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
6.94%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Cleveland's average USDA mortgage closing costs are $5,111.
The average rate for the prior week (2024-04-12) was
6.79% and
one month ago for the week of 2024-03-15, the
average rate was 6.67%.
The average rate one year ago was 6.31%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.65%.
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 |
Cleveland's median listing price comes in at 54% of the national average.
Cleveland's average listing price for 2024-03-01 was $352,490, a difference of $22,059 (6.7%) versus the prior year and $12,118 versus the prior month.
For the 2024-03-01 period, Cleveland had 2,179 MLS listings, a difference of -50 listings (-2%) versus the prior month and 9 listings (0%) 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 | 1,759 sqft |
| 2024-03-01 | 42 days | 1,800 sqft |
Cleveland's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,800 sqft.