Champaign USDA Loan Rates, Closing Costs & Stats

CHAMPAIGN-URBANA, IL

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.

Champaign's 11 lenders originated 22 USDA loans during 2023. The total origination value was $3,040,000, with an average USDA loan value of $138,182.

Champaign USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Champaign averaged 6.54% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Champaign's average USDA mortgage closing costs are $3,829.

The average rate for the prior week (2024-04-05) was 6.66% and one month ago for the week of 2024-03-08, the average rate was 6.62%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.61%.

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

Champaign 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 Champaign level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FLAT BRANCH MORTGAGE, INC. 10 7.13% $4,945
Busey Bank 2 6.38% $5,169
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $6,141
First Mid Bank & Trust 1 5.50% $3,767
FIRST STATE MORTGAGE SERVICES, LLC 1 6.13% $4,893
Flagstar Bank, FSB 1 7.22% $3,913
Marine Bank 1 5.88% $3,900
Petefish, Skiles & Co. 1 7.13% $2,979
AXIA FINANCIAL, LLC 1 6.75% $3,817
ROSS MORTGAGE CORPORATION 1 6.88% $5,512
BROKER SOLUTIONS, INC. 1 6.10% $3,968

The top Champaign USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 10 USDA loans originated. Their average total fees are $4,945, which is $224 lower than the next largest lender, Busey Bank.

The lowest fee Champaign USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($4,945), .

The lowest rate Champaign USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (7.13%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Champaign (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 $161,075 (8.0%) $213,404 (8.3%) 0.60 913
2018-02-01 $169,900 (16.0%) $216,965 (8.7%) 0.62 867
2018-03-01 $179,900 (14.3%) $227,353 (10.1%) 0.63 846
2018-04-01 $182,450 (12.3%) $230,719 (6.2%) 0.62 869
2018-05-01 $189,900 (16.9%) $229,921 (4.6%) 0.63 890
2018-06-01 $179,900 (9.1%) $224,275 (0.4%) 0.60 951
2018-07-01 $175,000 (3.0%) $222,682 (-1.6%) 0.58 977
2018-08-01 $177,250 (4.2%) $222,468 (-0.7%) 0.59 1,000
2018-09-01 $175,750 (3.4%) $222,799 (-1.8%) 0.59 990
2018-10-01 $179,800 (8.0%) $221,632 (0.0%) 0.61 965
2018-11-01 $178,575 (9.9%) $219,700 (2.0%) 0.61 947
2018-12-01 $175,000 (9.4%) $213,694 (0.6%) 0.60 910
2019-01-01 $177,000 (9.9%) $217,221 (1.8%) 0.61 828
2019-02-01 $177,950 (4.7%) $225,021 (3.7%) 0.60 846
2019-03-01 $188,471 (4.8%) $233,677 (2.8%) 0.62 823
2019-04-01 $204,900 (12.3%) $241,521 (4.7%) 0.65 801
2019-05-01 $199,400 (5.0%) $240,457 (4.6%) 0.62 841
2019-06-01 $195,000 (8.4%) $239,200 (6.7%) 0.61 883
2019-07-01 $191,400 (9.4%) $233,847 (5.0%) 0.60 933
2019-08-01 $182,245 (2.8%) $227,226 (2.1%) 0.58 953
2019-09-01 $178,114 (1.3%) $221,285 (-0.7%) 0.57 960
2019-10-01 $175,909 (-2.2%) $217,866 (-1.7%) 0.57 963
2019-11-01 $174,900 (-2.1%) $216,571 (-1.4%) 0.57 926
2019-12-01 $169,675 (-3.0%) $218,550 (2.3%) 0.57 843
2020-01-01 $173,700 (-1.9%) $217,755 (0.3%) 0.58 791
2020-02-01 $185,900 (4.5%) $233,138 (3.6%) 0.61 730
2020-03-01 $194,900 (3.4%) $241,694 (3.4%) 0.61 722
2020-04-01 $197,675 (-3.5%) $243,735 (0.9%) 0.62 689
2020-05-01 $209,000 (4.8%) $247,751 (3.0%) 0.64 602
2020-06-01 $203,425 (4.3%) $251,729 (5.2%) 0.60 555
2020-07-01 $223,650 (16.9%) $263,742 (12.8%) 0.65 532
2020-08-01 $216,200 (18.6%) $258,680 (13.8%) 0.62 485
2020-09-01 $212,400 (19.3%) $256,440 (15.9%) 0.61 481
2020-10-01 $192,900 (9.7%) $247,854 (13.8%) 0.55 446
2020-11-01 $185,625 (6.1%) $240,906 (11.2%) 0.54 426
2020-12-01 $189,975 (12.0%) $241,779 (10.6%) 0.57 383
2021-01-01 $189,900 (9.3%) $240,242 (10.3%) 0.57 328
2021-02-01 $177,500 (-4.5%) $239,952 (2.9%) 0.52 271
2021-03-01 $179,425 (-7.9%) $251,307 (4.0%) 0.51 247
2021-04-01 $185,000 (-6.4%) $262,669 (7.8%) 0.50 231
2021-05-01 $184,900 (-11.5%) $268,471 (8.4%) 0.49 245
2021-06-01 $192,450 (-5.4%) $272,198 (8.1%) 0.51 267
2021-07-01 $185,000 (-17.3%) $263,952 (0.1%) 0.49 330
2021-08-01 $174,450 (-19.3%) $250,983 (-3.0%) 0.47 338
2021-09-01 $164,300 (-22.7%) $250,038 (-2.5%) 0.44 328
2021-10-01 $159,900 (-17.1%) $247,501 (-0.1%) 0.43 341
2021-11-01 $152,225 (-18.0%) $256,465 (6.5%) 0.41 305
2021-12-01 $151,950 (-20.0%) $253,663 (4.9%) 0.41 254
2022-01-01 $140,950 (-25.8%) $252,576 (5.1%) 0.38 216
2022-02-01 $152,050 (-14.3%) $265,756 (10.8%) 0.40 190
2022-03-01 $167,450 (-6.7%) $258,720 (3.0%) 0.42 172
2022-04-01 $165,000 (-10.8%) $261,718 (-0.4%) 0.39 190
2022-05-01 $175,000 (-5.4%) $246,611 (-8.1%) 0.40 222
2022-06-01 $184,450 (-4.2%) $260,409 (-4.3%) 0.41 254
2022-07-01 $187,500 (1.4%) $253,339 (-4.0%) 0.42 328
2022-08-01 $188,500 (8.1%) $250,786 (-0.1%) 0.44 338
2022-09-01 $199,450 (21.4%) $260,273 (4.1%) 0.47 337
2022-10-01 $199,900 (25.0%) $264,649 (6.9%) 0.47 328
2022-11-01 $202,450 (33.0%) $260,188 (1.5%) 0.49 307
2022-12-01 $203,500 (33.9%) $263,769 (4.0%) 0.50 268
2023-01-01 $204,325 (45.0%) $272,906 (8.1%) 0.51 229
2023-02-01 $224,450 (47.6%) $300,491 (13.1%) 0.54 194
2023-03-01 $256,875 (53.4%) $332,133 (28.4%) 0.61 175
2023-04-01 $274,900 (66.6%) $344,734 (31.7%) 0.64 184
2023-05-01 $293,450 (67.7%) $352,714 (43.0%) 0.67 184
2023-06-01 $281,175 (52.4%) $345,006 (32.5%) 0.63 214
2023-07-01 $284,900 (52.0%) $349,833 (38.1%) 0.65 219
2023-08-01 $278,725 (47.9%) $353,589 (41.0%) 0.64 242
2023-09-01 $275,000 (37.9%) $351,061 (34.9%) 0.64 278
2023-10-01 $256,225 (28.2%) $336,731 (27.2%) 0.60 279
2023-11-01 $248,925 (23.0%) $323,231 (24.2%) 0.59 286
2023-12-01 $237,900 (16.9%) $312,523 (18.5%) 0.58 277
2024-01-01 $239,675 (17.3%) $320,228 (17.3%) 0.59 248
2024-02-01 $279,900 (24.7%) $341,213 (13.6%) 0.67 215
2024-03-01 $294,900 (14.8%) $369,535 (11.3%) 0.69 196
Champaign's median listing price for 2024-03-01 was $294,900, a difference of $38,025 (14.8%) versus the prior year and $15,000 versus the prior month.

Champaign's median listing price comes in at 69% of the national average.

Champaign's average listing price for 2024-03-01 was $369,535, a difference of $37,402 (11.3%) versus the prior year and $28,322 versus the prior month.

For the 2024-03-01 period, Champaign had 196 MLS listings, a difference of -19 listings (-9%) versus the prior month and 21 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Champaign (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 109 days 1,654 sqft
2018-02-01 108 days 1,666 sqft
2018-03-01 78 days 1,715 sqft
2018-04-01 59 days 1,760 sqft
2018-05-01 61 days 1,800 sqft
2018-06-01 62 days 1,782 sqft
2018-07-01 65 days 1,768 sqft
2018-08-01 68 days 1,781 sqft
2018-09-01 72 days 1,764 sqft
2018-10-01 80 days 1,770 sqft
2018-11-01 88 days 1,757 sqft
2018-12-01 100 days 1,736 sqft
2019-01-01 113 days 1,712 sqft
2019-02-01 107 days 1,717 sqft
2019-03-01 90 days 1,743 sqft
2019-04-01 67 days 1,802 sqft
2019-05-01 59 days 1,822 sqft
2019-06-01 65 days 1,800 sqft
2019-07-01 67 days 1,824 sqft
2019-08-01 68 days 1,776 sqft
2019-09-01 72 days 1,751 sqft
2019-10-01 77 days 1,746 sqft
2019-11-01 92 days 1,744 sqft
2019-12-01 104 days 1,744 sqft
2020-01-01 110 days 1,742 sqft
2020-02-01 113 days 1,783 sqft
2020-03-01 75 days 1,833 sqft
2020-04-01 74 days 1,861 sqft
2020-05-01 78 days 1,835 sqft
2020-06-01 74 days 1,851 sqft
2020-07-01 61 days 1,888 sqft
2020-08-01 58 days 1,842 sqft
2020-09-01 61 days 1,845 sqft
2020-10-01 64 days 1,776 sqft
2020-11-01 60 days 1,749 sqft
2020-12-01 72 days 1,762 sqft
2021-01-01 78 days 1,704 sqft
2021-02-01 68 days 1,676 sqft
2021-03-01 58 days 1,670 sqft
2021-04-01 47 days 1,700 sqft
2021-05-01 41 days 1,700 sqft
2021-06-01 41 days 1,708 sqft
2021-07-01 43 days 1,678 sqft
2021-08-01 45 days 1,581 sqft
2021-09-01 46 days 1,533 sqft
2021-10-01 46 days 1,517 sqft
2021-11-01 57 days 1,498 sqft
2021-12-01 64 days 1,467 sqft
2022-01-01 74 days 1,442 sqft
2022-02-01 62 days 1,495 sqft
2022-03-01 43 days 1,591 sqft
2022-04-01 38 days 1,549 sqft
2022-05-01 34 days 1,533 sqft
2022-06-01 35 days 1,603 sqft
2022-07-01 37 days 1,636 sqft
2022-08-01 40 days 1,665 sqft
2022-09-01 48 days 1,729 sqft
2022-10-01 51 days 1,713 sqft
2022-11-01 59 days 1,728 sqft
2022-12-01 71 days 1,711 sqft
2023-01-01 77 days 1,728 sqft
2023-02-01 68 days 1,770 sqft
2023-03-01 55 days 1,867 sqft
2023-04-01 38 days 1,862 sqft
2023-05-01 39 days 1,867 sqft
2023-06-01 43 days 1,812 sqft
2023-07-01 43 days 1,813 sqft
2023-08-01 44 days 1,806 sqft
2023-09-01 44 days 1,818 sqft
2023-10-01 48 days 1,797 sqft
2023-11-01 50 days 1,789 sqft
2023-12-01 57 days 1,745 sqft
2024-01-01 67 days 1,739 sqft
2024-02-01 58 days 1,783 sqft
2024-03-01 46 days 1,827 sqft
Champaign's median listing age (time on market) for 2024-03-01 was 46 days. This is -17% shorter than the same period one year ago.

Champaign's median square footage for active listings during the 2024-03-01 period was 1,827 sqft. One year prior, the average listing was 1,867 sqft.