Duluth USDA Loan Rates, Closing Costs & Stats

DULUTH, MN-WI

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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.

    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.