Big Rapids USDA Loan Rates, Closing Costs & Stats
Big Rapids, 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.
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
7.24%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Big Rapids's average USDA mortgage closing costs are $4,685.
The average rate for the prior week (2024-04-12) was
6.69% and
one month ago for the week of 2024-03-15, the
average rate was 6.77%.
The average rate one year ago was 6.31%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.86%.
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 |
Big Rapids's median listing price comes in at 0% of the national average.
Big Rapids's average listing price for 2024-03-01 was $349,403, a difference of $-2,690 (-0.8%) versus the prior year and $814 versus the prior month.
For the 2024-03-01 period, Big Rapids had 101 MLS listings, a difference of 10 listings (11%) versus the prior month and 29 listings (40%) 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 |
Big Rapids's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,704 sqft.