Chicago USDA Loan Rates, Closing Costs & Stats

Chicago-Naperville-Elgin, IL-IN-WI

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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.

    Chicago's 32 lenders originated 59 USDA loans during 2023. The total origination value was $11,205,000, with an average USDA loan value of $189,915.

    Chicago USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Chicago averaged 6.26% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Chicago's average USDA mortgage closing costs are $5,192.

    The average rate for the prior week (2024-12-06) was 6.59% and one month ago for the week of 2024-11-08, the average rate was 6.61%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.7%.

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

    Chicago 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 Chicago level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMERICAN FINANCIAL NETWORK, INC. 13 7.08% $6,327
    Paramount Residential Mortgage Group, Inc. 5 6.30% $7,023
    CROSSCOUNTRY MORTGAGE, LLC 4 6.78% $8,554
    Flanagan State Bank 3 6.88% $9,519
    Grundy Bank 2 7.00% $5,601
    Community Mortgage Banc Corporation 2 7.31% $4,260
    LOANDEPOT.COM, LLC 2 7.63% $9,700
    UNITED WHOLESALE MORTGAGE, LLC 2 6.69% $8,493
    EVERETT FINANCIAL, INC. 1 7.63% $6,924
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $1,096
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $5,312
    First Federal Savings Bank 1 6.75% $9,473
    First National Bank of Omaha 1 6.13% $7,264
    Flagstar Bank, FSB 1 7.63% $8,446
    CARDINAL FINANCIAL 1 5.75% $8,152
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.38% $5,557
    AXIA FINANCIAL, LLC 1 7.00% $12,190
    GVC MORTGAGE, INC. 1 6.88% $6,729
    Ixonia Bank 1 6.49% $5,636
    LEADERONE FINANCIAL CORPORATION 1 7.25% $8,458
    Wells Fargo Bank 1 5.75% $2,405
    MICHIGAN MUTUAL, INC. 1 7.13% $9,232
    NEWREZ LLC 1 5.75% $4,421
    NVR Mortgage Finance, Inc. 1 5.13% $12,994
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $8,796
    PLANET HOME LENDING, LLC 1 5.50% $6,096
    PLAZA HOME MORTGAGE, INC. 1 6.13% $10,169
    STOCKTON MORTGAGE CORPORATION 1 7.63% $6,467
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $14,084
    The Federal Savings Bank 1 6.25% $4,030
    COMPASS MORTGAGE, INC. 1 7.75% $6,849
    Carrington Mortgage Services, LLC 1 6.63% $8,058

    The top Chicago USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with 13 USDA loans originated. Their average total fees are $6,327, which is $696 lower than the next largest lender, Paramount Residential Mortgage Group, Inc..

    The lowest fee Chicago USDA lenders (with over 10 loans originated) are AMERICAN FINANCIAL NETWORK, INC. ($6,327), .

    The lowest rate Chicago USDA lenders (with over 10 loans originated) are AMERICAN FINANCIAL NETWORK, INC. (7.08%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Chicago (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 $287,250 (6.0%) $450,198 (4.4%) 1.06 27,462
    2018-02-01 $302,450 (6.1%) $469,270 (4.1%) 1.10 27,948
    2018-03-01 $325,000 (8.5%) $488,491 (5.1%) 1.14 29,774
    2018-04-01 $330,000 (6.8%) $492,259 (4.2%) 1.12 31,628
    2018-05-01 $334,400 (5.3%) $489,942 (3.3%) 1.12 33,742
    2018-06-01 $329,999 (3.9%) $482,120 (2.3%) 1.10 36,367
    2018-07-01 $324,950 (3.2%) $471,211 (1.1%) 1.09 38,489
    2018-08-01 $319,700 (6.2%) $460,166 (1.2%) 1.07 39,562
    2018-09-01 $315,000 (5.0%) $453,664 (0.9%) 1.06 40,227
    2018-10-01 $309,950 (3.4%) $448,859 (-0.6%) 1.05 39,897
    2018-11-01 $299,950 (1.8%) $445,523 (-0.6%) 1.02 37,550
    2018-12-01 $295,000 (2.3%) $437,492 (-1.1%) 1.02 32,861
    2019-01-01 $295,950 (3.0%) $440,629 (-2.1%) 1.02 29,958
    2019-02-01 $309,500 (2.3%) $462,206 (-1.5%) 1.05 30,301
    2019-03-01 $324,429 (-0.2%) $476,331 (-2.5%) 1.06 32,305
    2019-04-01 $338,000 (2.4%) $485,274 (-1.4%) 1.07 34,403
    2019-05-01 $339,250 (1.5%) $480,555 (-1.9%) 1.06 36,832
    2019-06-01 $335,000 (1.5%) $475,597 (-1.4%) 1.05 38,918
    2019-07-01 $329,950 (1.5%) $468,106 (-0.7%) 1.03 40,388
    2019-08-01 $324,413 (1.5%) $459,228 (-0.2%) 1.03 40,814
    2019-09-01 $318,556 (1.1%) $452,742 (-0.2%) 1.02 40,712
    2019-10-01 $314,250 (1.4%) $448,126 (-0.2%) 1.01 40,421
    2019-11-01 $304,900 (1.7%) $442,261 (-0.7%) 1.00 36,899
    2019-12-01 $299,000 (1.4%) $438,810 (0.3%) 1.00 31,661
    2020-01-01 $299,450 (1.2%) $441,973 (0.3%) 1.00 28,836
    2020-02-01 $315,000 (1.8%) $464,365 (0.5%) 1.03 29,381
    2020-03-01 $325,000 (0.2%) $473,384 (-0.6%) 1.02 29,997
    2020-04-01 $323,400 (-4.3%) $463,299 (-4.5%) 1.01 28,555
    2020-05-01 $329,000 (-3.0%) $474,902 (-1.2%) 1.00 28,624
    2020-06-01 $336,085 (0.3%) $486,544 (2.3%) 0.99 28,543
    2020-07-01 $339,997 (3.1%) $494,375 (5.6%) 0.99 27,611
    2020-08-01 $344,900 (6.3%) $499,470 (8.8%) 0.99 27,206
    2020-09-01 $343,533 (7.8%) $502,320 (11.0%) 0.98 27,378
    2020-10-01 $339,900 (8.2%) $497,662 (11.1%) 0.97 27,446
    2020-11-01 $331,995 (8.9%) $494,847 (11.9%) 0.97 24,897
    2020-12-01 $325,000 (8.7%) $492,399 (12.2%) 0.97 21,084
    2021-01-01 $325,000 (8.5%) $502,827 (13.8%) 0.97 18,121
    2021-02-01 $339,450 (7.8%) $540,781 (16.5%) 0.99 16,161
    2021-03-01 $349,000 (7.4%) $548,858 (15.9%) 0.99 15,877
    2021-04-01 $349,900 (8.2%) $548,921 (18.5%) 0.95 16,543
    2021-05-01 $350,000 (6.4%) $545,338 (14.8%) 0.93 17,476
    2021-06-01 $350,000 (4.1%) $534,224 (9.8%) 0.92 19,693
    2021-07-01 $349,000 (2.7%) $518,631 (4.9%) 0.92 21,816
    2021-08-01 $337,450 (-2.2%) $497,342 (-0.4%) 0.90 22,741
    2021-09-01 $329,900 (-4.0%) $488,052 (-2.8%) 0.88 22,674
    2021-10-01 $325,900 (-4.1%) $484,835 (-2.6%) 0.87 21,992
    2021-11-01 $319,950 (-3.6%) $482,043 (-2.6%) 0.86 19,187
    2021-12-01 $312,250 (-3.9%) $476,999 (-3.1%) 0.85 15,720
    2022-01-01 $310,000 (-4.6%) $489,349 (-2.7%) 0.84 12,838
    2022-02-01 $322,500 (-5.0%) $513,937 (-5.0%) 0.84 11,726
    2022-03-01 $332,450 (-4.7%) $523,593 (-4.6%) 0.83 12,152
    2022-04-01 $349,900 (0.0%) $531,824 (-3.1%) 0.83 12,382
    2022-05-01 $354,900 (1.4%) $535,363 (-1.8%) 0.81 14,846
    2022-06-01 $359,900 (2.8%) $530,444 (-0.7%) 0.80 17,050
    2022-07-01 $350,000 (0.3%) $513,670 (-1.0%) 0.79 19,719
    2022-08-01 $349,450 (3.6%) $507,873 (2.1%) 0.81 19,915
    2022-09-01 $340,000 (3.1%) $502,164 (2.9%) 0.79 19,797
    2022-10-01 $339,700 (4.2%) $498,038 (2.7%) 0.80 19,804
    2022-11-01 $329,950 (3.1%) $490,600 (1.8%) 0.79 19,018
    2022-12-01 $322,425 (3.3%) $481,210 (0.9%) 0.80 16,289
    2023-01-01 $327,450 (5.6%) $492,894 (0.7%) 0.81 14,258
    2023-02-01 $337,495 (4.7%) $517,753 (0.7%) 0.81 12,900
    2023-03-01 $352,400 (6.0%) $544,425 (4.0%) 0.83 12,275
    2023-04-01 $369,000 (5.5%) $567,358 (6.7%) 0.86 11,825
    2023-05-01 $376,238 (6.0%) $591,637 (10.5%) 0.85 12,109
    2023-06-01 $382,500 (6.3%) $589,573 (11.2%) 0.86 13,082
    2023-07-01 $389,000 (11.1%) $586,899 (14.3%) 0.88 13,965
    2023-08-01 $384,500 (10.0%) $578,186 (13.8%) 0.88 14,426
    2023-09-01 $375,000 (10.3%) $565,520 (12.6%) 0.87 14,996
    2023-10-01 $369,950 (8.9%) $559,841 (12.4%) 0.87 15,411
    2023-11-01 $360,000 (9.1%) $548,387 (11.8%) 0.86 15,247
    2023-12-01 $350,000 (8.6%) $534,697 (11.1%) 0.85 13,309
    2024-01-01 $350,448 (7.0%) $547,765 (11.1%) 0.86 11,660
    2024-02-01 $359,950 (6.7%) $573,169 (10.7%) 0.87 11,176
    2024-03-01 $374,900 (6.4%) $593,109 (8.9%) 0.88 11,333
    2024-04-01 $389,300 (5.5%) $606,356 (6.9%) 0.91 11,835
    2024-05-01 $399,900 (6.3%) $637,622 (7.8%) 0.90 12,595
    2024-06-01 $399,000 (4.3%) $624,162 (5.9%) 0.90 13,835
    2024-07-01 $392,500 (0.9%) $582,924 (-0.7%) 0.90 15,203
    2024-08-01 $385,000 (0.1%) $565,767 (-2.2%) 0.90 16,010
    2024-09-01 $379,900 (1.3%) $553,449 (-2.1%) 0.89 17,069
    2024-10-01 $369,000 (-0.3%) $541,123 (-3.3%) 0.87 17,408
    2024-11-01 $359,900 (0.0%) $529,298 (-3.5%) 0.86 16,847
    Chicago's median listing price for 2024-11-01 was $359,900, a difference of $-100 (0.0%) versus the prior year and $-9,100 versus the prior month.

    Chicago's median listing price comes in at 86% of the national average.

    Chicago's average listing price for 2024-11-01 was $529,298, a difference of $-19,089 (-3.5%) versus the prior year and $-11,825 versus the prior month.

    For the 2024-11-01 period, Chicago had 16,847 MLS listings, a difference of -561 listings (-3%) versus the prior month and 1,600 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,893 sqft
    2018-02-01 54 days 1,951 sqft
    2018-03-01 43 days 2,000 sqft
    2018-04-01 40 days 2,015 sqft
    2018-05-01 40 days 2,021 sqft
    2018-06-01 42 days 2,016 sqft
    2018-07-01 44 days 2,000 sqft
    2018-08-01 47 days 1,980 sqft
    2018-09-01 49 days 1,966 sqft
    2018-10-01 51 days 1,934 sqft
    2018-11-01 56 days 1,901 sqft
    2018-12-01 67 days 1,865 sqft
    2019-01-01 73 days 1,863 sqft
    2019-02-01 55 days 1,903 sqft
    2019-03-01 43 days 1,962 sqft
    2019-04-01 39 days 2,000 sqft
    2019-05-01 40 days 2,000 sqft
    2019-06-01 43 days 2,000 sqft
    2019-07-01 45 days 2,000 sqft
    2019-08-01 48 days 1,971 sqft
    2019-09-01 51 days 1,939 sqft
    2019-10-01 54 days 1,917 sqft
    2019-11-01 61 days 1,900 sqft
    2019-12-01 74 days 1,869 sqft
    2020-01-01 76 days 1,861 sqft
    2020-02-01 45 days 1,915 sqft
    2020-03-01 43 days 1,955 sqft
    2020-04-01 51 days 1,929 sqft
    2020-05-01 59 days 1,950 sqft
    2020-06-01 45 days 1,938 sqft
    2020-07-01 41 days 1,906 sqft
    2020-08-01 40 days 1,872 sqft
    2020-09-01 40 days 1,807 sqft
    2020-10-01 43 days 1,791 sqft
    2020-11-01 50 days 1,731 sqft
    2020-12-01 58 days 1,700 sqft
    2021-01-01 64 days 1,680 sqft
    2021-02-01 45 days 1,679 sqft
    2021-03-01 40 days 1,676 sqft
    2021-04-01 33 days 1,692 sqft
    2021-05-01 33 days 1,700 sqft
    2021-06-01 32 days 1,726 sqft
    2021-07-01 33 days 1,728 sqft
    2021-08-01 36 days 1,702 sqft
    2021-09-01 38 days 1,690 sqft
    2021-10-01 40 days 1,670 sqft
    2021-11-01 45 days 1,642 sqft
    2021-12-01 53 days 1,602 sqft
    2022-01-01 59 days 1,600 sqft
    2022-02-01 39 days 1,600 sqft
    2022-03-01 34 days 1,624 sqft
    2022-04-01 30 days 1,656 sqft
    2022-05-01 29 days 1,700 sqft
    2022-06-01 30 days 1,725 sqft
    2022-07-01 32 days 1,733 sqft
    2022-08-01 36 days 1,725 sqft
    2022-09-01 40 days 1,709 sqft
    2022-10-01 40 days 1,710 sqft
    2022-11-01 44 days 1,703 sqft
    2022-12-01 54 days 1,700 sqft
    2023-01-01 60 days 1,700 sqft
    2023-02-01 44 days 1,703 sqft
    2023-03-01 40 days 1,744 sqft
    2023-04-01 38 days 1,782 sqft
    2023-05-01 34 days 1,800 sqft
    2023-06-01 34 days 1,801 sqft
    2023-07-01 36 days 1,815 sqft
    2023-08-01 36 days 1,801 sqft
    2023-09-01 37 days 1,800 sqft
    2023-10-01 37 days 1,794 sqft
    2023-11-01 41 days 1,778 sqft
    2023-12-01 50 days 1,758 sqft
    2024-01-01 56 days 1,759 sqft
    2024-02-01 40 days 1,764 sqft
    2024-03-01 33 days 1,800 sqft
    2024-04-01 34 days 1,800 sqft
    2024-05-01 25 days 1,853 sqft
    2024-06-01 26 days 1,850 sqft
    2024-07-01 33 days 1,821 sqft
    2024-08-01 36 days 1,800 sqft
    2024-09-01 36 days 1,793 sqft
    2024-10-01 37 days 1,771 sqft
    2024-11-01 43 days 1,751 sqft
    Chicago's median listing age (time on market) for 2024-11-01 was 43 days. This is 5% longer than the same period one year ago.

    Chicago's median square footage for active listings during the 2024-11-01 period was 1,751 sqft. One year prior, the average listing was 1,778 sqft.