Des Moines USDA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

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.

Des Moines's 37 lenders originated 93 USDA loans during 2023. The total origination value was $17,315,000, with an average USDA loan value of $186,183.

Des Moines USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Des Moines averaged 6.16% for the week of 2024-10-25, compared to the national average (all USDA variants) of 6.29% for the same period.

Des Moines's average USDA mortgage closing costs are $4,169.

The average rate for the prior week (2024-10-18) was 5.94% and one month ago for the week of 2024-09-20, the average rate was 5.76%.

The average rate one year ago was 7.48%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.09%.

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

Des Moines 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 Des Moines level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Ixonia Bank 10 6.63% $7,335
Bank Iowa 10 5.96% $4,003
COMPASS MORTGAGE, INC. 8 6.39% $6,037
HOMESERVICES LENDING, LLC 7 6.41% $5,476
Barrington Bank & Trust Company, N.A. 7 6.27% $5,977
Fortress Bank 4 5.88% $5,504
RESIDENTIAL MORTGAGE NETWORK, INC. 4 6.25% $3,811
UNITED WHOLESALE MORTGAGE, LLC 3 6.75% $6,356
Plains Commerce Bank 2 5.63% $5,646
Chickasaw Community Bank 2 7.44% $6,404
GREENSTATE CREDIT UNION 2 6.50% $4,819
Hometown Equity Mortgage, LLC 2 6.88% $7,792
MID AMERICA MORTGAGE, INC. 2 6.56% $6,934
Lincoln Savings Bank 2 5.50% $4,350
NEWREZ LLC 2 6.00% $4,584
IOWA BANKERS MORTGAGE CORPORATION 2 6.25% $4,647
OPEN MORTGAGE, LLC 1 6.63% $4,538
The Central Trust Bank 1 6.13% $9,323
TOP FLITE FINANCIAL, INC. 1 7.13% $3,174
UNION HOME MORTGAGE CORP. 1 7.00% $7,484
AMCAP MORTGAGE, LTD. 1 7.25% $6,718
V.I.P. MORTGAGE, INC. 1 6.13% $6,774
Bank of England 1 5.75% $6,517
Bank of the West 1 7.13% $5,474
BROKER SOLUTIONS, INC. 1 6.63% $6,247
CARDINAL FINANCIAL 1 7.25% $5,405
Carrington Mortgage Services, LLC 1 7.13% $9,296
DHI MORTGAGE COMPANY, LTD. 1 4.75% $14,940
ENVOY MORTGAGE, LTD 1 7.13% $8,635
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $6,127
First National Bank of Omaha 1 6.63% $6,206
FREEDOM MORTGAGE CORPORATION 1 7.00% $9,387
GERSHMAN INVESTMENT CORP. 1 6.63% $4,847
Great Southern Bank 1 6.13% $3,083
GUARANTEED RATE, INC. 1 6.25% $5,557
GUILD MORTGAGE COMPANY 1 7.13% $5,125
Northwest Bank 1 5.25% $6,108

The top Des Moines USDA lender as defined by loan originations is Ixonia Bank, with 10 USDA loans originated. Their average total fees are $7,335, which is $3,332 higher than the next largest lender, Bank Iowa.

The lowest fee Des Moines USDA lenders (with over 10 loans originated) are Bank Iowa ($4,003), Ixonia Bank ($7,335), .

The lowest rate Des Moines USDA lenders (with over 10 loans originated) are Bank Iowa (5.96%), Ixonia Bank (6.63%), .