Faribault USDA Loan Rates, Closing Costs & Stats

Faribault-Northfield, MN

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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.

    Faribault's 25 lenders originated 70 USDA loans during 2021. The total origination value was $16,240,000, with an average USDA loan value of $232,000.

    Faribault USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Faribault averaged 6.21% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

    Faribault's average USDA mortgage closing costs are $5,717.

    The average rate for the prior week (2022-11-25) was 6.35% and one month ago for the week of 2022-10-28, the average rate was 6.92%.

    The average rate one year ago was 3.31%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.36%.

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

    Faribault 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 Faribault level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 15 2.83% $6,568
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 9 2.75% $5,452
    GUARANTEED RATE, INC. 8 3.00% $6,095
    Prosperity Home Mortgage, LLC 5 3.03% $6,224
    BAY EQUITY LLC 3 2.79% $6,771
    Bell Bank 3 2.83% $5,466
    Lend Smart Mortgage, LLC 3 2.67% $5,128
    STEARNS LENDING, LLC 2 3.00% $6,493
    CALIBER HOME LOANS, INC. 2 2.69% $5,382
    UNITED WHOLESALE MORTGAGE, LLC 2 2.69% $6,811
    PENNYMAC LOAN SERVICES, LLC 2 2.94% $5,655
    BROKER SOLUTIONS, INC. 2 2.38% $7,083
    TOWNE MORTGAGE COMPANY 1 2.88% $7,232
    FREEDOM MORTGAGE CORPORATION 1 2.75% $4,492
    American Mortgage & Equity Consultants, Inc. 1 3.50% $8,000
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $9,307
    AXIA FINANCIAL, LLC 1 3.25% $5,287
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.75% $5,493
    Flagstar Bank, FSB 1 2.54% $6,475
    AMERICAN FINANCIAL NETWORK, INC. 1 3.25% $13,102
    Mortgages Unlimited Inc. 1 2.38% $7,792
    MOVEMENT MORTGAGE, LLC 1 3.00% $6,141
    NEWREZ LLC 1 2.50% $5,234
    Roundbank 1 2.88% $9,496
    Summit Mortgage Corporation 1 3.00% $5,901

    The top Faribault USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 15 USDA loans originated. Their average total fees are $6,568, which is $1,116 higher than the next largest lender, AMERICAN PORTFOLIO MORTGAGE CORPORATION.

    The lowest fee Faribault USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($6,568), .

    The lowest rate Faribault USDA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC (2.83%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Faribault (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 $247,450 (-9.1%) $272,411 (-9.4%) 0.00 129
    2018-02-01 $249,950 (-6.9%) $275,026 (-10.3%) 0.00 134
    2018-03-01 $262,400 (-5.2%) $291,092 (-2.7%) 0.00 142
    2018-04-01 $281,000 (2.2%) $311,591 (3.2%) 0.00 149
    2018-05-01 $282,475 (2.7%) $309,880 (1.7%) 0.00 177
    2018-06-01 $292,500 (5.9%) $313,008 (4.8%) 0.00 188
    2018-07-01 $289,234 (5.2%) $315,517 (5.4%) 0.00 208
    2018-08-01 $289,625 (7.3%) $316,251 (6.1%) 0.00 197
    2018-09-01 $284,894 (5.9%) $312,130 (1.8%) 0.00 190
    2018-10-01 $289,800 (7.4%) $314,610 (6.1%) 0.00 194
    2018-11-01 $283,625 (6.1%) $310,705 (6.0%) 0.00 188
    2018-12-01 $289,500 (14.0%) $310,311 (10.7%) 0.00 177
    2019-01-01 $294,925 (19.2%) $321,343 (18.0%) 0.00 162
    2019-02-01 $309,950 (24.0%) $342,407 (24.5%) 0.00 154
    2019-03-01 $306,550 (16.8%) $337,852 (16.1%) 0.00 165
    2019-04-01 $302,425 (7.6%) $325,908 (4.6%) 0.00 177
    2019-05-01 $289,900 (2.6%) $317,850 (2.6%) 0.00 186
    2019-06-01 $289,900 (-0.9%) $324,915 (3.8%) 0.00 208
    2019-07-01 $293,700 (1.5%) $334,727 (6.1%) 0.00 223
    2019-08-01 $294,391 (1.7%) $338,608 (7.1%) 0.00 222
    2019-09-01 $286,240 (0.5%) $336,057 (7.7%) 0.00 220
    2019-10-01 $277,450 (-4.3%) $331,419 (5.3%) 0.00 219
    2019-11-01 $274,900 (-3.1%) $319,256 (2.8%) 0.00 217
    2019-12-01 $276,053 (-4.6%) $325,550 (4.9%) 0.00 177
    2020-01-01 $283,250 (-4.0%) $329,842 (2.6%) 0.00 153
    2020-02-01 $310,000 (0.0%) $338,447 (-1.2%) 0.00 163
    2020-03-01 $313,400 (2.2%) $342,825 (1.5%) 0.00 161
    2020-04-01 $307,175 (1.6%) $335,580 (3.0%) 0.00 174
    2020-05-01 $299,999 (3.5%) $336,497 (5.9%) 0.00 180
    2020-06-01 $299,900 (3.5%) $333,305 (2.6%) 0.00 180
    2020-07-01 $312,675 (6.5%) $349,511 (4.4%) 0.00 160
    2020-08-01 $307,801 (4.6%) $356,037 (5.2%) 0.00 157
    2020-09-01 $313,225 (9.4%) $355,483 (5.8%) 0.00 163
    2020-10-01 $302,900 (9.2%) $352,857 (6.5%) 0.00 160
    2020-11-01 $310,975 (13.1%) $349,367 (9.4%) 0.00 118
    2020-12-01 $300,000 (8.7%) $343,807 (5.6%) 0.00 89
    2021-01-01 $319,900 (12.9%) $358,105 (8.6%) 0.00 79
    2021-02-01 $331,553 (7.0%) $381,386 (12.7%) 0.00 71
    2021-03-01 $343,400 (9.6%) $378,905 (10.5%) 0.00 82
    2021-04-01 $346,000 (12.6%) $375,486 (11.9%) 0.00 84
    2021-05-01 $349,900 (16.6%) $381,215 (13.3%) 0.00 95
    2021-06-01 $350,300 (16.8%) $391,006 (17.3%) 0.00 111
    2021-07-01 $349,900 (11.9%) $391,321 (12.0%) 0.00 112
    2021-08-01 $347,500 (12.9%) $387,248 (8.8%) 0.00 119
    2021-09-01 $329,990 (5.4%) $361,809 (1.8%) 0.00 127
    2021-10-01 $344,900 (13.9%) $384,716 (9.0%) 0.00 136
    2021-11-01 $348,730 (12.1%) $392,593 (12.4%) 0.00 119
    2021-12-01 $361,150 (20.4%) $405,552 (18.0%) 0.00 110
    2022-01-01 $382,400 (19.5%) $439,380 (22.7%) 0.00 90
    2022-02-01 $395,230 (19.2%) $438,436 (15.0%) 0.00 84
    2022-03-01 $399,610 (16.4%) $446,177 (17.8%) 0.00 82
    2022-04-01 $405,307 (17.1%) $455,909 (21.4%) 0.00 87
    2022-05-01 $403,502 (15.3%) $478,230 (25.5%) 0.00 105
    2022-06-01 $407,104 (16.2%) $465,722 (19.1%) 0.00 125
    2022-07-01 $404,654 (15.7%) $467,231 (19.4%) 0.00 127
    2022-08-01 $411,950 (18.6%) $479,685 (23.9%) 0.00 138
    2022-09-01 $397,450 (20.4%) $468,517 (29.5%) 0.00 138
    2022-10-01 $399,900 (16.0%) $464,982 (20.9%) 0.00 141
    2022-11-01 $396,675 (13.8%) $456,107 (16.2%) 0.00 136
    Faribault's median listing price for 2022-11-01 was $396,675, a difference of $47,945 (13.8%) versus the prior year and $-3,225 versus the prior month.

    Faribault's median listing price comes in at 0% of the national average.

    Faribault's average listing price for 2022-11-01 was $456,107, a difference of $63,514 (16.2%) versus the prior year and $-8,875 versus the prior month.

    For the 2022-11-01 period, Faribault had 136 MLS listings, a difference of -5 listings (-4%) versus the prior month and 17 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Faribault (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,814 sqft
    2018-02-01 0 days 1,807 sqft
    2018-03-01 0 days 1,935 sqft
    2018-04-01 0 days 1,949 sqft
    2018-05-01 0 days 1,971 sqft
    2018-06-01 0 days 2,115 sqft
    2018-07-01 0 days 2,063 sqft
    2018-08-01 0 days 2,065 sqft
    2018-09-01 0 days 2,092 sqft
    2018-10-01 0 days 1,995 sqft
    2018-11-01 0 days 1,975 sqft
    2018-12-01 0 days 1,940 sqft
    2019-01-01 0 days 1,958 sqft
    2019-02-01 0 days 2,026 sqft
    2019-03-01 0 days 2,029 sqft
    2019-04-01 0 days 2,020 sqft
    2019-05-01 0 days 2,020 sqft
    2019-06-01 0 days 2,041 sqft
    2019-07-01 0 days 2,044 sqft
    2019-08-01 0 days 2,022 sqft
    2019-09-01 0 days 1,993 sqft
    2019-10-01 0 days 1,968 sqft
    2019-11-01 0 days 1,947 sqft
    2019-12-01 0 days 1,880 sqft
    2020-01-01 0 days 1,862 sqft
    2020-02-01 0 days 1,911 sqft
    2020-03-01 0 days 1,982 sqft
    2020-04-01 0 days 1,925 sqft
    2020-05-01 0 days 1,975 sqft
    2020-06-01 0 days 1,911 sqft
    2020-07-01 0 days 1,903 sqft
    2020-08-01 0 days 1,895 sqft
    2020-09-01 0 days 1,911 sqft
    2020-10-01 0 days 1,855 sqft
    2020-11-01 0 days 1,852 sqft
    2020-12-01 0 days 1,760 sqft
    2021-01-01 0 days 1,750 sqft
    2021-02-01 0 days 1,799 sqft
    2021-03-01 0 days 1,869 sqft
    2021-04-01 0 days 1,847 sqft
    2021-05-01 0 days 1,851 sqft
    2021-06-01 0 days 1,982 sqft
    2021-07-01 0 days 1,953 sqft
    2021-08-01 0 days 1,947 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,831 sqft
    2021-11-01 0 days 1,897 sqft
    2021-12-01 0 days 1,825 sqft
    2022-01-01 0 days 1,962 sqft
    2022-02-01 0 days 2,653 sqft
    2022-03-01 0 days 2,584 sqft
    2022-04-01 0 days 2,633 sqft
    2022-05-01 0 days 1,928 sqft
    2022-06-01 0 days 2,075 sqft
    2022-07-01 0 days 2,100 sqft
    2022-08-01 0 days 2,150 sqft
    2022-09-01 0 days 2,129 sqft
    2022-10-01 0 days 2,160 sqft
    2022-11-01 0 days 1,991 sqft
    Faribault's median listing age (time on market) for 2022-11-01 was 0 days.

    Faribault's median square footage for active listings during the 2022-11-01 period was 1,991 sqft. One year prior, the average listing was 1,897 sqft.