Kankakee USDA Loan Rates, Closing Costs & Stats

KANKAKEE, IL

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 6.62% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.95% and one month ago for the week of 2024-03-08, the average rate was 6.81%.

The average rate one year ago was 6.31%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.51%.

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.