Kalamazoo USDA Loan Rates, Closing Costs & Stats

KALAMAZOO-PORTAGE, 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.

Kalamazoo's 10 lenders originated 11 USDA loans during 2023. The total origination value was $2,135,000, with an average USDA loan value of $194,091.

Kalamazoo USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Kalamazoo averaged 6.59% for the week of 2024-07-05, compared to the national average (all USDA variants) of 6.738% for the same period.

Kalamazoo's average USDA mortgage closing costs are $5,602.

The average rate for the prior week (2024-06-28) was 6.97% and one month ago for the week of 2024-05-31, the average rate was 6.74%.

The average rate one year ago was 6.52%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.82%.

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

Kalamazoo 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 Kalamazoo level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Fifth Third Bank 2 5.75% $8,080
Century Mortgage Company DBA Century Lending Company 1 6.99% $10,951
CROSSCOUNTRY MORTGAGE, LLC 1 5.06% $19,856
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.13% $7,743
LAKE MICHIGAN CREDIT UNION 1 6.38% $4,946
MICHIGAN MUTUAL, INC. 1 7.13% $7,038
Neighborhood Loans, Inc. 1 6.00% $6,492
SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $11,035
Bank of England 1 5.75% $5,523
UNION HOME MORTGAGE CORP. 1 6.50% $4,774

The top Kalamazoo USDA lender as defined by loan originations is Fifth Third Bank, with 2 USDA loans originated. Their average total fees are $8,080, which is $2,871 lower than the next largest lender, Century Mortgage Company DBA Century Lending Company.

The lowest fee Kalamazoo USDA lenders (with over 10 loans originated) are .

The lowest rate Kalamazoo USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kalamazoo (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 $196,250 (-2.6%) $273,353 (-12.6%) 0.73 550
2018-02-01 $207,225 (-14.7%) $282,733 (-15.2%) 0.75 502
2018-03-01 $240,000 (-5.3%) $324,828 (-6.2%) 0.84 469
2018-04-01 $268,950 (-0.4%) $340,615 (-3.6%) 0.91 476
2018-05-01 $279,900 (9.8%) $339,984 (1.3%) 0.93 526
2018-06-01 $272,875 (13.7%) $335,654 (7.2%) 0.91 581
2018-07-01 $253,900 (6.2%) $319,017 (2.3%) 0.85 623
2018-08-01 $239,900 (6.7%) $305,566 (2.8%) 0.80 712
2018-09-01 $230,000 (7.0%) $292,594 (0.6%) 0.77 768
2018-10-01 $229,900 (7.0%) $290,390 (0.1%) 0.78 786
2018-11-01 $227,750 (13.9%) $293,915 (3.6%) 0.77 743
2018-12-01 $229,000 (14.6%) $293,938 (5.3%) 0.79 654
2019-01-01 $224,900 (14.6%) $294,463 (7.7%) 0.78 593
2019-02-01 $229,450 (10.7%) $307,876 (8.9%) 0.78 528
2019-03-01 $256,214 (6.8%) $330,046 (1.6%) 0.84 509
2019-04-01 $279,900 (4.1%) $350,467 (2.9%) 0.89 520
2019-05-01 $290,950 (4.0%) $358,659 (5.5%) 0.91 533
2019-06-01 $274,900 (0.7%) $353,251 (5.2%) 0.86 614
2019-07-01 $260,600 (2.6%) $338,074 (6.0%) 0.82 663
2019-08-01 $247,245 (3.1%) $326,168 (6.7%) 0.78 725
2019-09-01 $243,114 (5.7%) $317,702 (8.6%) 0.78 770
2019-10-01 $239,900 (4.4%) $310,276 (6.9%) 0.77 795
2019-11-01 $234,900 (3.1%) $299,324 (1.8%) 0.77 739
2019-12-01 $229,900 (0.4%) $297,442 (1.2%) 0.77 641
2020-01-01 $230,000 (2.3%) $302,260 (2.7%) 0.77 572
2020-02-01 $249,500 (8.7%) $308,496 (0.2%) 0.82 541
2020-03-01 $282,400 (10.2%) $339,719 (2.9%) 0.89 493
2020-04-01 $289,900 (3.6%) $345,670 (-1.4%) 0.91 490
2020-05-01 $299,953 (3.1%) $369,309 (3.0%) 0.91 501
2020-06-01 $312,975 (13.9%) $377,930 (7.0%) 0.92 483
2020-07-01 $297,700 (14.2%) $365,692 (8.2%) 0.86 471
2020-08-01 $297,250 (20.2%) $353,736 (8.5%) 0.85 446
2020-09-01 $289,894 (19.2%) $345,386 (8.7%) 0.83 422
2020-10-01 $299,000 (24.6%) $349,504 (12.6%) 0.86 395
2020-11-01 $301,975 (28.6%) $358,872 (19.9%) 0.88 369
2020-12-01 $296,740 (29.1%) $352,676 (18.6%) 0.88 321
2021-01-01 $284,900 (23.9%) $352,941 (16.8%) 0.85 263
2021-02-01 $307,500 (23.3%) $368,558 (19.5%) 0.90 226
2021-03-01 $325,725 (15.3%) $379,405 (11.7%) 0.92 213
2021-04-01 $333,423 (15.0%) $389,711 (12.7%) 0.90 212
2021-05-01 $338,950 (13.0%) $379,376 (2.7%) 0.90 234
2021-06-01 $314,950 (0.6%) $362,239 (-4.2%) 0.83 258
2021-07-01 $298,444 (0.3%) $349,615 (-4.4%) 0.79 298
2021-08-01 $293,475 (-1.3%) $358,530 (1.4%) 0.78 326
2021-09-01 $281,250 (-3.0%) $356,149 (3.1%) 0.75 328
2021-10-01 $279,900 (-6.4%) $361,308 (3.4%) 0.75 320
2021-11-01 $270,200 (-10.5%) $357,492 (-0.4%) 0.72 293
2021-12-01 $258,450 (-12.9%) $345,859 (-1.9%) 0.70 219
2022-01-01 $271,000 (-4.9%) $350,880 (-0.6%) 0.73 146
2022-02-01 $307,400 (0.0%) $366,488 (-0.6%) 0.80 146
2022-03-01 $299,700 (-8.0%) $369,024 (-2.7%) 0.75 152
2022-04-01 $329,000 (-1.3%) $399,888 (2.6%) 0.78 160
2022-05-01 $303,704 (-10.4%) $411,225 (8.4%) 0.69 210
2022-06-01 $326,225 (3.6%) $418,185 (15.4%) 0.73 255
2022-07-01 $310,000 (3.9%) $403,187 (15.3%) 0.70 317
2022-08-01 $291,250 (-0.8%) $384,345 (7.2%) 0.67 364
2022-09-01 $295,000 (4.9%) $382,339 (7.4%) 0.69 339
2022-10-01 $288,250 (3.0%) $379,030 (4.9%) 0.68 389
2022-11-01 $279,945 (3.6%) $359,967 (0.7%) 0.67 397
2022-12-01 $275,000 (6.4%) $357,273 (3.3%) 0.68 333
2023-01-01 $295,993 (9.2%) $381,584 (8.8%) 0.73 276
2023-02-01 $304,700 (-0.9%) $393,334 (7.3%) 0.74 252
2023-03-01 $294,500 (-1.7%) $396,431 (7.4%) 0.69 227
2023-04-01 $345,000 (4.9%) $444,260 (11.1%) 0.80 217
2023-05-01 $334,900 (10.3%) $429,679 (4.5%) 0.76 249
2023-06-01 $331,627 (1.7%) $421,615 (0.8%) 0.75 296
2023-07-01 $325,000 (4.8%) $419,292 (4.0%) 0.74 326
2023-08-01 $318,900 (9.5%) $401,405 (4.4%) 0.73 344
2023-09-01 $309,990 (5.1%) $401,248 (5.0%) 0.72 359
2023-10-01 $304,450 (5.6%) $387,580 (2.3%) 0.72 367
2023-11-01 $289,150 (3.3%) $372,287 (3.4%) 0.69 383
2023-12-01 $284,900 (3.6%) $373,529 (4.6%) 0.69 370
2024-01-01 $294,975 (-0.3%) $378,359 (-0.9%) 0.72 331
2024-02-01 $329,900 (8.3%) $419,764 (6.7%) 0.79 308
2024-03-01 $350,000 (18.9%) $442,967 (11.7%) 0.82 301
2024-04-01 $372,400 (7.9%) $451,246 (1.6%) 0.87 318
2024-05-01 $398,757 (19.1%) $478,323 (11.3%) 0.90 344
2024-06-01 $374,950 (13.1%) $462,961 (9.8%) 0.84 376
Kalamazoo's median listing price for 2024-06-01 was $374,950, a difference of $43,323 (13.1%) versus the prior year and $-23,807 versus the prior month.

Kalamazoo's median listing price comes in at 84% of the national average.

Kalamazoo's average listing price for 2024-06-01 was $462,961, a difference of $41,346 (9.8%) versus the prior year and $-15,362 versus the prior month.

For the 2024-06-01 period, Kalamazoo had 376 MLS listings, a difference of 32 listings (9%) versus the prior month and 80 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kalamazoo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 68 days 1,902 sqft
2018-02-01 61 days 1,951 sqft
2018-03-01 44 days 2,100 sqft
2018-04-01 38 days 2,253 sqft
2018-05-01 31 days 2,356 sqft
2018-06-01 32 days 2,291 sqft
2018-07-01 36 days 2,238 sqft
2018-08-01 32 days 2,142 sqft
2018-09-01 39 days 2,121 sqft
2018-10-01 45 days 2,050 sqft
2018-11-01 50 days 1,994 sqft
2018-12-01 59 days 2,012 sqft
2019-01-01 66 days 1,940 sqft
2019-02-01 57 days 1,922 sqft
2019-03-01 46 days 2,061 sqft
2019-04-01 36 days 2,180 sqft
2019-05-01 32 days 2,254 sqft
2019-06-01 31 days 2,221 sqft
2019-07-01 34 days 2,197 sqft
2019-08-01 39 days 2,119 sqft
2019-09-01 41 days 2,097 sqft
2019-10-01 42 days 2,076 sqft
2019-11-01 46 days 2,048 sqft
2019-12-01 62 days 2,002 sqft
2020-01-01 70 days 2,004 sqft
2020-02-01 62 days 1,983 sqft
2020-03-01 50 days 2,068 sqft
2020-04-01 56 days 2,084 sqft
2020-05-01 65 days 2,197 sqft
2020-06-01 44 days 2,304 sqft
2020-07-01 45 days 2,194 sqft
2020-08-01 46 days 2,230 sqft
2020-09-01 46 days 2,087 sqft
2020-10-01 44 days 2,075 sqft
2020-11-01 47 days 2,075 sqft
2020-12-01 55 days 2,060 sqft
2021-01-01 58 days 1,894 sqft
2021-02-01 51 days 1,876 sqft
2021-03-01 45 days 1,975 sqft
2021-04-01 38 days 1,996 sqft
2021-05-01 30 days 2,003 sqft
2021-06-01 33 days 2,048 sqft
2021-07-01 32 days 1,988 sqft
2021-08-01 34 days 2,014 sqft
2021-09-01 39 days 1,965 sqft
2021-10-01 39 days 1,904 sqft
2021-11-01 43 days 1,880 sqft
2021-12-01 48 days 1,770 sqft
2022-01-01 55 days 1,800 sqft
2022-02-01 33 days 1,834 sqft
2022-03-01 31 days 1,809 sqft
2022-04-01 32 days 1,811 sqft
2022-05-01 25 days 1,849 sqft
2022-06-01 28 days 1,898 sqft
2022-07-01 31 days 1,873 sqft
2022-08-01 33 days 1,939 sqft
2022-09-01 42 days 1,976 sqft
2022-10-01 39 days 1,905 sqft
2022-11-01 41 days 1,880 sqft
2022-12-01 54 days 1,794 sqft
2023-01-01 52 days 1,803 sqft
2023-02-01 42 days 1,780 sqft
2023-03-01 44 days 1,741 sqft
2023-04-01 44 days 1,860 sqft
2023-05-01 33 days 1,842 sqft
2023-06-01 33 days 1,835 sqft
2023-07-01 37 days 1,832 sqft
2023-08-01 35 days 1,851 sqft
2023-09-01 39 days 1,840 sqft
2023-10-01 44 days 1,827 sqft
2023-11-01 38 days 1,802 sqft
2023-12-01 49 days 1,782 sqft
2024-01-01 65 days 1,779 sqft
2024-02-01 52 days 1,828 sqft
2024-03-01 45 days 1,904 sqft
2024-04-01 40 days 1,963 sqft
2024-05-01 36 days 2,020 sqft
2024-06-01 38 days 1,994 sqft
Kalamazoo's median listing age (time on market) for 2024-06-01 was 38 days. This is 15% longer than the same period one year ago.

Kalamazoo's median square footage for active listings during the 2024-06-01 period was 1,994 sqft. One year prior, the average listing was 1,835 sqft.