05-01 | $232,175 (33.9%) | $269,978 (7.8%) | 0.00 | 50 |
| 2023-06-01 | $224,900 (5.9%) | $266,097 (1.3%) | 0.00 | 52 |
| 2023-07-01 | $224,900 (-4.7%) | $259,330 (-1.1%) | 0.00 | 57 |
| 2023-08-01 | $210,000 (2.5%) | $248,989 (-1.0%) | 0.00 | 57 |
| 2023-09-01 | $259,900 (30.0%) | $260,125 (3.1%) | 0.00 | 55 |
| 2023-10-01 | $262,900 (19.5%) | $255,882 (-0.4%) | 0.00 | 59 |
| 2023-11-01 | $219,925 (0.8%) | $241,041 (-12.3%) | 0.00 | 58 |
| 2023-12-01 | $229,500 (13.7%) | $242,352 (-2.7%) | 0.00 | 53 |
| 2024-01-01 | $200,000 (5.2%) | $229,071 (-8.7%) | 0.00 | 45 |
| 2024-02-01 | $219,950 (12.6%) | $243,533 (-1.7%) | 0.00 | 39 |
| 2024-03-01 | $232,450 (29.1%) | $261,036 (8.6%) | 0.00 | 39 |
Albert Lea's median listing price comes in at 0% of the national average.
Albert Lea's average listing price for 2024-03-01 was $261,036, a difference of $20,602 (8.6%) versus the prior year and $17,503 versus the prior month.
For the 2024-03-01 period, Albert Lea had 39 MLS listings, a difference of 0 listings (0%) versus the prior month and -1 listings (-3%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albert Lea (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 2,080 sqft |
| 2018-02-01 | 0 days | 2,151 sqft |
| 2018-03-01 | 0 days | 2,112 sqft |
| 2018-04-01 | 0 days | 2,247 sqft |
| 2018-05-01 | 0 days | 2,278 sqft |
| 2018-06-01 | 0 days | 2,472 sqft |
| 2018-07-01 | 0 days | 2,280 sqft |
| 2018-08-01 | 0 days | 2,237 sqft |
| 2018-09-01 | 0 days | 2,240 sqft |
| 2018-10-01 | 0 days | 2,244 sqft |
| 2018-11-01 | 0 days | 2,221 sqft |
| 2018-12-01 | 0 days | 2,240 sqft |
| 2019-01-01 | 0 days | 1,624 sqft |
| 2019-02-01 | 0 days | 1,553 sqft |
| 2019-03-01 | 0 days | 1,664 sqft |
| 2019-04-01 | 0 days | 1,800 sqft |
| 2019-05-01 | 0 days | 1,786 sqft |
| 2019-06-01 | 0 days | 1,871 sqft |
| 2019-07-01 | 0 days | 1,919 sqft |
| 2019-08-01 | 0 days | 1,738 sqft |
| 2019-09-01 | 0 days | 1,793 sqft |
| 2019-10-01 | 0 days | 1,769 sqft |
| 2019-11-01 | 0 days | 1,776 sqft |
| 2019-12-01 | 0 days | 1,652 sqft |
| 2020-01-01 | 0 days | 1,643 sqft |
| 2020-02-01 | 0 days | 1,652 sqft |
| 2020-03-01 | 0 days | 1,832 sqft |
| 2020-04-01 | 0 days | 1,827 sqft |
| 2020-05-01 | 0 days | 1,826 sqft |
| 2020-06-01 | 0 days | 1,833 sqft |
| 2020-07-01 | 0 days | 1,805 sqft |
| 2020-08-01 | 0 days | 1,808 sqft |
| 2020-09-01 | 0 days | 1,803 sqft |
| 2020-10-01 | 0 days | 1,776 sqft |
| 2020-11-01 | 0 days | 1,604 sqft |
| 2020-12-01 | 0 days | 1,541 sqft |
| 2021-01-01 | 0 days | 1,540 sqft |
| 2021-02-01 | 0 days | 1,512 sqft |
| 2021-03-01 | 0 days | 1,569 sqft |
| 2021-04-01 | 0 days | 1,736 sqft |
| 2021-05-01 | 0 days | 1,717 sqft |
| 2021-06-01 | 0 days | 1,685 sqft |
| 2021-07-01 | 0 days | 1,700 sqft |
| 2021-08-01 | 0 days | 1,468 sqft |
| 2021-09-01 | 0 days | 1,352 sqft |
| 2021-10-01 | 0 days | 1,488 sqft |
| 2021-11-01 | 0 days | 1,588 sqft |
| 2021-12-01 | 0 days | 1,486 sqft |
| 2022-01-01 | 0 days | 1,578 sqft |
| 2022-02-01 | 0 days | 2,112 sqft |
| 2022-03-01 | 0 days | 1,957 sqft |
| 2022-04-01 | 0 days | 2,100 sqft |
| 2022-05-01 | 0 days | 1,785 sqft |
| 2022-06-01 | 0 days | 1,842 sqft |
| 2022-07-01 | 0 days | 1,830 sqft |
| 2022-08-01 | 0 days | 1,750 sqft |
| 2022-09-01 | 0 days | 1,745 sqft |
| 2022-10-01 | 0 days | 1,876 sqft |
| 2022-11-01 | 0 days | 1,924 sqft |
| 2022-12-01 | 0 days | 1,835 sqft |
| 2023-01-01 | 0 days | 1,793 sqft |
| 2023-02-01 | 0 days | 1,757 sqft |
| 2023-03-01 | 0 days | 1,870 sqft |
| 2023-04-01 | 0 days | 1,781 sqft |
| 2023-05-01 | 0 days | 1,801 sqft |
| 2023-06-01 | 0 days | 1,658 sqft |
| 2023-07-01 | 0 days | 1,704 sqft |
| 2023-08-01 | 0 days | 1,669 sqft |
| 2023-09-01 | 0 days | 1,802 sqft |
| 2023-10-01 | 0 days | 1,780 sqft |
| 2023-11-01 | 0 days | 1,659 sqft |
| 2023-12-01 | 0 days | 1,701 sqft |
| 2024-01-01 | 0 days | 1,624 sqft |
| 2024-02-01 | 0 days | 1,638 sqft |
| 2024-03-01 | 0 days | 1,785 sqft |
Albert Lea's median square footage for active listings during the 2024-03-01 period was 1,785 sqft. One year prior, the average listing was 1,870 sqft.