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
6.78%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Faribault's average USDA mortgage closing costs are $5,972.
The average rate for the prior week (2024-04-12) was
6.53% and
one month ago for the week of 2024-03-15, the
average rate was 6.71%.
The average rate one year ago was 6.05%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.06%.
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 |
Faribault's median listing price comes in at 0% of the national average.
Faribault's average listing price for 2024-03-01 was $523,167, a difference of $1,971 (0.4%) versus the prior year and $38,794 versus the prior month.
For the 2024-03-01 period, Faribault had 90 MLS listings, a difference of 10 listings (13%) versus the prior month and 6 listings (7%) 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 |
Faribault's median square footage for active listings during the 2024-03-01 period was 2,056 sqft. One year prior, the average listing was 2,026 sqft.