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 11 lenders originated 21 USDA loans during 2022. The total origination value was $2,825,000, with an average USDA loan value of $134,524.
Bay City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Bay City
averaged
6.48%
for the week of 2023-03-17, compared to the national average (all USDA variants) of
6.497% for the same period.
Bay City's average USDA mortgage closing costs are $4,186.
The average rate for the prior week (2023-03-10) was
6.7% and
one month ago for the week of 2023-02-10, the
average rate was 6.06%.
The average rate one year ago was 4.25%.
For refis of the same type during the week of 2023-03-17, the average rate
was 5.53%.
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
---|---|---|---|
ENVOY MORTGAGE, LTD | 4 | 5.50% | $6,614 |
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | 4 | 5.50% | $5,771 |
ACADEMY MORTGAGE CORPORATION | 3 | 5.17% | $6,786 |
AMERIFIRST FINANCIAL CORPORATION | 2 | 5.63% | $5,266 |
PLAZA HOME MORTGAGE, INC. | 2 | 5.31% | $6,358 |
Preston Home Loans Inc | 1 | 6.63% | $4,628 |
UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.63% | $5,027 |
Equity Prime Mortgage LLC | 1 | 6.75% | $3,617 |
Fifth Third Bank | 1 | 5.13% | $4,226 |
Flagstar Bank, FSB | 1 | 3.50% | $5,692 |
J. VIRGIL, INC. | 1 | 5.63% | $6,888 |
The top Bay City USDA lender as defined by loan originations is ENVOY MORTGAGE, LTD, with
4 USDA loans originated. Their average total fees are
$6,614, which is $844
higher than the next largest lender,
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP.
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
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Bay City (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 | $87,850 (3.5%) | $118,872 (3.8%) | 0.00 | 333 |
2018-02-01 | $88,800 (4.0%) | $124,293 (5.3%) | 0.00 | 327 |
2018-03-01 | $89,900 (4.3%) | $128,418 (4.3%) | 0.00 | 302 |
2018-04-01 | $95,850 (6.6%) | $137,364 (6.0%) | 0.00 | 279 |
2018-05-01 | $97,350 (2.5%) | $135,241 (1.6%) | 0.00 | 286 |
2018-06-01 | $98,950 (10.1%) | $136,047 (7.6%) | 0.00 | 390 |
2018-07-01 | $99,900 (13.0%) | $146,147 (20.6%) | 0.00 | 387 |
2018-08-01 | $107,000 (22.7%) | $149,864 (24.3%) | 0.00 | 388 |
2018-09-01 | $109,900 (27.9%) | $150,976 (26.8%) | 0.00 | 391 |
2018-10-01 | $108,000 (24.6%) | $145,219 (21.1%) | 0.00 | 384 |
2018-11-01 | $105,575 (19.1%) | $144,487 (21.7%) | 0.00 | 375 |
2018-12-01 | $96,400 (7.2%) | $142,129 (18.8%) | 0.00 | 369 |
2019-01-01 | $94,800 (7.9%) | $141,432 (19.0%) | 0.00 | 348 |
2019-02-01 | $89,900 (1.2%) | $141,547 (13.9%) | 0.00 | 312 |
2019-03-01 | $93,457 (4.0%) | $142,875 (11.3%) | 0.00 | 292 |
2019-04-01 | $98,350 (2.6%) | $144,984 (5.6%) | 0.00 | 281 |
2019-05-01 | $102,400 (5.2%) | $150,654 (11.4%) | 0.00 | 297 |
2019-06-01 | $119,450 (20.7%) | $163,601 (20.3%) | 0.00 | 317 |
2019-07-01 | $115,400 (15.5%) | $158,067 (8.2%) | 0.00 | 330 |
2019-08-01 | $116,445 (8.8%) | $160,240 (6.9%) | 0.00 | 349 |
2019-09-01 | $117,264 (6.7%) | $160,799 (6.5%) | 0.00 | 365 |
2019-10-01 | $114,334 (5.9%) | $160,594 (10.6%) | 0.00 | 383 |
2019-11-01 | $99,900 (-5.4%) | $155,554 (7.7%) | 0.00 | 365 |
2019-12-01 | $94,900 (-1.6%) | $150,448 (5.9%) | 0.00 | 319 |
2020-01-01 | $88,275 (-6.9%) | $143,454 (1.4%) | 0.00 | 277 |
2020-02-01 | $89,900 (0.0%) | $152,713 (7.9%) | 0.00 | 265 |
2020-03-01 | $93,475 (0.0%) | $155,537 (8.9%) | 0.00 | 248 |
2020-04-01 | $94,950 (-3.5%) | $155,074 (7.0%) | 0.00 | 216 |
2020-05-01 | $99,900 (-2.4%) | $156,472 (3.9%) | 0.00 | 199 |
2020-06-01 | $117,100 (-2.0%) | $167,798 (2.6%) | 0.00 | 188 |
2020-07-01 | $110,225 (-4.5%) | $172,528 (9.2%) | 0.00 | 164 |
2020-08-01 | $115,900 (-0.5%) | $942,848 (488.4%) | 0.00 | 152 |
2020-09-01 | $112,625 (-4.0%) | $176,584 (9.8%) | 0.00 | 139 |
2020-10-01 | $109,900 (-3.9%) | $160,416 (-0.1%) | 0.00 | 134 |
2020-11-01 | $123,650 (23.8%) | $159,572 (2.6%) | 0.00 | 123 |
2020-12-01 | $127,425 (34.3%) | $166,159 (10.4%) | 0.00 | 114 |
2021-01-01 | $129,900 (47.2%) | $173,595 (21.0%) | 0.00 | 110 |
2021-02-01 | $126,650 (40.9%) | $169,815 (11.2%) | 0.00 | 92 |
2021-03-01 | $106,225 (13.6%) | $180,650 (16.2%) | 0.00 | 82 |
2021-04-01 | $161,950 (70.6%) | $205,368 (32.4%) | 0.00 | 70 |
2021-05-01 | $149,900 (50.1%) | $195,317 (24.8%) | 0.00 | 85 |
2021-06-01 | $141,175 (20.6%) | $205,632 (22.6%) | 0.00 | 120 |
2021-07-01 | $147,900 (34.2%) | $206,550 (19.7%) | 0.00 | 149 |
2021-08-01 | $137,475 (18.6%) | $191,707 (-79.7%) | 0.00 | 169 |
2021-09-01 | $129,400 (14.9%) | $187,362 (6.1%) | 0.00 | 175 |
2021-10-01 | $124,900 (13.7%) | $188,410 (17.5%) | 0.00 | 179 |
2021-11-01 | $121,075 (-2.1%) | $175,098 (9.7%) | 0.00 | 157 |
2021-12-01 | $107,350 (-15.8%) | $170,322 (2.5%) | 0.00 | 146 |
2022-01-01 | $103,500 (-20.3%) | $169,917 (-2.1%) | 0.00 | 117 |
2022-02-01 | $119,700 (-5.5%) | $186,640 (9.9%) | 0.00 | 100 |
2022-03-01 | $129,300 (21.7%) | $191,254 (5.9%) | 0.00 | 76 |
2022-04-01 | $149,900 (-7.4%) | $205,438 (0.0%) | 0.00 | 75 |
2022-05-01 | $152,725 (1.9%) | $213,624 (9.4%) | 0.00 | 95 |
2022-06-01 | $151,225 (7.1%) | $197,918 (-3.8%) | 0.00 | 119 |
2022-07-01 | $169,900 (14.9%) | $222,625 (7.8%) | 0.00 | 139 |
2022-08-01 | $174,950 (27.3%) | $226,089 (17.9%) | 0.00 | 141 |
2022-09-01 | $180,500 (39.5%) | $215,421 (15.0%) | 0.00 | 132 |
2022-10-01 | $178,700 (43.1%) | $215,677 (14.5%) | 0.00 | 137 |
2022-11-01 | $165,225 (36.5%) | $199,913 (14.2%) | 0.00 | 134 |
2022-12-01 | $159,900 (49.0%) | $203,128 (19.3%) | 0.00 | 127 |
2023-01-01 | $152,400 (47.3%) | $200,700 (18.1%) | 0.00 | 111 |
2023-02-01 | $178,500 (49.1%) | $224,151 (20.1%) | 0.00 | 92 |
Bay City's median listing price comes in at 0% of the national average.
Bay City's average listing price for 2023-02-01 was $224,151, a difference of $37,511 (20.1%) versus the prior year and $23,451 versus the prior month.
For the 2023-02-01 period, Bay City had 92 MLS listings, a difference of -19 listings (-17%) versus the prior month and -8 listings (-8%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,380 sqft |
2018-02-01 | 0 days | 1,367 sqft |
2018-03-01 | 0 days | 1,373 sqft |
2018-04-01 | 0 days | 1,386 sqft |
2018-05-01 | 0 days | 1,386 sqft |
2018-06-01 | 0 days | 1,388 sqft |
2018-07-01 | 0 days | 1,400 sqft |
2018-08-01 | 0 days | 1,424 sqft |
2018-09-01 | 0 days | 1,448 sqft |
2018-10-01 | 0 days | 1,454 sqft |
2018-11-01 | 0 days | 1,442 sqft |
2018-12-01 | 0 days | 1,396 sqft |
2019-01-01 | 0 days | 1,402 sqft |
2019-02-01 | 0 days | 1,391 sqft |
2019-03-01 | 0 days | 1,386 sqft |
2019-04-01 | 0 days | 1,418 sqft |
2019-05-01 | 0 days | 1,454 sqft |
2019-06-01 | 0 days | 1,477 sqft |
2019-07-01 | 0 days | 1,471 sqft |
2019-08-01 | 0 days | 1,507 sqft |
2019-09-01 | 0 days | 1,486 sqft |
2019-10-01 | 0 days | 1,467 sqft |
2019-11-01 | 0 days | 1,452 sqft |
2019-12-01 | 0 days | 1,402 sqft |
2020-01-01 | 0 days | 1,361 sqft |
2020-02-01 | 0 days | 1,362 sqft |
2020-03-01 | 0 days | 1,400 sqft |
2020-04-01 | 0 days | 1,367 sqft |
2020-05-01 | 0 days | 1,403 sqft |
2020-06-01 | 0 days | 1,535 sqft |
2020-07-01 | 0 days | 1,531 sqft |
2020-08-01 | 0 days | 1,566 sqft |
2020-09-01 | 0 days | 1,497 sqft |
2020-10-01 | 0 days | 1,483 sqft |
2020-11-01 | 0 days | 1,474 sqft |
2020-12-01 | 0 days | 1,426 sqft |
2021-01-01 | 0 days | 1,480 sqft |
2021-02-01 | 0 days | 1,402 sqft |
2021-03-01 | 0 days | 1,378 sqft |
2021-04-01 | 0 days | 1,546 sqft |
2021-05-01 | 0 days | 1,480 sqft |
2021-06-01 | 0 days | 1,460 sqft |
2021-07-01 | 0 days | 1,500 sqft |
2021-08-01 | 0 days | 1,492 sqft |
2021-09-01 | 0 days | 1,476 sqft |
2021-10-01 | 0 days | 1,497 sqft |
2021-11-01 | 0 days | 1,500 sqft |
2021-12-01 | 0 days | 1,473 sqft |
2022-01-01 | 0 days | 1,491 sqft |
2022-02-01 | 0 days | 1,419 sqft |
2022-03-01 | 0 days | 1,413 sqft |
2022-04-01 | 0 days | 1,461 sqft |
2022-05-01 | 0 days | 1,527 sqft |
2022-06-01 | 0 days | 1,466 sqft |
2022-07-01 | 0 days | 1,496 sqft |
2022-08-01 | 0 days | 1,515 sqft |
2022-09-01 | 0 days | 1,526 sqft |
2022-10-01 | 0 days | 1,559 sqft |
2022-11-01 | 0 days | 1,526 sqft |
2022-12-01 | 0 days | 1,546 sqft |
2023-01-01 | 0 days | 1,454 sqft |
2023-02-01 | 0 days | 1,500 sqft |
Bay City's median square footage for active listings during the 2023-02-01 period was 1,500 sqft. One year prior, the average listing was 1,419 sqft.