Grand Forks USDA Loans

GRAND FORKS, ND-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.

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.