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 9 lenders originated 12 USDA loans during 2023. The total origination value was $3,030,000, with an average USDA loan value of $252,500.

Faribault USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Faribault averaged 6.56% for the week of 2024-05-17, compared to the national average (all USDA variants) of 6.75% for the same period.

Faribault's average USDA mortgage closing costs are $5,972.

The average rate for the prior week (2024-05-10) was 6.8% and one month ago for the week of 2024-04-12, the average rate was 6.43%.

The average rate one year ago was 6.21%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.75%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CROSSCOUNTRY MORTGAGE, LLC 4 6.41% $10,623
CRESCENT MORTGAGE COMPANY 1 6.25% $8,136
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $3,687
GUARANTEED RATE, INC. 1 6.88% $8,227
NEWREZ LLC 1 5.38% $10,169
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $6,886
Prosperity Home Mortgage, LLC 1 5.99% $6,987
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $17,978
Summit Mortgage Corporation 1 5.63% $6,870

The top Faribault USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 4 USDA loans originated. Their average total fees are $10,623, which is $2,487 higher than the next largest lender, CRESCENT MORTGAGE COMPANY.

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

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


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 $347,113 (12.8%) $386,989 (8.7%) 0.00 119
2021-09-01 $328,470 (4.9%) $361,187 (1.6%) 0.00 126
2021-10-01 $344,900 (13.9%) $384,296 (8.9%) 0.00 135
2021-11-01 $348,317 (12.0%) $392,145 (12.2%) 0.00 118
2021-12-01 $360,150 (20.1%) $405,173 (17.9%) 0.00 109
2022-01-01 $379,900 (18.8%) $439,216 (22.7%) 0.00 89
2022-02-01 $392,715 (18.5%) $438,264 (14.9%) 0.00 83
2022-03-01 $399,253 (16.3%) $446,078 (17.7%) 0.00 81
2022-04-01 $402,604 (16.4%) $455,918 (21.4%) 0.00 86
2022-05-01 $404,400 (15.6%) $478,156 (25.4%) 0.00 106
2022-06-01 $408,002 (16.5%) $466,050 (19.2%) 0.00 125
2022-07-01 $404,654 (15.7%) $467,857 (19.6%) 0.00 127
2022-08-01 $413,302 (19.1%) $480,288 (24.1%) 0.00 138
2022-09-01 $397,900 (21.1%) $469,071 (29.9%) 0.00 139
2022-10-01 $399,900 (16.0%) $464,982 (21.0%) 0.00 141
2022-11-01 $396,675 (13.9%) $456,346 (16.4%) 0.00 136
2022-12-01 $399,900 (11.0%) $456,811 (12.7%) 0.00 120
2023-01-01 $410,150 (8.0%) $469,560 (6.9%) 0.00 100
2023-02-01 $421,900 (7.4%) $506,659 (15.6%) 0.00 89
2023-03-01 $424,700 (6.4%) $521,196 (16.8%) 0.00 84
2023-04-01 $427,950 (6.3%) $505,645 (10.9%) 0.00 75
2023-05-01 $433,314 (7.2%) $523,650 (9.5%) 0.00 84
2023-06-01 $429,675 (5.3%) $523,720 (12.4%) 0.00 97
2023-07-01 $433,314 (7.1%) $514,434 (10.0%) 0.00 100
2023-08-01 $429,422 (3.9%) $500,781 (4.3%) 0.00 106
2023-09-01 $429,787 (8.0%) $473,746 (1.0%) 0.00 108
2023-10-01 $434,614 (8.7%) $447,512 (-3.8%) 0.00 103
2023-11-01 $399,672 (0.8%) $429,514 (-5.9%) 0.00 117
2023-12-01 $404,850 (1.2%) $431,484 (-5.5%) 0.00 98
2024-01-01 $404,850 (-1.3%) $475,109 (1.2%) 0.00 76
2024-02-01 $406,002 (-3.8%) $484,373 (-4.4%) 0.00 80
2024-03-01 $440,000 (3.6%) $523,167 (0.4%) 0.00 90
2024-04-01 $444,925 (4.0%) $541,844 (7.2%) 0.00 73
Faribault's median listing price for 2024-04-01 was $444,925, a difference of $16,975 (4.0%) versus the prior year and $4,925 versus the prior month.

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

Faribault's average listing price for 2024-04-01 was $541,844, a difference of $36,199 (7.2%) versus the prior year and $18,677 versus the prior month.

For the 2024-04-01 period, Faribault had 73 MLS listings, a difference of -17 listings (-19%) versus the prior month and -2 listings (-3%) 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 1,950 sqft
2021-09-01 0 days 1,829 sqft
2021-10-01 0 days 1,839 sqft
2021-11-01 0 days 1,900 sqft
2021-12-01 0 days 1,829 sqft
2022-01-01 0 days 1,973 sqft
2022-02-01 0 days 2,659 sqft
2022-03-01 0 days 2,606 sqft
2022-04-01 0 days 2,637 sqft
2022-05-01 0 days 1,935 sqft
2022-06-01 0 days 2,091 sqft
2022-07-01 0 days 2,101 sqft
2022-08-01 0 days 2,161 sqft
2022-09-01 0 days 2,144 sqft
2022-10-01 0 days 2,160 sqft
2022-11-01 0 days 1,995 sqft
2022-12-01 0 days 1,927 sqft
2023-01-01 0 days 2,016 sqft
2023-02-01 0 days 1,954 sqft
2023-03-01 0 days 2,026 sqft
2023-04-01 0 days 2,051 sqft
2023-05-01 0 days 2,178 sqft
2023-06-01 0 days 2,105 sqft
2023-07-01 0 days 2,079 sqft
2023-08-01 0 days 2,047 sqft
2023-09-01 0 days 2,079 sqft
2023-10-01 0 days 2,087 sqft
2023-11-01 0 days 1,985 sqft
2023-12-01 0 days 1,848 sqft
2024-01-01 0 days 1,907 sqft
2024-02-01 0 days 1,947 sqft
2024-03-01 0 days 2,056 sqft
2024-04-01 0 days 2,022 sqft
Faribault's median listing age (time on market) for 2024-04-01 was 0 days.

Faribault's median square footage for active listings during the 2024-04-01 period was 2,022 sqft. One year prior, the average listing was 2,051 sqft.