Cedar Rapids USDA Loan Rates, Closing Costs & Stats
CEDAR RAPIDS, IA
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.
Cedar Rapids's 13 lenders originated 44 USDA loans during 2023. The total origination value was $6,270,000, with an average USDA loan value of $142,500.
Cedar Rapids USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Cedar Rapids
averaged
6.6%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Cedar Rapids's average USDA mortgage closing costs are $4,201.
The average rate for the prior week (2024-04-12) was
6.65% and
one month ago for the week of 2024-03-15, the
average rate was 6.24%.
The average rate one year ago was 6.18%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.68%.
Cedar 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 Cedar Rapids level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| OPEN MORTGAGE, LLC | 13 | 7.04% | $7,524 |
| RESIDENTIAL MORTGAGE NETWORK, INC. | 9 | 6.33% | $3,981 |
| GREENSTATE CREDIT UNION | 3 | 6.42% | $3,125 |
| UNITED WHOLESALE MORTGAGE, LLC | 3 | 7.16% | $5,265 |
| IOWA BANKERS MORTGAGE CORPORATION | 3 | 6.88% | $3,334 |
| Waterstone Mortgage Corporation | 2 | 6.94% | $7,581 |
| GUILD MORTGAGE COMPANY | 2 | 7.13% | $5,522 |
| U.S. Bank | 2 | 6.69% | $3,715 |
| Ixonia Bank | 1 | 5.75% | $8,818 |
| THOMPSON KANE & COMPANY, LLC | 1 | 7.00% | $4,771 |
| BROKER SOLUTIONS, INC. | 1 | 6.25% | $5,269 |
| BankIowa of Cedar Rapids | 1 | 7.38% | $1,662 |
| PLAZA HOME MORTGAGE, INC. | 1 | 6.75% | $3,307 |
The top Cedar Rapids USDA lender as defined by loan originations is OPEN MORTGAGE, LLC, with
13 USDA loans originated. Their average total fees are
$7,524, which is $3,543
higher than the next largest lender,
RESIDENTIAL MORTGAGE NETWORK, INC..
The lowest fee Cedar Rapids USDA lenders (with over 10 loans originated) are
OPEN MORTGAGE, LLC ($7,524), .
The lowest rate Cedar Rapids USDA lenders (with over 10 loans originated) are
OPEN MORTGAGE, LLC (7.04%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Cedar 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 | $189,913 (7.6%) | $277,174 (11.1%) | 0.70 | 838 |
| 2018-02-01 | $192,450 (7.5%) | $240,410 (-4.6%) | 0.70 | 730 |
| 2018-03-01 | $199,525 (9.8%) | $243,423 (-8.3%) | 0.70 | 664 |
| 2018-04-01 | $204,400 (12.0%) | $244,657 (-8.6%) | 0.69 | 697 |
| 2018-05-01 | $213,900 (15.8%) | $255,685 (-5.4%) | 0.71 | 700 |
| 2018-06-01 | $205,000 (9.0%) | $252,089 (-7.6%) | 0.68 | 777 |
| 2018-07-01 | $196,450 (7.4%) | $243,964 (-9.2%) | 0.66 | 859 |
| 2018-08-01 | $193,150 (4.5%) | $242,007 (-9.7%) | 0.65 | 937 |
| 2018-09-01 | $190,000 (4.4%) | $238,235 (-9.7%) | 0.64 | 977 |
| 2018-10-01 | $190,000 (5.7%) | $234,949 (-10.5%) | 0.64 | 1,015 |
| 2018-11-01 | $196,350 (6.7%) | $237,340 (-10.5%) | 0.67 | 1,008 |
| 2018-12-01 | $200,000 (5.9%) | $237,719 (-11.9%) | 0.69 | 895 |
| 2019-01-01 | $205,000 (7.9%) | $240,232 (-13.3%) | 0.71 | 799 |
| 2019-02-01 | $215,000 (11.7%) | $243,669 (1.4%) | 0.73 | 755 |
| 2019-03-01 | $219,286 (9.9%) | $250,371 (2.9%) | 0.72 | 751 |
| 2019-04-01 | $224,950 (10.1%) | $256,413 (4.8%) | 0.71 | 771 |
| 2019-05-01 | $224,900 (5.1%) | $264,607 (3.5%) | 0.70 | 843 |
| 2019-06-01 | $229,950 (12.2%) | $268,265 (6.4%) | 0.72 | 883 |
| 2019-07-01 | $229,950 (17.1%) | $265,820 (9.0%) | 0.72 | 920 |
| 2019-08-01 | $225,070 (16.5%) | $258,291 (6.7%) | 0.71 | 977 |
| 2019-09-01 | $217,676 (14.6%) | $250,590 (5.2%) | 0.70 | 1,005 |
| 2019-10-01 | $212,685 (11.9%) | $245,380 (4.4%) | 0.69 | 1,018 |
| 2019-11-01 | $209,900 (6.9%) | $241,664 (1.8%) | 0.69 | 977 |
| 2019-12-01 | $206,500 (3.3%) | $233,876 (-1.6%) | 0.69 | 883 |
| 2020-01-01 | $205,000 (0.0%) | $231,327 (-3.7%) | 0.69 | 830 |
| 2020-02-01 | $214,975 (0.0%) | $234,578 (-3.7%) | 0.70 | 783 |
| 2020-03-01 | $218,750 (-0.2%) | $239,510 (-4.3%) | 0.69 | 752 |
| 2020-04-01 | $222,450 (-1.1%) | $241,546 (-5.8%) | 0.70 | 780 |
| 2020-05-01 | $234,900 (4.5%) | $255,680 (-3.4%) | 0.71 | 731 |
| 2020-06-01 | $234,900 (2.2%) | $259,427 (-3.3%) | 0.69 | 688 |
| 2020-07-01 | $234,900 (2.2%) | $258,495 (-2.8%) | 0.68 | 654 |
| 2020-08-01 | $225,000 (0.0%) | $250,512 (-3.0%) | 0.64 | 611 |
| 2020-09-01 | $223,725 (2.8%) | $244,849 (-2.3%) | 0.64 | 561 |
| 2020-10-01 | $219,900 (3.4%) | $255,093 (4.0%) | 0.63 | 546 |
| 2020-11-01 | $213,750 (1.8%) | $254,043 (5.1%) | 0.63 | 500 |
| 2020-12-01 | $210,000 (1.7%) | $247,311 (5.7%) | 0.62 | 429 |
| 2021-01-01 | $210,000 (2.4%) | $251,430 (8.7%) | 0.63 | 360 |
| 2021-02-01 | $232,925 (8.4%) | $264,789 (12.9%) | 0.68 | 314 |
| 2021-03-01 | $234,900 (7.4%) | $267,313 (11.6%) | 0.67 | 308 |
| 2021-04-01 | $227,000 (2.1%) | $263,901 (9.3%) | 0.61 | 314 |
| 2021-05-01 | $239,900 (2.1%) | $277,518 (8.5%) | 0.64 | 340 |
| 2021-06-01 | $219,975 (-6.4%) | $269,512 (3.9%) | 0.58 | 364 |
| 2021-07-01 | $215,000 (-8.5%) | $264,455 (2.3%) | 0.57 | 401 |
| 2021-08-01 | $211,250 (-6.1%) | $257,407 (2.8%) | 0.56 | 468 |
| 2021-09-01 | $217,450 (-2.8%) | $257,807 (5.3%) | 0.58 | 490 |
| 2021-10-01 | $219,900 (0.0%) | $266,713 (4.6%) | 0.59 | 525 |
| 2021-11-01 | $232,475 (8.8%) | $274,597 (8.1%) | 0.62 | 487 |
| 2021-12-01 | $236,500 (12.6%) | $281,752 (13.9%) | 0.64 | 434 |
| 2022-01-01 | $249,725 (18.9%) | $285,580 (13.6%) | 0.68 | 375 |
| 2022-02-01 | $259,675 (11.5%) | $296,854 (12.1%) | 0.68 | 300 |
| 2022-03-01 | $290,575 (23.7%) | $318,937 (19.3%) | 0.73 | 278 |
| 2022-04-01 | $299,000 (31.7%) | $338,957 (28.4%) | 0.71 | 301 |
| 2022-05-01 | $312,475 (30.3%) | $339,297 (22.3%) | 0.71 | 398 |
| 2022-06-01 | $299,950 (36.4%) | $321,314 (19.2%) | 0.67 | 458 |
| 2022-07-01 | $280,000 (30.2%) | $313,307 (18.5%) | 0.63 | 553 |
| 2022-08-01 | $274,426 (29.9%) | $307,807 (19.6%) | 0.63 | 582 |
| 2022-09-01 | $292,813 (34.7%) | $313,671 (21.7%) | 0.68 | 596 |
| 2022-10-01 | $289,950 (31.9%) | $317,507 (19.0%) | 0.68 | 625 |
| 2022-11-01 | $270,588 (16.4%) | $301,256 (9.7%) | 0.65 | 666 |
| 2022-12-01 | $279,000 (18.0%) | $309,703 (9.9%) | 0.69 | 617 |
| 2023-01-01 | $299,900 (20.1%) | $321,083 (12.4%) | 0.74 | 538 |
| 2023-02-01 | $317,111 (22.1%) | $329,620 (11.0%) | 0.77 | 496 |
| 2023-03-01 | $334,900 (15.3%) | $340,099 (6.6%) | 0.79 | 484 |
| 2023-04-01 | $335,000 (12.0%) | $346,898 (2.3%) | 0.78 | 482 |
| 2023-05-01 | $339,548 (8.7%) | $349,335 (3.0%) | 0.77 | 493 |
| 2023-06-01 | $339,945 (13.3%) | $354,663 (10.4%) | 0.76 | 519 |
| 2023-07-01 | $325,000 (16.1%) | $342,036 (9.2%) | 0.74 | 540 |
| 2023-08-01 | $312,500 (13.9%) | $334,564 (8.7%) | 0.72 | 550 |
| 2023-09-01 | $286,450 (-2.2%) | $316,615 (0.9%) | 0.67 | 599 |
| 2023-10-01 | $275,000 (-5.2%) | $307,924 (-3.0%) | 0.65 | 654 |
| 2023-11-01 | $273,725 (1.2%) | $308,213 (2.3%) | 0.65 | 645 |
| 2023-12-01 | $275,000 (-1.4%) | $307,283 (-0.8%) | 0.67 | 614 |
| 2024-01-01 | $277,450 (-7.5%) | $310,526 (-3.3%) | 0.68 | 551 |
| 2024-02-01 | $295,625 (-6.8%) | $319,147 (-3.2%) | 0.71 | 533 |
| 2024-03-01 | $314,900 (-6.0%) | $328,607 (-3.4%) | 0.74 | 524 |
Cedar Rapids's median listing price comes in at 74% of the national average.
Cedar Rapids's average listing price for 2024-03-01 was $328,607, a difference of $-11,492 (-3.4%) versus the prior year and $9,460 versus the prior month.
For the 2024-03-01 period, Cedar Rapids had 524 MLS listings, a difference of -9 listings (-2%) versus the prior month and 40 listings (8%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Cedar Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 79 days | 1,839 sqft |
| 2018-02-01 | 75 days | 1,849 sqft |
| 2018-03-01 | 53 days | 1,834 sqft |
| 2018-04-01 | 36 days | 1,796 sqft |
| 2018-05-01 | 38 days | 1,825 sqft |
| 2018-06-01 | 38 days | 1,786 sqft |
| 2018-07-01 | 42 days | 1,778 sqft |
| 2018-08-01 | 43 days | 1,789 sqft |
| 2018-09-01 | 50 days | 1,798 sqft |
| 2018-10-01 | 53 days | 1,805 sqft |
| 2018-11-01 | 58 days | 1,818 sqft |
| 2018-12-01 | 67 days | 1,814 sqft |
| 2019-01-01 | 73 days | 1,808 sqft |
| 2019-02-01 | 73 days | 1,781 sqft |
| 2019-03-01 | 57 days | 1,822 sqft |
| 2019-04-01 | 37 days | 1,879 sqft |
| 2019-05-01 | 37 days | 1,907 sqft |
| 2019-06-01 | 43 days | 1,948 sqft |
| 2019-07-01 | 45 days | 1,893 sqft |
| 2019-08-01 | 48 days | 1,808 sqft |
| 2019-09-01 | 54 days | 1,775 sqft |
| 2019-10-01 | 58 days | 1,754 sqft |
| 2019-11-01 | 66 days | 1,707 sqft |
| 2019-12-01 | 74 days | 1,687 sqft |
| 2020-01-01 | 74 days | 1,687 sqft |
| 2020-02-01 | 61 days | 1,687 sqft |
| 2020-03-01 | 51 days | 1,687 sqft |
| 2020-04-01 | 46 days | 1,718 sqft |
| 2020-05-01 | 56 days | 1,714 sqft |
| 2020-06-01 | 55 days | 1,729 sqft |
| 2020-07-01 | 52 days | 1,703 sqft |
| 2020-08-01 | 56 days | 1,705 sqft |
| 2020-09-01 | 64 days | 1,687 sqft |
| 2020-10-01 | 53 days | 1,646 sqft |
| 2020-11-01 | 63 days | 1,623 sqft |
| 2020-12-01 | 72 days | 1,600 sqft |
| 2021-01-01 | 85 days | 1,581 sqft |
| 2021-02-01 | 63 days | 1,585 sqft |
| 2021-03-01 | 48 days | 1,604 sqft |
| 2021-04-01 | 30 days | 1,628 sqft |
| 2021-05-01 | 25 days | 1,660 sqft |
| 2021-06-01 | 24 days | 1,627 sqft |
| 2021-07-01 | 29 days | 1,652 sqft |
| 2021-08-01 | 28 days | 1,613 sqft |
| 2021-09-01 | 32 days | 1,608 sqft |
| 2021-10-01 | 33 days | 1,616 sqft |
| 2021-11-01 | 40 days | 1,609 sqft |
| 2021-12-01 | 53 days | 1,587 sqft |
| 2022-01-01 | 66 days | 1,571 sqft |
| 2022-02-01 | 69 days | 1,553 sqft |
| 2022-03-01 | 49 days | 1,570 sqft |
| 2022-04-01 | 23 days | 1,720 sqft |
| 2022-05-01 | 18 days | 1,690 sqft |
| 2022-06-01 | 25 days | 1,702 sqft |
| 2022-07-01 | 25 days | 1,660 sqft |
| 2022-08-01 | 41 days | 1,646 sqft |
| 2022-09-01 | 46 days | 1,652 sqft |
| 2022-10-01 | 43 days | 1,705 sqft |
| 2022-11-01 | 46 days | 1,679 sqft |
| 2022-12-01 | 66 days | 1,660 sqft |
| 2023-01-01 | 79 days | 1,669 sqft |
| 2023-02-01 | 65 days | 1,663 sqft |
| 2023-03-01 | 54 days | 1,643 sqft |
| 2023-04-01 | 45 days | 1,672 sqft |
| 2023-05-01 | 49 days | 1,719 sqft |
| 2023-06-01 | 43 days | 1,769 sqft |
| 2023-07-01 | 36 days | 1,880 sqft |
| 2023-08-01 | 38 days | 1,800 sqft |
| 2023-09-01 | 40 days | 1,735 sqft |
| 2023-10-01 | 40 days | 1,730 sqft |
| 2023-11-01 | 47 days | 1,715 sqft |
| 2023-12-01 | 54 days | 1,721 sqft |
| 2024-01-01 | 66 days | 1,700 sqft |
| 2024-02-01 | 61 days | 1,738 sqft |
| 2024-03-01 | 49 days | 1,804 sqft |
Cedar Rapids's median square footage for active listings during the 2024-03-01 period was 1,804 sqft. One year prior, the average listing was 1,643 sqft.