Bay City USDA Loan Rates, Closing Costs & Stats
BAY CITY, 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.
Bay City's 7 lenders originated 8 USDA loans during 2024. The total origination value was $1,140,000, with an average USDA loan value of $142,500.
Bay City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Bay City
averaged
6.96%
for the week of 2025-05-09, compared to the national average (all USDA variants) of
6.468% for the same period.
Bay City's average USDA mortgage closing costs are $4,282.
The average rate for the prior week (2025-05-02) was
6.79% and
one month ago for the week of 2025-04-04, the
average rate was 6.79%.
The average rate one year ago was 7.26%.
For refis of the same type during the week of 2025-05-09, the average rate
was 6.53%.
Bay City 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 Bay City level.
| Name | # of Loans | 2024 Avg. 30yFix Rate | 2024 Avg. Closing Costs |
|---|---|---|---|
| NEWREZ LLC | 2 | 6.75% | $4,072 |
| DAS Acquisition Company, LLC | 1 | 5.99% | $11,021 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 7.25% | $5,328 |
| CANOPY MORTGAGE, LLC | 1 | 6.63% | $5,863 |
| J. VIRGIL, INC. | 1 | 7.13% | $8,602 |
| TOWNE MORTGAGE COMPANY | 1 | 5.13% | $5,440 |
| Frankenmuth Credit Union | 1 | 6.50% | $4,587 |
The top Bay City USDA lender as defined by loan originations is NEWREZ LLC, with
2 USDA loans originated. Their average total fees are
$4,072, which is $6,949
lower than the next largest lender,
DAS Acquisition Company, LLC.
The lowest fee Bay City USDA lenders (with over 10 loans originated) are
.
The lowest rate Bay City USDA lenders (with over 10 loans originated) are
.