Faribault USDA Loan Rates, Closing Costs & Stats

Faribault-Northfield, MN

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.