Duluth USDA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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.

Duluth's 29 lenders originated 93 USDA loans during 2021. The total origination value was $13,695,000, with an average USDA loan value of $147,258.

Duluth USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Duluth averaged 6.42% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Duluth's average USDA mortgage closing costs are $4,542.

The average rate for the prior week (2023-01-20) was 6.01% and one month ago for the week of 2022-12-23, the average rate was 6.14%.

The average rate one year ago was 3.99%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.11%.

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

Duluth 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 Duluth level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 3.27% $4,223
Lend Smart Mortgage, LLC 15 3.19% $4,498
HOME POINT FINANCIAL CORPORATION 9 2.90% $4,357
Servion, Inc. 9 2.67% $5,459
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.07% $6,564
BAY EQUITY LLC 4 2.96% $5,739
American Bank of the North 3 3.17% $6,336
Frandsen Bank & Trust 3 3.00% $4,816
MEGASTAR FINANCIAL CORP. 3 2.75% $5,856
Mortgages Unlimited Inc. 2 3.19% $6,516
GUARANTEED RATE, INC. 2 2.44% $5,993
MANN FINANCIAL INC. 2 3.06% $5,829
PREMIER MORTGAGE RESOURCES, L.L.C. 1 2.88% $9,918
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $10,206
UNION HOME MORTGAGE CORP. 1 2.50% $3,349
UNITED WHOLESALE MORTGAGE, LLC 1 2.91% $5,591
U.S. Bank 1 3.25% $4,730
Wells Fargo Bank 1 4.00% $2,597
Austin Capital Bank SSB 1 3.38% $5,727
Bell Bank 1 2.63% $4,831
BROKER SOLUTIONS, INC. 1 3.25% $5,021
CALIBER HOME LOANS, INC. 1 2.75% $5,157
GUILD MORTGAGE COMPANY 1 2.63% $5,555
HANCOCK MORTGAGE PARTNERS, LLC 1 2.88% $7,336
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.00% $4,784
Ixonia Bank 1 2.75% $4,196
NATIONS RELIABLE LENDING, LLC 1 3.50% $5,711
Paramount Residential Mortgage Group, Inc. 1 2.75% $5,248
PENNYMAC LOAN SERVICES, LLC 1 2.50% $5,560

The top Duluth USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 16 USDA loans originated. Their average total fees are $4,223, which is $276 lower than the next largest lender, Lend Smart Mortgage, LLC.

The lowest fee Duluth USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,223), Lend Smart Mortgage, LLC ($4,498), .

The lowest rate Duluth USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC (3.19%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.27%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Duluth (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 $155,667 (4.2%) $242,610 (7.2%) 0.58 1,185
2018-02-01 $159,900 (6.6%) $250,586 (7.2%) 0.58 1,171
2018-03-01 $169,000 (5.7%) $266,988 (11.2%) 0.59 1,210
2018-04-01 $179,075 (8.5%) $273,681 (12.9%) 0.61 1,241
2018-05-01 $184,450 (8.5%) $275,955 (11.0%) 0.62 1,411
2018-06-01 $185,000 (4.8%) $270,920 (8.2%) 0.62 1,673
2018-07-01 $185,000 (5.7%) $270,172 (5.6%) 0.62 1,753
2018-08-01 $185,000 (5.7%) $265,080 (3.9%) 0.62 1,754
2018-09-01 $183,950 (6.2%) $259,278 (3.2%) 0.62 1,719
2018-10-01 $179,975 (5.9%) $259,817 (5.4%) 0.61 1,668
2018-11-01 $179,450 (12.2%) $256,384 (6.3%) 0.61 1,519
2018-12-01 $174,500 (9.8%) $252,648 (4.0%) 0.60 1,315
2019-01-01 $171,225 (10.0%) $267,180 (10.1%) 0.59 1,059
2019-02-01 $170,450 (6.6%) $265,166 (5.8%) 0.58 1,008
2019-03-01 $184,900 (9.4%) $276,051 (3.4%) 0.60 1,050
2019-04-01 $206,950 (15.6%) $286,829 (4.8%) 0.66 1,118
2019-05-01 $200,000 (8.4%) $287,654 (4.2%) 0.63 1,272
2019-06-01 $200,000 (8.1%) $283,268 (4.6%) 0.63 1,460
2019-07-01 $202,400 (9.4%) $285,293 (5.6%) 0.63 1,583
2019-08-01 $197,173 (6.6%) $280,283 (5.7%) 0.62 1,612
2019-09-01 $193,082 (5.0%) $273,270 (5.4%) 0.62 1,586
2019-10-01 $192,905 (7.2%) $268,372 (3.3%) 0.62 1,542
2019-11-01 $189,900 (5.8%) $260,970 (1.8%) 0.62 1,342
2019-12-01 $187,000 (7.2%) $261,610 (3.6%) 0.62 1,116
2020-01-01 $185,000 (8.0%) $267,242 (0.0%) 0.62 922
2020-02-01 $199,900 (17.3%) $286,569 (8.1%) 0.65 875
2020-03-01 $219,250 (18.6%) $305,218 (10.6%) 0.69 892
2020-04-01 $222,450 (7.5%) $304,952 (6.3%) 0.70 938
2020-05-01 $220,000 (10.0%) $299,269 (4.0%) 0.67 1,004
2020-06-01 $229,000 (14.5%) $304,805 (7.6%) 0.67 1,045
2020-07-01 $229,350 (13.3%) $311,347 (9.1%) 0.66 1,027
2020-08-01 $226,900 (15.1%) $308,595 (10.1%) 0.65 949
2020-09-01 $223,975 (16.0%) $306,508 (12.2%) 0.64 865
2020-10-01 $219,000 (13.5%) $309,978 (15.5%) 0.63 775
2020-11-01 $212,400 (11.9%) $309,580 (18.6%) 0.62 669
2020-12-01 $211,075 (12.9%) $316,135 (20.8%) 0.63 571
2021-01-01 $200,000 (8.1%) $329,255 (23.2%) 0.60 439
2021-02-01 $214,875 (7.5%) $336,437 (17.4%) 0.62 354
2021-03-01 $219,450 (0.1%) $335,778 (10.0%) 0.62 352
2021-04-01 $227,450 (2.3%) $338,200 (10.9%) 0.62 378
2021-05-01 $219,000 (-0.5%) $322,744 (7.8%) 0.58 466
2021-06-01 $212,450 (-7.2%) $315,837 (3.6%) 0.56 566
2021-07-01 $210,000 (-8.4%) $310,389 (-0.3%) 0.55 593
2021-08-01 $199,750 (-12.0%) $292,790 (-5.1%) 0.53 580
2021-09-01 $199,450 (-11.0%) $291,229 (-5.0%) 0.53 553
2021-10-01 $199,250 (-9.0%) $272,973 (-11.9%) 0.53 522
2021-11-01 $199,450 (-6.1%) $294,004 (-5.0%) 0.53 420
2021-12-01 $189,500 (-10.2%) $295,303 (-6.6%) 0.51 330
2022-01-01 $189,900 (-5.1%) $311,909 (-5.3%) 0.51 283
2022-02-01 $219,000 (1.9%) $362,493 (7.7%) 0.57 235
2022-03-01 $234,675 (6.9%) $385,229 (14.7%) 0.59 227
2022-04-01 $249,900 (9.9%) $369,298 (9.2%) 0.60 266
2022-05-01 $257,750 (17.7%) $377,471 (17.0%) 0.59 354
2022-06-01 $261,150 (22.9%) $372,662 (18.0%) 0.58 437
2022-07-01 $259,900 (23.8%) $365,989 (17.9%) 0.59 531
2022-08-01 $250,000 (25.2%) $350,902 (19.9%) 0.58 599
2022-09-01 $252,475 (26.6%) $351,332 (20.6%) 0.59 594
2022-10-01 $253,900 (27.4%) $363,211 (33.1%) 0.60 552
2022-11-01 $250,000 (25.3%) $359,005 (22.1%) 0.60 499
2022-12-01 $252,500 (33.3%) $360,992 (22.2%) 0.63 435
Duluth's median listing price for 2022-12-01 was $252,500, a difference of $63,000 (33.3%) versus the prior year and $2,500 versus the prior month.

Duluth's median listing price comes in at 63% of the national average.

Duluth's average listing price for 2022-12-01 was $360,992, a difference of $65,689 (22.2%) versus the prior year and $1,987 versus the prior month.

For the 2022-12-01 period, Duluth had 435 MLS listings, a difference of -64 listings (-13%) versus the prior month and 105 listings (32%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Duluth (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 124 days 1,490 sqft
2018-02-01 123 days 1,508 sqft
2018-03-01 103 days 1,544 sqft
2018-04-01 83 days 1,567 sqft
2018-05-01 71 days 1,561 sqft
2018-06-01 60 days 1,568 sqft
2018-07-01 66 days 1,564 sqft
2018-08-01 73 days 1,561 sqft
2018-09-01 80 days 1,530 sqft
2018-10-01 87 days 1,488 sqft
2018-11-01 97 days 1,490 sqft
2018-12-01 115 days 1,456 sqft
2019-01-01 127 days 1,492 sqft
2019-02-01 137 days 1,500 sqft
2019-03-01 121 days 1,506 sqft
2019-04-01 93 days 1,544 sqft
2019-05-01 65 days 1,566 sqft
2019-06-01 57 days 1,543 sqft
2019-07-01 61 days 1,551 sqft
2019-08-01 70 days 1,521 sqft
2019-09-01 80 days 1,476 sqft
2019-10-01 90 days 1,444 sqft
2019-11-01 106 days 1,440 sqft
2019-12-01 129 days 1,444 sqft
2020-01-01 137 days 1,464 sqft
2020-02-01 142 days 1,464 sqft
2020-03-01 139 days 1,478 sqft
2020-04-01 101 days 1,502 sqft
2020-05-01 82 days 1,498 sqft
2020-06-01 76 days 1,500 sqft
2020-07-01 62 days 1,538 sqft
2020-08-01 64 days 1,540 sqft
2020-09-01 70 days 1,497 sqft
2020-10-01 74 days 1,508 sqft
2020-11-01 81 days 1,452 sqft
2020-12-01 88 days 1,456 sqft
2021-01-01 107 days 1,421 sqft
2021-02-01 118 days 1,439 sqft
2021-03-01 93 days 1,452 sqft
2021-04-01 51 days 1,524 sqft
2021-05-01 40 days 1,515 sqft
2021-06-01 34 days 1,504 sqft
2021-07-01 44 days 1,504 sqft
2021-08-01 54 days 1,430 sqft
2021-09-01 53 days 1,446 sqft
2021-10-01 53 days 1,454 sqft
2021-11-01 61 days 1,478 sqft
2021-12-01 75 days 1,451 sqft
2022-01-01 85 days 1,407 sqft
2022-02-01 83 days 1,613 sqft
2022-03-01 62 days 1,690 sqft
2022-04-01 33 days 1,640 sqft
2022-05-01 28 days 1,601 sqft
2022-06-01 32 days 1,626 sqft
2022-07-01 35 days 1,620 sqft
2022-08-01 40 days 1,568 sqft
2022-09-01 49 days 1,582 sqft
2022-10-01 53 days 1,600 sqft
2022-11-01 61 days 1,562 sqft
2022-12-01 79 days 1,551 sqft
Duluth's median listing age (time on market) for 2022-12-01 was 79 days. This is 6% longer than the same period one year ago.

Duluth's median square footage for active listings during the 2022-12-01 period was 1,551 sqft. One year prior, the average listing was 1,451 sqft.