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 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 6.79% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.97% and one month ago for the week of 2024-04-19, the average rate was 6.91%.

The average rate one year ago was 6.73%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.04%.

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
Chicago's median listing price for 2024-04-01 was $389,300, a difference of $20,300 (5.5%) versus the prior year and $14,400 versus the prior month.

Chicago's median listing price comes in at 91% of the national average.

Chicago's average listing price for 2024-04-01 was $606,356, a difference of $38,998 (6.9%) versus the prior year and $13,247 versus the prior month.

For the 2024-04-01 period, Chicago had 11,835 MLS listings, a difference of 502 listings (4%) versus the prior month and 10 listings (0%) 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
Chicago's median listing age (time on market) for 2024-04-01 was 34 days. This is -11% shorter than the same period one year ago.

Chicago's median square footage for active listings during the 2024-04-01 period was 1,800 sqft. One year prior, the average listing was 1,782 sqft.