Brainerd USDA Loan Rates, Closing Costs & Stats

Brainerd, MN

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.

Brainerd's 6 lenders originated 12 USDA loans during 2023. The total origination value was $2,520,000, with an average USDA loan value of $210,000.

Brainerd USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Brainerd averaged 6.72% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Brainerd's average USDA mortgage closing costs are $5,598.

The average rate for the prior week (2024-05-17) was 6.8% and one month ago for the week of 2024-04-19, the average rate was 6.94%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.85%.

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

Brainerd 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 Brainerd level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Flagstar Bank, FSB 4 6.69% $6,952
PLAZA HOME MORTGAGE, INC. 3 6.21% $5,563
First Western Bank & Trust 2 6.25% $6,790
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $5,395
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.13% $11,047
ST. CLOUD FINANCIAL 1 5.63% $9,251

The top Brainerd USDA lender as defined by loan originations is Flagstar Bank, FSB, with 4 USDA loans originated. Their average total fees are $6,952, which is $1,389 higher than the next largest lender, PLAZA HOME MORTGAGE, INC..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Brainerd (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 $257,625 (9.6%) $391,653 (16.2%) 0.00 632
2018-02-01 $272,450 (9.4%) $411,629 (12.9%) 0.00 654
2018-03-01 $285,000 (6.6%) $412,532 (6.7%) 0.00 750
2018-04-01 $299,450 (7.0%) $423,194 (8.6%) 0.00 771
2018-05-01 $299,900 (7.2%) $417,777 (7.9%) 0.00 857
2018-06-01 $295,000 (3.5%) $411,052 (6.0%) 0.00 973
2018-07-01 $292,500 (2.7%) $414,881 (5.4%) 0.00 1,022
2018-08-01 $289,900 (3.6%) $404,305 (3.0%) 0.00 1,009
2018-09-01 $289,900 (3.6%) $416,622 (5.5%) 0.00 967
2018-10-01 $282,325 (1.2%) $420,952 (1.9%) 0.00 905
2018-11-01 $275,000 (1.9%) $410,459 (-0.1%) 0.00 773
2018-12-01 $265,400 (2.1%) $413,979 (7.4%) 0.00 623
2019-01-01 $258,700 (0.4%) $395,083 (0.9%) 0.00 551
2019-02-01 $272,675 (0.1%) $412,197 (0.1%) 0.00 561
2019-03-01 $291,643 (2.3%) $432,276 (4.8%) 0.00 638
2019-04-01 $299,900 (0.2%) $446,447 (5.5%) 0.00 744
2019-05-01 $299,900 (0.0%) $440,079 (5.3%) 0.00 860
2019-06-01 $299,000 (1.4%) $426,626 (3.8%) 0.00 952
2019-07-01 $299,000 (2.2%) $424,479 (2.3%) 0.00 1,005
2019-08-01 $297,173 (2.5%) $417,956 (3.4%) 0.00 995
2019-09-01 $293,082 (1.1%) $404,237 (-3.0%) 0.00 948
2019-10-01 $289,900 (2.7%) $392,822 (-6.7%) 0.00 905
2019-11-01 $281,500 (2.4%) $388,521 (-5.3%) 0.00 758
2019-12-01 $274,925 (3.6%) $376,584 (-9.0%) 0.00 596
2020-01-01 $274,398 (6.1%) $379,791 (-3.9%) 0.00 484
2020-02-01 $289,900 (6.3%) $399,087 (-3.2%) 0.00 518
2020-03-01 $299,900 (2.8%) $414,998 (-4.0%) 0.00 562
2020-04-01 $303,475 (1.2%) $420,954 (-5.7%) 0.00 611
2020-05-01 $299,900 (0.0%) $412,548 (-6.3%) 0.00 658
2020-06-01 $296,950 (-0.7%) $410,360 (-3.8%) 0.00 631
2020-07-01 $295,750 (-1.1%) $402,406 (-5.2%) 0.00 567
2020-08-01 $299,900 (0.9%) $417,879 (0.0%) 0.00 523
2020-09-01 $309,000 (5.4%) $430,116 (6.4%) 0.00 458
2020-10-01 $289,900 (0.0%) $421,916 (7.4%) 0.00 390
2020-11-01 $299,900 (6.5%) $434,104 (11.7%) 0.00 319
2020-12-01 $299,950 (9.1%) $420,184 (11.6%) 0.00 251
2021-01-01 $300,200 (9.4%) $409,481 (7.8%) 0.00 198
2021-02-01 $306,600 (5.8%) $457,004 (14.5%) 0.00 183
2021-03-01 $327,950 (9.4%) $481,993 (16.1%) 0.00 187
2021-04-01 $338,650 (11.6%) $519,982 (23.5%) 0.00 193
2021-05-01 $349,900 (16.7%) $504,705 (22.3%) 0.00 213
2021-06-01 $343,725 (15.8%) $492,583 (20.0%) 0.00 250
2021-07-01 $350,000 (18.3%) $517,951 (28.7%) 0.00 294
2021-08-01 $343,425 (14.5%) $513,464 (22.9%) 0.00 327
2021-09-01 $360,175 (16.6%) $526,121 (22.3%) 0.00 359
2021-10-01 $349,950 (20.7%) $550,160 (30.4%) 0.00 309
2021-11-01 $349,950 (16.7%) $532,735 (22.7%) 0.00 224
2021-12-01 $349,050 (16.4%) $497,306 (18.4%) 0.00 179
2022-01-01 $359,900 (19.9%) $514,324 (25.6%) 0.00 136
2022-02-01 $393,425 (28.3%) $522,917 (14.4%) 0.00 141
2022-03-01 $437,450 (33.4%) $582,991 (21.0%) 0.00 153
2022-04-01 $427,400 (26.2%) $578,051 (11.2%) 0.00 206
2022-05-01 $422,325 (20.7%) $597,203 (18.3%) 0.00 227
2022-06-01 $422,175 (22.8%) $591,823 (20.2%) 0.00 277
2022-07-01 $425,000 (21.4%) $621,491 (20.0%) 0.00 346
2022-08-01 $413,050 (20.3%) $603,939 (17.6%) 0.00 358
2022-09-01 $413,839 (14.9%) $583,394 (10.9%) 0.00 352
2022-10-01 $420,000 (20.0%) $572,268 (4.0%) 0.00 326
2022-11-01 $414,900 (18.6%) $577,257 (8.4%) 0.00 279
2022-12-01 $409,900 (17.4%) $550,984 (10.8%) 0.00 220
2023-01-01 $403,175 (12.0%) $526,471 (2.4%) 0.00 183
2023-02-01 $399,900 (1.7%) $514,991 (-1.5%) 0.00 192
2023-03-01 $409,950 (-6.3%) $567,146 (-2.7%) 0.00 187
2023-04-01 $429,900 (0.6%) $625,359 (8.2%) 0.00 211
2023-05-01 $444,450 (5.2%) $653,191 (9.4%) 0.00 269
2023-06-01 $432,400 (2.4%) $619,827 (4.7%) 0.00 315
2023-07-01 $420,000 (-1.2%) $583,756 (-6.1%) 0.00 365
2023-08-01 $405,863 (-1.7%) $582,217 (-3.6%) 0.00 372
2023-09-01 $399,900 (-3.4%) $564,674 (-3.2%) 0.00 404
2023-10-01 $400,000 (-4.8%) $545,424 (-4.7%) 0.00 398
2023-11-01 $414,138 (-0.2%) $513,313 (-11.1%) 0.00 342
2023-12-01 $399,000 (-2.7%) $485,983 (-11.8%) 0.00 279
2024-01-01 $407,450 (1.1%) $529,669 (0.6%) 0.00 252
2024-02-01 $418,650 (4.7%) $556,687 (8.1%) 0.00 255
2024-03-01 $449,900 (9.8%) $614,780 (8.4%) 0.00 294
2024-04-01 $454,950 (5.8%) $629,834 (0.7%) 0.00 323
Brainerd's median listing price for 2024-04-01 was $454,950, a difference of $25,050 (5.8%) versus the prior year and $5,050 versus the prior month.

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

Brainerd's average listing price for 2024-04-01 was $629,834, a difference of $4,475 (0.7%) versus the prior year and $15,054 versus the prior month.

For the 2024-04-01 period, Brainerd had 323 MLS listings, a difference of 29 listings (10%) versus the prior month and 112 listings (53%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Brainerd (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,892 sqft
2018-02-01 0 days 1,941 sqft
2018-03-01 0 days 2,038 sqft
2018-04-01 0 days 2,065 sqft
2018-05-01 0 days 2,026 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 1,929 sqft
2018-08-01 0 days 1,850 sqft
2018-09-01 0 days 1,850 sqft
2018-10-01 0 days 1,851 sqft
2018-11-01 0 days 1,810 sqft
2018-12-01 0 days 1,779 sqft
2019-01-01 0 days 1,790 sqft
2019-02-01 0 days 1,849 sqft
2019-03-01 0 days 1,874 sqft
2019-04-01 0 days 1,894 sqft
2019-05-01 0 days 1,902 sqft
2019-06-01 0 days 1,914 sqft
2019-07-01 0 days 1,885 sqft
2019-08-01 0 days 1,879 sqft
2019-09-01 0 days 1,877 sqft
2019-10-01 0 days 1,875 sqft
2019-11-01 0 days 1,839 sqft
2019-12-01 0 days 1,808 sqft
2020-01-01 0 days 1,805 sqft
2020-02-01 0 days 1,858 sqft
2020-03-01 0 days 1,920 sqft
2020-04-01 0 days 1,924 sqft
2020-05-01 0 days 1,924 sqft
2020-06-01 0 days 1,916 sqft
2020-07-01 0 days 1,926 sqft
2020-08-01 0 days 1,920 sqft
2020-09-01 0 days 1,900 sqft
2020-10-01 0 days 1,878 sqft
2020-11-01 0 days 1,886 sqft
2020-12-01 0 days 1,791 sqft
2021-01-01 0 days 1,770 sqft
2021-02-01 0 days 1,814 sqft
2021-03-01 0 days 1,806 sqft
2021-04-01 0 days 1,746 sqft
2021-05-01 0 days 1,806 sqft
2021-06-01 0 days 1,794 sqft
2021-07-01 0 days 1,776 sqft
2021-08-01 0 days 1,791 sqft
2021-09-01 0 days 1,842 sqft
2021-10-01 0 days 1,866 sqft
2021-11-01 0 days 1,802 sqft
2021-12-01 0 days 1,789 sqft
2022-01-01 0 days 1,863 sqft
2022-02-01 0 days 2,058 sqft
2022-03-01 0 days 2,190 sqft
2022-04-01 0 days 2,251 sqft
2022-05-01 0 days 1,921 sqft
2022-06-01 0 days 1,970 sqft
2022-07-01 0 days 1,884 sqft
2022-08-01 0 days 1,876 sqft
2022-09-01 0 days 1,895 sqft
2022-10-01 0 days 1,939 sqft
2022-11-01 0 days 1,913 sqft
2022-12-01 0 days 1,887 sqft
2023-01-01 0 days 1,826 sqft
2023-02-01 0 days 1,845 sqft
2023-03-01 0 days 1,940 sqft
2023-04-01 0 days 2,028 sqft
2023-05-01 0 days 2,017 sqft
2023-06-01 0 days 1,869 sqft
2023-07-01 0 days 1,879 sqft
2023-08-01 0 days 1,869 sqft
2023-09-01 0 days 1,873 sqft
2023-10-01 0 days 1,860 sqft
2023-11-01 0 days 1,898 sqft
2023-12-01 0 days 1,831 sqft
2024-01-01 0 days 1,852 sqft
2024-02-01 0 days 1,801 sqft
2024-03-01 0 days 1,872 sqft
2024-04-01 0 days 1,962 sqft
Brainerd's median listing age (time on market) for 2024-04-01 was 0 days.

Brainerd's median square footage for active listings during the 2024-04-01 period was 1,962 sqft. One year prior, the average listing was 2,028 sqft.