Detroit USDA Loan Rates, Closing Costs & Stats

Detroit-Warren-Dearborn, MI

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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.

    Detroit's 32 lenders originated 137 USDA loans during 2023. The total origination value was $25,585,000, with an average USDA loan value of $186,752.

    Detroit USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Detroit averaged 6.57% for the week of 2024-11-08, compared to the national average (all USDA variants) of 6.477% for the same period.

    Detroit's average USDA mortgage closing costs are $5,824.

    The average rate for the prior week (2024-11-01) was 6.64% and one month ago for the week of 2024-10-04, the average rate was 6.17%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.35%.

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

    Detroit 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 Detroit level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 15 6.78% $7,060
    J. VIRGIL, INC. 15 6.68% $6,755
    DAS Acquisition Company, LLC 10 6.79% $8,024
    UNION HOME MORTGAGE CORP. 10 6.84% $7,477
    MORTGAGE 1 INCORPORATED 8 6.34% $7,661
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 6 6.69% $7,912
    Flagstar Bank, FSB 5 7.00% $7,165
    SECURITY CREDIT UNION 4 7.41% $6,016
    First State Bank 4 6.44% $4,796
    TOWNE MORTGAGE COMPANY 3 6.50% $7,691
    LAKE MICHIGAN CREDIT UNION 3 6.17% $6,301
    NEWREZ LLC 2 6.44% $7,140
    MICHIGAN MUTUAL, INC. 2 7.13% $11,788
    Preston Home Loans Inc 2 6.63% $9,960
    RUOFF MORTGAGE COMPANY, INC. 1 6.88% $6,418
    STAUNTON FINANCIAL, INC. 1 6.38% $4,664
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $11,776
    The Dart Bank 1 6.75% $8,618
    LEGEND LENDING CORPORATION 1 6.63% $6,441
    BLG HOLDINGS, INC. 1 7.25% $8,289
    Carrington Mortgage Services, LLC 1 7.13% $4,778
    Cornerstone First Mortgage, Inc 1 6.88% $8,081
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.88% $8,158
    EMM LOANS LLC 1 6.13% $9,102
    Encompass Lending Group, LP 1 7.50% $6,131
    Equity Prime Mortgage LLC 1 7.13% $8,631
    First Merchants Bank 1 6.13% $6,145
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $10,784
    Bank of England 1 7.25% $10,692
    Platinum Home Mortgage Corporation 1 5.25% $12,467
    PLAZA HOME MORTGAGE, INC. 1 5.75% $13,997
    Prosperity Home Mortgage, LLC 1 6.88% $7,630

    The top Detroit USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 15 USDA loans originated. Their average total fees are $7,060, which is $306 higher than the next largest lender, J. VIRGIL, INC..

    The lowest fee Detroit USDA lenders (with over 10 loans originated) are J. VIRGIL, INC. ($6,755), UNITED WHOLESALE MORTGAGE, LLC ($7,060), UNION HOME MORTGAGE CORP. ($7,477), DAS Acquisition Company, LLC ($8,024) and .

    The lowest rate Detroit USDA lenders (with over 10 loans originated) are J. VIRGIL, INC. (6.68%), UNITED WHOLESALE MORTGAGE, LLC (6.78%), DAS Acquisition Company, LLC (6.79%), UNION HOME MORTGAGE CORP. (6.84%) and .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Detroit (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 $199,900 (7.3%) $309,468 (5.2%) 0.74 9,939
    2018-02-01 $205,500 (6.8%) $318,782 (6.5%) 0.75 9,269
    2018-03-01 $224,900 (5.9%) $337,975 (8.2%) 0.79 9,082
    2018-04-01 $242,450 (7.8%) $343,455 (5.1%) 0.82 9,491
    2018-05-01 $249,900 (6.6%) $348,685 (3.2%) 0.83 10,496
    2018-06-01 $253,200 (7.5%) $353,380 (3.9%) 0.84 11,781
    2018-07-01 $249,900 (6.3%) $346,045 (2.7%) 0.83 12,978
    2018-08-01 $244,950 (8.0%) $336,152 (2.9%) 0.82 14,301
    2018-09-01 $239,900 (6.6%) $334,379 (2.9%) 0.81 14,957
    2018-10-01 $230,950 (4.3%) $326,364 (1.2%) 0.78 14,879
    2018-11-01 $225,000 (4.2%) $318,603 (0.1%) 0.76 14,428
    2018-12-01 $219,900 (4.8%) $314,446 (-0.2%) 0.76 13,252
    2019-01-01 $218,550 (9.3%) $313,254 (1.2%) 0.76 12,159
    2019-02-01 $219,950 (7.0%) $316,952 (-0.6%) 0.74 11,495
    2019-03-01 $232,814 (3.5%) $329,647 (-2.5%) 0.76 11,352
    2019-04-01 $249,950 (3.1%) $345,374 (0.6%) 0.79 11,488
    2019-05-01 $259,900 (4.0%) $351,992 (1.0%) 0.81 12,362
    2019-06-01 $262,000 (3.5%) $350,214 (-0.9%) 0.82 13,710
    2019-07-01 $259,900 (4.0%) $344,094 (-0.6%) 0.81 14,992
    2019-08-01 $253,355 (3.4%) $337,144 (0.3%) 0.80 15,526
    2019-09-01 $243,536 (1.5%) $328,210 (-1.8%) 0.78 15,829
    2019-10-01 $236,991 (2.6%) $321,784 (-1.4%) 0.76 15,906
    2019-11-01 $229,900 (2.2%) $317,751 (-0.3%) 0.75 14,871
    2019-12-01 $224,900 (2.3%) $311,231 (-1.0%) 0.75 13,035
    2020-01-01 $219,950 (0.6%) $310,474 (-0.9%) 0.74 11,629
    2020-02-01 $222,250 (1.1%) $315,582 (-0.4%) 0.73 10,735
    2020-03-01 $237,850 (2.2%) $329,570 (0.0%) 0.75 10,380
    2020-04-01 $243,950 (-2.4%) $333,299 (-3.5%) 0.76 9,897
    2020-05-01 $249,900 (-3.9%) $338,713 (-3.8%) 0.76 10,722
    2020-06-01 $272,725 (4.1%) $365,212 (4.3%) 0.80 10,264
    2020-07-01 $278,375 (7.1%) $374,372 (8.8%) 0.81 9,832
    2020-08-01 $274,900 (8.5%) $373,949 (10.9%) 0.79 9,311
    2020-09-01 $269,950 (10.9%) $373,481 (13.8%) 0.77 8,992
    2020-10-01 $264,975 (11.8%) $373,814 (16.2%) 0.76 8,484
    2020-11-01 $254,950 (10.9%) $373,410 (17.5%) 0.75 7,677
    2020-12-01 $249,950 (11.1%) $370,800 (19.1%) 0.74 6,754
    2021-01-01 $249,900 (13.6%) $372,940 (20.1%) 0.75 5,690
    2021-02-01 $250,000 (12.5%) $388,674 (23.2%) 0.73 4,731
    2021-03-01 $266,138 (11.9%) $398,112 (20.8%) 0.76 4,597
    2021-04-01 $269,950 (10.7%) $405,925 (21.8%) 0.73 4,725
    2021-05-01 $279,900 (12.0%) $409,975 (21.0%) 0.74 5,266
    2021-06-01 $276,575 (1.4%) $396,675 (8.6%) 0.73 6,498
    2021-07-01 $275,000 (-1.2%) $391,506 (4.6%) 0.73 7,192
    2021-08-01 $267,400 (-2.7%) $383,727 (2.6%) 0.71 7,991
    2021-09-01 $249,950 (-7.4%) $370,605 (-0.8%) 0.67 8,195
    2021-10-01 $242,990 (-8.3%) $360,143 (-3.7%) 0.65 7,880
    2021-11-01 $227,450 (-10.8%) $348,427 (-6.7%) 0.61 7,274
    2021-12-01 $216,950 (-13.2%) $345,696 (-6.8%) 0.59 6,293
    2022-01-01 $205,000 (-18.0%) $341,364 (-8.5%) 0.55 5,189
    2022-02-01 $216,100 (-13.6%) $354,193 (-8.9%) 0.56 4,626
    2022-03-01 $227,450 (-14.5%) $360,375 (-9.5%) 0.57 4,771
    2022-04-01 $249,900 (-7.4%) $376,980 (-7.1%) 0.60 5,012
    2022-05-01 $274,000 (-2.1%) $384,656 (-6.2%) 0.63 6,341
    2022-06-01 $279,950 (1.2%) $388,401 (-2.1%) 0.62 7,666
    2022-07-01 $279,900 (1.8%) $381,932 (-2.5%) 0.63 9,283
    2022-08-01 $272,400 (1.9%) $370,532 (-3.4%) 0.63 9,869
    2022-09-01 $263,950 (5.6%) $366,213 (-1.2%) 0.62 9,757
    2022-10-01 $250,000 (2.9%) $355,627 (-1.3%) 0.59 9,855
    2022-11-01 $247,000 (8.6%) $347,733 (-0.2%) 0.59 9,742
    2022-12-01 $230,000 (6.0%) $341,678 (-1.2%) 0.57 8,672
    2023-01-01 $227,125 (10.8%) $343,290 (0.6%) 0.56 7,431
    2023-02-01 $229,450 (6.2%) $347,618 (-1.9%) 0.55 6,513
    2023-03-01 $236,950 (4.2%) $362,617 (0.6%) 0.56 5,940
    2023-04-01 $250,000 (0.0%) $384,503 (2.0%) 0.58 5,885
    2023-05-01 $267,450 (-2.4%) $399,457 (3.9%) 0.61 6,033
    2023-06-01 $270,000 (-3.6%) $402,235 (3.6%) 0.61 6,448
    2023-07-01 $269,000 (-3.9%) $393,621 (3.1%) 0.61 6,988
    2023-08-01 $272,400 (0.0%) $389,930 (5.2%) 0.63 7,448
    2023-09-01 $262,000 (-0.7%) $386,050 (5.4%) 0.61 7,660
    2023-10-01 $252,250 (0.9%) $382,592 (7.6%) 0.59 7,907
    2023-11-01 $247,000 (0.0%) $373,047 (7.3%) 0.59 8,116
    2023-12-01 $235,250 (2.3%) $365,972 (7.1%) 0.57 7,356
    2024-01-01 $229,450 (1.0%) $363,472 (5.9%) 0.56 6,424
    2024-02-01 $229,450 (0.0%) $368,064 (5.9%) 0.55 6,201
    2024-03-01 $239,900 (1.2%) $380,019 (4.8%) 0.56 6,151
    2024-04-01 $250,000 (0.0%) $387,737 (0.8%) 0.58 6,144
    2024-05-01 $259,500 (-3.0%) $409,085 (2.4%) 0.59 6,544
    2024-06-01 $275,000 (1.9%) $425,713 (5.8%) 0.62 7,111
    2024-07-01 $279,900 (4.1%) $430,586 (9.4%) 0.64 7,737
    2024-08-01 $279,900 (2.8%) $417,041 (7.0%) 0.65 8,525
    2024-09-01 $277,000 (5.7%) $407,313 (5.5%) 0.65 8,921
    2024-10-01 $271,200 (7.5%) $399,253 (4.4%) 0.64 8,920
    Detroit's median listing price for 2024-10-01 was $271,200, a difference of $18,950 (7.5%) versus the prior year and $-5,800 versus the prior month.

    Detroit's median listing price comes in at 64% of the national average.

    Detroit's average listing price for 2024-10-01 was $399,253, a difference of $16,661 (4.4%) versus the prior year and $-8,060 versus the prior month.

    For the 2024-10-01 period, Detroit had 8,920 MLS listings, a difference of -1 listings (0%) versus the prior month and 1,013 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Detroit (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 63 days 1,578 sqft
    2018-02-01 58 days 1,581 sqft
    2018-03-01 45 days 1,644 sqft
    2018-04-01 36 days 1,686 sqft
    2018-05-01 33 days 1,713 sqft
    2018-06-01 33 days 1,734 sqft
    2018-07-01 36 days 1,723 sqft
    2018-08-01 35 days 1,700 sqft
    2018-09-01 40 days 1,692 sqft
    2018-10-01 43 days 1,642 sqft
    2018-11-01 46 days 1,613 sqft
    2018-12-01 56 days 1,585 sqft
    2019-01-01 61 days 1,581 sqft
    2019-02-01 60 days 1,595 sqft
    2019-03-01 45 days 1,631 sqft
    2019-04-01 36 days 1,683 sqft
    2019-05-01 34 days 1,717 sqft
    2019-06-01 36 days 1,728 sqft
    2019-07-01 37 days 1,724 sqft
    2019-08-01 40 days 1,706 sqft
    2019-09-01 43 days 1,675 sqft
    2019-10-01 45 days 1,651 sqft
    2019-11-01 51 days 1,624 sqft
    2019-12-01 62 days 1,598 sqft
    2020-01-01 69 days 1,584 sqft
    2020-02-01 58 days 1,586 sqft
    2020-03-01 47 days 1,604 sqft
    2020-04-01 59 days 1,620 sqft
    2020-05-01 65 days 1,640 sqft
    2020-06-01 38 days 1,725 sqft
    2020-07-01 37 days 1,740 sqft
    2020-08-01 33 days 1,710 sqft
    2020-09-01 35 days 1,669 sqft
    2020-10-01 36 days 1,641 sqft
    2020-11-01 40 days 1,600 sqft
    2020-12-01 48 days 1,576 sqft
    2021-01-01 51 days 1,557 sqft
    2021-02-01 39 days 1,562 sqft
    2021-03-01 28 days 1,577 sqft
    2021-04-01 22 days 1,595 sqft
    2021-05-01 18 days 1,604 sqft
    2021-06-01 19 days 1,600 sqft
    2021-07-01 22 days 1,590 sqft
    2021-08-01 24 days 1,558 sqft
    2021-09-01 30 days 1,514 sqft
    2021-10-01 31 days 1,493 sqft
    2021-11-01 36 days 1,451 sqft
    2021-12-01 43 days 1,420 sqft
    2022-01-01 52 days 1,406 sqft
    2022-02-01 34 days 1,416 sqft
    2022-03-01 25 days 1,441 sqft
    2022-04-01 22 days 1,486 sqft
    2022-05-01 20 days 1,537 sqft
    2022-06-01 23 days 1,559 sqft
    2022-07-01 28 days 1,551 sqft
    2022-08-01 32 days 1,532 sqft
    2022-09-01 39 days 1,522 sqft
    2022-10-01 39 days 1,500 sqft
    2022-11-01 43 days 1,484 sqft
    2022-12-01 52 days 1,453 sqft
    2023-01-01 62 days 1,444 sqft
    2023-02-01 55 days 1,456 sqft
    2023-03-01 46 days 1,473 sqft
    2023-04-01 37 days 1,508 sqft
    2023-05-01 30 days 1,531 sqft
    2023-06-01 31 days 1,536 sqft
    2023-07-01 32 days 1,532 sqft
    2023-08-01 36 days 1,523 sqft
    2023-09-01 40 days 1,508 sqft
    2023-10-01 40 days 1,480 sqft
    2023-11-01 41 days 1,460 sqft
    2023-12-01 50 days 1,445 sqft
    2024-01-01 50 days 1,458 sqft
    2024-02-01 46 days 1,447 sqft
    2024-03-01 42 days 1,463 sqft
    2024-04-01 39 days 1,479 sqft
    2024-05-01 32 days 1,498 sqft
    2024-06-01 31 days 1,516 sqft
    2024-07-01 37 days 1,522 sqft
    2024-08-01 36 days 1,520 sqft
    2024-09-01 39 days 1,511 sqft
    2024-10-01 40 days 1,505 sqft
    Detroit's median listing age (time on market) for 2024-10-01 was 40 days. This is 0% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2024-10-01 period was 1,505 sqft. One year prior, the average listing was 1,480 sqft.