Kankakee USDA Loan Rates, Closing Costs & Stats

KANKAKEE, IL

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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.

    Kankakee's 4 lenders originated 4 USDA loans during 2023. The total origination value was $760,000, with an average USDA loan value of $190,000.

    Kankakee USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Kankakee averaged 7.18% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Kankakee's average USDA mortgage closing costs are $4,632.

    The average rate for the prior week (2024-04-12) was 7.03% and one month ago for the week of 2024-03-15, the average rate was 6.62%.

    The average rate one year ago was 6.46%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Kankakee 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 Kankakee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Bank of England 1 5.88% $2,608
    CARDINAL FINANCIAL 1 6.75% $9,494
    Flagstar Bank, FSB 1 7.13% $8,277
    NEWREZ LLC 1 7.75% $6,718

    The top Kankakee USDA lender as defined by loan originations is Bank of England, with 1 USDA loans originated. Their average total fees are $2,608, which is $6,886 lower than the next largest lender, CARDINAL FINANCIAL.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kankakee (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 $129,922 (6.8%) $169,964 (1.8%) 0.00 365
    2018-02-01 $135,700 (13.2%) $172,415 (3.4%) 0.00 356
    2018-03-01 $137,900 (10.9%) $171,629 (3.3%) 0.00 352
    2018-04-01 $139,950 (12.0%) $172,702 (5.0%) 0.00 337
    2018-05-01 $140,450 (12.5%) $175,677 (8.9%) 0.00 354
    2018-06-01 $149,000 (7.5%) $178,458 (6.5%) 0.00 381
    2018-07-01 $145,850 (7.2%) $181,656 (4.0%) 0.00 388
    2018-08-01 $142,450 (3.6%) $177,810 (3.4%) 0.00 409
    2018-09-01 $139,450 (2.5%) $173,631 (1.9%) 0.00 406
    2018-10-01 $136,475 (0.0%) $169,620 (0.5%) 0.00 437
    2018-11-01 $134,400 (0.9%) $168,004 (-1.5%) 0.00 438
    2018-12-01 $125,000 (-6.7%) $162,512 (-5.1%) 0.00 418
    2019-01-01 $125,600 (-3.3%) $162,750 (-4.2%) 0.00 382
    2019-02-01 $124,000 (-8.6%) $160,134 (-7.1%) 0.00 351
    2019-03-01 $131,957 (-4.3%) $169,124 (-1.5%) 0.00 343
    2019-04-01 $142,825 (2.1%) $180,788 (4.7%) 0.00 325
    2019-05-01 $154,900 (10.3%) $191,159 (8.8%) 0.00 316
    2019-06-01 $164,450 (10.4%) $197,695 (10.8%) 0.00 337
    2019-07-01 $160,900 (10.3%) $191,849 (5.6%) 0.00 373
    2019-08-01 $164,900 (15.8%) $192,787 (8.4%) 0.00 383
    2019-09-01 $164,900 (18.3%) $194,360 (11.9%) 0.00 385
    2019-10-01 $164,900 (20.8%) $192,407 (13.4%) 0.00 384
    2019-11-01 $159,900 (19.0%) $189,487 (12.8%) 0.00 371
    2019-12-01 $158,950 (27.2%) $185,209 (14.0%) 0.00 347
    2020-01-01 $159,300 (26.8%) $184,478 (13.4%) 0.00 314
    2020-02-01 $159,900 (29.0%) $187,498 (17.1%) 0.00 299
    2020-03-01 $164,950 (25.0%) $193,806 (14.6%) 0.00 298
    2020-04-01 $170,075 (19.1%) $196,345 (8.6%) 0.00 296
    2020-05-01 $179,900 (16.1%) $206,439 (8.0%) 0.00 278
    2020-06-01 $179,900 (9.4%) $209,449 (6.0%) 0.00 238
    2020-07-01 $177,675 (10.4%) $206,307 (7.5%) 0.00 228
    2020-08-01 $170,500 (3.4%) $202,057 (4.8%) 0.00 211
    2020-09-01 $177,650 (7.7%) $208,311 (7.2%) 0.00 206
    2020-10-01 $159,450 (-3.3%) $199,184 (3.5%) 0.00 212
    2020-11-01 $153,075 (-4.3%) $199,577 (5.3%) 0.00 189
    2020-12-01 $152,400 (-4.1%) $201,360 (8.7%) 0.00 172
    2021-01-01 $150,000 (-5.8%) $199,005 (7.9%) 0.00 160
    2021-02-01 $162,450 (1.6%) $205,619 (9.7%) 0.00 131
    2021-03-01 $184,000 (11.6%) $217,514 (12.2%) 0.00 116
    2021-04-01 $191,900 (12.8%) $230,506 (17.4%) 0.00 101
    2021-05-01 $190,000 (5.6%) $224,653 (8.8%) 0.00 110
    2021-06-01 $219,575 (22.1%) $243,938 (16.5%) 0.00 127
    2021-07-01 $186,950 (5.2%) $232,997 (12.9%) 0.00 144
    2021-08-01 $188,675 (10.7%) $228,822 (13.3%) 0.00 144
    2021-09-01 $173,450 (-2.4%) $217,736 (4.5%) 0.00 136
    2021-10-01 $180,000 (12.9%) $219,708 (10.3%) 0.00 138
    2021-11-01 $177,450 (15.9%) $214,480 (7.5%) 0.00 131
    2021-12-01 $193,475 (27.0%) $225,214 (11.9%) 0.00 112
    2022-01-01 $194,900 (29.9%) $230,490 (15.8%) 0.00 98
    2022-02-01 $134,474 (-17.2%) $189,443 (-7.9%) 0.00 131
    2022-03-01 $170,900 (-7.1%) $200,336 (-7.9%) 0.00 115
    2022-04-01 $176,500 (-8.0%) $205,930 (-10.7%) 0.00 116
    2022-05-01 $211,200 (11.2%) $225,860 (0.5%) 0.00 135
    2022-06-01 $190,000 (-13.5%) $226,636 (-7.1%) 0.00 167
    2022-07-01 $189,450 (1.3%) $223,302 (-4.2%) 0.00 210
    2022-08-01 $187,900 (-0.4%) $233,344 (2.0%) 0.00 206
    2022-09-01 $197,000 (13.6%) $235,078 (8.0%) 0.00 203
    2022-10-01 $190,000 (5.6%) $228,945 (4.2%) 0.00 191
    2022-11-01 $190,350 (7.3%) $223,369 (4.1%) 0.00 176
    2022-12-01 $174,900 (-9.6%) $213,756 (-5.1%) 0.00 173
    2023-01-01 $182,200 (-6.5%) $222,749 (-3.4%) 0.00 143
    2023-02-01 $180,925 (34.5%) $223,577 (18.0%) 0.00 137
    2023-03-01 $218,750 (28.0%) $251,093 (25.3%) 0.00 126
    2023-04-01 $208,950 (18.4%) $251,495 (22.1%) 0.00 125
    2023-05-01 $242,400 (14.8%) $265,714 (17.7%) 0.00 125
    2023-06-01 $246,175 (29.6%) $270,194 (19.2%) 0.00 126
    2023-07-01 $249,900 (31.9%) $268,844 (20.4%) 0.00 125
    2023-08-01 $258,950 (37.8%) $283,376 (21.4%) 0.00 129
    2023-09-01 $275,000 (39.6%) $285,829 (21.6%) 0.00 150
    2023-10-01 $247,450 (30.2%) $267,760 (17.0%) 0.00 165
    2023-11-01 $249,225 (30.9%) $262,781 (17.6%) 0.00 166
    2023-12-01 $238,000 (36.1%) $256,467 (20.0%) 0.00 149
    2024-01-01 $235,000 (29.0%) $253,498 (13.8%) 0.00 155
    2024-02-01 $227,450 (25.7%) $245,296 (9.7%) 0.00 154
    2024-03-01 $229,950 (5.1%) $252,239 (0.5%) 0.00 147
    Kankakee's median listing price for 2024-03-01 was $229,950, a difference of $11,200 (5.1%) versus the prior year and $2,500 versus the prior month.

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

    Kankakee's average listing price for 2024-03-01 was $252,239, a difference of $1,146 (0.5%) versus the prior year and $6,943 versus the prior month.

    For the 2024-03-01 period, Kankakee had 147 MLS listings, a difference of -7 listings (-5%) versus the prior month and 21 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kankakee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,600 sqft
    2018-02-01 0 days 1,556 sqft
    2018-03-01 0 days 1,573 sqft
    2018-04-01 0 days 1,574 sqft
    2018-05-01 0 days 1,611 sqft
    2018-06-01 0 days 1,600 sqft
    2018-07-01 0 days 1,619 sqft
    2018-08-01 0 days 1,591 sqft
    2018-09-01 0 days 1,582 sqft
    2018-10-01 0 days 1,561 sqft
    2018-11-01 0 days 1,549 sqft
    2018-12-01 0 days 1,512 sqft
    2019-01-01 0 days 1,512 sqft
    2019-02-01 0 days 1,496 sqft
    2019-03-01 0 days 1,530 sqft
    2019-04-01 0 days 1,580 sqft
    2019-05-01 0 days 1,620 sqft
    2019-06-01 0 days 1,655 sqft
    2019-07-01 0 days 1,630 sqft
    2019-08-01 0 days 1,604 sqft
    2019-09-01 0 days 1,598 sqft
    2019-10-01 0 days 1,589 sqft
    2019-11-01 0 days 1,600 sqft
    2019-12-01 0 days 1,598 sqft
    2020-01-01 0 days 1,596 sqft
    2020-02-01 0 days 1,600 sqft
    2020-03-01 0 days 1,632 sqft
    2020-04-01 0 days 1,631 sqft
    2020-05-01 0 days 1,701 sqft
    2020-06-01 0 days 1,714 sqft
    2020-07-01 0 days 1,671 sqft
    2020-08-01 0 days 1,656 sqft
    2020-09-01 0 days 1,684 sqft
    2020-10-01 0 days 1,622 sqft
    2020-11-01 0 days 1,595 sqft
    2020-12-01 0 days 1,580 sqft
    2021-01-01 0 days 1,590 sqft
    2021-02-01 0 days 1,672 sqft
    2021-03-01 0 days 1,632 sqft
    2021-04-01 0 days 1,590 sqft
    2021-05-01 0 days 1,564 sqft
    2021-06-01 0 days 1,671 sqft
    2021-07-01 0 days 1,621 sqft
    2021-08-01 0 days 1,613 sqft
    2021-09-01 0 days 1,526 sqft
    2021-10-01 0 days 1,546 sqft
    2021-11-01 0 days 1,563 sqft
    2021-12-01 0 days 1,668 sqft
    2022-01-01 0 days 1,693 sqft
    2022-02-01 0 days 1,488 sqft
    2022-03-01 0 days 1,500 sqft
    2022-04-01 0 days 1,572 sqft
    2022-05-01 0 days 1,616 sqft
    2022-06-01 0 days 1,571 sqft
    2022-07-01 0 days 1,534 sqft
    2022-08-01 0 days 1,552 sqft
    2022-09-01 0 days 1,635 sqft
    2022-10-01 0 days 1,600 sqft
    2022-11-01 0 days 1,532 sqft
    2022-12-01 0 days 1,506 sqft
    2023-01-01 0 days 1,492 sqft
    2023-02-01 0 days 1,485 sqft
    2023-03-01 0 days 1,653 sqft
    2023-04-01 0 days 1,611 sqft
    2023-05-01 0 days 1,743 sqft
    2023-06-01 0 days 1,731 sqft
    2023-07-01 0 days 1,765 sqft
    2023-08-01 0 days 1,818 sqft
    2023-09-01 0 days 1,757 sqft
    2023-10-01 0 days 1,684 sqft
    2023-11-01 0 days 1,713 sqft
    2023-12-01 0 days 1,725 sqft
    2024-01-01 0 days 1,673 sqft
    2024-02-01 0 days 1,624 sqft
    2024-03-01 0 days 1,647 sqft
    Kankakee's median listing age (time on market) for 2024-03-01 was 0 days.

    Kankakee's median square footage for active listings during the 2024-03-01 period was 1,647 sqft. One year prior, the average listing was 1,653 sqft.