Des Moines USDA Loan Rates, Closing Costs & Stats

DES MOINES-WEST DES MOINES, IA

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    • 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 -0.33% for the week of 2024-11-15, compared to the national average (all USDA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.42% and one month ago for the week of 2024-10-11, the average rate was 5.69%.

    The average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.4%.

    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
    2024-04-01 $375,698 (0.2%) $449,610 (3.9%) 0.87 2,347
    2024-05-01 $379,993 (1.3%) $456,699 (2.7%) 0.86 2,453
    2024-06-01 $375,000 (0.0%) $452,687 (0.7%) 0.84 2,627
    2024-07-01 $369,990 (-1.3%) $438,365 (-2.4%) 0.85 2,734
    2024-08-01 $369,900 (0.0%) $434,297 (-1.6%) 0.86 2,743
    2024-09-01 $359,990 (-2.7%) $418,334 (-4.9%) 0.85 2,836
    2024-10-01 $359,450 (-1.7%) $413,528 (-5.3%) 0.85 2,930
    Des Moines's median listing price for 2024-10-01 was $359,450, a difference of $-6,045 (-1.7%) versus the prior year and $-540 versus the prior month.

    Des Moines's median listing price comes in at 85% of the national average.

    Des Moines's average listing price for 2024-10-01 was $413,528, a difference of $-23,188 (-5.3%) versus the prior year and $-4,806 versus the prior month.

    For the 2024-10-01 period, Des Moines had 2,930 MLS listings, a difference of 94 listings (3%) versus the prior month and 376 listings (15%) 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
    2024-04-01 46 days 1,580 sqft
    2024-05-01 46 days 1,599 sqft
    2024-06-01 50 days 1,587 sqft
    2024-07-01 58 days 1,578 sqft
    2024-08-01 60 days 1,560 sqft
    2024-09-01 61 days 1,545 sqft
    2024-10-01 60 days 1,537 sqft
    Des Moines's median listing age (time on market) for 2024-10-01 was 60 days. This is -2% shorter than the same period one year ago.

    Des Moines's median square footage for active listings during the 2024-10-01 period was 1,537 sqft. One year prior, the average listing was 1,586 sqft.