Chicago USDA Loan Rates, Closing Costs & Stats
Chicago-Naperville-Elgin, IL-IN-WI
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 57 lenders originated 253 USDA loans during 2021. The total origination value was $46,555,000, with an average USDA loan value of $184,012.
Chicago USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Chicago
averaged
6.11%
for the week of 2023-01-27, compared to the national average (all USDA variants) of
6.195% for the same period.
Chicago's average USDA mortgage closing costs are $4,963.
The average rate for the prior week (2023-01-20) was
6.1% and
one month ago for the week of 2022-12-23, the
average rate was 6.13%.
The average rate one year ago was 3.98%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.84%.
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.
The top Chicago USDA lender as defined by loan originations is AMERICAN FINANCIAL NETWORK, INC., with
58 USDA loans originated. Their average total fees are
$6,140, which is $253
lower than the next largest lender,
GUARANTEED RATE, INC..
The lowest fee Chicago USDA lenders (with over 10 loans originated) are
DIAMOND RESIDENTIAL MORTGAGE CORPORATION ($4,843), First Midwest Bank ($4,959), FIRST CENTENNIAL MORTGAGE CORPORATION ($5,495), AMERICAN FINANCIAL NETWORK, INC. ($6,140) and GUARANTEED RATE, INC. ($6,393).
The lowest rate Chicago USDA lenders (with over 10 loans originated) are
FIRST CENTENNIAL MORTGAGE CORPORATION (2.81%), First Midwest Bank (2.90%), GUARANTEED RATE, INC. (2.93%), DIAMOND RESIDENTIAL MORTGAGE CORPORATION (3.16%) and AMERICAN FINANCIAL NETWORK, INC. (3.21%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $287,450 (6.1%) | $451,216 (4.6%) | 1.07 | 27,341 |
2018-02-01 | $303,778 (6.6%) | $470,439 (4.4%) | 1.10 | 27,803 |
2018-03-01 | $325,000 (8.5%) | $490,089 (5.5%) | 1.14 | 29,569 |
2018-04-01 | $334,450 (7.9%) | $494,055 (4.3%) | 1.13 | 31,397 |
2018-05-01 | $335,000 (4.9%) | $491,722 (3.3%) | 1.12 | 33,480 |
2018-06-01 | $332,000 (4.1%) | $483,600 (2.2%) | 1.11 | 36,158 |
2018-07-01 | $326,450 (3.6%) | $472,753 (1.1%) | 1.09 | 38,247 |
2018-08-01 | $319,900 (4.9%) | $461,643 (1.3%) | 1.07 | 39,310 |
2018-09-01 | $315,000 (5.0%) | $454,870 (0.8%) | 1.06 | 40,023 |
2018-10-01 | $310,445 (3.5%) | $449,809 (-0.7%) | 1.05 | 39,731 |
2018-11-01 | $300,000 (1.3%) | $446,369 (-0.6%) | 1.02 | 37,416 |
2018-12-01 | $295,490 (2.3%) | $438,265 (-1.1%) | 1.02 | 32,753 |
2019-01-01 | $296,450 (3.1%) | $441,426 (-2.2%) | 1.02 | 29,848 |
2019-02-01 | $309,570 (1.9%) | $463,024 (-1.6%) | 1.05 | 30,183 |
2019-03-01 | $326,429 (0.4%) | $476,721 (-2.7%) | 1.07 | 32,136 |
2019-04-01 | $339,000 (1.4%) | $485,084 (-1.8%) | 1.08 | 34,190 |
2019-05-01 | $339,900 (1.5%) | $481,892 (-2.0%) | 1.06 | 36,593 |
2019-06-01 | $337,000 (1.5%) | $476,679 (-1.4%) | 1.05 | 38,707 |
2019-07-01 | $330,280 (1.2%) | $469,287 (-0.7%) | 1.03 | 40,169 |
2019-08-01 | $325,155 (1.6%) | $460,369 (-0.3%) | 1.03 | 40,608 |
2019-09-01 | $319,386 (1.4%) | $453,724 (-0.3%) | 1.02 | 40,530 |
2019-10-01 | $314,900 (1.4%) | $448,999 (-0.2%) | 1.02 | 40,263 |
2019-11-01 | $305,000 (1.7%) | $443,109 (-0.7%) | 1.00 | 36,764 |
2019-12-01 | $299,000 (1.2%) | $439,507 (0.3%) | 1.00 | 31,590 |
2020-01-01 | $299,450 (1.0%) | $442,723 (0.3%) | 1.00 | 28,764 |
2020-02-01 | $317,555 (2.6%) | $465,590 (0.6%) | 1.04 | 29,279 |
2020-03-01 | $326,250 (-0.1%) | $474,850 (-0.4%) | 1.02 | 29,829 |
2020-04-01 | $324,775 (-4.2%) | $464,781 (-4.2%) | 1.02 | 28,394 |
2020-05-01 | $329,711 (-3.0%) | $476,691 (-1.1%) | 1.00 | 28,421 |
2020-06-01 | $339,000 (0.6%) | $488,663 (2.5%) | 1.00 | 28,321 |
2020-07-01 | $342,950 (3.8%) | $496,947 (5.9%) | 0.99 | 27,320 |
2020-08-01 | $345,000 (6.1%) | $501,870 (9.0%) | 0.99 | 26,954 |
2020-09-01 | $346,237 (8.4%) | $504,425 (11.2%) | 0.99 | 27,152 |
2020-10-01 | $339,900 (7.9%) | $499,892 (11.3%) | 0.97 | 27,214 |
2020-11-01 | $332,500 (9.0%) | $496,971 (12.2%) | 0.97 | 24,710 |
2020-12-01 | $325,000 (8.7%) | $494,310 (12.5%) | 0.97 | 20,942 |
2021-01-01 | $325,000 (8.5%) | $504,887 (14.0%) | 0.97 | 18,030 |
2021-02-01 | $339,949 (7.1%) | $543,649 (16.8%) | 0.99 | 16,022 |
2021-03-01 | $349,900 (7.3%) | $551,664 (16.2%) | 0.99 | 15,726 |
2021-04-01 | $349,948 (7.8%) | $552,117 (18.8%) | 0.95 | 16,354 |
2021-05-01 | $350,000 (6.2%) | $548,889 (15.2%) | 0.93 | 17,237 |
2021-06-01 | $350,000 (3.2%) | $536,882 (9.9%) | 0.92 | 19,438 |
2021-07-01 | $349,900 (2.0%) | $521,193 (4.9%) | 0.92 | 21,538 |
2021-08-01 | $339,450 (-1.6%) | $499,584 (-0.5%) | 0.91 | 22,483 |
2021-09-01 | $329,950 (-4.7%) | $490,228 (-2.8%) | 0.88 | 22,423 |
2021-10-01 | $329,000 (-3.2%) | $486,830 (-2.6%) | 0.88 | 21,766 |
2021-11-01 | $321,950 (-3.2%) | $484,354 (-2.5%) | 0.86 | 18,985 |
2021-12-01 | $312,500 (-3.9%) | $479,025 (-3.1%) | 0.85 | 15,585 |
2022-01-01 | $314,000 (-3.4%) | $491,909 (-2.6%) | 0.85 | 12,739 |
2022-02-01 | $324,487 (-4.6%) | $517,368 (-4.8%) | 0.84 | 11,603 |
2022-03-01 | $333,995 (-4.6%) | $527,017 (-4.5%) | 0.84 | 11,998 |
2022-04-01 | $349,900 (0.0%) | $534,851 (-3.1%) | 0.84 | 12,227 |
2022-05-01 | $356,425 (1.8%) | $538,143 (-2.0%) | 0.81 | 14,673 |
2022-06-01 | $359,950 (2.8%) | $532,801 (-0.8%) | 0.80 | 16,891 |
2022-07-01 | $350,000 (0.0%) | $515,514 (-1.1%) | 0.79 | 19,573 |
2022-08-01 | $349,900 (3.1%) | $509,682 (2.0%) | 0.81 | 19,770 |
2022-09-01 | $340,000 (3.1%) | $504,062 (2.8%) | 0.80 | 19,661 |
2022-10-01 | $339,900 (3.3%) | $499,482 (2.6%) | 0.80 | 19,685 |
2022-11-01 | $330,975 (2.8%) | $492,099 (1.6%) | 0.80 | 18,939 |
2022-12-01 | $320,000 (2.4%) | $480,215 (0.3%) | 0.80 | 16,401 |
Chicago's median listing price comes in at 80% of the national average.
Chicago's average listing price for 2022-12-01 was $480,215, a difference of $1,190 (0.3%) versus the prior year and $-11,884 versus the prior month.
For the 2022-12-01 period, Chicago had 16,401 MLS listings, a difference of -2,538 listings (-13%) versus the prior month and 816 listings (5%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Chicago (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 77 days | 1,895 sqft |
2018-02-01 | 59 days | 1,955 sqft |
2018-03-01 | 44 days | 2,000 sqft |
2018-04-01 | 43 days | 2,023 sqft |
2018-05-01 | 43 days | 2,029 sqft |
2018-06-01 | 44 days | 2,020 sqft |
2018-07-01 | 46 days | 2,000 sqft |
2018-08-01 | 49 days | 1,989 sqft |
2018-09-01 | 51 days | 1,973 sqft |
2018-10-01 | 52 days | 1,940 sqft |
2018-11-01 | 58 days | 1,906 sqft |
2018-12-01 | 68 days | 1,872 sqft |
2019-01-01 | 75 days | 1,867 sqft |
2019-02-01 | 61 days | 1,908 sqft |
2019-03-01 | 44 days | 1,965 sqft |
2019-04-01 | 40 days | 2,000 sqft |
2019-05-01 | 42 days | 2,000 sqft |
2019-06-01 | 44 days | 2,000 sqft |
2019-07-01 | 46 days | 2,000 sqft |
2019-08-01 | 49 days | 1,977 sqft |
2019-09-01 | 52 days | 1,945 sqft |
2019-10-01 | 56 days | 1,922 sqft |
2019-11-01 | 64 days | 1,900 sqft |
2019-12-01 | 76 days | 1,873 sqft |
2020-01-01 | 78 days | 1,864 sqft |
2020-02-01 | 46 days | 1,920 sqft |
2020-03-01 | 44 days | 1,966 sqft |
2020-04-01 | 53 days | 1,940 sqft |
2020-05-01 | 61 days | 1,964 sqft |
2020-06-01 | 47 days | 1,948 sqft |
2020-07-01 | 43 days | 1,916 sqft |
2020-08-01 | 43 days | 1,877 sqft |
2020-09-01 | 43 days | 1,811 sqft |
2020-10-01 | 44 days | 1,800 sqft |
2020-11-01 | 51 days | 1,737 sqft |
2020-12-01 | 60 days | 1,700 sqft |
2021-01-01 | 66 days | 1,682 sqft |
2021-02-01 | 48 days | 1,680 sqft |
2021-03-01 | 43 days | 1,679 sqft |
2021-04-01 | 37 days | 1,695 sqft |
2021-05-01 | 37 days | 1,707 sqft |
2021-06-01 | 34 days | 1,729 sqft |
2021-07-01 | 35 days | 1,730 sqft |
2021-08-01 | 37 days | 1,705 sqft |
2021-09-01 | 39 days | 1,694 sqft |
2021-10-01 | 42 days | 1,672 sqft |
2021-11-01 | 46 days | 1,642 sqft |
2021-12-01 | 55 days | 1,606 sqft |
2022-01-01 | 61 days | 1,600 sqft |
2022-02-01 | 41 days | 1,600 sqft |
2022-03-01 | 36 days | 1,621 sqft |
2022-04-01 | 32 days | 1,654 sqft |
2022-05-01 | 30 days | 1,700 sqft |
2022-06-01 | 31 days | 1,722 sqft |
2022-07-01 | 32 days | 1,732 sqft |
2022-08-01 | 37 days | 1,724 sqft |
2022-09-01 | 41 days | 1,708 sqft |
2022-10-01 | 40 days | 1,714 sqft |
2022-11-01 | 45 days | 1,706 sqft |
2022-12-01 | 57 days | 1,696 sqft |
Chicago's median square footage for active listings during the 2022-12-01 period was 1,696 sqft. One year prior, the average listing was 1,606 sqft.