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 6.77% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Bay City's average USDA mortgage closing costs are $4,186.

The average rate for the prior week (2024-02-09) was 6.4% and one month ago for the week of 2024-01-12, the average rate was 6.62%.

The average rate one year ago was 5.96%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.51%.

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

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 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.

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. Louis
Date 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 (4.2%) 0.00 333
2018-02-01 $88,800 (4.0%) $124,293 (5.5%) 0.00 327
2018-03-01 $89,900 (4.3%) $128,418 (4.5%) 0.00 302
2018-04-01 $95,850 (6.6%) $137,364 (6.3%) 0.00 279
2018-05-01 $97,350 (2.5%) $135,241 (1.9%) 0.00 286
2018-06-01 $98,950 (10.1%) $136,047 (7.7%) 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%) $243,923 (89.9%) 0.00 292
2019-04-01 $98,350 (2.6%) $246,983 (79.8%) 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%) 0.00 366
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 (-36.2%) 0.00 248
2020-04-01 $94,950 (-3.5%) $155,074 (-37.2%) 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 $146,400 (32.8%) $206,550 (19.7%) 0.00 149
2021-08-01 $137,475 (18.6%) $191,196 (-79.7%) 0.00 169
2021-09-01 $128,400 (14.0%) $186,384 (5.6%) 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 (16.1%) $222,625 (7.8%) 0.00 139
2022-08-01 $174,950 (27.3%) $226,089 (18.3%) 0.00 141
2022-09-01 $180,500 (40.6%) $215,421 (15.6%) 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
2023-03-01 $208,650 (61.4%) $242,878 (27.0%) 0.00 75
2023-04-01 $177,500 (18.4%) $243,777 (18.7%) 0.00 68
2023-05-01 $171,950 (12.6%) $230,327 (7.8%) 0.00 73
2023-06-01 $177,450 (17.3%) $223,834 (13.1%) 0.00 88
2023-07-01 $182,400 (7.4%) $222,773 (0.1%) 0.00 96
2023-08-01 $179,175 (2.4%) $224,385 (-0.8%) 0.00 100
2023-09-01 $172,400 (-4.5%) $231,585 (7.5%) 0.00 106
2023-10-01 $157,450 (-11.9%) $218,460 (1.3%) 0.00 129
2023-11-01 $154,900 (-6.3%) $213,245 (6.7%) 0.00 152
2023-12-01 $155,000 (-3.1%) $208,100 (2.5%) 0.00 142
Bay City's median listing price for 2023-12-01 was $155,000, a difference of $-4,900 (-3.1%) versus the prior year and $100 versus the prior month.

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

Bay City's average listing price for 2023-12-01 was $208,100, a difference of $4,972 (2.5%) versus the prior year and $-5,145 versus the prior month.

For the 2023-12-01 period, Bay City had 142 MLS listings, a difference of -10 listings (-7%) versus the prior month and 15 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Bay City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,380 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 1,387 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 1,509 sqft
2019-09-01 0 days 1,487 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 1,489 sqft
2021-09-01 0 days 1,475 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 1,519 sqft
2022-10-01 0 days 1,557 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
2023-03-01 0 days 1,545 sqft
2023-04-01 0 days 1,546 sqft
2023-05-01 0 days 1,545 sqft
2023-06-01 0 days 1,546 sqft
2023-07-01 0 days 1,452 sqft
2023-08-01 0 days 1,507 sqft
2023-09-01 0 days 1,458 sqft
2023-10-01 0 days 1,443 sqft
2023-11-01 0 days 1,506 sqft
2023-12-01 0 days 1,456 sqft
Bay City's median listing age (time on market) for 2023-12-01 was 0 days.

Bay City's median square footage for active listings during the 2023-12-01 period was 1,456 sqft. One year prior, the average listing was 1,546 sqft.