Grand Rapids USDA Loan Rates, Closing Costs & Stats
GRAND RAPIDS-KENTWOOD, MI
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 Rapids's 53 lenders originated 262 USDA loans during 2021. The total origination value was $47,200,000, with an average USDA loan value of $180,153.
Grand Rapids USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Grand Rapids
averaged
6.39%
for the week of 2023-01-27, compared to the national average (all USDA variants) of
6.195% for the same period.
Grand Rapids's average USDA mortgage closing costs are $4,465.
The average rate for the prior week (2023-01-20) was
6.28% and
one month ago for the week of 2022-12-23, the
average rate was 6.51%.
The average rate one year ago was 3.96%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.21%.
Grand Rapids 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 Grand Rapids level.
The top Grand Rapids USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with
20 USDA loans originated. Their average total fees are
$5,979, which is $441
higher than the next largest lender,
UNION HOME MORTGAGE CORP..
The lowest fee Grand Rapids USDA lenders (with over 10 loans originated) are
MMS MORTGAGE SERVICES, LTD. ($2,204), PLAZA HOME MORTGAGE, INC. ($2,590), VAN DYK MORTGAGE CORPORATION ($3,148), Neighborhood Loans, Inc. ($4,576) and BLG HOLDINGS, INC. ($4,940).
The lowest rate Grand Rapids USDA lenders (with over 10 loans originated) are
Neighborhood Loans, Inc. (3.04%), VAN DYK MORTGAGE CORPORATION (3.05%), TOP FLITE FINANCIAL, INC. (3.16%), BLG HOLDINGS, INC. (3.18%) and UNION HOME MORTGAGE CORP. (3.18%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $252,400 (-1.5%) | $313,936 (-14.9%) | 0.94 | 1,849 |
2018-02-01 | $261,150 (-3.8%) | $327,838 (-13.1%) | 0.95 | 1,689 |
2018-03-01 | $269,900 (-4.5%) | $339,520 (-13.0%) | 0.95 | 1,671 |
2018-04-01 | $279,125 (-0.3%) | $352,579 (-4.4%) | 0.95 | 1,729 |
2018-05-01 | $279,900 (5.8%) | $353,481 (4.3%) | 0.93 | 1,909 |
2018-06-01 | $279,900 (10.9%) | $352,517 (8.7%) | 0.93 | 2,226 |
2018-07-01 | $277,250 (11.4%) | $346,190 (9.4%) | 0.93 | 2,387 |
2018-08-01 | $269,900 (11.3%) | $340,680 (10.4%) | 0.90 | 2,708 |
2018-09-01 | $269,900 (12.5%) | $336,858 (9.7%) | 0.91 | 2,767 |
2018-10-01 | $272,425 (11.2%) | $340,388 (10.2%) | 0.92 | 2,741 |
2018-11-01 | $269,900 (12.5%) | $335,424 (9.3%) | 0.91 | 2,653 |
2018-12-01 | $274,900 (14.5%) | $332,643 (8.8%) | 0.95 | 2,404 |
2019-01-01 | $274,950 (8.9%) | $330,185 (5.2%) | 0.95 | 2,135 |
2019-02-01 | $279,950 (7.2%) | $337,224 (2.9%) | 0.95 | 1,960 |
2019-03-01 | $286,429 (6.1%) | $351,369 (3.5%) | 0.94 | 1,954 |
2019-04-01 | $296,538 (6.2%) | $370,039 (5.0%) | 0.94 | 2,034 |
2019-05-01 | $294,625 (5.3%) | $371,339 (5.1%) | 0.92 | 2,158 |
2019-06-01 | $291,689 (4.2%) | $369,427 (4.8%) | 0.91 | 2,381 |
2019-07-01 | $290,794 (4.9%) | $365,586 (5.6%) | 0.91 | 2,592 |
2019-08-01 | $284,445 (5.4%) | $358,622 (5.3%) | 0.90 | 2,682 |
2019-09-01 | $276,264 (2.4%) | $349,779 (3.8%) | 0.88 | 2,793 |
2019-10-01 | $269,900 (-0.9%) | $343,588 (0.9%) | 0.87 | 2,849 |
2019-11-01 | $273,950 (1.5%) | $344,800 (2.8%) | 0.90 | 2,603 |
2019-12-01 | $274,850 (0.0%) | $343,434 (3.2%) | 0.92 | 2,273 |
2020-01-01 | $282,400 (2.7%) | $345,717 (4.7%) | 0.94 | 1,958 |
2020-02-01 | $299,900 (7.1%) | $370,598 (9.9%) | 0.98 | 1,807 |
2020-03-01 | $299,900 (4.7%) | $374,034 (6.5%) | 0.94 | 1,749 |
2020-04-01 | $308,575 (4.1%) | $380,424 (2.8%) | 0.97 | 1,755 |
2020-05-01 | $315,000 (6.9%) | $397,639 (7.1%) | 0.96 | 1,950 |
2020-06-01 | $314,900 (8.0%) | $409,603 (10.9%) | 0.93 | 1,795 |
2020-07-01 | $309,625 (6.5%) | $406,180 (11.1%) | 0.90 | 1,685 |
2020-08-01 | $309,000 (8.6%) | $399,269 (11.3%) | 0.89 | 1,612 |
2020-09-01 | $304,425 (10.2%) | $401,576 (14.8%) | 0.87 | 1,469 |
2020-10-01 | $290,000 (7.5%) | $387,657 (12.8%) | 0.83 | 1,462 |
2020-11-01 | $298,949 (9.1%) | $394,390 (14.4%) | 0.87 | 1,326 |
2020-12-01 | $299,925 (9.1%) | $396,320 (15.4%) | 0.89 | 1,106 |
2021-01-01 | $304,900 (8.0%) | $396,828 (14.8%) | 0.91 | 906 |
2021-02-01 | $314,463 (4.9%) | $416,299 (12.3%) | 0.91 | 772 |
2021-03-01 | $310,000 (3.4%) | $414,859 (10.9%) | 0.88 | 764 |
2021-04-01 | $309,850 (0.4%) | $423,714 (11.4%) | 0.84 | 711 |
2021-05-01 | $310,000 (-1.6%) | $434,395 (9.2%) | 0.82 | 745 |
2021-06-01 | $313,950 (-0.3%) | $434,595 (6.1%) | 0.83 | 906 |
2021-07-01 | $303,200 (-2.1%) | $437,434 (7.7%) | 0.80 | 1,037 |
2021-08-01 | $304,950 (-1.3%) | $435,800 (9.2%) | 0.81 | 1,112 |
2021-09-01 | $306,175 (0.6%) | $424,057 (5.6%) | 0.82 | 1,142 |
2021-10-01 | $305,000 (5.2%) | $414,944 (7.0%) | 0.81 | 1,121 |
2021-11-01 | $314,950 (5.4%) | $425,282 (7.8%) | 0.84 | 981 |
2021-12-01 | $310,000 (3.4%) | $423,037 (6.7%) | 0.84 | 785 |
2022-01-01 | $330,700 (8.5%) | $448,017 (12.9%) | 0.89 | 612 |
2022-02-01 | $342,950 (9.1%) | $450,482 (8.2%) | 0.89 | 545 |
2022-03-01 | $339,950 (9.7%) | $448,783 (8.2%) | 0.85 | 602 |
2022-04-01 | $349,900 (12.9%) | $449,902 (6.2%) | 0.84 | 658 |
2022-05-01 | $359,950 (16.1%) | $461,696 (6.3%) | 0.82 | 904 |
2022-06-01 | $375,000 (19.5%) | $462,671 (6.5%) | 0.84 | 1,174 |
2022-07-01 | $375,000 (23.7%) | $462,609 (5.8%) | 0.85 | 1,402 |
2022-08-01 | $377,400 (23.8%) | $464,876 (6.7%) | 0.87 | 1,442 |
2022-09-01 | $364,800 (19.2%) | $452,973 (6.8%) | 0.85 | 1,436 |
2022-10-01 | $355,000 (16.4%) | $445,600 (7.4%) | 0.84 | 1,441 |
2022-11-01 | $358,310 (13.8%) | $437,919 (3.0%) | 0.86 | 1,410 |
2022-12-01 | $359,900 (16.1%) | $431,478 (2.0%) | 0.90 | 1,188 |
Grand Rapids's median listing price comes in at 90% of the national average.
Grand Rapids's average listing price for 2022-12-01 was $431,478, a difference of $8,441 (2.0%) versus the prior year and $-6,441 versus the prior month.
For the 2022-12-01 period, Grand Rapids had 1,188 MLS listings, a difference of -222 listings (-16%) versus the prior month and 403 listings (51%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Grand Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 74 days | 2,036 sqft |
2018-02-01 | 62 days | 2,040 sqft |
2018-03-01 | 39 days | 2,060 sqft |
2018-04-01 | 36 days | 2,084 sqft |
2018-05-01 | 28 days | 2,113 sqft |
2018-06-01 | 29 days | 2,106 sqft |
2018-07-01 | 36 days | 2,131 sqft |
2018-08-01 | 34 days | 2,077 sqft |
2018-09-01 | 42 days | 2,050 sqft |
2018-10-01 | 47 days | 2,051 sqft |
2018-11-01 | 52 days | 2,040 sqft |
2018-12-01 | 65 days | 2,021 sqft |
2019-01-01 | 73 days | 1,990 sqft |
2019-02-01 | 73 days | 2,010 sqft |
2019-03-01 | 53 days | 2,032 sqft |
2019-04-01 | 37 days | 2,066 sqft |
2019-05-01 | 30 days | 2,082 sqft |
2019-06-01 | 32 days | 2,102 sqft |
2019-07-01 | 36 days | 2,113 sqft |
2019-08-01 | 38 days | 2,090 sqft |
2019-09-01 | 40 days | 2,055 sqft |
2019-10-01 | 43 days | 2,030 sqft |
2019-11-01 | 52 days | 2,002 sqft |
2019-12-01 | 67 days | 1,957 sqft |
2020-01-01 | 73 days | 1,946 sqft |
2020-02-01 | 66 days | 2,005 sqft |
2020-03-01 | 46 days | 2,023 sqft |
2020-04-01 | 55 days | 2,046 sqft |
2020-05-01 | 58 days | 2,072 sqft |
2020-06-01 | 41 days | 2,063 sqft |
2020-07-01 | 45 days | 2,057 sqft |
2020-08-01 | 43 days | 2,056 sqft |
2020-09-01 | 42 days | 2,034 sqft |
2020-10-01 | 41 days | 1,956 sqft |
2020-11-01 | 44 days | 1,918 sqft |
2020-12-01 | 57 days | 1,888 sqft |
2021-01-01 | 61 days | 1,870 sqft |
2021-02-01 | 42 days | 1,897 sqft |
2021-03-01 | 36 days | 1,912 sqft |
2021-04-01 | 34 days | 1,922 sqft |
2021-05-01 | 32 days | 1,940 sqft |
2021-06-01 | 28 days | 1,963 sqft |
2021-07-01 | 33 days | 1,964 sqft |
2021-08-01 | 32 days | 1,941 sqft |
2021-09-01 | 36 days | 1,921 sqft |
2021-10-01 | 36 days | 1,857 sqft |
2021-11-01 | 40 days | 1,872 sqft |
2021-12-01 | 48 days | 1,845 sqft |
2022-01-01 | 53 days | 1,870 sqft |
2022-02-01 | 37 days | 1,880 sqft |
2022-03-01 | 31 days | 1,864 sqft |
2022-04-01 | 26 days | 1,944 sqft |
2022-05-01 | 21 days | 1,995 sqft |
2022-06-01 | 24 days | 2,028 sqft |
2022-07-01 | 30 days | 2,056 sqft |
2022-08-01 | 35 days | 2,055 sqft |
2022-09-01 | 38 days | 2,010 sqft |
2022-10-01 | 39 days | 2,007 sqft |
2022-11-01 | 43 days | 1,968 sqft |
2022-12-01 | 58 days | 1,952 sqft |
Grand Rapids's median square footage for active listings during the 2022-12-01 period was 1,952 sqft. One year prior, the average listing was 1,845 sqft.