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 61 lenders originated 451 USDA loans during 2021. The total origination value was $92,605,000, with an average USDA loan value of $205,333.

    Detroit USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Detroit averaged 6.3% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

    Detroit's average USDA mortgage closing costs are $5,647.

    The average rate for the prior week (2022-11-25) was 6.54% and one month ago for the week of 2022-10-28, the average rate was 6.81%.

    The average rate one year ago was 3.5%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.2%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    MORTGAGE 1 INCORPORATED 53 3.04% $6,813
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 46 2.89% $6,268
    J. VIRGIL, INC. 40 3.07% $7,261
    AMERIFIRST FINANCIAL CORPORATION 37 3.13% $5,939
    UNION HOME MORTGAGE CORP. 27 2.78% $5,250
    Flagstar Bank, FSB 18 2.78% $5,705
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 17 3.02% $5,952
    MICHIGAN MUTUAL, INC. 15 3.13% $5,524
    PLAZA HOME MORTGAGE, INC. 10 3.07% $5,537
    UNITED WHOLESALE MORTGAGE, LLC 10 2.95% $5,971
    STAUNTON FINANCIAL, INC. 10 2.85% $5,563
    HOME POINT FINANCIAL CORPORATION 9 2.90% $6,068
    CROSSCOUNTRY MORTGAGE, LLC 9 3.05% $5,473
    CALIBER HOME LOANS, INC. 8 3.11% $4,960
    Platinum Home Mortgage Corporation 8 2.84% $5,811
    Preston Home Loans Inc 8 3.08% $5,739
    SUCCESS MORTGAGE PARTNERS, INC. 7 3.39% $7,386
    ACADEMY MORTGAGE CORPORATION 6 3.21% $6,323
    UNIVERSITY LENDING GROUP, LLC 6 2.85% $6,049
    SECURITY CREDIT UNION 6 3.21% $4,398
    PENNYMAC LOAN SERVICES, LLC 5 2.85% $4,856
    LAKE MICHIGAN CREDIT UNION 5 2.90% $5,223
    HOMESITE MORTGAGE, LLC 5 3.12% $5,755
    ROSS MORTGAGE CORPORATION 4 3.41% $6,555
    Independent Bank 4 3.13% $5,925
    BLG HOLDINGS, INC. 4 2.94% $6,791
    MID AMERICA MORTGAGE, INC. 4 3.31% $3,619
    First State Bank 4 3.47% $4,770
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 3 3.38% $5,285
    RUOFF MORTGAGE COMPANY, INC. 2 3.00% $5,863
    FREEDOM MORTGAGE CORPORATION 2 2.88% $4,036
    Sierra Pacific Mortgage Company, Inc. 2 2.63% $6,575
    MOVEMENT MORTGAGE, LLC 2 2.94% $4,989
    Bank of Ann Arbor 2 2.88% $5,340
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.31% $7,119
    KELLER MORTGAGE, LLC 2 2.56% $4,998
    GUARANTEED RATE, INC. 2 3.31% $5,030
    POLARIS HOME FUNDING CORP. 2 2.88% $4,956
    Paramount Residential Mortgage Group, Inc. 2 3.25% $6,147
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.25% $6,828
    BROKER SOLUTIONS, INC. 2 3.81% $3,015
    Bank of England 1 3.00% $5,511
    SUMMIT FUNDING, INC. 1 2.88% $5,175
    The Huntington National Bank 1 2.63% $3,949
    TOWNE MORTGAGE COMPANY 1 2.75% $7,384
    Austin Capital Bank SSB 1 3.50% $6,146
    AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $8,592
    ADVISORS CAPITAL, INC. 1 2.63% $5,310
    INSPIRE HOME LOANS INC. 1 3.63% $5,394
    Wells Fargo Bank 1 2.25% $3,946
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $8,916
    LAKEVIEW LOAN SERVICING, LLC 1 2.75% $3,071
    GVC MORTGAGE, INC. 1 3.88% $6,114
    GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $7,716
    Old National Bank 1 2.25% $7,237
    OPEN MORTGAGE, LLC 1 2.63% $3,773
    PLANET HOME LENDING, LLC 1 2.38% $3,983
    Citizens Bank 1 3.25% $3,751
    PNC Bank 1 2.63% $3,544
    Century Mortgage Company DBA Century Lending Company 1 4.50% $4,854
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.63% $5,646

    The top Detroit USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 53 USDA loans originated. Their average total fees are $6,813, which is $545 higher than the next largest lender, HIGHLANDS RESIDENTIAL MORTGAGE, LTD..

    The lowest fee Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($5,250), MICHIGAN MUTUAL, INC. ($5,524), PLAZA HOME MORTGAGE, INC. ($5,537), STAUNTON FINANCIAL, INC. ($5,563) and Flagstar Bank, FSB ($5,705).

    The lowest rate Detroit USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (2.78%), Flagstar Bank, FSB (2.78%), STAUNTON FINANCIAL, INC. (2.85%), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (2.89%) and UNITED WHOLESALE MORTGAGE, LLC (2.95%).

    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%) $309,546 (5.2%) 0.74 9,945
    2018-02-01 $206,000 (7.1%) $318,858 (6.5%) 0.75 9,275
    2018-03-01 $224,900 (5.9%) $338,000 (8.2%) 0.79 9,086
    2018-04-01 $242,450 (7.8%) $343,562 (5.1%) 0.82 9,495
    2018-05-01 $249,900 (6.6%) $348,825 (3.2%) 0.83 10,502
    2018-06-01 $253,800 (7.8%) $353,506 (3.9%) 0.85 11,787
    2018-07-01 $249,900 (6.3%) $346,145 (2.7%) 0.83 12,985
    2018-08-01 $244,950 (8.1%) $336,233 (2.9%) 0.82 14,308
    2018-09-01 $239,900 (6.6%) $334,465 (2.9%) 0.81 14,964
    2018-10-01 $231,315 (4.5%) $326,479 (1.2%) 0.78 14,888
    2018-11-01 $225,000 (4.1%) $318,728 (0.1%) 0.76 14,435
    2018-12-01 $219,900 (4.8%) $314,568 (-0.2%) 0.76 13,259
    2019-01-01 $218,750 (9.4%) $313,394 (1.2%) 0.76 12,166
    2019-02-01 $219,950 (6.8%) $317,113 (-0.6%) 0.74 11,498
    2019-03-01 $232,814 (3.5%) $329,694 (-2.5%) 0.76 11,363
    2019-04-01 $250,300 (3.2%) $345,530 (0.6%) 0.79 11,512
    2019-05-01 $259,450 (3.8%) $351,620 (0.8%) 0.81 12,394
    2019-06-01 $260,725 (2.7%) $349,825 (-1.0%) 0.81 13,750
    2019-07-01 $259,900 (4.0%) $343,775 (-0.7%) 0.81 15,035
    2019-08-01 $253,355 (3.4%) $336,907 (0.2%) 0.80 15,573
    2019-09-01 $243,536 (1.5%) $328,031 (-1.9%) 0.78 15,877
    2019-10-01 $236,950 (2.4%) $321,641 (-1.5%) 0.76 15,956
    2019-11-01 $229,900 (2.2%) $317,609 (-0.4%) 0.75 14,923
    2019-12-01 $224,900 (2.3%) $311,077 (-1.1%) 0.75 13,087
    2020-01-01 $219,950 (0.6%) $310,313 (-1.0%) 0.74 11,681
    2020-02-01 $221,995 (0.9%) $315,385 (-0.5%) 0.73 10,786
    2020-03-01 $237,750 (2.1%) $329,443 (-0.1%) 0.74 10,432
    2020-04-01 $243,950 (-2.5%) $333,121 (-3.6%) 0.76 9,947
    2020-05-01 $249,900 (-3.7%) $338,437 (-3.8%) 0.76 10,771
    2020-06-01 $272,450 (4.5%) $364,879 (4.3%) 0.80 10,310
    2020-07-01 $277,426 (6.7%) $373,965 (8.8%) 0.80 9,880
    2020-08-01 $274,900 (8.5%) $373,515 (10.9%) 0.79 9,358
    2020-09-01 $269,900 (10.8%) $372,952 (13.7%) 0.77 9,039
    2020-10-01 $264,900 (11.8%) $373,261 (16.1%) 0.76 8,532
    2020-11-01 $254,950 (10.9%) $372,813 (17.4%) 0.74 7,726
    2020-12-01 $249,900 (11.1%) $370,139 (19.0%) 0.74 6,803
    2021-01-01 $249,900 (13.6%) $372,177 (19.9%) 0.75 5,738
    2021-02-01 $250,000 (12.6%) $387,543 (22.9%) 0.73 4,778
    2021-03-01 $264,500 (11.3%) $396,925 (20.5%) 0.75 4,647
    2021-04-01 $269,900 (10.6%) $404,575 (21.5%) 0.73 4,774
    2021-05-01 $279,000 (11.6%) $408,725 (20.8%) 0.74 5,315
    2021-06-01 $275,728 (1.2%) $395,819 (8.5%) 0.73 6,546
    2021-07-01 $275,000 (-0.9%) $390,797 (4.5%) 0.72 7,239
    2021-08-01 $267,400 (-2.7%) $383,160 (2.6%) 0.71 8,032
    2021-09-01 $249,950 (-7.4%) $370,096 (-0.8%) 0.67 8,238
    2021-10-01 $242,900 (-8.3%) $359,677 (-3.6%) 0.65 7,929
    2021-11-01 $227,450 (-10.8%) $347,985 (-6.7%) 0.61 7,328
    2021-12-01 $216,950 (-13.2%) $345,254 (-6.7%) 0.59 6,347
    2022-01-01 $205,000 (-18.0%) $340,949 (-8.4%) 0.55 5,245
    2022-02-01 $214,950 (-14.0%) $353,530 (-8.8%) 0.56 4,682
    2022-03-01 $227,450 (-14.0%) $359,665 (-9.4%) 0.57 4,828
    2022-04-01 $249,900 (-7.4%) $376,204 (-7.0%) 0.60 5,069
    2022-05-01 $273,000 (-2.2%) $383,779 (-6.1%) 0.62 6,397
    2022-06-01 $279,900 (1.5%) $387,602 (-2.1%) 0.62 7,723
    2022-07-01 $279,900 (1.8%) $381,380 (-2.4%) 0.63 9,340
    2022-08-01 $271,950 (1.7%) $370,068 (-3.4%) 0.63 9,927
    2022-09-01 $263,800 (5.5%) $365,673 (-1.2%) 0.62 9,814
    2022-10-01 $250,000 (2.9%) $355,244 (-1.2%) 0.59 9,913
    2022-11-01 $247,000 (8.6%) $347,405 (-0.2%) 0.59 9,800
    Detroit's median listing price for 2022-11-01 was $247,000, a difference of $19,550 (8.6%) versus the prior year and $-3,000 versus the prior month.

    Detroit's median listing price comes in at 59% of the national average.

    Detroit's average listing price for 2022-11-01 was $347,405, a difference of $-580 (-0.2%) versus the prior year and $-7,839 versus the prior month.

    For the 2022-11-01 period, Detroit had 9,800 MLS listings, a difference of -113 listings (-1%) versus the prior month and 2,472 listings (34%) 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 67 days 1,578 sqft
    2018-02-01 64 days 1,582 sqft
    2018-03-01 49 days 1,644 sqft
    2018-04-01 39 days 1,686 sqft
    2018-05-01 36 days 1,713 sqft
    2018-06-01 36 days 1,734 sqft
    2018-07-01 37 days 1,723 sqft
    2018-08-01 37 days 1,700 sqft
    2018-09-01 43 days 1,692 sqft
    2018-10-01 45 days 1,642 sqft
    2018-11-01 47 days 1,613 sqft
    2018-12-01 58 days 1,585 sqft
    2019-01-01 65 days 1,582 sqft
    2019-02-01 64 days 1,595 sqft
    2019-03-01 49 days 1,631 sqft
    2019-04-01 38 days 1,684 sqft
    2019-05-01 36 days 1,715 sqft
    2019-06-01 37 days 1,727 sqft
    2019-07-01 38 days 1,722 sqft
    2019-08-01 41 days 1,704 sqft
    2019-09-01 44 days 1,674 sqft
    2019-10-01 47 days 1,650 sqft
    2019-11-01 53 days 1,623 sqft
    2019-12-01 65 days 1,598 sqft
    2020-01-01 72 days 1,583 sqft
    2020-02-01 63 days 1,585 sqft
    2020-03-01 51 days 1,602 sqft
    2020-04-01 63 days 1,618 sqft
    2020-05-01 68 days 1,638 sqft
    2020-06-01 41 days 1,723 sqft
    2020-07-01 40 days 1,737 sqft
    2020-08-01 37 days 1,710 sqft
    2020-09-01 39 days 1,666 sqft
    2020-10-01 38 days 1,640 sqft
    2020-11-01 44 days 1,600 sqft
    2020-12-01 53 days 1,574 sqft
    2021-01-01 57 days 1,555 sqft
    2021-02-01 46 days 1,560 sqft
    2021-03-01 33 days 1,576 sqft
    2021-04-01 25 days 1,590 sqft
    2021-05-01 20 days 1,600 sqft
    2021-06-01 20 days 1,598 sqft
    2021-07-01 23 days 1,587 sqft
    2021-08-01 25 days 1,558 sqft
    2021-09-01 30 days 1,513 sqft
    2021-10-01 33 days 1,493 sqft
    2021-11-01 37 days 1,451 sqft
    2021-12-01 45 days 1,420 sqft
    2022-01-01 55 days 1,406 sqft
    2022-02-01 38 days 1,416 sqft
    2022-03-01 28 days 1,441 sqft
    2022-04-01 24 days 1,485 sqft
    2022-05-01 23 days 1,536 sqft
    2022-06-01 24 days 1,557 sqft
    2022-07-01 29 days 1,550 sqft
    2022-08-01 34 days 1,531 sqft
    2022-09-01 40 days 1,521 sqft
    2022-10-01 41 days 1,500 sqft
    2022-11-01 44 days 1,483 sqft
    Detroit's median listing age (time on market) for 2022-11-01 was 44 days. This is 21% longer than the same period one year ago.

    Detroit's median square footage for active listings during the 2022-11-01 period was 1,483 sqft. One year prior, the average listing was 1,451 sqft.