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 6.35% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

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

The average rate for the prior week (2023-05-19) was 6.6% and one month ago for the week of 2023-04-21, the average rate was 6.5%.

The average rate one year ago was 5.22%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.38%.

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 $154,958 (3.7%) $242,349 (7.1%) 0.57 1,184
2018-02-01 $159,900 (6.6%) $250,314 (7.1%) 0.58 1,170
2018-03-01 $169,000 (5.7%) $266,737 (11.1%) 0.59 1,209
2018-04-01 $177,975 (7.9%) $273,441 (12.8%) 0.60 1,240
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%) $270,015 (5.5%) 0.62 1,752
2018-08-01 $185,000 (5.7%) $264,928 (3.8%) 0.62 1,753
2018-09-01 $183,900 (6.2%) $259,117 (3.1%) 0.62 1,718
2018-10-01 $179,950 (5.9%) $259,651 (5.4%) 0.61 1,667
2018-11-01 $179,450 (12.2%) $256,213 (6.3%) 0.61 1,518
2018-12-01 $174,500 (9.8%) $252,648 (4.1%) 0.60 1,315
2019-01-01 $171,225 (10.5%) $267,180 (10.3%) 0.59 1,059
2019-02-01 $170,450 (6.6%) $265,166 (5.9%) 0.58 1,008
2019-03-01 $191,250 (13.2%) $283,997 (6.5%) 0.64 1,054
2019-04-01 $206,950 (16.3%) $286,932 (4.9%) 0.66 1,118
2019-05-01 $201,225 (9.1%) $287,739 (4.3%) 0.63 1,271
2019-06-01 $200,000 (8.1%) $283,339 (4.6%) 0.63 1,457
2019-07-01 $202,400 (9.4%) $285,216 (5.6%) 0.63 1,580
2019-08-01 $199,900 (8.1%) $280,942 (6.0%) 0.63 1,643
2019-09-01 $192,475 (4.7%) $273,314 (5.5%) 0.61 1,526
2019-10-01 $194,925 (8.3%) $268,103 (3.3%) 0.63 1,538
2019-11-01 $189,900 (5.8%) $260,678 (1.7%) 0.62 1,338
2019-12-01 $187,000 (7.2%) $261,283 (3.4%) 0.62 1,112
2020-01-01 $184,950 (8.0%) $266,863 (-0.1%) 0.62 918
2020-02-01 $199,900 (17.3%) $286,248 (8.0%) 0.65 871
2020-03-01 $218,000 (14.0%) $304,988 (7.4%) 0.68 888
2020-04-01 $222,450 (7.5%) $304,737 (6.2%) 0.70 934
2020-05-01 $220,000 (9.3%) $299,051 (3.9%) 0.67 1,000
2020-06-01 $229,000 (14.5%) $304,609 (7.5%) 0.67 1,041
2020-07-01 $229,125 (13.2%) $311,175 (9.1%) 0.66 1,023
2020-08-01 $225,000 (12.6%) $308,404 (9.8%) 0.64 945
2020-09-01 $222,975 (15.9%) $306,295 (12.1%) 0.64 861
2020-10-01 $218,250 (12.0%) $309,738 (15.5%) 0.63 771
2020-11-01 $212,300 (11.8%) $309,310 (18.7%) 0.62 665
2020-12-01 $209,613 (12.1%) $315,882 (20.9%) 0.62 567
2021-01-01 $199,900 (8.1%) $328,993 (23.3%) 0.60 435
2021-02-01 $212,950 (6.5%) $336,210 (17.5%) 0.62 350
2021-03-01 $219,225 (0.6%) $335,536 (10.0%) 0.62 348
2021-04-01 $226,450 (1.8%) $338,006 (10.9%) 0.61 374
2021-05-01 $218,500 (-0.7%) $322,476 (7.8%) 0.58 462
2021-06-01 $211,975 (-7.4%) $315,416 (3.6%) 0.56 563
2021-07-01 $209,950 (-8.4%) $309,946 (-0.4%) 0.55 590
2021-08-01 $199,500 (-11.3%) $291,854 (-5.4%) 0.53 576
2021-09-01 $199,225 (-10.7%) $290,201 (-5.3%) 0.53 549
2021-10-01 $199,000 (-8.8%) $271,909 (-12.2%) 0.53 518
2021-11-01 $198,750 (-6.4%) $293,445 (-5.1%) 0.53 416
2021-12-01 $189,175 (-9.8%) $294,682 (-6.7%) 0.51 326
2022-01-01 $189,900 (-5.0%) $311,383 (-5.4%) 0.51 279
2022-02-01 $217,800 (2.3%) $362,562 (7.8%) 0.57 231
2022-03-01 $232,975 (6.3%) $385,653 (14.9%) 0.58 223
2022-04-01 $247,500 (9.3%) $369,447 (9.3%) 0.59 262
2022-05-01 $254,500 (16.5%) $377,681 (17.1%) 0.58 350
2022-06-01 $259,675 (22.5%) $372,767 (18.2%) 0.58 433
2022-07-01 $259,900 (23.8%) $366,039 (18.1%) 0.59 527
2022-08-01 $250,000 (25.3%) $350,861 (20.2%) 0.58 595
2022-09-01 $252,450 (26.7%) $351,294 (21.1%) 0.59 590
2022-10-01 $252,450 (26.9%) $363,246 (33.6%) 0.59 548
2022-11-01 $250,000 (25.8%) $359,012 (22.3%) 0.60 495
2022-12-01 $250,000 (32.2%) $360,895 (22.5%) 0.62 429
2023-01-01 $259,350 (36.6%) $364,689 (17.1%) 0.64 309
2023-02-01 $272,075 (24.9%) $376,662 (3.9%) 0.66 263
2023-03-01 $277,000 (18.9%) $387,118 (0.4%) 0.65 258
2023-04-01 $295,000 (19.2%) $397,502 (7.6%) 0.69 317
Duluth's median listing price for 2023-04-01 was $295,000, a difference of $47,500 (19.2%) versus the prior year and $18,000 versus the prior month.

Duluth's median listing price comes in at 69% of the national average.

Duluth's average listing price for 2023-04-01 was $397,502, a difference of $28,055 (7.6%) versus the prior year and $10,384 versus the prior month.

For the 2023-04-01 period, Duluth had 317 MLS listings, a difference of 59 listings (23%) versus the prior month and 55 listings (21%) 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 1,491 sqft
2018-02-01 123 days 1,509 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 1,562 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 1,493 sqft
2019-02-01 137 days 1,500 sqft
2019-03-01 136 days 1,520 sqft
2019-04-01 93 days 1,563 sqft
2019-05-01 65 days 1,566 sqft
2019-06-01 57 days 1,544 sqft
2019-07-01 61 days 1,552 sqft
2019-08-01 75 days 1,512 sqft
2019-09-01 88 days 1,447 sqft
2019-10-01 91 days 1,441 sqft
2019-11-01 106 days 1,439 sqft
2019-12-01 128 days 1,443 sqft
2020-01-01 136 days 1,462 sqft
2020-02-01 142 days 1,462 sqft
2020-03-01 137 days 1,476 sqft
2020-04-01 101 days 1,502 sqft
2020-05-01 82 days 1,496 sqft
2020-06-01 75 days 1,497 sqft
2020-07-01 62 days 1,538 sqft
2020-08-01 64 days 1,538 sqft
2020-09-01 69 days 1,494 sqft
2020-10-01 74 days 1,504 sqft
2020-11-01 80 days 1,451 sqft
2020-12-01 87 days 1,455 sqft
2021-01-01 106 days 1,421 sqft
2021-02-01 118 days 1,436 sqft
2021-03-01 89 days 1,445 sqft
2021-04-01 49 days 1,515 sqft
2021-05-01 40 days 1,512 sqft
2021-06-01 33 days 1,504 sqft
2021-07-01 43 days 1,501 sqft
2021-08-01 53 days 1,429 sqft
2021-09-01 53 days 1,445 sqft
2021-10-01 52 days 1,446 sqft
2021-11-01 60 days 1,473 sqft
2021-12-01 73 days 1,448 sqft
2022-01-01 83 days 1,405 sqft
2022-02-01 81 days 1,607 sqft
2022-03-01 62 days 1,668 sqft
2022-04-01 32 days 1,638 sqft
2022-05-01 27 days 1,589 sqft
2022-06-01 32 days 1,620 sqft
2022-07-01 35 days 1,615 sqft
2022-08-01 39 days 1,567 sqft
2022-09-01 48 days 1,580 sqft
2022-10-01 53 days 1,600 sqft
2022-11-01 60 days 1,557 sqft
2022-12-01 79 days 1,545 sqft
2023-01-01 99 days 1,515 sqft
2023-02-01 102 days 1,592 sqft
2023-03-01 88 days 1,564 sqft
2023-04-01 44 days 1,558 sqft
Duluth's median listing age (time on market) for 2023-04-01 was 44 days. This is 38% longer than the same period one year ago.

Duluth's median square footage for active listings during the 2023-04-01 period was 1,558 sqft. One year prior, the average listing was 1,638 sqft.