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 6.57% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.6% and one month ago for the week of 2024-03-08, the average rate was 6.36%.

The average rate one year ago was 6.06%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.2%.

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%), .


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 (6.0%) $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 (3.7%) $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 $288,914 (-0.2%) $314,421 (1.2%) 0.94 3,006
2019-04-01 $288,814 (-1.2%) $317,544 (-0.1%) 0.92 3,014
2019-05-01 $283,200 (-2.8%) $318,326 (-0.9%) 0.89 3,142
2019-06-01 $279,900 (-3.5%) $317,088 (-0.3%) 0.87 3,287
2019-07-01 $276,750 (-4.5%) $314,608 (-0.7%) 0.87 3,408
2019-08-01 $271,427 (-4.4%) $310,678 (-0.8%) 0.86 3,535
2019-09-01 $263,818 (-5.8%) $303,604 (-1.6%) 0.84 3,668
2019-10-01 $259,545 (-7.8%) $299,315 (-3.1%) 0.84 3,733
2019-11-01 $255,000 (-9.3%) $296,007 (-3.9%) 0.84 3,503
2019-12-01 $255,000 (-8.9%) $294,438 (-3.1%) 0.85 3,320
2020-01-01 $258,900 (-8.6%) $294,677 (-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 (-0.7%) $325,272 (3.4%) 0.80 2,472
2020-08-01 $272,760 (0.5%) $321,963 (3.6%) 0.78 2,435
2020-09-01 $270,979 (2.7%) $317,172 (4.5%) 0.78 2,366
2020-10-01 $270,096 (4.1%) $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%) $324,924 (10.3%) 0.82 1,811
2021-02-01 $280,750 (6.0%) $332,447 (10.3%) 0.82 1,652
2021-03-01 $284,950 (6.2%) $337,577 (9.9%) 0.81 1,508
2021-04-01 $298,777 (11.4%) $350,707 (14.3%) 0.81 1,450
2021-05-01 $299,450 (9.1%) $357,764 (13.5%) 0.80 1,456
2021-06-01 $302,400 (8.9%) $356,851 (10.1%) 0.80 1,563
2021-07-01 $304,900 (11.0%) $350,167 (7.7%) 0.80 1,601
2021-08-01 $301,991 (10.7%) $354,250 (10.0%) 0.81 1,754
2021-09-01 $302,123 (11.5%) $356,685 (12.5%) 0.81 1,786
2021-10-01 $303,275 (12.3%) $355,552 (12.6%) 0.81 1,807
2021-11-01 $308,851 (14.4%) $357,397 (14.1%) 0.83 1,816
2021-12-01 $314,140 (15.3%) $354,893 (12.1%) 0.85 1,725
2022-01-01 $327,183 (19.0%) $365,520 (12.5%) 0.88 1,466
2022-02-01 $349,900 (24.6%) $387,334 (16.5%) 0.91 1,295
2022-03-01 $351,450 (23.3%) $391,829 (16.1%) 0.88 1,302
2022-04-01 $359,900 (20.5%) $398,719 (13.7%) 0.86 1,346
2022-05-01 $355,256 (18.6%) $402,431 (12.5%) 0.81 1,530
2022-06-01 $357,123 (18.1%) $407,087 (14.1%) 0.80 1,692
2022-07-01 $350,100 (14.8%) $401,042 (14.5%) 0.79 1,996
2022-08-01 $351,000 (16.2%) $405,725 (14.5%) 0.81 2,098
2022-09-01 $357,025 (18.2%) $409,243 (14.7%) 0.83 2,217
2022-10-01 $350,000 (15.4%) $403,980 (13.6%) 0.82 2,432
2022-11-01 $349,900 (13.3%) $398,805 (11.6%) 0.84 2,519
2022-12-01 $349,000 (11.1%) $400,955 (13.0%) 0.86 2,321
2023-01-01 $357,450 (9.3%) $407,763 (11.6%) 0.89 2,115
2023-02-01 $369,945 (5.7%) $420,672 (8.6%) 0.89 1,965
2023-03-01 $369,950 (5.3%) $425,373 (8.6%) 0.87 1,971
2023-04-01 $374,900 (4.2%) $432,892 (8.6%) 0.87 1,922
2023-05-01 $375,000 (5.6%) $444,501 (10.5%) 0.85 1,937
2023-06-01 $374,990 (5.0%) $449,446 (10.4%) 0.84 2,090
2023-07-01 $374,900 (7.1%) $449,220 (12.0%) 0.85 2,198
2023-08-01 $369,995 (5.4%) $441,557 (8.8%) 0.85 2,358
2023-09-01 $369,900 (3.6%) $440,075 (7.5%) 0.86 2,383
2023-10-01 $365,495 (4.4%) $436,716 (8.1%) 0.86 2,554
2023-11-01 $359,900 (2.9%) $426,797 (7.0%) 0.86 2,580
2023-12-01 $357,990 (2.6%) $423,676 (5.7%) 0.87 2,414
2024-01-01 $363,245 (1.6%) $429,964 (5.4%) 0.89 2,157
2024-02-01 $364,950 (-1.4%) $437,850 (4.1%) 0.88 2,062
2024-03-01 $368,000 (-0.5%) $439,472 (3.3%) 0.87 2,221
Des Moines's median listing price for 2024-03-01 was $368,000, a difference of $-1,950 (-0.5%) versus the prior year and $3,050 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 2024-03-01 was $439,472, a difference of $14,099 (3.3%) versus the prior year and $1,622 versus the prior month.

For the 2024-03-01 period, Des Moines had 2,221 MLS listings, a difference of 159 listings (8%) versus the prior month and 250 listings (13%) 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 93 days 1,619 sqft
2018-02-01 88 days 1,627 sqft
2018-03-01 73 days 1,630 sqft
2018-04-01 66 days 1,634 sqft
2018-05-01 59 days 1,642 sqft
2018-06-01 57 days 1,633 sqft
2018-07-01 57 days 1,632 sqft
2018-08-01 61 days 1,620 sqft
2018-09-01 64 days 1,610 sqft
2018-10-01 68 days 1,608 sqft
2018-11-01 77 days 1,607 sqft
2018-12-01 87 days 1,596 sqft
2019-01-01 91 days 1,589 sqft
2019-02-01 95 days 1,596 sqft
2019-03-01 83 days 1,599 sqft
2019-04-01 64 days 1,602 sqft
2019-05-01 52 days 1,606 sqft
2019-06-01 53 days 1,609 sqft
2019-07-01 59 days 1,599 sqft
2019-08-01 60 days 1,586 sqft
2019-09-01 63 days 1,568 sqft
2019-10-01 64 days 1,556 sqft
2019-11-01 65 days 1,544 sqft
2019-12-01 74 days 1,537 sqft
2020-01-01 82 days 1,528 sqft
2020-02-01 86 days 1,546 sqft
2020-03-01 67 days 1,563 sqft
2020-04-01 62 days 1,557 sqft
2020-05-01 61 days 1,579 sqft
2020-06-01 62 days 1,596 sqft
2020-07-01 58 days 1,595 sqft
2020-08-01 56 days 1,575 sqft
2020-09-01 60 days 1,552 sqft
2020-10-01 59 days 1,532 sqft
2020-11-01 64 days 1,519 sqft
2020-12-01 71 days 1,516 sqft
2021-01-01 78 days 1,512 sqft
2021-02-01 74 days 1,510 sqft
2021-03-01 57 days 1,515 sqft
2021-04-01 49 days 1,518 sqft
2021-05-01 43 days 1,518 sqft
2021-06-01 50 days 1,522 sqft
2021-07-01 51 days 1,514 sqft
2021-08-01 52 days 1,512 sqft
2021-09-01 51 days 1,503 sqft
2021-10-01 54 days 1,498 sqft
2021-11-01 58 days 1,494 sqft
2021-12-01 62 days 1,494 sqft
2022-01-01 81 days 1,501 sqft
2022-02-01 73 days 1,511 sqft
2022-03-01 49 days 1,514 sqft
2022-04-01 46 days 1,534 sqft
2022-05-01 44 days 1,534 sqft
2022-06-01 46 days 1,545 sqft
2022-07-01 46 days 1,540 sqft
2022-08-01 52 days 1,554 sqft
2022-09-01 56 days 1,552 sqft
2022-10-01 57 days 1,540 sqft
2022-11-01 60 days 1,550 sqft
2022-12-01 73 days 1,550 sqft
2023-01-01 89 days 1,552 sqft
2023-02-01 93 days 1,562 sqft
2023-03-01 72 days 1,566 sqft
2023-04-01 65 days 1,566 sqft
2023-05-01 58 days 1,598 sqft
2023-06-01 51 days 1,601 sqft
2023-07-01 53 days 1,605 sqft
2023-08-01 57 days 1,601 sqft
2023-09-01 61 days 1,599 sqft
2023-10-01 61 days 1,586 sqft
2023-11-01 61 days 1,567 sqft
2023-12-01 71 days 1,564 sqft
2024-01-01 81 days 1,564 sqft
2024-02-01 76 days 1,566 sqft
2024-03-01 52 days 1,558 sqft
Des Moines's median listing age (time on market) for 2024-03-01 was 52 days. This is -28% shorter than the same period one year ago.

Des Moines's median square footage for active listings during the 2024-03-01 period was 1,558 sqft. One year prior, the average listing was 1,566 sqft.