Cleveland USDA Loan Rates, Closing Costs & Stats

CLEVELAND-ELYRIA, OH

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.

Cleveland's 14 lenders originated 30 USDA loans during 2023. The total origination value was $5,670,000, with an average USDA loan value of $189,000.

Cleveland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Cleveland averaged 6.86% for the week of 2024-05-10, compared to the national average (all USDA variants) of 6.785% for the same period.

Cleveland's average USDA mortgage closing costs are $5,111.

The average rate for the prior week (2024-05-03) was 6.85% and one month ago for the week of 2024-04-05, the average rate was 6.5%.

The average rate one year ago was 6.49%.

For refis of the same type during the week of 2024-05-10, the average rate was 7.67%.

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

Cleveland 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 Cleveland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 13 6.79% $8,336
UNION HOME MORTGAGE CORP. 3 7.13% $7,233
RUOFF MORTGAGE COMPANY, INC. 3 6.63% $3,314
HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.00% $5,406
Ixonia Bank 1 6.88% $9,754
LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $3,165
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $10,100
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $8,222
T2 FINANCIAL LLC 1 7.25% $10,425
The Huntington National Bank 1 6.00% $7,855
US MORTGAGE CORPORATION 1 6.25% $6,004
VAN DYK MORTGAGE CORPORATION 1 6.88% $4,209
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.50% $3,125
First Federal Bank of the Midwest 1 5.13% $9,463

The top Cleveland USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 13 USDA loans originated. Their average total fees are $8,336, which is $1,102 higher than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($8,336), .

The lowest rate Cleveland USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (6.79%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cleveland (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 $160,975 (13.1%) $248,945 (7.4%) 0.60 5,646
2018-02-01 $165,345 (13.1%) $256,958 (7.2%) 0.60 5,425
2018-03-01 $173,950 (10.7%) $265,793 (6.3%) 0.61 5,333
2018-04-01 $184,950 (16.3%) $275,814 (10.0%) 0.63 5,316
2018-05-01 $191,500 (15.4%) $282,420 (9.2%) 0.64 5,516
2018-06-01 $197,945 (13.6%) $283,679 (8.6%) 0.66 5,974
2018-07-01 $190,000 (8.6%) $277,551 (5.8%) 0.63 6,461
2018-08-01 $189,350 (11.5%) $272,120 (4.8%) 0.63 6,843
2018-09-01 $185,000 (8.9%) $270,640 (5.3%) 0.62 6,917
2018-10-01 $185,000 (10.5%) $269,040 (7.6%) 0.63 6,882
2018-11-01 $184,600 (11.9%) $270,802 (8.9%) 0.63 6,722
2018-12-01 $179,900 (10.4%) $269,088 (9.0%) 0.62 6,056
2019-01-01 $179,900 (11.8%) $269,222 (8.2%) 0.62 5,642
2019-02-01 $185,000 (11.9%) $277,995 (8.2%) 0.63 5,396
2019-03-01 $198,471 (14.1%) $289,480 (8.9%) 0.65 5,402
2019-04-01 $208,334 (12.6%) $296,862 (7.6%) 0.66 5,464
2019-05-01 $202,450 (5.7%) $290,019 (2.7%) 0.63 5,637
2019-06-01 $209,900 (6.0%) $291,670 (2.8%) 0.66 5,975
2019-07-01 $204,923 (7.9%) $288,367 (3.9%) 0.64 6,278
2019-08-01 $199,182 (5.2%) $286,500 (5.3%) 0.63 6,418
2019-09-01 $197,955 (7.0%) $283,286 (4.7%) 0.63 6,466
2019-10-01 $193,450 (4.6%) $279,747 (4.0%) 0.62 6,498
2019-11-01 $184,900 (0.2%) $276,516 (2.1%) 0.61 6,216
2019-12-01 $179,900 (0.0%) $274,374 (2.0%) 0.60 5,555
2020-01-01 $179,575 (-0.2%) $275,499 (2.3%) 0.60 4,970
2020-02-01 $184,950 (0.0%) $289,302 (4.1%) 0.61 4,432
2020-03-01 $202,400 (2.0%) $303,186 (4.7%) 0.63 4,252
2020-04-01 $199,900 (-4.1%) $303,372 (2.2%) 0.63 4,114
2020-05-01 $215,000 (6.2%) $317,557 (9.5%) 0.65 3,759
2020-06-01 $226,950 (8.1%) $329,082 (12.8%) 0.67 3,514
2020-07-01 $235,000 (14.7%) $333,595 (15.7%) 0.68 3,349
2020-08-01 $231,145 (16.1%) $330,186 (15.3%) 0.66 3,275
2020-09-01 $215,950 (9.1%) $316,802 (11.8%) 0.62 3,273
2020-10-01 $199,999 (3.4%) $305,114 (9.1%) 0.57 3,401
2020-11-01 $199,450 (7.9%) $305,866 (10.6%) 0.58 3,294
2020-12-01 $198,500 (10.3%) $301,803 (10.0%) 0.59 2,941
2021-01-01 $189,900 (5.8%) $307,380 (11.6%) 0.57 2,471
2021-02-01 $196,975 (6.5%) $324,274 (12.1%) 0.57 2,024
2021-03-01 $210,500 (4.0%) $337,690 (11.4%) 0.60 1,962
2021-04-01 $225,000 (12.6%) $339,382 (11.9%) 0.61 1,934
2021-05-01 $221,389 (3.0%) $332,864 (4.8%) 0.59 2,312
2021-06-01 $219,894 (-3.1%) $319,852 (-2.8%) 0.58 2,709
2021-07-01 $214,900 (-8.6%) $312,462 (-6.3%) 0.57 3,060
2021-08-01 $199,950 (-13.5%) $304,674 (-7.7%) 0.53 3,264
2021-09-01 $198,950 (-7.9%) $301,804 (-4.7%) 0.53 3,205
2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,243
2021-11-01 $189,900 (-4.8%) $294,546 (-3.7%) 0.51 2,945
2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
2022-01-01 $179,000 (-5.7%) $298,791 (-2.8%) 0.48 2,072
2022-02-01 $179,900 (-8.7%) $308,312 (-4.9%) 0.47 1,850
2022-03-01 $189,900 (-9.8%) $317,053 (-6.1%) 0.48 1,827
2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,908
2022-05-01 $217,000 (-2.0%) $329,533 (-1.0%) 0.50 2,269
2022-06-01 $225,000 (2.3%) $332,700 (4.0%) 0.50 2,659
2022-07-01 $224,950 (4.7%) $324,786 (3.9%) 0.51 3,123
2022-08-01 $224,900 (12.5%) $315,058 (3.4%) 0.52 3,406
2022-09-01 $219,700 (10.4%) $308,766 (2.3%) 0.51 3,401
2022-10-01 $210,000 (10.6%) $306,730 (4.8%) 0.49 3,515
2022-11-01 $199,900 (5.3%) $304,017 (3.2%) 0.48 3,439
2022-12-01 $189,900 (2.7%) $290,396 (0.0%) 0.47 3,005
2023-01-01 $189,950 (6.1%) $298,141 (-0.2%) 0.47 2,648
2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
2023-03-01 $212,000 (11.6%) $330,431 (4.2%) 0.50 2,170
2023-04-01 $225,000 (15.4%) $342,391 (8.6%) 0.52 2,197
2023-05-01 $236,700 (9.1%) $348,652 (5.8%) 0.54 2,258
2023-06-01 $248,480 (10.4%) $354,638 (6.6%) 0.56 2,409
2023-07-01 $245,000 (8.9%) $353,877 (9.0%) 0.56 2,490
2023-08-01 $249,900 (11.1%) $356,113 (13.0%) 0.57 2,583
2023-09-01 $240,000 (9.2%) $345,200 (11.8%) 0.56 2,781
2023-10-01 $238,000 (13.3%) $339,451 (10.7%) 0.56 2,968
2023-11-01 $225,250 (12.7%) $329,962 (8.5%) 0.54 3,095
2023-12-01 $219,900 (15.8%) $325,497 (12.1%) 0.54 2,901
2024-01-01 $214,900 (13.1%) $329,269 (10.4%) 0.52 2,531
2024-02-01 $212,475 (6.5%) $340,372 (7.4%) 0.51 2,229
2024-03-01 $229,900 (8.4%) $352,490 (6.7%) 0.54 2,179
2024-04-01 $255,250 (13.4%) $370,851 (8.3%) 0.59 2,145
Cleveland's median listing price for 2024-04-01 was $255,250, a difference of $30,250 (13.4%) versus the prior year and $25,350 versus the prior month.

Cleveland's median listing price comes in at 59% of the national average.

Cleveland's average listing price for 2024-04-01 was $370,851, a difference of $28,460 (8.3%) versus the prior year and $18,361 versus the prior month.

For the 2024-04-01 period, Cleveland had 2,145 MLS listings, a difference of -34 listings (-2%) versus the prior month and -52 listings (-2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 1,690 sqft
2018-02-01 84 days 1,700 sqft
2018-03-01 60 days 1,730 sqft
2018-04-01 53 days 1,774 sqft
2018-05-01 51 days 1,802 sqft
2018-06-01 50 days 1,838 sqft
2018-07-01 52 days 2,052 sqft
2018-08-01 53 days 2,028 sqft
2018-09-01 59 days 2,025 sqft
2018-10-01 62 days 2,011 sqft
2018-11-01 63 days 2,002 sqft
2018-12-01 71 days 1,968 sqft
2019-01-01 81 days 1,963 sqft
2019-02-01 79 days 1,980 sqft
2019-03-01 63 days 2,021 sqft
2019-04-01 49 days 2,043 sqft
2019-05-01 51 days 1,831 sqft
2019-06-01 52 days 1,846 sqft
2019-07-01 53 days 1,870 sqft
2019-08-01 55 days 1,934 sqft
2019-09-01 58 days 1,986 sqft
2019-10-01 61 days 2,014 sqft
2019-11-01 72 days 1,960 sqft
2019-12-01 80 days 1,926 sqft
2020-01-01 87 days 1,920 sqft
2020-02-01 86 days 1,928 sqft
2020-03-01 63 days 1,966 sqft
2020-04-01 58 days 1,969 sqft
2020-05-01 72 days 2,000 sqft
2020-06-01 63 days 2,041 sqft
2020-07-01 49 days 2,061 sqft
2020-08-01 49 days 2,029 sqft
2020-09-01 54 days 1,962 sqft
2020-10-01 51 days 1,928 sqft
2020-11-01 56 days 1,908 sqft
2020-12-01 66 days 1,870 sqft
2021-01-01 74 days 1,853 sqft
2021-02-01 70 days 1,823 sqft
2021-03-01 44 days 1,834 sqft
2021-04-01 40 days 1,851 sqft
2021-05-01 32 days 1,867 sqft
2021-06-01 33 days 1,885 sqft
2021-07-01 33 days 1,890 sqft
2021-08-01 37 days 1,850 sqft
2021-09-01 42 days 1,849 sqft
2021-10-01 43 days 1,801 sqft
2021-11-01 46 days 1,781 sqft
2021-12-01 53 days 1,770 sqft
2022-01-01 58 days 1,735 sqft
2022-02-01 50 days 1,732 sqft
2022-03-01 40 days 1,757 sqft
2022-04-01 36 days 1,794 sqft
2022-05-01 33 days 1,835 sqft
2022-06-01 34 days 1,842 sqft
2022-07-01 35 days 1,850 sqft
2022-08-01 39 days 1,848 sqft
2022-09-01 45 days 1,813 sqft
2022-10-01 45 days 1,815 sqft
2022-11-01 45 days 1,800 sqft
2022-12-01 55 days 1,779 sqft
2023-01-01 60 days 1,784 sqft
2023-02-01 53 days 1,794 sqft
2023-03-01 44 days 1,800 sqft
2023-04-01 42 days 1,832 sqft
2023-05-01 38 days 1,820 sqft
2023-06-01 38 days 1,855 sqft
2023-07-01 39 days 1,850 sqft
2023-08-01 39 days 1,888 sqft
2023-09-01 40 days 1,849 sqft
2023-10-01 40 days 1,830 sqft
2023-11-01 44 days 1,820 sqft
2023-12-01 51 days 1,806 sqft
2024-01-01 58 days 1,758 sqft
2024-02-01 50 days 1,752 sqft
2024-03-01 42 days 1,800 sqft
2024-04-01 39 days 1,848 sqft
Cleveland's median listing age (time on market) for 2024-04-01 was 39 days. This is -7% shorter than the same period one year ago.

Cleveland's median square footage for active listings during the 2024-04-01 period was 1,848 sqft. One year prior, the average listing was 1,832 sqft.