Bloomington USDA Loan Rates, Closing Costs & Stats

BLOOMINGTON, IL

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    • 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.

    Bloomington's 7 lenders originated 10 USDA loans during 2023. The total origination value was $1,370,000, with an average USDA loan value of $137,000.

    Bloomington USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Bloomington averaged 6.92% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Bloomington's average USDA mortgage closing costs are $3,801.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.65%.

    The average rate one year ago was 6.09%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Bloomington 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 Bloomington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FIRST STATE MORTGAGE SERVICES, LLC 3 6.63% $3,971
    FLAT BRANCH MORTGAGE, INC. 2 7.19% $6,175
    Busey Bank 1 5.50% $5,462
    UNION HOME MORTGAGE CORP. 1 6.13% $4,034
    UNITED WHOLESALE MORTGAGE, LLC 1 5.38% $3,214
    Flanagan State Bank 1 6.63% $3,851
    Community Mortgage Banc Corporation 1 6.13% $3,353

    The top Bloomington USDA lender as defined by loan originations is FIRST STATE MORTGAGE SERVICES, LLC, with 3 USDA loans originated. Their average total fees are $3,971, which is $2,204 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bloomington (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 $171,950 (16.9%) $202,938 (3.7%) 0.64 716
    2018-02-01 $179,950 (19.2%) $213,189 (4.2%) 0.65 774
    2018-03-01 $184,900 (12.1%) $218,065 (2.4%) 0.65 855
    2018-04-01 $189,000 (8.0%) $221,125 (2.1%) 0.64 934
    2018-05-01 $188,050 (7.5%) $216,847 (1.9%) 0.63 963
    2018-06-01 $186,000 (6.7%) $215,032 (1.6%) 0.62 975
    2018-07-01 $182,450 (5.5%) $212,242 (1.0%) 0.61 997
    2018-08-01 $179,900 (8.6%) $209,457 (2.0%) 0.60 945
    2018-09-01 $174,900 (3.5%) $209,431 (1.3%) 0.59 900
    2018-10-01 $168,000 (-1.2%) $205,573 (-1.4%) 0.57 847
    2018-11-01 $162,400 (-3.4%) $204,031 (0.2%) 0.55 790
    2018-12-01 $157,250 (-4.7%) $193,801 (-3.9%) 0.54 680
    2019-01-01 $159,900 (-7.0%) $193,588 (-4.6%) 0.55 609
    2019-02-01 $163,700 (-9.0%) $197,782 (-7.2%) 0.55 553
    2019-03-01 $169,900 (-8.1%) $205,736 (-5.7%) 0.56 598
    2019-04-01 $169,900 (-10.1%) $204,835 (-7.4%) 0.54 657
    2019-05-01 $165,750 (-11.9%) $202,511 (-6.6%) 0.52 714
    2019-06-01 $167,250 (-10.1%) $203,448 (-5.4%) 0.52 736
    2019-07-01 $169,900 (-6.9%) $207,415 (-2.3%) 0.53 747
    2019-08-01 $167,173 (-7.1%) $206,131 (-1.6%) 0.53 718
    2019-09-01 $163,082 (-6.8%) $202,413 (-3.4%) 0.52 680
    2019-10-01 $159,900 (-4.8%) $200,411 (-2.5%) 0.52 654
    2019-11-01 $158,250 (-2.6%) $200,081 (-1.9%) 0.52 558
    2019-12-01 $149,950 (-4.6%) $197,303 (1.8%) 0.50 495
    2020-01-01 $149,950 (-6.2%) $199,928 (3.3%) 0.50 455
    2020-02-01 $159,250 (-2.7%) $199,223 (0.7%) 0.52 444
    2020-03-01 $166,625 (-1.9%) $212,557 (3.3%) 0.52 468
    2020-04-01 $173,675 (2.2%) $218,319 (6.6%) 0.54 430
    2020-05-01 $165,000 (-0.5%) $218,905 (8.1%) 0.50 401
    2020-06-01 $168,242 (0.6%) $217,022 (6.7%) 0.50 372
    2020-07-01 $170,600 (0.4%) $225,341 (8.6%) 0.49 349
    2020-08-01 $159,900 (-4.4%) $217,269 (5.4%) 0.46 335
    2020-09-01 $150,975 (-7.4%) $206,863 (2.2%) 0.43 320
    2020-10-01 $139,900 (-12.5%) $198,948 (-0.7%) 0.40 288
    2020-11-01 $142,750 (-9.8%) $198,205 (-0.9%) 0.42 273
    2020-12-01 $137,450 (-8.3%) $191,519 (-2.9%) 0.41 234
    2021-01-01 $135,000 (-10.0%) $186,380 (-6.8%) 0.40 199
    2021-02-01 $141,000 (-11.5%) $204,275 (2.5%) 0.41 170
    2021-03-01 $147,500 (-11.5%) $219,262 (3.2%) 0.42 152
    2021-04-01 $164,900 (-5.1%) $238,622 (9.3%) 0.45 148
    2021-05-01 $179,900 (9.0%) $253,087 (15.6%) 0.48 149
    2021-06-01 $177,425 (5.5%) $257,306 (18.6%) 0.47 157
    2021-07-01 $175,000 (2.6%) $256,729 (13.9%) 0.46 168
    2021-08-01 $164,825 (3.1%) $238,062 (9.6%) 0.44 186
    2021-09-01 $164,975 (9.3%) $237,430 (14.8%) 0.44 179
    2021-10-01 $149,750 (7.0%) $208,996 (5.1%) 0.40 167
    2021-11-01 $150,250 (5.3%) $222,718 (12.4%) 0.40 151
    2021-12-01 $147,450 (7.3%) $234,114 (22.2%) 0.40 130
    2022-01-01 $148,500 (10.0%) $237,873 (27.6%) 0.40 101
    2022-02-01 $152,425 (8.1%) $239,794 (17.4%) 0.40 87
    2022-03-01 $202,450 (37.3%) $276,655 (26.2%) 0.51 77
    2022-04-01 $220,000 (33.4%) $310,561 (30.2%) 0.52 89
    2022-05-01 $239,950 (33.4%) $314,133 (24.1%) 0.55 114
    2022-06-01 $247,450 (39.5%) $308,392 (19.9%) 0.55 143
    2022-07-01 $250,000 (42.9%) $307,374 (19.7%) 0.56 145
    2022-08-01 $211,075 (28.1%) $294,031 (23.5%) 0.49 149
    2022-09-01 $256,125 (55.3%) $309,728 (30.5%) 0.60 155
    2022-10-01 $280,000 (87.0%) $321,025 (53.6%) 0.66 180
    2022-11-01 $301,825 (100.9%) $329,794 (48.1%) 0.73 177
    2022-12-01 $304,900 (106.8%) $331,855 (41.8%) 0.75 163
    2023-01-01 $328,150 (121.0%) $352,816 (48.3%) 0.81 145
    2023-02-01 $354,225 (132.4%) $367,769 (53.4%) 0.85 138
    2023-03-01 $337,450 (66.7%) $348,626 (26.0%) 0.80 142
    2023-04-01 $339,900 (54.5%) $351,329 (13.1%) 0.79 172
    2023-05-01 $325,000 (35.4%) $351,689 (12.0%) 0.74 186
    2023-06-01 $331,225 (33.9%) $350,158 (13.5%) 0.74 186
    2023-07-01 $329,900 (32.0%) $366,500 (19.2%) 0.75 198
    2023-08-01 $347,400 (64.6%) $373,280 (27.0%) 0.80 208
    2023-09-01 $334,750 (30.7%) $392,663 (26.8%) 0.78 207
    2023-10-01 $311,225 (11.2%) $372,583 (16.1%) 0.73 218
    2023-11-01 $310,000 (2.7%) $364,776 (10.6%) 0.74 218
    2023-12-01 $324,900 (6.6%) $387,688 (16.8%) 0.79 169
    2024-01-01 $352,450 (7.4%) $408,884 (15.9%) 0.86 142
    2024-02-01 $344,900 (-2.6%) $397,749 (8.2%) 0.83 147
    2024-03-01 $355,000 (5.2%) $400,338 (14.8%) 0.84 158
    Bloomington's median listing price for 2024-03-01 was $355,000, a difference of $17,550 (5.2%) versus the prior year and $10,100 versus the prior month.

    Bloomington's median listing price comes in at 84% of the national average.

    Bloomington's average listing price for 2024-03-01 was $400,338, a difference of $51,712 (14.8%) versus the prior year and $2,589 versus the prior month.

    For the 2024-03-01 period, Bloomington had 158 MLS listings, a difference of 11 listings (7%) versus the prior month and 16 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bloomington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,695 sqft
    2018-02-01 82 days 2,827 sqft
    2018-03-01 53 days 2,862 sqft
    2018-04-01 56 days 2,878 sqft
    2018-05-01 59 days 2,871 sqft
    2018-06-01 58 days 2,856 sqft
    2018-07-01 62 days 2,811 sqft
    2018-08-01 66 days 2,799 sqft
    2018-09-01 71 days 2,784 sqft
    2018-10-01 72 days 2,757 sqft
    2018-11-01 77 days 2,685 sqft
    2018-12-01 86 days 2,606 sqft
    2019-01-01 92 days 2,555 sqft
    2019-02-01 85 days 1,682 sqft
    2019-03-01 62 days 1,747 sqft
    2019-04-01 50 days 1,748 sqft
    2019-05-01 53 days 1,767 sqft
    2019-06-01 58 days 1,826 sqft
    2019-07-01 59 days 1,880 sqft
    2019-08-01 62 days 1,872 sqft
    2019-09-01 67 days 1,853 sqft
    2019-10-01 71 days 1,840 sqft
    2019-11-01 80 days 1,872 sqft
    2019-12-01 87 days 1,827 sqft
    2020-01-01 90 days 1,826 sqft
    2020-02-01 76 days 1,838 sqft
    2020-03-01 52 days 1,956 sqft
    2020-04-01 59 days 1,950 sqft
    2020-05-01 65 days 2,020 sqft
    2020-06-01 59 days 2,140 sqft
    2020-07-01 46 days 2,108 sqft
    2020-08-01 45 days 2,038 sqft
    2020-09-01 49 days 1,922 sqft
    2020-10-01 50 days 1,904 sqft
    2020-11-01 57 days 1,908 sqft
    2020-12-01 63 days 1,764 sqft
    2021-01-01 60 days 1,768 sqft
    2021-02-01 57 days 1,876 sqft
    2021-03-01 46 days 1,960 sqft
    2021-04-01 34 days 1,963 sqft
    2021-05-01 33 days 2,129 sqft
    2021-06-01 41 days 2,121 sqft
    2021-07-01 39 days 2,151 sqft
    2021-08-01 38 days 2,087 sqft
    2021-09-01 45 days 2,105 sqft
    2021-10-01 50 days 1,872 sqft
    2021-11-01 49 days 1,903 sqft
    2021-12-01 48 days 1,878 sqft
    2022-01-01 57 days 1,780 sqft
    2022-02-01 50 days 1,729 sqft
    2022-03-01 42 days 2,091 sqft
    2022-04-01 31 days 2,199 sqft
    2022-05-01 31 days 2,170 sqft
    2022-06-01 35 days 2,290 sqft
    2022-07-01 37 days 2,313 sqft
    2022-08-01 39 days 2,128 sqft
    2022-09-01 38 days 2,227 sqft
    2022-10-01 38 days 2,336 sqft
    2022-11-01 47 days 2,303 sqft
    2022-12-01 54 days 2,314 sqft
    2023-01-01 63 days 2,327 sqft
    2023-02-01 61 days 2,274 sqft
    2023-03-01 49 days 2,186 sqft
    2023-04-01 42 days 2,208 sqft
    2023-05-01 42 days 2,211 sqft
    2023-06-01 52 days 2,247 sqft
    2023-07-01 48 days 2,408 sqft
    2023-08-01 49 days 2,505 sqft
    2023-09-01 50 days 2,568 sqft
    2023-10-01 51 days 2,506 sqft
    2023-11-01 48 days 2,509 sqft
    2023-12-01 65 days 2,512 sqft
    2024-01-01 81 days 2,605 sqft
    2024-02-01 64 days 2,512 sqft
    2024-03-01 44 days 2,678 sqft
    Bloomington's median listing age (time on market) for 2024-03-01 was 44 days. This is -11% shorter than the same period one year ago.

    Bloomington's median square footage for active listings during the 2024-03-01 period was 2,678 sqft. One year prior, the average listing was 2,186 sqft.