Grand Forks USDA Loans

GRAND FORKS, ND-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.

    Grand Forks's 19 lenders originated 61 USDA loans during 2021. The total origination value was $10,515,000, with an average USDA loan value of $172,377.

    Grand Forks USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Grand Forks averaged 5.33% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 4.97% and one month ago for the week of 2022-04-08, the average rate was 4.73%.

    The average rate one year ago was 2.84%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.8%.

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

    Grand Forks USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Grand Forks level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Bremer Bank 14 2.74% $5,732
    Florida Capital Bank 10 2.91% $7,296
    Barrington Bank & Trust Company, N.A. 7 2.63% $6,706
    CRESCENT MORTGAGE COMPANY 6 2.75% $5,912
    UNITED WHOLESALE MORTGAGE, LLC 4 3.00% $7,230
    Lend Smart Mortgage, LLC 3 3.17% $4,657
    Servion, Inc. 2 2.63% $6,798
    VALLEY MORTGAGE, INC. 2 2.75% $1,316
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.13% $4,433
    Frandsen Bank & Trust 2 2.88% $7,356
    Wells Fargo Bank 1 2.88% $6,705
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $3,598
    Bell Bank 1 2.75% $5,103
    BROKER SOLUTIONS, INC. 1 3.25% $4,210
    FIRST COMMUNITY CREDIT UNION 1 2.25% $7,574
    First International Bank & Trust 1 2.50% $3,227
    Paramount Bank 1 3.63% $5,015
    The Huntington National Bank 1 2.88% $5,780
    Alerus Financial 1 2.38% $2,322

    The top Grand Forks USDA lender as defined by loan originations is Bremer Bank, with 14 USDA loans originated. Their average total fees are $5,732, which is $1,564 lower than the next largest lender, Florida Capital Bank.

    The lowest fee Grand Forks USDA lenders (with over 10 loans originated) are Bremer Bank ($5,732), Florida Capital Bank ($7,296), .

    The lowest rate Grand Forks USDA lenders (with over 10 loans originated) are Bremer Bank (2.74%), Florida Capital Bank (2.91%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Grand Forks (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 $234,091 (4.7%) $272,042 (5.3%) 0.00 386
    2018-02-01 $229,900 (2.8%) $268,479 (3.8%) 0.00 389
    2018-03-01 $244,000 (8.5%) $271,622 (3.2%) 0.00 417
    2018-04-01 $244,450 (6.3%) $276,342 (4.5%) 0.00 433
    2018-05-01 $249,500 (4.0%) $280,727 (3.8%) 0.00 459
    2018-06-01 $247,900 (4.4%) $275,120 (0.3%) 0.00 526
    2018-07-01 $237,999 (3.5%) $270,281 (-0.3%) 0.00 545
    2018-08-01 $233,200 (2.5%) $264,980 (0.2%) 0.00 557
    2018-09-01 $220,000 (-5.2%) $256,965 (-4.9%) 0.00 561
    2018-10-01 $214,900 (-5.6%) $252,448 (-6.4%) 0.00 537
    2018-11-01 $214,900 (-6.5%) $250,516 (-7.2%) 0.00 517
    2018-12-01 $212,000 (-8.8%) $246,715 (-9.1%) 0.00 500
    2019-01-01 $200,450 (-14.4%) $237,433 (-12.7%) 0.00 445
    2019-02-01 $199,900 (-13.1%) $235,181 (-12.4%) 0.00 451
    2019-03-01 $209,714 (-14.1%) $239,974 (-11.7%) 0.00 473
    2019-04-01 $210,714 (-13.8%) $244,270 (-11.6%) 0.00 491
    2019-05-01 $210,450 (-15.7%) $244,523 (-12.9%) 0.00 519
    2019-06-01 $218,000 (-12.1%) $246,411 (-10.4%) 0.00 547
    2019-07-01 $207,450 (-12.8%) $238,182 (-11.9%) 0.00 533
    2019-08-01 $206,714 (-11.4%) $240,118 (-9.4%) 0.00 535
    2019-09-01 $208,714 (-5.1%) $243,131 (-5.4%) 0.00 542
    2019-10-01 $209,000 (-2.8%) $242,632 (-3.9%) 0.00 525
    2019-11-01 $199,900 (-7.0%) $237,139 (-5.3%) 0.00 508
    2019-12-01 $209,000 (-1.4%) $239,880 (-2.8%) 0.00 465
    2020-01-01 $209,000 (4.3%) $240,326 (1.2%) 0.00 422
    2020-02-01 $209,000 (4.6%) $242,757 (3.2%) 0.00 413
    2020-03-01 $212,000 (1.1%) $244,866 (2.0%) 0.00 399
    2020-04-01 $226,200 (7.4%) $250,989 (2.8%) 0.00 398
    2020-05-01 $229,900 (9.2%) $252,033 (3.1%) 0.00 390
    2020-06-01 $231,400 (6.2%) $255,854 (3.8%) 0.00 403
    2020-07-01 $229,450 (10.6%) $255,955 (7.5%) 0.00 414
    2020-08-01 $229,900 (11.2%) $254,602 (6.0%) 0.00 393
    2020-09-01 $229,500 (10.0%) $252,152 (3.7%) 0.00 382
    2020-10-01 $214,900 (2.8%) $247,336 (1.9%) 0.00 373
    2020-11-01 $199,900 (0.0%) $236,390 (-0.3%) 0.00 356
    2020-12-01 $199,250 (-4.7%) $236,996 (-1.2%) 0.00 329
    2021-01-01 $189,900 (-9.1%) $232,957 (-3.1%) 0.00 289
    2021-02-01 $199,500 (-4.6%) $251,910 (3.8%) 0.00 269
    2021-03-01 $209,000 (-1.4%) $251,236 (2.6%) 0.00 271
    2021-04-01 $223,500 (-1.2%) $264,066 (5.2%) 0.00 254
    2021-05-01 $229,900 (0.0%) $269,303 (6.9%) 0.00 222
    2021-06-01 $249,900 (8.0%) $292,780 (14.4%) 0.00 236
    2021-07-01 $237,450 (3.5%) $288,914 (12.9%) 0.00 243
    2021-08-01 $242,450 (5.5%) $281,758 (10.7%) 0.00 260
    2021-09-01 $264,608 (15.3%) $295,052 (17.0%) 0.00 283
    2021-10-01 $249,900 (16.3%) $287,244 (16.1%) 0.00 270
    2021-11-01 $264,685 (32.4%) $294,799 (24.7%) 0.00 258
    2021-12-01 $278,450 (39.8%) $307,138 (29.6%) 0.00 207
    2022-01-01 $269,900 (42.1%) $299,411 (28.5%) 0.00 189
    2022-02-01 $295,570 (48.2%) $302,379 (20.0%) 0.00 163
    2022-03-01 $314,900 (50.7%) $311,565 (24.0%) 0.00 159
    2022-04-01 $309,900 (38.7%) $310,732 (17.7%) 0.00 162
    Grand Forks's median listing price for 2022-04-01 was $309,900, a difference of $86,400 (38.7%) versus the prior year and $-5,000 versus the prior month.

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

    Grand Forks's average listing price for 2022-04-01 was $310,732, a difference of $46,666 (17.7%) versus the prior year and $-833 versus the prior month.

    For the 2022-04-01 period, Grand Forks had 162 MLS listings, a difference of 3 listings (2%) versus the prior month and -92 listings (-36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Grand Forks (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,208 sqft
    2018-02-01 0 days 2,209 sqft
    2018-03-01 0 days 2,276 sqft
    2018-04-01 0 days 2,304 sqft
    2018-05-01 0 days 2,330 sqft
    2018-06-01 0 days 2,320 sqft
    2018-07-01 0 days 2,307 sqft
    2018-08-01 0 days 2,295 sqft
    2018-09-01 0 days 2,260 sqft
    2018-10-01 0 days 2,258 sqft
    2018-11-01 0 days 2,226 sqft
    2018-12-01 0 days 2,172 sqft
    2019-01-01 0 days 2,139 sqft
    2019-02-01 0 days 2,108 sqft
    2019-03-01 0 days 2,098 sqft
    2019-04-01 0 days 2,094 sqft
    2019-05-01 0 days 2,097 sqft
    2019-06-01 0 days 2,112 sqft
    2019-07-01 0 days 2,089 sqft
    2019-08-01 0 days 2,089 sqft
    2019-09-01 0 days 2,092 sqft
    2019-10-01 0 days 2,110 sqft
    2019-11-01 0 days 2,075 sqft
    2019-12-01 0 days 2,052 sqft
    2020-01-01 0 days 2,044 sqft
    2020-02-01 0 days 2,010 sqft
    2020-03-01 0 days 2,031 sqft
    2020-04-01 0 days 2,106 sqft
    2020-05-01 0 days 2,040 sqft
    2020-06-01 0 days 2,088 sqft
    2020-07-01 0 days 2,154 sqft
    2020-08-01 0 days 2,160 sqft
    2020-09-01 0 days 2,184 sqft
    2020-10-01 0 days 2,206 sqft
    2020-11-01 0 days 2,183 sqft
    2020-12-01 0 days 2,180 sqft
    2021-01-01 0 days 2,121 sqft
    2021-02-01 0 days 2,105 sqft
    2021-03-01 0 days 2,183 sqft
    2021-04-01 0 days 2,170 sqft
    2021-05-01 0 days 2,183 sqft
    2021-06-01 0 days 2,183 sqft
    2021-07-01 0 days 2,099 sqft
    2021-08-01 0 days 2,123 sqft
    2021-09-01 0 days 2,136 sqft
    2021-10-01 0 days 2,042 sqft
    2021-11-01 0 days 2,042 sqft
    2021-12-01 0 days 2,042 sqft
    2022-01-01 0 days 2,042 sqft
    2022-02-01 0 days 2,042 sqft
    2022-03-01 0 days 2,042 sqft
    2022-04-01 0 days 2,042 sqft
    Grand Forks's median listing age (time on market) for 2022-04-01 was 0 days.

    Grand Forks's median square footage for active listings during the 2022-04-01 period was 2,042 sqft. One year prior, the average listing was 2,170 sqft.