Lafayette USDA Loan Rates, Closing Costs & Stats

LAFAYETTE-WEST LAFAYETTE, IN

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.

Lafayette's 22 lenders originated 57 USDA loans during 2022. The total origination value was $9,075,000, with an average USDA loan value of $159,211.

Lafayette USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lafayette averaged 6.72% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Lafayette's average USDA mortgage closing costs are $3,658.

The average rate for the prior week (2024-02-23) was 6.57% and one month ago for the week of 2024-01-26, the average rate was 6.53%.

The average rate one year ago was 6.39%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.8%.

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

Lafayette 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 Lafayette level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 12 5.01% $2,768
CMG MORTGAGE, INC. 6 5.46% $4,572
FAIR WAY LENDING LLC 5 5.23% $6,419
PANORAMA MORTGAGE GROUP, LLC 4 5.56% $6,061
AMERICAN MORTGAGE SERVICE COMPANY 4 5.22% $3,994
PLAZA HOME MORTGAGE, INC. 4 4.31% $3,598
MOVEMENT MORTGAGE, LLC 3 5.58% $8,664
CALIBER HOME LOANS, INC. 3 5.50% $6,008
UNIVERSITY LENDING GROUP, LLC 2 3.63% $5,363
UNITED WHOLESALE MORTGAGE, LLC 2 3.25% $5,009
GVC MORTGAGE, INC. 1 5.25% $4,792
OCEANSIDE MORTGAGE COMPANY 1 3.88% $1,264
First Merchants Bank 1 3.25% $4,022
PENNYMAC LOAN SERVICES, LLC 1 3.25% $3,669
FIRST CENTENNIAL MORTGAGE CORPORATION 1 5.25% $5,158
Regions Bank 1 5.63% $4,388
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $6,068
Servion, Inc. 1 4.50% $3,452
Stock Yards Bank & Trust Company 1 5.88% $3,546
SUCCESS MORTGAGE PARTNERS, INC. 1 4.50% $4,993
CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $7,644
INLANTA MORTGAGE, INC. 1 5.25% $4,577

The top Lafayette USDA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 12 USDA loans originated. Their average total fees are $2,768, which is $1,804 lower than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Lafayette USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. ($2,768), .

The lowest rate Lafayette USDA lenders (with over 10 loans originated) are RUOFF MORTGAGE COMPANY, INC. (5.01%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lafayette (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 $169,900 (10.4%) $204,585 (4.7%) 0.63 473
2018-02-01 $173,050 (8.7%) $211,022 (6.1%) 0.63 467
2018-03-01 $185,000 (-3.9%) $217,632 (-0.5%) 0.65 446
2018-04-01 $202,400 (1.3%) $234,073 (2.5%) 0.69 456
2018-05-01 $199,450 (-2.7%) $237,518 (3.2%) 0.67 492
2018-06-01 $205,450 (6.0%) $244,034 (5.9%) 0.69 519
2018-07-01 $194,950 (2.9%) $233,918 (5.3%) 0.65 532
2018-08-01 $191,250 (6.3%) $228,300 (3.1%) 0.64 557
2018-09-01 $189,900 (2.7%) $222,460 (-0.6%) 0.64 559
2018-10-01 $179,900 (-1.4%) $216,223 (-3.6%) 0.61 567
2018-11-01 $184,000 (2.3%) $215,354 (-4.2%) 0.62 528
2018-12-01 $189,900 (11.8%) $217,992 (4.1%) 0.66 459
2019-01-01 $196,050 (15.4%) $221,537 (8.3%) 0.68 397
2019-02-01 $197,325 (14.0%) $221,711 (5.1%) 0.67 380
2019-03-01 $216,229 (16.9%) $237,661 (9.2%) 0.71 341
2019-04-01 $238,500 (17.8%) $256,715 (9.7%) 0.76 295
2019-05-01 $257,600 (29.2%) $278,628 (17.3%) 0.81 322
2019-06-01 $251,950 (22.6%) $279,283 (14.4%) 0.79 331
2019-07-01 $248,550 (27.5%) $274,100 (17.2%) 0.78 344
2019-08-01 $236,755 (23.8%) $267,178 (17.0%) 0.75 362
2019-09-01 $224,461 (18.2%) $258,565 (16.2%) 0.72 386
2019-10-01 $216,416 (20.3%) $252,892 (17.0%) 0.70 399
2019-11-01 $205,000 (11.4%) $240,357 (11.6%) 0.67 355
2019-12-01 $201,725 (6.2%) $240,603 (10.4%) 0.67 276
2020-01-01 $203,250 (3.7%) $234,845 (6.0%) 0.68 230
2020-02-01 $237,900 (20.6%) $259,328 (17.0%) 0.78 243
2020-03-01 $264,575 (22.4%) $277,860 (16.9%) 0.83 249
2020-04-01 $239,900 (0.6%) $269,130 (4.8%) 0.75 273
2020-05-01 $245,000 (-4.9%) $279,171 (0.2%) 0.74 261
2020-06-01 $264,950 (5.2%) $295,390 (5.8%) 0.78 223
2020-07-01 $252,450 (1.6%) $293,058 (6.9%) 0.73 227
2020-08-01 $259,900 (9.8%) $306,620 (14.8%) 0.74 230
2020-09-01 $249,200 (11.0%) $295,138 (14.1%) 0.71 235
2020-10-01 $249,900 (15.5%) $297,011 (17.5%) 0.72 217
2020-11-01 $245,725 (19.9%) $289,388 (20.4%) 0.72 185
2020-12-01 $223,650 (10.9%) $280,043 (16.4%) 0.67 155
2021-01-01 $199,450 (-1.9%) $270,500 (15.2%) 0.60 117
2021-02-01 $238,200 (0.1%) $311,609 (20.2%) 0.69 84
2021-03-01 $249,225 (-5.8%) $305,453 (9.9%) 0.71 91
2021-04-01 $261,100 (8.8%) $312,687 (16.2%) 0.71 98
2021-05-01 $242,450 (-1.0%) $310,652 (11.3%) 0.64 114
2021-06-01 $223,725 (-15.6%) $299,157 (1.3%) 0.59 137
2021-07-01 $217,450 (-13.9%) $287,057 (-2.1%) 0.57 167
2021-08-01 $205,725 (-20.8%) $269,250 (-12.2%) 0.55 178
2021-09-01 $217,450 (-12.7%) $270,625 (-8.3%) 0.58 194
2021-10-01 $219,000 (-12.4%) $276,791 (-6.8%) 0.58 196
2021-11-01 $227,000 (-7.6%) $294,344 (1.7%) 0.61 170
2021-12-01 $224,950 (0.6%) $298,387 (6.6%) 0.61 137
2022-01-01 $225,000 (12.8%) $316,250 (16.9%) 0.61 113
2022-02-01 $260,950 (9.6%) $342,153 (9.8%) 0.68 96
2022-03-01 $299,750 (20.3%) $366,672 (20.0%) 0.75 101
2022-04-01 $325,000 (24.5%) $386,505 (23.6%) 0.77 108
2022-05-01 $289,925 (19.6%) $348,772 (12.3%) 0.66 154
2022-06-01 $282,400 (26.2%) $340,625 (13.9%) 0.63 183
2022-07-01 $279,900 (28.7%) $335,627 (16.9%) 0.63 224
2022-08-01 $290,000 (41.0%) $343,695 (27.7%) 0.67 195
2022-09-01 $292,000 (34.3%) $348,471 (28.8%) 0.68 198
2022-10-01 $300,000 (37.0%) $356,339 (28.7%) 0.71 215
2022-11-01 $302,950 (33.5%) $343,429 (16.7%) 0.73 211
2022-12-01 $314,900 (40.0%) $353,687 (18.5%) 0.78 204
2023-01-01 $298,450 (32.6%) $344,316 (8.9%) 0.74 169
2023-02-01 $304,900 (16.8%) $340,912 (-0.4%) 0.74 142
2023-03-01 $288,925 (-3.6%) $343,139 (-6.4%) 0.68 112
2023-04-01 $329,500 (1.4%) $383,537 (-0.8%) 0.77 106
2023-05-01 $333,950 (15.2%) $391,902 (12.4%) 0.76 126
2023-06-01 $354,950 (25.7%) $399,596 (17.3%) 0.80 144
2023-07-01 $351,950 (25.7%) $389,067 (15.9%) 0.80 177
2023-08-01 $331,250 (14.2%) $351,371 (2.2%) 0.76 180
2023-09-01 $293,200 (0.4%) $333,973 (-4.2%) 0.68 191
2023-10-01 $316,225 (5.4%) $343,503 (-3.6%) 0.74 218
2023-11-01 $280,000 (-7.6%) $332,273 (-3.3%) 0.67 223
2023-12-01 $310,000 (-1.6%) $343,754 (-2.8%) 0.76 179
2024-01-01 $313,975 (5.2%) $344,703 (0.1%) 0.77 156
Lafayette's median listing price for 2024-01-01 was $313,975, a difference of $15,525 (5.2%) versus the prior year and $3,975 versus the prior month.

Lafayette's median listing price comes in at 77% of the national average.

Lafayette's average listing price for 2024-01-01 was $344,703, a difference of $387 (0.1%) versus the prior year and $949 versus the prior month.

For the 2024-01-01 period, Lafayette had 156 MLS listings, a difference of -23 listings (-13%) versus the prior month and -13 listings (-8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lafayette (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 71 days 1,823 sqft
2018-02-01 67 days 1,885 sqft
2018-03-01 46 days 1,939 sqft
2018-04-01 34 days 2,021 sqft
2018-05-01 33 days 2,019 sqft
2018-06-01 37 days 2,123 sqft
2018-07-01 39 days 2,031 sqft
2018-08-01 41 days 2,025 sqft
2018-09-01 47 days 2,027 sqft
2018-10-01 50 days 1,977 sqft
2018-11-01 53 days 1,950 sqft
2018-12-01 64 days 1,974 sqft
2019-01-01 71 days 1,963 sqft
2019-02-01 68 days 1,908 sqft
2019-03-01 48 days 2,045 sqft
2019-04-01 37 days 2,227 sqft
2019-05-01 31 days 2,281 sqft
2019-06-01 37 days 2,218 sqft
2019-07-01 41 days 2,219 sqft
2019-08-01 42 days 2,193 sqft
2019-09-01 44 days 2,157 sqft
2019-10-01 46 days 2,131 sqft
2019-11-01 54 days 2,000 sqft
2019-12-01 65 days 1,913 sqft
2020-01-01 65 days 1,902 sqft
2020-02-01 38 days 2,034 sqft
2020-03-01 38 days 2,122 sqft
2020-04-01 40 days 2,031 sqft
2020-05-01 52 days 2,127 sqft
2020-06-01 47 days 2,218 sqft
2020-07-01 44 days 2,251 sqft
2020-08-01 39 days 2,246 sqft
2020-09-01 34 days 2,042 sqft
2020-10-01 31 days 2,034 sqft
2020-11-01 42 days 2,027 sqft
2020-12-01 45 days 2,000 sqft
2021-01-01 47 days 1,886 sqft
2021-02-01 43 days 2,067 sqft
2021-03-01 21 days 2,056 sqft
2021-04-01 17 days 2,120 sqft
2021-05-01 16 days 2,008 sqft
2021-06-01 17 days 1,960 sqft
2021-07-01 23 days 1,881 sqft
2021-08-01 26 days 1,841 sqft
2021-09-01 22 days 1,804 sqft
2021-10-01 29 days 1,784 sqft
2021-11-01 32 days 1,846 sqft
2021-12-01 41 days 1,852 sqft
2022-01-01 47 days 1,801 sqft
2022-02-01 42 days 1,827 sqft
2022-03-01 29 days 2,030 sqft
2022-04-01 22 days 2,182 sqft
2022-05-01 14 days 2,121 sqft
2022-06-01 21 days 2,025 sqft
2022-07-01 23 days 2,048 sqft
2022-08-01 32 days 2,082 sqft
2022-09-01 31 days 2,064 sqft
2022-10-01 36 days 2,055 sqft
2022-11-01 43 days 2,073 sqft
2022-12-01 52 days 2,108 sqft
2023-01-01 58 days 2,040 sqft
2023-02-01 49 days 2,033 sqft
2023-03-01 38 days 2,017 sqft
2023-04-01 25 days 2,037 sqft
2023-05-01 22 days 2,137 sqft
2023-06-01 22 days 2,127 sqft
2023-07-01 24 days 2,210 sqft
2023-08-01 33 days 2,034 sqft
2023-09-01 36 days 2,016 sqft
2023-10-01 36 days 2,054 sqft
2023-11-01 37 days 1,900 sqft
2023-12-01 45 days 1,972 sqft
2024-01-01 58 days 1,980 sqft
Lafayette's median listing age (time on market) for 2024-01-01 was 58 days. This is 0% longer than the same period one year ago.

Lafayette's median square footage for active listings during the 2024-01-01 period was 1,980 sqft. One year prior, the average listing was 2,040 sqft.