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 14 lenders originated 19 USDA loans during 2023. The total origination value was $2,945,000, with an average USDA loan value of $155,000.
Lafayette USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Lafayette
averaged
7.17%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Lafayette's average USDA mortgage closing costs are $3,697.
The average rate for the prior week (2024-04-12) was
7.12% and
one month ago for the week of 2024-03-15, the
average rate was 6.6%.
The average rate one year ago was 6.34%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.03%.
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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| RUOFF MORTGAGE COMPANY, INC. | 4 | 7.00% | $2,707 |
| FAIR WAY LENDING LLC | 3 | 6.79% | $7,614 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 7.25% | $1,716 |
| First Merchants Bank | 1 | 6.38% | $3,716 |
| Flanagan State Bank | 1 | 7.63% | $4,929 |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | 1 | 6.25% | $1,834 |
| GVC MORTGAGE, INC. | 1 | 6.88% | $4,060 |
| Horizon Bank | 1 | 7.50% | $5,103 |
| OPEN MORTGAGE, LLC | 1 | 5.50% | $9,380 |
| Paramount Residential Mortgage Group, Inc. | 1 | 6.13% | $5,167 |
| PLAZA HOME MORTGAGE, INC. | 1 | 6.63% | $4,113 |
| CALIBER HOME LOANS, INC. | 1 | 6.25% | $6,747 |
| THRIVE MORTGAGE, LLC | 1 | 7.13% | $4,608 |
| Century Mortgage Company DBA Century Lending Company | 1 | 6.63% | $5,270 |
The top Lafayette USDA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with
4 USDA loans originated. Their average total fees are
$2,707, which is $4,906
lower than the next largest lender,
FAIR WAY LENDING LLC.
The lowest fee Lafayette USDA lenders (with over 10 loans originated) are
.
The lowest rate Lafayette USDA lenders (with over 10 loans originated) are
.
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 |
| 2024-02-01 | $321,725 (5.5%) | $364,109 (6.8%) | 0.77 | 134 |
| 2024-03-01 | $329,950 (14.2%) | $379,073 (10.5%) | 0.78 | 145 |
Lafayette's median listing price comes in at 78% of the national average.
Lafayette's average listing price for 2024-03-01 was $379,073, a difference of $35,934 (10.5%) versus the prior year and $14,964 versus the prior month.
For the 2024-03-01 period, Lafayette had 145 MLS listings, a difference of 11 listings (8%) versus the prior month and 33 listings (29%) 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 |
| 2024-02-01 | 55 days | 1,991 sqft |
| 2024-03-01 | 29 days | 2,035 sqft |
Lafayette's median square footage for active listings during the 2024-03-01 period was 2,035 sqft. One year prior, the average listing was 2,017 sqft.