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 14 lenders originated 31 USDA loans during 2022. The total origination value was $4,885,000, with an average USDA loan value of $157,581.

Duluth USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Duluth averaged 6.81% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Duluth's average USDA mortgage closing costs are $4,684.

The average rate for the prior week (2024-02-09) was 6.25% and one month ago for the week of 2024-01-12, the average rate was 6.37%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.64%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Lend Smart Mortgage, LLC 8 5.03% $6,533
Frandsen Bank & Trust 4 4.34% $5,482
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.29% $5,886
Flagstar Bank, FSB 2 4.44% $3,787
PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.63% $6,653
Servion, Inc. 2 5.31% $9,315
STEARNS LENDING, LLC 1 3.38% $2,982
BROKER SOLUTIONS, INC. 1 5.63% $4,640
UNITED WHOLESALE MORTGAGE, LLC 1 6.50% $4,571
CARDINAL FINANCIAL 1 5.13% $18,926
DATA MORTGAGE, INC. 1 5.13% $10,173
First Interstate Bank 1 3.88% $4,740
Heritage Bank 1 5.00% $6,363
PENNYMAC LOAN SERVICES, LLC 1 3.25% $6,414

The top Duluth USDA lender as defined by loan originations is Lend Smart Mortgage, LLC, with 8 USDA loans originated. Their average total fees are $6,533, which is $1,051 higher than the next largest lender, Frandsen Bank & Trust.

The lowest fee Duluth USDA lenders (with over 10 loans originated) are .

The lowest rate Duluth USDA lenders (with over 10 loans originated) are .


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 $158,900 (6.0%) $240,077 (4.0%) 0.59 1,071
2018-02-01 $163,450 (7.2%) $248,077 (5.4%) 0.59 1,057
2018-03-01 $174,900 (8.0%) $264,682 (9.2%) 0.61 1,096
2018-04-01 $184,950 (9.4%) $271,633 (11.9%) 0.63 1,129
2018-05-01 $185,000 (5.0%) $274,509 (9.9%) 0.62 1,297
2018-06-01 $189,000 (5.1%) $269,040 (7.3%) 0.63 1,541
2018-07-01 $189,000 (5.6%) $267,819 (5.0%) 0.63 1,615
2018-08-01 $187,500 (7.1%) $263,450 (3.6%) 0.63 1,628
2018-09-01 $184,900 (5.7%) $258,179 (3.6%) 0.62 1,595
2018-10-01 $182,950 (7.7%) $259,203 (6.0%) 0.62 1,545
2018-11-01 $180,500 (12.8%) $256,479 (7.5%) 0.61 1,397
2018-12-01 $174,900 (9.4%) $252,421 (4.8%) 0.60 1,204
2019-01-01 $173,250 (9.0%) $265,181 (10.5%) 0.60 979
2019-02-01 $171,250 (4.8%) $264,082 (6.5%) 0.58 930
2019-03-01 $189,050 (8.1%) $275,494 (4.1%) 0.62 966
2019-04-01 $215,350 (16.4%) $287,496 (5.8%) 0.68 1,026
2019-05-01 $214,975 (16.2%) $289,770 (5.6%) 0.67 1,179
2019-06-01 $210,000 (11.1%) $284,096 (5.6%) 0.66 1,351
2019-07-01 $212,000 (12.2%) $285,023 (6.4%) 0.66 1,454
2019-08-01 $205,155 (9.4%) $279,479 (6.1%) 0.65 1,481
2019-09-01 $199,386 (7.8%) $272,576 (5.6%) 0.64 1,454
2019-10-01 $198,041 (8.3%) $267,689 (3.3%) 0.64 1,409
2019-11-01 $194,950 (8.0%) $264,007 (2.9%) 0.64 1,210
2019-12-01 $189,900 (8.6%) $264,623 (4.8%) 0.63 993
2020-01-01 $189,200 (9.2%) $269,013 (1.5%) 0.63 816
2020-02-01 $207,000 (20.9%) $291,103 (10.2%) 0.68 779
2020-03-01 $229,350 (21.3%) $312,315 (13.4%) 0.72 801
2020-04-01 $229,925 (6.8%) $312,298 (8.6%) 0.72 849
2020-05-01 $229,900 (6.9%) $306,854 (5.9%) 0.70 910
2020-06-01 $235,450 (12.1%) $313,062 (10.2%) 0.69 945
2020-07-01 $232,500 (9.7%) $320,151 (12.3%) 0.67 918
2020-08-01 $230,000 (12.1%) $317,080 (13.5%) 0.66 855
2020-09-01 $229,425 (15.1%) $313,560 (15.0%) 0.66 778
2020-10-01 $224,900 (13.6%) $318,185 (18.9%) 0.64 705
2020-11-01 $217,950 (11.8%) $319,159 (20.9%) 0.64 615
2020-12-01 $219,700 (15.7%) $326,454 (23.4%) 0.65 521
2021-01-01 $219,000 (15.8%) $344,481 (28.1%) 0.65 393
2021-02-01 $224,250 (8.3%) $355,469 (22.1%) 0.65 313
2021-03-01 $224,725 (-2.0%) $351,535 (12.6%) 0.64 307
2021-04-01 $235,000 (2.2%) $353,067 (13.1%) 0.64 335
2021-05-01 $222,500 (-3.2%) $332,337 (8.3%) 0.59 417
2021-06-01 $215,000 (-8.7%) $321,405 (2.7%) 0.57 524
2021-07-01 $214,900 (-7.6%) $313,248 (-2.2%) 0.57 546
2021-08-01 $202,450 (-12.0%) $296,237 (-6.6%) 0.54 533
2021-09-01 $202,450 (-11.8%) $297,466 (-5.1%) 0.54 504
2021-10-01 $199,500 (-11.3%) $274,169 (-13.8%) 0.53 475
2021-11-01 $202,000 (-7.3%) $299,332 (-6.2%) 0.54 380
2021-12-01 $192,425 (-12.4%) $301,330 (-7.7%) 0.52 295
2022-01-01 $194,900 (-11.0%) $318,032 (-7.7%) 0.53 254
2022-02-01 $220,975 (-1.5%) $372,832 (4.9%) 0.57 210
2022-03-01 $242,600 (8.0%) $400,017 (13.8%) 0.61 204
2022-04-01 $257,450 (9.6%) $382,671 (8.4%) 0.61 242
2022-05-01 $262,425 (17.9%) $388,064 (16.8%) 0.60 324
2022-06-01 $262,450 (22.1%) $372,542 (15.9%) 0.58 401
2022-07-01 $262,500 (22.2%) $368,254 (17.6%) 0.59 490
2022-08-01 $252,450 (24.7%) $351,543 (18.7%) 0.58 549
2022-09-01 $256,250 (26.6%) $354,072 (19.0%) 0.60 539
2022-10-01 $255,000 (27.8%) $367,661 (34.1%) 0.60 500
2022-11-01 $252,500 (25.0%) $361,438 (20.8%) 0.61 447
2022-12-01 $259,000 (34.6%) $369,733 (22.7%) 0.64 388
2023-01-01 $263,725 (35.3%) $372,323 (17.1%) 0.65 281
2023-02-01 $277,000 (25.4%) $386,005 (3.5%) 0.67 236
2023-03-01 $280,450 (15.6%) $395,710 (-1.1%) 0.66 232
2023-04-01 $289,000 (12.3%) $391,690 (2.4%) 0.67 264
2023-05-01 $299,950 (14.3%) $406,894 (4.9%) 0.68 330
2023-06-01 $307,100 (17.0%) $419,159 (12.5%) 0.69 430
2023-07-01 $314,900 (20.0%) $433,781 (17.8%) 0.72 509
2023-08-01 $305,000 (20.8%) $424,537 (20.8%) 0.70 547
2023-09-01 $299,900 (17.0%) $417,792 (18.0%) 0.70 606
2023-10-01 $279,450 (9.6%) $407,017 (10.7%) 0.66 585
2023-11-01 $279,000 (10.5%) $406,930 (12.6%) 0.66 538
2023-12-01 $275,000 (6.2%) $404,708 (9.5%) 0.67 443
Duluth's median listing price for 2023-12-01 was $275,000, a difference of $16,000 (6.2%) versus the prior year and $-4,000 versus the prior month.

Duluth's median listing price comes in at 67% of the national average.

Duluth's average listing price for 2023-12-01 was $404,708, a difference of $34,975 (9.5%) versus the prior year and $-2,222 versus the prior month.

For the 2023-12-01 period, Duluth had 443 MLS listings, a difference of -95 listings (-18%) versus the prior month and 55 listings (14%) 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
2018-01-01 106 days 1,504 sqft
2018-02-01 107 days 1,528 sqft
2018-03-01 77 days 1,568 sqft
2018-04-01 68 days 1,580 sqft
2018-05-01 58 days 1,572 sqft
2018-06-01 50 days 1,577 sqft
2018-07-01 59 days 1,574 sqft
2018-08-01 66 days 1,575 sqft
2018-09-01 71 days 1,543 sqft
2018-10-01 75 days 1,494 sqft
2018-11-01 86 days 1,497 sqft
2018-12-01 103 days 1,463 sqft
2019-01-01 113 days 1,482 sqft
2019-02-01 126 days 1,499 sqft
2019-03-01 108 days 1,512 sqft
2019-04-01 78 days 1,556 sqft
2019-05-01 52 days 1,583 sqft
2019-06-01 50 days 1,568 sqft
2019-07-01 56 days 1,577 sqft
2019-08-01 63 days 1,547 sqft
2019-09-01 71 days 1,489 sqft
2019-10-01 79 days 1,452 sqft
2019-11-01 94 days 1,444 sqft
2019-12-01 115 days 1,456 sqft
2020-01-01 126 days 1,474 sqft
2020-02-01 130 days 1,478 sqft
2020-03-01 106 days 1,500 sqft
2020-04-01 76 days 1,524 sqft
2020-05-01 69 days 1,536 sqft
2020-06-01 61 days 1,528 sqft
2020-07-01 53 days 1,580 sqft
2020-08-01 54 days 1,568 sqft
2020-09-01 58 days 1,533 sqft
2020-10-01 62 days 1,536 sqft
2020-11-01 67 days 1,476 sqft
2020-12-01 77 days 1,467 sqft
2021-01-01 93 days 1,448 sqft
2021-02-01 105 days 1,464 sqft
2021-03-01 66 days 1,471 sqft
2021-04-01 42 days 1,566 sqft
2021-05-01 33 days 1,568 sqft
2021-06-01 30 days 1,524 sqft
2021-07-01 38 days 1,512 sqft
2021-08-01 49 days 1,445 sqft
2021-09-01 51 days 1,458 sqft
2021-10-01 51 days 1,478 sqft
2021-11-01 57 days 1,503 sqft
2021-12-01 68 days 1,462 sqft
2022-01-01 79 days 1,408 sqft
2022-02-01 67 days 1,631 sqft
2022-03-01 50 days 1,725 sqft
2022-04-01 28 days 1,700 sqft
2022-05-01 26 days 1,612 sqft
2022-06-01 31 days 1,649 sqft
2022-07-01 34 days 1,624 sqft
2022-08-01 39 days 1,575 sqft
2022-09-01 49 days 1,598 sqft
2022-10-01 53 days 1,613 sqft
2022-11-01 57 days 1,582 sqft
2022-12-01 76 days 1,575 sqft
2023-01-01 97 days 1,518 sqft
2023-02-01 99 days 1,596 sqft
2023-03-01 80 days 1,566 sqft
2023-04-01 44 days 1,560 sqft
2023-05-01 31 days 1,624 sqft
2023-06-01 31 days 1,672 sqft
2023-07-01 33 days 1,670 sqft
2023-08-01 41 days 1,684 sqft
2023-09-01 41 days 1,738 sqft
2023-10-01 49 days 1,661 sqft
2023-11-01 58 days 1,608 sqft
2023-12-01 65 days 1,578 sqft
Duluth's median listing age (time on market) for 2023-12-01 was 65 days. This is -14% shorter than the same period one year ago.

Duluth's median square footage for active listings during the 2023-12-01 period was 1,578 sqft. One year prior, the average listing was 1,575 sqft.