Brainerd USDA Loan Rates, Closing Costs & Stats

Brainerd, MN

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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.

    Brainerd's 13 lenders originated 38 USDA loans during 2022. The total origination value was $6,550,000, with an average USDA loan value of $172,368.

    Brainerd USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Brainerd averaged 6.6% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Brainerd's average USDA mortgage closing costs are $5,564.

    The average rate for the prior week (2023-05-19) was 6.14% and one month ago for the week of 2023-04-21, the average rate was 6.05%.

    The average rate one year ago was 5.27%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.56%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Flagstar Bank, FSB 7 3.82% $6,166
    First Western Bank & Trust 7 4.37% $5,970
    Lend Smart Mortgage, LLC 5 5.00% $4,763
    PLAZA HOME MORTGAGE, INC. 4 4.22% $5,702
    Servion, Inc. 3 4.50% $7,120
    BROKER SOLUTIONS, INC. 3 4.53% $5,368
    Goldwater Bank, N.A. 3 5.42% $11,269
    CARDINAL FINANCIAL 1 3.88% $9,382
    Bank of England 1 5.63% $7,309
    Bell Bank 1 3.63% $5,631
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $6,580
    BAY EQUITY LLC 1 5.63% $10,098
    First Guaranty Mortgage Corporation 1 2.25% $3,558

    The top Brainerd USDA lender as defined by loan originations is Flagstar Bank, FSB, with 7 USDA loans originated. Their average total fees are $6,166, which is $196 higher than the next largest lender, First Western Bank & Trust.

    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%) $391,210 (16.1%) 0.00 633
    2018-02-01 $272,400 (9.4%) $410,904 (12.7%) 0.00 656
    2018-03-01 $284,950 (6.6%) $411,869 (6.5%) 0.00 751
    2018-04-01 $299,450 (7.0%) $423,006 (8.6%) 0.00 772
    2018-05-01 $299,900 (7.2%) $417,687 (7.8%) 0.00 858
    2018-06-01 $295,000 (3.5%) $410,891 (6.0%) 0.00 974
    2018-07-01 $292,500 (2.7%) $414,853 (5.4%) 0.00 1,024
    2018-08-01 $289,900 (3.6%) $404,288 (3.0%) 0.00 1,011
    2018-09-01 $289,900 (3.7%) $416,742 (5.5%) 0.00 968
    2018-10-01 $282,950 (1.4%) $420,943 (1.9%) 0.00 907
    2018-11-01 $276,000 (2.3%) $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 (1.0%) 0.00 551
    2019-02-01 $272,675 (0.1%) $412,197 (0.3%) 0.00 561
    2019-03-01 $289,900 (1.7%) $426,445 (5.0%) 0.00 678
    2019-04-01 $299,900 (0.2%) $449,216 (5.5%) 0.00 746
    2019-05-01 $299,900 (0.0%) $440,079 (5.4%) 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 $299,900 (3.5%) $423,916 (3.4%) 0.00 1,052
    2019-09-01 $298,425 (2.9%) $411,167 (-3.0%) 0.00 935
    2019-10-01 $289,900 (2.5%) $392,822 (-6.7%) 0.00 905
    2019-11-01 $281,500 (2.0%) $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 (3.5%) $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%) $410,159 (-3.9%) 0.00 631
    2020-07-01 $295,750 (-1.1%) $401,240 (-5.5%) 0.00 567
    2020-08-01 $299,900 (0.0%) $417,879 (0.0%) 0.00 523
    2020-09-01 $309,000 (3.5%) $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 (20.1%) 0.00 250
    2021-07-01 $350,000 (18.3%) $517,951 (29.1%) 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 (0.0%) 0.00 211
    Brainerd's median listing price for 2023-04-01 was $429,900, a difference of $2,500 (0.6%) versus the prior year and $19,950 versus the prior month.

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

    Brainerd's average listing price for 2023-04-01 was $625,359, a difference of $47,308 (0.0%) versus the prior year and $58,213 versus the prior month.

    For the 2023-04-01 period, Brainerd had 211 MLS listings, a difference of 24 listings (13%) versus the prior month and 5 listings (2%) 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 1,888 sqft
    2018-02-01 0 days 1,939 sqft
    2018-03-01 0 days 2,035 sqft
    2018-04-01 0 days 2,063 sqft
    2018-05-01 0 days 2,025 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 1,924 sqft
    2019-04-01 0 days 1,905 sqft
    2019-05-01 0 days 1,903 sqft
    2019-06-01 0 days 1,914 sqft
    2019-07-01 0 days 1,890 sqft
    2019-08-01 0 days 1,868 sqft
    2019-09-01 0 days 1,892 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 1,908 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 1,796 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 1,911 sqft
    2022-06-01 0 days 1,964 sqft
    2022-07-01 0 days 1,882 sqft
    2022-08-01 0 days 1,873 sqft
    2022-09-01 0 days 1,893 sqft
    2022-10-01 0 days 1,939 sqft
    2022-11-01 0 days 1,911 sqft
    2022-12-01 0 days 1,872 sqft
    2023-01-01 0 days 1,824 sqft
    2023-02-01 0 days 1,844 sqft
    2023-03-01 0 days 1,940 sqft
    2023-04-01 0 days 2,028 sqft
    Brainerd's median listing age (time on market) for 2023-04-01 was 0 days.

    Brainerd's median square footage for active listings during the 2023-04-01 period was 2,028 sqft. One year prior, the average listing was 2,251 sqft.