Des Moines USDA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 44 lenders originated 137 USDA loans during 2022. The total origination value was $23,005,000, with an average USDA loan value of $167,920.

    Des Moines USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Des Moines averaged 5.7% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Des Moines's average USDA mortgage closing costs are $4,049.

    The average rate for the prior week (2023-05-19) was 5.84% and one month ago for the week of 2023-04-21, the average rate was 5.75%.

    The average rate one year ago was 4.57%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.01%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    COMPASS MORTGAGE, INC. 18 5.00% $4,350
    Bank Iowa 9 4.11% $3,450
    IOWA BANKERS MORTGAGE CORPORATION 8 4.42% $4,800
    Great Southern Bank 8 4.45% $4,428
    Ixonia Bank 7 5.52% $6,341
    Flagstar Bank, FSB 7 3.77% $4,245
    CALIBER HOME LOANS, INC. 7 5.09% $5,437
    GERSHMAN INVESTMENT CORP. 7 4.68% $4,505
    Barrington Bank & Trust Company, N.A. 5 4.30% $5,150
    Chickasaw Community Bank 3 5.25% $5,769
    Fidelity Bank 3 4.25% $5,304
    Lincoln Savings Bank 3 4.92% $4,177
    FRONTIER FINANCIAL, INC. 3 5.00% $4,812
    HOMESIDE FINANCIAL, LLC 3 5.21% $5,910
    RESIDENTIAL MORTGAGE NETWORK, INC. 3 5.00% $3,505
    The Central Trust Bank 3 4.92% $7,061
    GUILD MORTGAGE COMPANY 3 4.92% $4,557
    HOMESERVICES LENDING, LLC 3 5.29% $5,810
    Paramount Residential Mortgage Group, Inc. 2 4.44% $7,106
    GUARANTEED RATE, INC. 2 4.26% $7,683
    LAND HOME FINANCIAL SERVICES, INC. 2 4.31% $6,253
    OPEN MORTGAGE, LLC 2 3.69% $6,935
    V.I.P. MORTGAGE, INC. 1 5.63% $5,731
    Bank of the West 1 5.50% $4,598
    BROKER SOLUTIONS, INC. 1 3.85% $4,538
    CARDINAL FINANCIAL 1 6.75% $4,101
    CASTLE & COOKE MORTGAGE, LLC 1 3.25% $10,538
    EMM LOANS LLC 1 5.50% $4,969
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $6,793
    Great Western Bank 1 3.00% $4,130
    GREENSTATE CREDIT UNION 1 4.00% $3,558
    HOME POINT FINANCIAL CORPORATION 1 4.75% $4,745
    HOMESTAR FINANCIAL CORPORATION 1 4.13% $3,887
    INLANTA MORTGAGE, INC. 1 5.63% $6,095
    LIBERTY HOME MORTGAGE CORPORATION 1 5.25% $8,382
    LOANDEPOT.COM, LLC 1 3.75% $4,806
    MID AMERICA MORTGAGE, INC. 1 3.13% $2,670
    MORIA DEVELOPMENT, INC. 1 4.13% $8,086
    Northwest Bank 1 4.25% $3,863
    PENNYMAC LOAN SERVICES, LLC 1 3.25% $6,543
    Plains Commerce Bank 1 4.25% $6,268
    TOP FLITE FINANCIAL, INC. 1 6.63% $6,872
    UNITED WHOLESALE MORTGAGE, LLC 1 7.13% $4,801
    U.S. Bank 1 5.25% $3,914

    The top Des Moines USDA lender as defined by loan originations is COMPASS MORTGAGE, INC., with 18 USDA loans originated. Their average total fees are $4,350, which is $900 higher than the next largest lender, Bank Iowa.

    The lowest fee Des Moines USDA lenders (with over 10 loans originated) are COMPASS MORTGAGE, INC. ($4,350), .

    The lowest rate Des Moines USDA lenders (with over 10 loans originated) are COMPASS MORTGAGE, INC. (5.00%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Des Moines (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 $281,250 (6.1%) $296,297 (-0.3%) 1.04 2,919
    2018-02-01 $289,178 (5.7%) $306,338 (-0.4%) 1.05 2,845
    2018-03-01 $289,500 (5.1%) $310,723 (0.0%) 1.02 2,833
    2018-04-01 $292,416 (3.7%) $317,787 (0.0%) 0.99 2,836
    2018-05-01 $291,225 (2.0%) $321,301 (0.7%) 0.97 2,906
    2018-06-01 $289,900 (3.6%) $317,875 (2.0%) 0.97 3,149
    2018-07-01 $289,900 (5.3%) $316,746 (3.0%) 0.97 3,261
    2018-08-01 $283,950 (5.2%) $313,014 (4.0%) 0.95 3,396
    2018-09-01 $279,975 (3.3%) $308,391 (4.5%) 0.94 3,576
    2018-10-01 $281,359 (3.2%) $308,992 (5.6%) 0.95 3,554
    2018-11-01 $281,118 (2.2%) $307,995 (5.1%) 0.95 3,506
    2018-12-01 $279,900 (1.1%) $303,759 (3.3%) 0.97 3,320
    2019-01-01 $283,235 (0.7%) $306,573 (3.5%) 0.98 3,163
    2019-02-01 $287,400 (-0.6%) $310,791 (1.5%) 0.97 3,073
    2019-03-01 $288,900 (-0.2%) $313,519 (1.2%) 0.96 2,914
    2019-04-01 $288,900 (-1.2%) $318,301 (-0.1%) 0.92 3,016
    2019-05-01 $283,210 (-2.8%) $318,433 (-0.9%) 0.89 3,143
    2019-06-01 $279,900 (-3.5%) $317,190 (-0.2%) 0.87 3,288
    2019-07-01 $277,200 (-4.4%) $314,707 (-0.6%) 0.87 3,411
    2019-08-01 $275,000 (-3.2%) $313,639 (-0.7%) 0.86 3,473
    2019-09-01 $272,500 (-2.7%) $312,261 (-1.5%) 0.86 3,421
    2019-10-01 $259,800 (-7.7%) $299,796 (-3.1%) 0.84 3,745
    2019-11-01 $255,000 (-9.3%) $296,106 (-3.9%) 0.84 3,505
    2019-12-01 $255,000 (-8.9%) $294,538 (-3.0%) 0.85 3,322
    2020-01-01 $258,900 (-8.6%) $294,736 (-3.9%) 0.87 3,148
    2020-02-01 $264,900 (-7.8%) $301,303 (-3.1%) 0.87 3,034
    2020-03-01 $268,305 (-7.1%) $307,230 (-2.3%) 0.84 3,032
    2020-04-01 $268,302 (-7.1%) $306,904 (-3.4%) 0.84 3,073
    2020-05-01 $274,500 (-3.1%) $315,196 (-1.0%) 0.83 2,887
    2020-06-01 $277,643 (-0.8%) $324,120 (2.2%) 0.82 2,624
    2020-07-01 $274,763 (-0.9%) $325,272 (3.4%) 0.80 2,472
    2020-08-01 $272,760 (-0.8%) $321,963 (3.6%) 0.78 2,435
    2020-09-01 $270,979 (-0.6%) $317,172 (4.4%) 0.78 2,366
    2020-10-01 $270,096 (4.0%) $315,795 (5.5%) 0.77 2,365
    2020-11-01 $269,950 (5.9%) $313,238 (5.8%) 0.79 2,311
    2020-12-01 $272,450 (6.8%) $316,629 (7.5%) 0.81 2,112
    2021-01-01 $275,000 (6.2%) $324,993 (10.3%) 0.82 1,811
    2021-02-01 $280,251 (5.8%) $332,668 (10.4%) 0.81 1,652
    2021-03-01 $284,950 (6.2%) $337,625 (9.9%) 0.81 1,508
    2021-04-01 $298,224 (11.2%) $350,805 (14.3%) 0.81 1,450
    2021-05-01 $299,425 (9.1%) $357,764 (13.5%) 0.80 1,456
    2021-06-01 $302,337 (8.9%) $356,859 (10.1%) 0.80 1,563
    2021-07-01 $304,900 (11.0%) $350,167 (7.7%) 0.80 1,601
    2021-08-01 $301,915 (10.7%) $354,239 (10.0%) 0.81 1,754
    2021-09-01 $302,123 (11.5%) $356,715 (12.5%) 0.81 1,786
    2021-10-01 $303,193 (12.3%) $355,552 (12.6%) 0.81 1,807
    2021-11-01 $308,776 (14.4%) $357,414 (14.1%) 0.83 1,816
    2021-12-01 $313,215 (15.0%) $354,893 (12.1%) 0.85 1,725
    2022-01-01 $327,183 (19.0%) $365,575 (12.5%) 0.88 1,466
    2022-02-01 $349,900 (24.9%) $387,334 (16.4%) 0.91 1,295
    2022-03-01 $351,126 (23.2%) $392,006 (16.1%) 0.88 1,302
    2022-04-01 $359,925 (20.7%) $398,878 (13.7%) 0.86 1,346
    2022-05-01 $355,256 (18.7%) $402,431 (12.5%) 0.81 1,530
    2022-06-01 $357,297 (18.2%) $407,090 (14.1%) 0.80 1,692
    2022-07-01 $350,050 (14.8%) $401,157 (14.6%) 0.79 1,996
    2022-08-01 $351,000 (16.3%) $405,881 (14.6%) 0.81 2,098
    2022-09-01 $355,888 (17.8%) $409,277 (14.7%) 0.83 2,217
    2022-10-01 $350,000 (15.4%) $404,554 (13.8%) 0.82 2,432
    2022-11-01 $349,925 (13.3%) $399,342 (11.7%) 0.84 2,519
    2022-12-01 $349,000 (11.4%) $401,076 (13.0%) 0.86 2,321
    2023-01-01 $357,450 (9.3%) $408,068 (11.6%) 0.88 2,115
    2023-02-01 $369,945 (5.7%) $421,154 (8.7%) 0.89 1,965
    2023-03-01 $369,950 (5.4%) $425,749 (8.6%) 0.87 1,971
    2023-04-01 $374,990 (4.2%) $434,161 (0.0%) 0.87 1,922
    Des Moines's median listing price for 2023-04-01 was $374,990, a difference of $15,065 (4.2%) versus the prior year and $5,040 versus the prior month.

    Des Moines's median listing price comes in at 87% of the national average.

    Des Moines's average listing price for 2023-04-01 was $434,161, a difference of $35,283 (0.0%) versus the prior year and $8,412 versus the prior month.

    For the 2023-04-01 period, Des Moines had 1,922 MLS listings, a difference of -49 listings (-2%) versus the prior month and 576 listings (43%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Des Moines (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 98 days 1,619 sqft
    2018-02-01 96 days 1,627 sqft
    2018-03-01 87 days 1,630 sqft
    2018-04-01 73 days 1,634 sqft
    2018-05-01 63 days 1,642 sqft
    2018-06-01 61 days 1,633 sqft
    2018-07-01 61 days 1,632 sqft
    2018-08-01 66 days 1,620 sqft
    2018-09-01 68 days 1,610 sqft
    2018-10-01 73 days 1,608 sqft
    2018-11-01 82 days 1,607 sqft
    2018-12-01 94 days 1,596 sqft
    2019-01-01 98 days 1,589 sqft
    2019-02-01 101 days 1,596 sqft
    2019-03-01 89 days 1,600 sqft
    2019-04-01 71 days 1,603 sqft
    2019-05-01 57 days 1,606 sqft
    2019-06-01 58 days 1,610 sqft
    2019-07-01 62 days 1,599 sqft
    2019-08-01 67 days 1,595 sqft
    2019-09-01 72 days 1,588 sqft
    2019-10-01 68 days 1,556 sqft
    2019-11-01 68 days 1,544 sqft
    2019-12-01 79 days 1,537 sqft
    2020-01-01 86 days 1,528 sqft
    2020-02-01 90 days 1,546 sqft
    2020-03-01 72 days 1,563 sqft
    2020-04-01 66 days 1,557 sqft
    2020-05-01 65 days 1,579 sqft
    2020-06-01 66 days 1,596 sqft
    2020-07-01 61 days 1,595 sqft
    2020-08-01 58 days 1,575 sqft
    2020-09-01 62 days 1,552 sqft
    2020-10-01 61 days 1,532 sqft
    2020-11-01 66 days 1,519 sqft
    2020-12-01 72 days 1,516 sqft
    2021-01-01 79 days 1,512 sqft
    2021-02-01 77 days 1,509 sqft
    2021-03-01 59 days 1,515 sqft
    2021-04-01 51 days 1,518 sqft
    2021-05-01 44 days 1,518 sqft
    2021-06-01 51 days 1,521 sqft
    2021-07-01 53 days 1,514 sqft
    2021-08-01 53 days 1,512 sqft
    2021-09-01 52 days 1,503 sqft
    2021-10-01 57 days 1,498 sqft
    2021-11-01 60 days 1,494 sqft
    2021-12-01 63 days 1,493 sqft
    2022-01-01 82 days 1,501 sqft
    2022-02-01 76 days 1,511 sqft
    2022-03-01 52 days 1,514 sqft
    2022-04-01 49 days 1,534 sqft
    2022-05-01 46 days 1,534 sqft
    2022-06-01 47 days 1,545 sqft
    2022-07-01 49 days 1,540 sqft
    2022-08-01 53 days 1,554 sqft
    2022-09-01 57 days 1,551 sqft
    2022-10-01 59 days 1,540 sqft
    2022-11-01 64 days 1,548 sqft
    2022-12-01 74 days 1,554 sqft
    2023-01-01 91 days 1,553 sqft
    2023-02-01 95 days 1,562 sqft
    2023-03-01 85 days 1,568 sqft
    2023-04-01 74 days 1,569 sqft
    Des Moines's median listing age (time on market) for 2023-04-01 was 74 days. This is 51% longer than the same period one year ago.

    Des Moines's median square footage for active listings during the 2023-04-01 period was 1,569 sqft. One year prior, the average listing was 1,534 sqft.