Big Rapids USDA Loan Rates, Closing Costs & Stats

Big Rapids, MI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Big Rapids's 8 lenders originated 11 USDA loans during 2023. The total origination value was $1,725,000, with an average USDA loan value of $156,818.

    Big Rapids USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Big Rapids averaged 6.28% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Big Rapids's average USDA mortgage closing costs are $4,685.

    The average rate for the prior week (2024-12-06) was 6.72% and one month ago for the week of 2024-11-08, the average rate was 6.73%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.2%.

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

    Big Rapids 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 Big Rapids level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ACADEMY MORTGAGE CORPORATION 2 6.88% $6,968
    TOP FLITE FINANCIAL, INC. 2 6.63% $10,716
    UNION HOME MORTGAGE CORP. 2 6.88% $8,681
    GVC MORTGAGE, INC. 1 7.13% $6,318
    Isabella Bank 1 7.50% $4,643
    Northpointe Bank 1 6.13% $6,435
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $5,123
    Fifth Third Bank 1 6.00% $5,543

    The top Big Rapids USDA lender as defined by loan originations is ACADEMY MORTGAGE CORPORATION, with 2 USDA loans originated. Their average total fees are $6,968, which is $3,747 lower than the next largest lender, TOP FLITE FINANCIAL, INC..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Big Rapids (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 $142,400 (1.8%) $179,622 (-7.3%) 0.00 248
    2018-02-01 $150,575 (5.9%) $188,291 (-7.5%) 0.00 232
    2018-03-01 $159,900 (7.4%) $195,372 (-3.9%) 0.00 242
    2018-04-01 $160,900 (7.3%) $192,707 (-4.9%) 0.00 252
    2018-05-01 $159,950 (6.7%) $190,158 (-4.2%) 0.00 270
    2018-06-01 $164,900 (8.5%) $191,392 (-2.2%) 0.00 273
    2018-07-01 $164,900 (3.1%) $191,342 (-3.4%) 0.00 283
    2018-08-01 $165,000 (9.5%) $191,248 (-0.5%) 0.00 285
    2018-09-01 $159,450 (6.4%) $187,960 (-0.7%) 0.00 286
    2018-10-01 $156,550 (4.4%) $184,010 (-1.7%) 0.00 268
    2018-11-01 $154,900 (3.7%) $178,751 (-2.8%) 0.00 239
    2018-12-01 $149,900 (0.0%) $174,340 (-5.8%) 0.00 230
    2019-01-01 $159,200 (11.8%) $180,673 (0.6%) 0.00 208
    2019-02-01 $160,475 (6.6%) $180,811 (-4.0%) 0.00 195
    2019-03-01 $159,229 (-0.4%) $180,725 (-7.5%) 0.00 193
    2019-04-01 $165,825 (3.1%) $189,553 (-1.6%) 0.00 210
    2019-05-01 $179,425 (12.2%) $203,415 (7.0%) 0.00 226
    2019-06-01 $181,100 (9.8%) $208,580 (9.0%) 0.00 252
    2019-07-01 $180,550 (9.5%) $209,970 (9.7%) 0.00 285
    2019-08-01 $181,018 (9.7%) $211,739 (10.7%) 0.00 290
    2019-09-01 $182,695 (14.6%) $213,951 (13.8%) 0.00 279
    2019-10-01 $185,500 (18.5%) $215,764 (17.3%) 0.00 263
    2019-11-01 $185,750 (19.9%) $219,234 (22.7%) 0.00 225
    2019-12-01 $186,950 (24.7%) $221,387 (27.0%) 0.00 208
    2020-01-01 $183,825 (15.5%) $224,919 (24.5%) 0.00 196
    2020-02-01 $194,900 (21.5%) $232,278 (28.5%) 0.00 183
    2020-03-01 $199,700 (25.4%) $241,783 (33.8%) 0.00 178
    2020-04-01 $198,500 (19.7%) $242,762 (28.1%) 0.00 177
    2020-05-01 $212,450 (18.4%) $252,302 (24.0%) 0.00 170
    2020-06-01 $216,850 (19.7%) $243,959 (17.0%) 0.00 155
    2020-07-01 $216,725 (20.0%) $239,196 (13.9%) 0.00 136
    2020-08-01 $214,900 (18.7%) $246,171 (16.3%) 0.00 120
    2020-09-01 $188,425 (3.1%) $230,086 (7.5%) 0.00 120
    2020-10-01 $179,250 (-3.4%) $225,786 (4.6%) 0.00 102
    2020-11-01 $178,900 (-3.7%) $220,650 (0.7%) 0.00 98
    2020-12-01 $164,900 (-11.8%) $215,286 (-2.8%) 0.00 76
    2021-01-01 $149,950 (-18.4%) $219,522 (-2.4%) 0.00 60
    2021-02-01 $194,425 (-0.2%) $259,166 (11.6%) 0.00 56
    2021-03-01 $213,750 (7.0%) $267,709 (10.7%) 0.00 59
    2021-04-01 $234,725 (18.3%) $267,383 (10.1%) 0.00 73
    2021-05-01 $195,000 (-8.2%) $239,886 (-4.9%) 0.00 80
    2021-06-01 $189,925 (-12.4%) $238,986 (-2.0%) 0.00 95
    2021-07-01 $209,950 (-3.1%) $251,487 (5.1%) 0.00 114
    2021-08-01 $199,675 (-7.1%) $253,115 (2.8%) 0.00 103
    2021-09-01 $188,750 (0.2%) $245,298 (6.6%) 0.00 88
    2021-10-01 $225,000 (25.5%) $256,247 (13.5%) 0.00 94
    2021-11-01 $218,225 (22.0%) $252,535 (14.5%) 0.00 94
    2021-12-01 $178,475 (8.2%) $236,847 (10.0%) 0.00 84
    2022-01-01 $187,250 (24.9%) $229,331 (4.5%) 0.00 79
    2022-02-01 $257,450 (32.4%) $252,396 (-2.6%) 0.00 70
    2022-03-01 $241,225 (12.9%) $254,184 (-5.1%) 0.00 80
    2022-04-01 $245,000 (4.4%) $258,394 (-3.4%) 0.00 86
    2022-05-01 $233,600 (19.8%) $263,740 (9.9%) 0.00 95
    2022-06-01 $249,925 (31.6%) $274,648 (14.9%) 0.00 116
    2022-07-01 $270,000 (28.6%) $309,401 (23.0%) 0.00 119
    2022-08-01 $270,750 (35.6%) $309,973 (22.5%) 0.00 116
    2022-09-01 $266,250 (41.1%) $300,188 (22.4%) 0.00 116
    2022-10-01 $289,900 (28.8%) $313,451 (22.3%) 0.00 110
    2022-11-01 $298,000 (36.6%) $322,439 (27.7%) 0.00 96
    2022-12-01 $299,000 (67.5%) $328,508 (38.7%) 0.00 95
    2023-01-01 $287,000 (53.3%) $326,775 (42.5%) 0.00 77
    2023-02-01 $312,463 (21.4%) $344,975 (36.7%) 0.00 66
    2023-03-01 $309,950 (28.5%) $352,093 (38.5%) 0.00 72
    2023-04-01 $322,500 (31.6%) $361,097 (39.8%) 0.00 76
    2023-05-01 $324,999 (39.1%) $368,672 (39.8%) 0.00 82
    2023-06-01 $316,250 (26.5%) $353,796 (28.8%) 0.00 92
    2023-07-01 $314,900 (16.6%) $340,771 (10.1%) 0.00 104
    2023-08-01 $292,500 (8.0%) $328,770 (6.1%) 0.00 121
    2023-09-01 $289,900 (8.9%) $340,626 (13.5%) 0.00 129
    2023-10-01 $287,225 (-0.9%) $353,780 (12.9%) 0.00 121
    2023-11-01 $280,000 (-6.0%) $358,774 (11.3%) 0.00 107
    2023-12-01 $257,450 (-13.9%) $358,306 (9.1%) 0.00 107
    2024-01-01 $275,800 (-3.9%) $356,465 (9.1%) 0.00 94
    2024-02-01 $283,450 (-9.3%) $348,589 (1.1%) 0.00 91
    2024-03-01 $284,450 (-8.2%) $349,403 (-0.8%) 0.00 101
    2024-04-01 $282,475 (-12.4%) $348,112 (-3.6%) 0.00 123
    2024-05-01 $295,000 (-9.2%) $371,242 (0.7%) 0.00 130
    2024-06-01 $285,000 (-9.9%) $370,913 (4.8%) 0.00 149
    2024-07-01 $286,500 (-9.0%) $367,747 (7.9%) 0.00 153
    2024-08-01 $285,000 (-2.6%) $364,626 (10.9%) 0.00 161
    2024-09-01 $281,225 (-3.0%) $355,510 (4.4%) 0.00 166
    2024-10-01 $289,175 (0.7%) $371,992 (5.2%) 0.00 173
    2024-11-01 $279,900 (0.0%) $361,724 (0.8%) 0.00 177
    Big Rapids's median listing price for 2024-11-01 was $279,900, a difference of $-100 (0.0%) versus the prior year and $-9,275 versus the prior month.

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

    Big Rapids's average listing price for 2024-11-01 was $361,724, a difference of $2,950 (0.8%) versus the prior year and $-10,268 versus the prior month.

    For the 2024-11-01 period, Big Rapids had 177 MLS listings, a difference of 4 listings (2%) versus the prior month and 70 listings (65%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Big Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,678 sqft
    2018-02-01 0 days 1,697 sqft
    2018-03-01 0 days 1,750 sqft
    2018-04-01 0 days 1,716 sqft
    2018-05-01 0 days 1,691 sqft
    2018-06-01 0 days 1,704 sqft
    2018-07-01 0 days 1,692 sqft
    2018-08-01 0 days 1,719 sqft
    2018-09-01 0 days 1,660 sqft
    2018-10-01 0 days 1,677 sqft
    2018-11-01 0 days 1,604 sqft
    2018-12-01 0 days 1,600 sqft
    2019-01-01 0 days 1,676 sqft
    2019-02-01 0 days 1,653 sqft
    2019-03-01 0 days 1,714 sqft
    2019-04-01 0 days 1,800 sqft
    2019-05-01 0 days 1,843 sqft
    2019-06-01 0 days 1,840 sqft
    2019-07-01 0 days 1,796 sqft
    2019-08-01 0 days 1,792 sqft
    2019-09-01 0 days 1,825 sqft
    2019-10-01 0 days 1,845 sqft
    2019-11-01 0 days 1,836 sqft
    2019-12-01 0 days 1,817 sqft
    2020-01-01 0 days 1,810 sqft
    2020-02-01 0 days 1,843 sqft
    2020-03-01 0 days 1,840 sqft
    2020-04-01 0 days 1,803 sqft
    2020-05-01 0 days 1,909 sqft
    2020-06-01 0 days 1,881 sqft
    2020-07-01 0 days 1,800 sqft
    2020-08-01 0 days 1,872 sqft
    2020-09-01 0 days 1,800 sqft
    2020-10-01 0 days 1,768 sqft
    2020-11-01 0 days 1,750 sqft
    2020-12-01 0 days 1,783 sqft
    2021-01-01 0 days 1,777 sqft
    2021-02-01 0 days 1,959 sqft
    2021-03-01 0 days 1,855 sqft
    2021-04-01 0 days 1,863 sqft
    2021-05-01 0 days 1,871 sqft
    2021-06-01 0 days 1,763 sqft
    2021-07-01 0 days 1,706 sqft
    2021-08-01 0 days 1,672 sqft
    2021-09-01 0 days 1,634 sqft
    2021-10-01 0 days 1,787 sqft
    2021-11-01 0 days 1,699 sqft
    2021-12-01 0 days 1,637 sqft
    2022-01-01 0 days 1,664 sqft
    2022-02-01 0 days 1,681 sqft
    2022-03-01 0 days 1,526 sqft
    2022-04-01 0 days 1,576 sqft
    2022-05-01 0 days 1,626 sqft
    2022-06-01 0 days 1,700 sqft
    2022-07-01 0 days 1,700 sqft
    2022-08-01 0 days 1,666 sqft
    2022-09-01 0 days 1,649 sqft
    2022-10-01 0 days 1,602 sqft
    2022-11-01 0 days 1,637 sqft
    2022-12-01 0 days 1,600 sqft
    2023-01-01 0 days 1,589 sqft
    2023-02-01 0 days 1,598 sqft
    2023-03-01 0 days 1,704 sqft
    2023-04-01 0 days 1,664 sqft
    2023-05-01 0 days 1,780 sqft
    2023-06-01 0 days 1,756 sqft
    2023-07-01 0 days 1,771 sqft
    2023-08-01 0 days 1,853 sqft
    2023-09-01 0 days 1,895 sqft
    2023-10-01 0 days 1,920 sqft
    2023-11-01 0 days 1,892 sqft
    2023-12-01 0 days 1,855 sqft
    2024-01-01 0 days 1,801 sqft
    2024-02-01 0 days 1,769 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,723 sqft
    2024-05-01 0 days 1,797 sqft
    2024-06-01 0 days 1,742 sqft
    2024-07-01 0 days 1,794 sqft
    2024-08-01 0 days 1,728 sqft
    2024-09-01 0 days 1,691 sqft
    2024-10-01 0 days 1,771 sqft
    2024-11-01 0 days 1,808 sqft
    Big Rapids's median listing age (time on market) for 2024-11-01 was 0 days.

    Big Rapids's median square footage for active listings during the 2024-11-01 period was 1,808 sqft. One year prior, the average listing was 1,892 sqft.