Alpena USDA Loan Rates, Closing Costs & Stats

Alpena, MI

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.

Alpena's 5 lenders originated 8 USDA loans during 2023. The total origination value was $940,000, with an average USDA loan value of $117,500.

Alpena USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Alpena averaged 6.8% for the week of 2024-03-22, compared to the national average (all USDA variants) of 6.674% for the same period.

Alpena's average USDA mortgage closing costs are $4,042.

The average rate for the prior week (2024-03-15) was 6.62% and one month ago for the week of 2024-02-16, the average rate was 6.7%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.87%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Alpena 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 Alpena level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 3 7.08% $6,366
STAUNTON FINANCIAL, INC. 2 6.31% $4,304
CARDINAL FINANCIAL 1 6.00% $6,692
Carrington Mortgage Services, LLC 1 7.13% $6,758
J. VIRGIL, INC. 1 6.38% $3,922

The top Alpena USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 3 USDA loans originated. Their average total fees are $6,366, which is $2,062 higher than the next largest lender, STAUNTON FINANCIAL, INC..

The lowest fee Alpena USDA lenders (with over 10 loans originated) are .

The lowest rate Alpena USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Alpena (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 $105,000 (7.0%) $155,485 (33.6%) 0.00 180
2018-02-01 $100,300 (1.3%) $156,760 (30.8%) 0.00 185
2018-03-01 $99,900 (-3.9%) $156,418 (24.7%) 0.00 186
2018-04-01 $105,750 (-2.9%) $164,573 (24.7%) 0.00 188
2018-05-01 $106,975 (-6.6%) $168,585 (18.8%) 0.00 185
2018-06-01 $114,900 (4.8%) $170,111 (18.5%) 0.00 205
2018-07-01 $119,900 (9.1%) $169,178 (16.1%) 0.00 228
2018-08-01 $119,500 (9.0%) $164,752 (16.7%) 0.00 229
2018-09-01 $119,900 (7.2%) $168,011 (19.8%) 0.00 221
2018-10-01 $119,700 (8.9%) $171,342 (6.6%) 0.00 212
2018-11-01 $119,450 (15.0%) $172,919 (9.3%) 0.00 205
2018-12-01 $119,900 (10.3%) $174,831 (14.1%) 0.00 182
2019-01-01 $124,925 (19.0%) $190,342 (22.4%) 0.00 151
2019-02-01 $121,200 (20.8%) $196,291 (25.2%) 0.00 140
2019-03-01 $118,336 (18.5%) $195,321 (24.9%) 0.00 130
2019-04-01 $119,311 (12.8%) $196,529 (19.4%) 0.00 123
2019-05-01 $123,700 (15.6%) $192,702 (14.3%) 0.00 145
2019-06-01 $129,900 (13.1%) $187,825 (10.4%) 0.00 160
2019-07-01 $129,050 (7.6%) $188,673 (11.5%) 0.00 169
2019-08-01 $128,418 (7.5%) $187,921 (14.1%) 0.00 176
2019-09-01 $128,745 (7.4%) $188,972 (12.5%) 0.00 189
2019-10-01 $128,089 (7.0%) $194,803 (13.7%) 0.00 196
2019-11-01 $125,500 (5.1%) $203,891 (17.9%) 0.00 175
2019-12-01 $124,200 (3.6%) $205,680 (17.7%) 0.00 168
2020-01-01 $124,200 (-0.6%) $206,425 (8.5%) 0.00 144
2020-02-01 $128,950 (6.4%) $204,140 (4.0%) 0.00 127
2020-03-01 $130,975 (10.7%) $214,430 (9.8%) 0.00 110
2020-04-01 $135,150 (13.3%) $220,569 (12.2%) 0.00 102
2020-05-01 $143,950 (16.4%) $229,913 (19.3%) 0.00 97
2020-06-01 $148,775 (14.5%) $232,158 (23.6%) 0.00 107
2020-07-01 $156,175 (21.0%) $252,830 (34.0%) 0.00 96
2020-08-01 $173,250 (34.9%) $270,479 (43.9%) 0.00 73
2020-09-01 $129,000 (0.2%) $251,949 (33.3%) 0.00 72
2020-10-01 $139,500 (8.9%) $262,349 (34.7%) 0.00 68
2020-11-01 $140,900 (12.3%) $210,807 (3.4%) 0.00 63
2020-12-01 $142,150 (14.5%) $208,827 (1.5%) 0.00 55
2021-01-01 $137,400 (10.6%) $203,263 (-1.5%) 0.00 52
2021-02-01 $151,175 (17.2%) $231,030 (13.2%) 0.00 45
2021-03-01 $161,950 (23.7%) $246,119 (14.8%) 0.00 37
2021-04-01 $189,000 (39.8%) $250,495 (13.6%) 0.00 27
2021-05-01 $155,000 (7.7%) $206,009 (-10.4%) 0.00 34
2021-06-01 $149,450 (0.5%) $210,022 (-9.5%) 0.00 43
2021-07-01 $176,950 (13.3%) $264,241 (4.5%) 0.00 45
2021-08-01 $149,600 (-13.7%) $228,220 (-15.6%) 0.00 44
2021-09-01 $157,225 (21.9%) $276,290 (9.7%) 0.00 51
2021-10-01 $147,000 (5.4%) $266,429 (1.6%) 0.00 36
2021-11-01 $136,900 (-2.8%) $244,219 (15.9%) 0.00 40
2021-12-01 $136,425 (-4.0%) $247,048 (18.3%) 0.00 41
2022-01-01 $135,000 (-1.8%) $277,625 (36.6%) 0.00 36
2022-02-01 $152,450 (0.8%) $334,436 (44.8%) 0.00 31
2022-03-01 $161,725 (-0.1%) $341,337 (38.7%) 0.00 33
2022-04-01 $167,400 (-11.4%) $900,562 (259.5%) 0.00 34
2022-05-01 $149,900 (-3.3%) $858,674 (316.8%) 0.00 37
2022-06-01 $157,725 (5.5%) $795,318 (278.7%) 0.00 41
2022-07-01 $149,900 (-15.3%) $623,790 (136.1%) 0.00 59
2022-08-01 $166,225 (11.1%) $704,196 (208.6%) 0.00 57
2022-09-01 $172,900 (10.0%) $672,455 (143.4%) 0.00 54
2022-10-01 $169,000 (15.0%) $721,994 (171.0%) 0.00 46
2022-11-01 $174,925 (27.8%) $762,510 (212.2%) 0.00 44
2022-12-01 $185,000 (35.6%) $845,899 (242.4%) 0.00 39
2023-01-01 $181,600 (34.5%) $839,027 (202.2%) 0.00 38
2023-02-01 $173,550 (13.8%) $1,020,259 (205.1%) 0.00 31
2023-03-01 $211,000 (30.5%) $1,121,624 (228.6%) 0.00 29
2023-04-01 $215,000 (28.4%) $976,343 (8.4%) 0.00 27
2023-05-01 $230,500 (53.8%) $935,097 (8.9%) 0.00 30
2023-06-01 $228,125 (44.6%) $756,195 (-4.9%) 0.00 42
2023-07-01 $249,999 (66.8%) $737,998 (18.3%) 0.00 44
2023-08-01 $244,700 (47.2%) $863,007 (22.6%) 0.00 36
2023-09-01 $222,450 (28.7%) $785,236 (16.8%) 0.00 46
2023-10-01 $219,875 (30.1%) $763,416 (5.7%) 0.00 48
2023-11-01 $189,175 (8.2%) $836,400 (9.7%) 0.00 42
2023-12-01 $200,000 (8.1%) $931,189 (10.1%) 0.00 31
2024-01-01 $240,750 (32.6%) $1,039,527 (23.9%) 0.00 27
2024-02-01 $229,000 (32.0%) $1,141,127 (11.9%) 0.00 25
Alpena's median listing price for 2024-02-01 was $229,000, a difference of $55,450 (32.0%) versus the prior year and $-11,750 versus the prior month.

Alpena's median listing price comes in at 0% of the national average.

Alpena's average listing price for 2024-02-01 was $1,141,127, a difference of $120,868 (11.9%) versus the prior year and $101,600 versus the prior month.

For the 2024-02-01 period, Alpena had 25 MLS listings, a difference of -2 listings (-7%) versus the prior month and -6 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Alpena (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,538 sqft
2018-02-01 0 days 1,572 sqft
2018-03-01 0 days 1,596 sqft
2018-04-01 0 days 1,565 sqft
2018-05-01 0 days 1,532 sqft
2018-06-01 0 days 1,539 sqft
2018-07-01 0 days 1,570 sqft
2018-08-01 0 days 1,600 sqft
2018-09-01 0 days 1,622 sqft
2018-10-01 0 days 1,628 sqft
2018-11-01 0 days 1,564 sqft
2018-12-01 0 days 1,571 sqft
2019-01-01 0 days 1,620 sqft
2019-02-01 0 days 1,579 sqft
2019-03-01 0 days 1,549 sqft
2019-04-01 0 days 1,531 sqft
2019-05-01 0 days 1,560 sqft
2019-06-01 0 days 1,600 sqft
2019-07-01 0 days 1,651 sqft
2019-08-01 0 days 1,695 sqft
2019-09-01 0 days 1,723 sqft
2019-10-01 0 days 1,752 sqft
2019-11-01 0 days 1,828 sqft
2019-12-01 0 days 1,900 sqft
2020-01-01 0 days 1,900 sqft
2020-02-01 0 days 1,890 sqft
2020-03-01 0 days 1,921 sqft
2020-04-01 0 days 1,991 sqft
2020-05-01 0 days 1,999 sqft
2020-06-01 0 days 1,861 sqft
2020-07-01 0 days 1,892 sqft
2020-08-01 0 days 1,816 sqft
2020-09-01 0 days 1,761 sqft
2020-10-01 0 days 1,787 sqft
2020-11-01 0 days 1,820 sqft
2020-12-01 0 days 1,812 sqft
2021-01-01 0 days 1,842 sqft
2021-02-01 0 days 1,824 sqft
2021-03-01 0 days 1,705 sqft
2021-04-01 0 days 1,824 sqft
2021-05-01 0 days 1,632 sqft
2021-06-01 0 days 1,650 sqft
2021-07-01 0 days 1,815 sqft
2021-08-01 0 days 1,738 sqft
2021-09-01 0 days 1,835 sqft
2021-10-01 0 days 1,795 sqft
2021-11-01 0 days 1,790 sqft
2021-12-01 0 days 1,705 sqft
2022-01-01 0 days 1,743 sqft
2022-02-01 0 days 1,695 sqft
2022-03-01 0 days 1,572 sqft
2022-04-01 0 days 1,678 sqft
2022-05-01 0 days 1,774 sqft
2022-06-01 0 days 1,683 sqft
2022-07-01 0 days 1,768 sqft
2022-08-01 0 days 1,870 sqft
2022-09-01 0 days 1,853 sqft
2022-10-01 0 days 1,750 sqft
2022-11-01 0 days 1,749 sqft
2022-12-01 0 days 1,804 sqft
2023-01-01 0 days 1,775 sqft
2023-02-01 0 days 1,906 sqft
2023-03-01 0 days 1,751 sqft
2023-04-01 0 days 1,800 sqft
2023-05-01 0 days 1,871 sqft
2023-06-01 0 days 1,690 sqft
2023-07-01 0 days 1,864 sqft
2023-08-01 0 days 1,905 sqft
2023-09-01 0 days 1,852 sqft
2023-10-01 0 days 1,842 sqft
2023-11-01 0 days 1,778 sqft
2023-12-01 0 days 2,060 sqft
2024-01-01 0 days 2,235 sqft
2024-02-01 0 days 1,885 sqft
Alpena's median listing age (time on market) for 2024-02-01 was 0 days.

Alpena's median square footage for active listings during the 2024-02-01 period was 1,885 sqft. One year prior, the average listing was 1,906 sqft.