Jackson USDA Loan Rates, Closing Costs & Stats

JACKSON, MI

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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.

    Jackson's 27 lenders originated 82 USDA loans during 2021. The total origination value was $13,720,000, with an average USDA loan value of $167,317.

    Jackson USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Jackson averaged 6.67% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

    Jackson's average USDA mortgage closing costs are $4,755.

    The average rate for the prior week (2023-03-10) was 6.88% and one month ago for the week of 2023-02-10, the average rate was 6.25%.

    The average rate one year ago was 4.34%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.48%.

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

    Jackson 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 Jackson level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    MORTGAGE 1 INCORPORATED 22 3.19% $6,337
    RUOFF MORTGAGE COMPANY, INC. 12 2.90% $2,571
    GVC MORTGAGE, INC. 7 3.41% $5,813
    Flagstar Bank, FSB 5 3.13% $3,637
    CROSSCOUNTRY MORTGAGE, LLC 4 3.31% $5,039
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 3.22% $4,606
    UNITED WHOLESALE MORTGAGE, LLC 2 3.00% $3,928
    UNIVERSITY LENDING GROUP, LLC 2 2.81% $4,570
    UNION HOME MORTGAGE CORP. 2 2.50% $4,423
    HOME POINT FINANCIAL CORPORATION 2 2.87% $4,087
    PENNYMAC LOAN SERVICES, LLC 2 3.38% $5,058
    Northpointe Bank 1 3.88% $5,941
    Old National Bank 1 3.13% $5,107
    PLAZA HOME MORTGAGE, INC. 1 2.25% $7,676
    Preston Home Loans Inc 1 2.88% $5,841
    ACADEMY MORTGAGE CORPORATION 1 3.25% $4,625
    U.S. Bank 1 3.63% $4,665
    AMERIFIRST FINANCIAL CORPORATION 1 3.25% $5,952
    BLG HOLDINGS, INC. 1 3.25% $16,211
    BROKER SOLUTIONS, INC. 1 2.75% $5,218
    Citizens Bank 1 3.25% $3,800
    Colten Mortgage, LLC 1 3.25% $5,440
    FREEDOM MORTGAGE CORPORATION 1 2.75% $9,142
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 2.75% $7,368
    MICHIGAN MUTUAL, INC. 1 2.50% $5,322
    NATIONS RELIABLE LENDING, LLC 1 4.00% $5,448
    Neighborhood Loans, Inc. 1 2.75% $4,799

    The top Jackson USDA lender as defined by loan originations is MORTGAGE 1 INCORPORATED, with 22 USDA loans originated. Their average total fees are $6,337, which is $3,766 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Jackson USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($2,571), MORTGAGE 1 INCORPORATED ($6,337), .

    The lowest rate Jackson USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (2.90%), MORTGAGE 1 INCORPORATED (3.19%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jackson (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 $139,900 (5.1%) $166,808 (-5.3%) 0.52 630
    2018-02-01 $135,224 (-3.3%) $167,998 (-7.1%) 0.49 601
    2018-03-01 $139,900 (0.0%) $168,190 (-8.5%) 0.49 609
    2018-04-01 $139,900 (0.0%) $173,935 (-6.2%) 0.47 641
    2018-05-01 $149,925 (2.4%) $181,447 (-3.0%) 0.50 679
    2018-06-01 $156,000 (4.1%) $190,078 (1.0%) 0.52 702
    2018-07-01 $149,900 (0.0%) $186,810 (0.6%) 0.50 747
    2018-08-01 $152,196 (1.5%) $187,922 (0.4%) 0.51 761
    2018-09-01 $154,900 (-3.1%) $192,572 (2.2%) 0.52 796
    2018-10-01 $153,519 (2.4%) $200,815 (8.8%) 0.52 785
    2018-11-01 $149,700 (-1.0%) $194,703 (7.9%) 0.51 758
    2018-12-01 $144,950 (0.0%) $192,672 (12.4%) 0.50 690
    2019-01-01 $143,700 (2.7%) $194,341 (16.5%) 0.50 621
    2019-02-01 $144,925 (7.2%) $196,136 (16.8%) 0.49 612
    2019-03-01 $147,114 (5.2%) $196,768 (17.0%) 0.48 596
    2019-04-01 $152,225 (8.8%) $213,765 (22.9%) 0.48 598
    2019-05-01 $157,816 (5.3%) $215,467 (18.8%) 0.49 642
    2019-06-01 $161,250 (3.4%) $218,633 (15.0%) 0.50 670
    2019-07-01 $162,500 (8.4%) $218,032 (16.7%) 0.51 706
    2019-08-01 $163,091 (7.2%) $212,941 (13.3%) 0.52 720
    2019-09-01 $160,227 (3.4%) $204,467 (6.2%) 0.51 744
    2019-10-01 $159,268 (3.8%) $199,670 (-0.6%) 0.51 746
    2019-11-01 $158,950 (6.2%) $199,632 (2.5%) 0.52 680
    2019-12-01 $149,900 (3.4%) $192,079 (-0.3%) 0.50 596
    2020-01-01 $149,900 (4.3%) $189,344 (-2.6%) 0.50 542
    2020-02-01 $145,000 (0.1%) $184,483 (-5.9%) 0.47 539
    2020-03-01 $149,900 (1.9%) $192,727 (-2.1%) 0.47 534
    2020-04-01 $156,500 (2.8%) $196,888 (-7.9%) 0.49 492
    2020-05-01 $174,900 (10.8%) $208,313 (-3.3%) 0.53 508
    2020-06-01 $178,450 (10.7%) $208,537 (-4.6%) 0.53 551
    2020-07-01 $186,500 (14.8%) $216,709 (-0.6%) 0.54 563
    2020-08-01 $176,900 (8.5%) $214,654 (0.8%) 0.51 534
    2020-09-01 $174,925 (9.2%) $220,830 (8.0%) 0.50 504
    2020-10-01 $174,900 (9.8%) $225,728 (13.1%) 0.50 494
    2020-11-01 $169,950 (6.9%) $217,422 (8.9%) 0.50 469
    2020-12-01 $162,450 (8.4%) $207,429 (8.0%) 0.48 433
    2021-01-01 $149,900 (0.0%) $202,742 (7.1%) 0.45 375
    2021-02-01 $149,450 (3.1%) $202,757 (9.9%) 0.43 308
    2021-03-01 $145,750 (-2.8%) $210,125 (9.0%) 0.41 285
    2021-04-01 $147,000 (-6.1%) $209,094 (6.2%) 0.40 292
    2021-05-01 $161,450 (-7.7%) $216,561 (4.0%) 0.43 354
    2021-06-01 $175,000 (-1.9%) $230,312 (10.4%) 0.46 416
    2021-07-01 $179,900 (-3.5%) $236,488 (9.1%) 0.47 464
    2021-08-01 $180,450 (2.0%) $248,555 (15.8%) 0.48 252
    2021-09-01 $180,950 (3.4%) $234,776 (6.3%) 0.48 291
    2021-10-01 $169,900 (-2.9%) $215,217 (-4.7%) 0.45 290
    2021-11-01 $157,150 (-7.5%) $197,765 (-9.0%) 0.42 262
    2021-12-01 $153,475 (-5.5%) $200,618 (-3.3%) 0.42 226
    2022-01-01 $164,000 (9.4%) $212,332 (4.7%) 0.44 213
    2022-02-01 $173,675 (16.2%) $226,694 (11.8%) 0.45 198
    2022-03-01 $177,975 (22.1%) $234,701 (11.7%) 0.45 178
    2022-04-01 $179,950 (22.4%) $223,799 (7.0%) 0.43 174
    2022-05-01 $189,975 (17.7%) $248,341 (14.7%) 0.43 197
    2022-06-01 $219,925 (25.7%) $274,681 (19.3%) 0.49 223
    2022-07-01 $229,000 (27.3%) $282,730 (19.6%) 0.51 278
    2022-08-01 $217,400 (20.5%) $283,247 (14.0%) 0.50 283
    2022-09-01 $219,950 (21.6%) $286,814 (22.2%) 0.51 298
    2022-10-01 $220,000 (29.5%) $277,095 (28.8%) 0.52 308
    2022-11-01 $212,250 (35.1%) $270,966 (37.0%) 0.51 291
    2022-12-01 $199,999 (30.3%) $255,607 (27.4%) 0.49 267
    2023-01-01 $193,200 (17.8%) $252,845 (19.1%) 0.48 229
    2023-02-01 $223,750 (28.8%) $269,783 (19.0%) 0.54 183
    Jackson's median listing price for 2023-02-01 was $223,750, a difference of $50,075 (28.8%) versus the prior year and $30,550 versus the prior month.

    Jackson's median listing price comes in at 54% of the national average.

    Jackson's average listing price for 2023-02-01 was $269,783, a difference of $43,089 (19.0%) versus the prior year and $16,938 versus the prior month.

    For the 2023-02-01 period, Jackson had 183 MLS listings, a difference of -46 listings (-20%) versus the prior month and -15 listings (-8%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jackson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 81 days 1,596 sqft
    2018-02-01 77 days 1,574 sqft
    2018-03-01 56 days 1,600 sqft
    2018-04-01 51 days 1,581 sqft
    2018-05-01 46 days 1,605 sqft
    2018-06-01 44 days 1,679 sqft
    2018-07-01 43 days 1,663 sqft
    2018-08-01 46 days 1,683 sqft
    2018-09-01 48 days 1,705 sqft
    2018-10-01 53 days 1,700 sqft
    2018-11-01 57 days 1,661 sqft
    2018-12-01 67 days 1,603 sqft
    2019-01-01 75 days 1,590 sqft
    2019-02-01 74 days 1,600 sqft
    2019-03-01 63 days 1,650 sqft
    2019-04-01 48 days 1,676 sqft
    2019-05-01 45 days 1,658 sqft
    2019-06-01 45 days 1,750 sqft
    2019-07-01 48 days 1,763 sqft
    2019-08-01 49 days 1,750 sqft
    2019-09-01 51 days 1,711 sqft
    2019-10-01 53 days 1,691 sqft
    2019-11-01 58 days 1,693 sqft
    2019-12-01 68 days 1,640 sqft
    2020-01-01 75 days 1,639 sqft
    2020-02-01 64 days 1,590 sqft
    2020-03-01 56 days 1,594 sqft
    2020-04-01 63 days 1,579 sqft
    2020-05-01 72 days 1,650 sqft
    2020-06-01 45 days 1,709 sqft
    2020-07-01 45 days 1,740 sqft
    2020-08-01 47 days 1,708 sqft
    2020-09-01 44 days 1,700 sqft
    2020-10-01 43 days 1,697 sqft
    2020-11-01 48 days 1,696 sqft
    2020-12-01 50 days 1,675 sqft
    2021-01-01 52 days 1,560 sqft
    2021-02-01 52 days 1,555 sqft
    2021-03-01 45 days 1,558 sqft
    2021-04-01 34 days 1,567 sqft
    2021-05-01 30 days 1,621 sqft
    2021-06-01 33 days 1,611 sqft
    2021-07-01 32 days 1,600 sqft
    2021-08-01 24 days 1,590 sqft
    2021-09-01 32 days 1,614 sqft
    2021-10-01 37 days 1,600 sqft
    2021-11-01 44 days 1,539 sqft
    2021-12-01 51 days 1,543 sqft
    2022-01-01 54 days 1,525 sqft
    2022-02-01 51 days 1,593 sqft
    2022-03-01 47 days 1,555 sqft
    2022-04-01 40 days 1,516 sqft
    2022-05-01 32 days 1,576 sqft
    2022-06-01 33 days 1,622 sqft
    2022-07-01 33 days 1,728 sqft
    2022-08-01 39 days 1,726 sqft
    2022-09-01 45 days 1,700 sqft
    2022-10-01 47 days 1,660 sqft
    2022-11-01 51 days 1,652 sqft
    2022-12-01 59 days 1,652 sqft
    2023-01-01 68 days 1,638 sqft
    2023-02-01 63 days 1,681 sqft
    Jackson's median listing age (time on market) for 2023-02-01 was 63 days. This is 23% longer than the same period one year ago.

    Jackson's median square footage for active listings during the 2023-02-01 period was 1,681 sqft. One year prior, the average listing was 1,593 sqft.