Ann Arbor USDA Loan Rates, Closing Costs & Stats

ANN ARBOR, 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.

Ann Arbor's 10 lenders originated 14 USDA loans during 2022. The total origination value was $3,470,000, with an average USDA loan value of $247,857.

Ann Arbor USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Ann Arbor averaged 6.24% for the week of 2024-03-15, compared to the national average (all USDA variants) of 6.587% for the same period.

Ann Arbor's average USDA mortgage closing costs are $5,834.

The average rate for the prior week (2024-03-08) was 6.14% and one month ago for the week of 2024-02-09, the average rate was 6.17%.

The average rate one year ago was 6.26%.

For refis of the same type during the week of 2024-03-15, the average rate was 5.21%.

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

Ann Arbor 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 Ann Arbor level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
MORTGAGE 1 INCORPORATED 2 5.63% $9,954
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.00% $8,206
MICHIGAN MUTUAL, INC. 2 4.63% $13,294
STAUNTON FINANCIAL, INC. 1 5.50% $6,589
University Bank 1 5.50% $9,575
UNIVERSITY LENDING GROUP, LLC 1 5.63% $6,446
DAS Acquisition Company, LLC 1 5.25% $11,021
US MORTGAGE CORPORATION 1 7.13% $8,051
HOMESITE MORTGAGE, LLC 1 4.50% $0
PLAZA HOME MORTGAGE, INC. 1 3.25% $3,841

The top Ann Arbor USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 2 USDA loans originated. Their average total fees are $9,954, which is $1,748 higher than the next largest lender, GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ann Arbor (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 $389,500 (17.6%) $504,774 (12.9%) 1.44 551
2018-02-01 $391,125 (13.6%) $512,234 (1.6%) 1.42 543
2018-03-01 $390,000 (3.8%) $503,965 (-3.0%) 1.37 582
2018-04-01 $394,950 (1.3%) $488,766 (-7.6%) 1.34 666
2018-05-01 $406,475 (3.1%) $493,882 (-6.8%) 1.36 800
2018-06-01 $409,000 (5.1%) $496,016 (-3.1%) 1.36 884
2018-07-01 $409,500 (7.8%) $486,928 (0.7%) 1.37 980
2018-08-01 $393,950 (6.5%) $459,705 (-3.7%) 1.32 1,065
2018-09-01 $390,000 (5.6%) $462,953 (-2.7%) 1.31 1,065
2018-10-01 $395,238 (6.8%) $464,080 (-6.0%) 1.34 1,039
2018-11-01 $396,500 (-0.6%) $461,397 (-8.4%) 1.34 964
2018-12-01 $399,000 (-0.2%) $457,678 (-8.4%) 1.38 837
2019-01-01 $399,900 (2.7%) $461,700 (-8.5%) 1.38 743
2019-02-01 $399,950 (2.3%) $468,019 (-8.6%) 1.35 741
2019-03-01 $404,246 (3.7%) $477,400 (-5.3%) 1.32 850
2019-04-01 $407,481 (3.2%) $486,408 (-0.5%) 1.29 963
2019-05-01 $417,000 (2.6%) $491,982 (-0.4%) 1.30 1,070
2019-06-01 $416,000 (1.7%) $502,220 (1.3%) 1.30 1,117
2019-07-01 $408,453 (-0.3%) $486,504 (-0.1%) 1.28 1,166
2019-08-01 $394,445 (0.1%) $471,414 (2.6%) 1.25 1,200
2019-09-01 $386,264 (-1.0%) $460,886 (-0.5%) 1.24 1,196
2019-10-01 $378,824 (-4.2%) $450,945 (-2.8%) 1.22 1,192
2019-11-01 $373,700 (-5.8%) $439,351 (-4.8%) 1.23 1,096
2019-12-01 $368,750 (-7.6%) $434,260 (-5.1%) 1.23 937
2020-01-01 $368,528 (-7.9%) $432,704 (-6.3%) 1.23 811
2020-02-01 $387,990 (-3.0%) $451,891 (-3.5%) 1.27 793
2020-03-01 $398,950 (-1.3%) $467,282 (-2.1%) 1.25 860
2020-04-01 $399,000 (-2.1%) $460,737 (-5.3%) 1.25 891
2020-05-01 $398,000 (-4.6%) $457,143 (-7.1%) 1.21 1,063
2020-06-01 $398,915 (-4.1%) $463,706 (-7.7%) 1.18 1,081
2020-07-01 $399,450 (-2.2%) $471,470 (-3.1%) 1.16 1,034
2020-08-01 $398,900 (1.1%) $473,257 (0.4%) 1.14 1,009
2020-09-01 $399,950 (3.5%) $482,726 (4.7%) 1.15 959
2020-10-01 $409,998 (8.2%) $494,034 (9.6%) 1.17 892
2020-11-01 $418,250 (11.9%) $491,874 (12.0%) 1.22 791
2020-12-01 $416,455 (12.9%) $491,595 (13.2%) 1.24 698
2021-01-01 $429,900 (16.7%) $510,994 (18.1%) 1.28 563
2021-02-01 $443,241 (14.2%) $537,303 (18.9%) 1.29 488
2021-03-01 $449,600 (12.7%) $541,471 (15.9%) 1.28 456
2021-04-01 $449,300 (12.6%) $559,009 (21.3%) 1.22 454
2021-05-01 $439,000 (10.3%) $559,444 (22.4%) 1.17 505
2021-06-01 $424,850 (6.5%) $549,654 (18.5%) 1.12 598
2021-07-01 $422,000 (5.7%) $550,094 (16.7%) 1.11 665
2021-08-01 $399,950 (0.3%) $531,540 (12.3%) 1.07 692
2021-09-01 $412,475 (3.1%) $543,570 (12.6%) 1.10 613
2021-10-01 $415,000 (1.2%) $553,831 (12.1%) 1.11 560
2021-11-01 $399,100 (-4.6%) $554,373 (12.7%) 1.07 489
2021-12-01 $407,745 (-2.1%) $563,225 (14.6%) 1.10 411
2022-01-01 $428,695 (-0.3%) $576,600 (12.8%) 1.16 329
2022-02-01 $444,500 (0.3%) $598,012 (11.3%) 1.16 293
2022-03-01 $414,250 (-7.9%) $578,053 (6.8%) 1.04 308
2022-04-01 $429,900 (-4.3%) $585,294 (4.7%) 1.02 358
2022-05-01 $450,383 (2.6%) $591,117 (5.7%) 1.03 398
2022-06-01 $449,938 (5.9%) $564,427 (2.7%) 1.00 479
2022-07-01 $450,890 (6.9%) $568,124 (3.3%) 1.02 584
2022-08-01 $449,938 (12.5%) $546,719 (2.9%) 1.04 622
2022-09-01 $449,820 (9.1%) $547,848 (0.8%) 1.05 619
2022-10-01 $449,000 (8.2%) $552,613 (-0.2%) 1.06 624
2022-11-01 $436,725 (9.4%) $544,276 (-1.8%) 1.05 589
2022-12-01 $420,000 (3.0%) $543,487 (-3.5%) 1.04 465
2023-01-01 $430,000 (0.3%) $566,369 (-1.8%) 1.07 416
2023-02-01 $449,495 (1.1%) $597,447 (-0.1%) 1.08 368
2023-03-01 $468,750 (13.2%) $631,888 (9.3%) 1.11 374
2023-04-01 $475,000 (10.5%) $646,643 (10.5%) 1.10 394
2023-05-01 $495,450 (10.0%) $644,195 (9.0%) 1.12 393
2023-06-01 $511,070 (13.6%) $661,149 (17.1%) 1.15 417
2023-07-01 $529,900 (17.5%) $677,324 (19.2%) 1.20 443
2023-08-01 $499,139 (10.9%) $648,861 (18.7%) 1.15 446
2023-09-01 $495,190 (10.1%) $652,563 (19.1%) 1.15 456
2023-10-01 $480,000 (6.9%) $641,408 (16.1%) 1.13 468
2023-11-01 $485,563 (11.2%) $645,484 (18.6%) 1.16 556
2023-12-01 $494,245 (17.7%) $666,743 (22.7%) 1.21 391
2024-01-01 $502,995 (17.0%) $662,986 (17.1%) 1.23 347
Ann Arbor's median listing price for 2024-01-01 was $502,995, a difference of $72,995 (17.0%) versus the prior year and $8,750 versus the prior month.

Ann Arbor's median listing price comes in at 123% of the national average.

Ann Arbor's average listing price for 2024-01-01 was $662,986, a difference of $96,617 (17.1%) versus the prior year and $-3,757 versus the prior month.

For the 2024-01-01 period, Ann Arbor had 347 MLS listings, a difference of -44 listings (-11%) versus the prior month and -69 listings (-17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ann Arbor (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 2,091 sqft
2018-02-01 70 days 2,136 sqft
2018-03-01 44 days 2,043 sqft
2018-04-01 35 days 2,058 sqft
2018-05-01 32 days 2,071 sqft
2018-06-01 38 days 2,086 sqft
2018-07-01 41 days 2,053 sqft
2018-08-01 42 days 1,974 sqft
2018-09-01 52 days 1,996 sqft
2018-10-01 57 days 2,005 sqft
2018-11-01 59 days 1,999 sqft
2018-12-01 71 days 1,962 sqft
2019-01-01 86 days 1,962 sqft
2019-02-01 80 days 1,984 sqft
2019-03-01 56 days 2,032 sqft
2019-04-01 38 days 2,085 sqft
2019-05-01 43 days 2,084 sqft
2019-06-01 44 days 2,100 sqft
2019-07-01 49 days 2,085 sqft
2019-08-01 53 days 2,062 sqft
2019-09-01 59 days 2,044 sqft
2019-10-01 63 days 2,033 sqft
2019-11-01 68 days 2,004 sqft
2019-12-01 89 days 2,022 sqft
2020-01-01 96 days 1,999 sqft
2020-02-01 80 days 2,064 sqft
2020-03-01 40 days 2,100 sqft
2020-04-01 54 days 2,065 sqft
2020-05-01 59 days 2,048 sqft
2020-06-01 41 days 2,033 sqft
2020-07-01 49 days 2,042 sqft
2020-08-01 51 days 2,028 sqft
2020-09-01 52 days 2,029 sqft
2020-10-01 52 days 2,056 sqft
2020-11-01 57 days 1,994 sqft
2020-12-01 73 days 1,999 sqft
2021-01-01 85 days 2,036 sqft
2021-02-01 72 days 2,048 sqft
2021-03-01 41 days 1,997 sqft
2021-04-01 28 days 1,978 sqft
2021-05-01 30 days 1,946 sqft
2021-06-01 30 days 1,964 sqft
2021-07-01 37 days 1,912 sqft
2021-08-01 38 days 1,846 sqft
2021-09-01 51 days 1,883 sqft
2021-10-01 64 days 1,885 sqft
2021-11-01 66 days 1,890 sqft
2021-12-01 77 days 1,872 sqft
2022-01-01 84 days 1,854 sqft
2022-02-01 61 days 1,817 sqft
2022-03-01 30 days 1,702 sqft
2022-04-01 27 days 1,787 sqft
2022-05-01 26 days 1,854 sqft
2022-06-01 24 days 1,907 sqft
2022-07-01 29 days 1,954 sqft
2022-08-01 37 days 1,897 sqft
2022-09-01 42 days 1,914 sqft
2022-10-01 44 days 1,952 sqft
2022-11-01 51 days 1,912 sqft
2022-12-01 68 days 1,852 sqft
2023-01-01 67 days 1,853 sqft
2023-02-01 50 days 1,908 sqft
2023-03-01 38 days 1,940 sqft
2023-04-01 33 days 1,918 sqft
2023-05-01 33 days 1,929 sqft
2023-06-01 32 days 2,012 sqft
2023-07-01 36 days 2,062 sqft
2023-08-01 35 days 2,038 sqft
2023-09-01 39 days 1,971 sqft
2023-10-01 38 days 1,986 sqft
2023-11-01 51 days 2,033 sqft
2023-12-01 59 days 2,048 sqft
2024-01-01 71 days 2,103 sqft
Ann Arbor's median listing age (time on market) for 2024-01-01 was 71 days. This is 6% longer than the same period one year ago.

Ann Arbor's median square footage for active listings during the 2024-01-01 period was 2,103 sqft. One year prior, the average listing was 1,853 sqft.