Lansing USDA Loan Rates, Closing Costs & Stats

LANSING-EAST LANSING, 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.

Lansing's 43 lenders originated 189 USDA loans during 2022. The total origination value was $29,905,000, with an average USDA loan value of $158,228.

Lansing USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lansing averaged 6.69% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Lansing's average USDA mortgage closing costs are $4,641.

The average rate for the prior week (2023-05-19) was 6.14% and one month ago for the week of 2023-04-21, the average rate was 6.34%.

The average rate one year ago was 5.06%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.47%.

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

Lansing 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 Lansing level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 24 5.23% $6,299
Flagstar Bank, FSB 19 4.76% $4,553
J. VIRGIL, INC. 15 4.88% $6,977
MORTGAGE 1 INCORPORATED 13 4.97% $6,107
EVERETT FINANCIAL, INC. 11 6.00% $3,576
UNITED WHOLESALE MORTGAGE, LLC 10 4.53% $5,824
The Dart Bank 9 4.56% $5,099
Preston Home Loans Inc 6 5.52% $6,532
HOME POINT FINANCIAL CORPORATION 6 4.21% $4,307
CHERRY CREEK MORTGAGE, LLC 6 4.90% $1,542
Independent Bank 5 3.98% $4,327
PFCU 5 4.60% $4,895
SUCCESS MORTGAGE PARTNERS, INC. 5 5.25% $7,783
AMERIFIRST FINANCIAL CORPORATION 4 5.78% $6,111
LEGEND LENDING CORPORATION 3 6.33% $3,680
UNIVERSITY LENDING GROUP, LLC 3 5.33% $6,840
DAS Acquisition Company, LLC 3 5.54% $5,740
PENNYMAC LOAN SERVICES, LLC 2 3.00% $4,758
Fifth Third Bank 2 4.81% $4,968
Century Mortgage Company DBA Century Lending Company 2 3.75% $5,917
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.63% $5,184
Frankenmuth Credit Union 2 6.81% $4,275
FIRST HERITAGE FINANCIAL, LLC 2 3.81% $5,069
NORTHERN MORTGAGE SERVICES, LLC 2 4.75% $1,572
CROSSCOUNTRY MORTGAGE, LLC 2 5.13% $5,732
GUARANTEED RATE, INC. 2 5.56% $7,358
MID AMERICA MORTGAGE, INC. 2 6.44% $3,671
VAN DYK MORTGAGE CORPORATION 1 6.13% $1,371
CALIBER HOME LOANS, INC. 1 4.50% $7,417
Carrington Mortgage Services, LLC 1 4.63% $13,012
CIBM Bank 1 3.63% $4,382
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $4,974
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.75% $8,299
GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $2,998
GVC MORTGAGE, INC. 1 5.63% $5,980
LAFCU 1 6.00% $4,544
LAKE MICHIGAN CREDIT UNION 1 5.75% $5,154
Northpointe Bank 1 3.25% $3,912
PLAZA HOME MORTGAGE, INC. 1 5.13% $8,216
ROSS MORTGAGE CORPORATION 1 4.75% $4,734
RUOFF MORTGAGE COMPANY, INC. 1 5.50% $6,999
STAUNTON FINANCIAL, INC. 1 5.50% $6,376
Sunflower Bank 1 6.13% $4,792

The top Lansing USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 24 USDA loans originated. Their average total fees are $6,299, which is $1,745 higher than the next largest lender, Flagstar Bank, FSB.

The lowest fee Lansing USDA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,576), Flagstar Bank, FSB ($4,553), UNITED WHOLESALE MORTGAGE, LLC ($5,824), MORTGAGE 1 INCORPORATED ($6,107) and UNION HOME MORTGAGE CORP. ($6,299).

The lowest rate Lansing USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (4.53%), Flagstar Bank, FSB (4.76%), J. VIRGIL, INC. (4.88%), MORTGAGE 1 INCORPORATED (4.97%) and UNION HOME MORTGAGE CORP. (5.23%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lansing (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 $135,000 (13.1%) $188,776 (12.7%) 0.50 1,359
2018-02-01 $139,900 (12.0%) $192,493 (10.4%) 0.51 1,301
2018-03-01 $145,000 (11.6%) $201,265 (11.3%) 0.51 1,191
2018-04-01 $157,450 (12.5%) $212,330 (12.2%) 0.53 1,150
2018-05-01 $171,325 (14.5%) $217,296 (10.8%) 0.57 1,263
2018-06-01 $174,900 (11.4%) $219,390 (8.8%) 0.58 1,443
2018-07-01 $175,000 (10.4%) $217,332 (7.6%) 0.58 1,606
2018-08-01 $172,825 (11.5%) $213,549 (7.6%) 0.58 1,788
2018-09-01 $169,900 (13.3%) $211,196 (6.7%) 0.57 1,843
2018-10-01 $165,000 (10.1%) $209,894 (6.5%) 0.56 1,829
2018-11-01 $160,000 (9.1%) $208,791 (8.4%) 0.54 1,734
2018-12-01 $159,900 (14.3%) $206,261 (8.6%) 0.55 1,523
2019-01-01 $157,350 (16.6%) $209,595 (11.0%) 0.54 1,362
2019-02-01 $168,525 (20.5%) $215,755 (12.1%) 0.57 1,234
2019-03-01 $176,900 (22.0%) $226,230 (12.4%) 0.59 1,176
2019-04-01 $182,400 (15.9%) $233,317 (9.9%) 0.58 1,171
2019-05-01 $194,950 (13.8%) $242,935 (11.8%) 0.61 1,261
2019-06-01 $192,945 (10.3%) $239,423 (9.1%) 0.60 1,374
2019-07-01 $191,900 (9.7%) $236,379 (8.8%) 0.60 1,476
2019-08-01 $186,970 (8.2%) $231,902 (8.6%) 0.59 1,525
2019-09-01 $172,400 (1.5%) $223,744 (5.9%) 0.54 1,488
2019-10-01 $159,950 (-3.1%) $214,969 (2.4%) 0.52 1,671
2019-11-01 $155,000 (-3.1%) $209,213 (0.2%) 0.51 1,594
2019-12-01 $149,350 (-6.6%) $205,965 (-0.1%) 0.50 1,433
2020-01-01 $147,450 (-6.3%) $207,072 (-1.2%) 0.49 1,294
2020-02-01 $149,900 (-11.1%) $217,734 (0.9%) 0.49 1,165
2020-03-01 $163,975 (-7.3%) $224,092 (-1.0%) 0.51 1,050
2020-04-01 $169,900 (-6.9%) $232,635 (-0.3%) 0.53 1,020
2020-05-01 $184,900 (-5.2%) $234,893 (-3.3%) 0.56 1,033
2020-06-01 $209,900 (8.8%) $257,088 (7.4%) 0.62 925
2020-07-01 $205,000 (6.8%) $258,441 (9.3%) 0.59 915
2020-08-01 $203,500 (8.8%) $253,782 (9.4%) 0.58 895
2020-09-01 $199,925 (16.0%) $254,061 (13.6%) 0.57 888
2020-10-01 $189,900 (18.7%) $251,176 (16.8%) 0.54 872
2020-11-01 $175,000 (12.9%) $244,858 (17.0%) 0.51 825
2020-12-01 $165,825 (11.0%) $237,463 (15.3%) 0.49 734
2021-01-01 $159,900 (8.4%) $235,870 (13.9%) 0.48 584
2021-02-01 $161,350 (7.6%) $234,332 (7.6%) 0.47 454
2021-03-01 $174,950 (6.7%) $238,559 (6.5%) 0.50 420
2021-04-01 $184,900 (8.8%) $249,667 (7.3%) 0.50 395
2021-05-01 $184,900 (0.0%) $240,965 (2.6%) 0.49 489
2021-06-01 $190,350 (-9.3%) $254,685 (-0.9%) 0.50 579
2021-07-01 $184,900 (-9.8%) $248,738 (-3.8%) 0.49 718
2021-08-01 $184,900 (-9.1%) $246,265 (-3.0%) 0.49 851
2021-09-01 $179,900 (-10.0%) $242,810 (-4.4%) 0.48 871
2021-10-01 $179,900 (-5.3%) $235,923 (-6.1%) 0.48 801
2021-11-01 $166,000 (-5.1%) $223,620 (-8.7%) 0.44 741
2021-12-01 $155,000 (-6.5%) $218,694 (-7.9%) 0.42 616
2022-01-01 $149,900 (-6.3%) $216,850 (-8.1%) 0.41 490
2022-02-01 $151,850 (-5.9%) $225,758 (-3.7%) 0.39 390
2022-03-01 $159,200 (-9.0%) $230,315 (-3.5%) 0.40 356
2022-04-01 $189,450 (2.5%) $256,931 (2.9%) 0.45 348
2022-05-01 $199,450 (7.9%) $252,009 (4.6%) 0.46 459
2022-06-01 $199,900 (5.0%) $261,446 (2.7%) 0.45 589
2022-07-01 $209,450 (13.3%) $261,901 (5.3%) 0.47 715
2022-08-01 $202,475 (9.5%) $258,301 (4.9%) 0.47 841
2022-09-01 $199,950 (11.2%) $261,589 (7.7%) 0.47 819
2022-10-01 $209,900 (16.7%) $261,971 (11.0%) 0.49 873
2022-11-01 $194,450 (17.1%) $250,874 (12.2%) 0.47 905
2022-12-01 $189,900 (22.5%) $248,068 (13.4%) 0.47 786
2023-01-01 $187,700 (25.2%) $249,150 (14.9%) 0.46 605
2023-02-01 $199,925 (31.7%) $257,020 (13.9%) 0.48 482
2023-03-01 $227,450 (42.9%) $274,497 (19.2%) 0.54 444
2023-04-01 $229,900 (21.4%) $273,541 (6.5%) 0.53 430
Lansing's median listing price for 2023-04-01 was $229,900, a difference of $40,450 (21.4%) versus the prior year and $2,450 versus the prior month.

Lansing's median listing price comes in at 53% of the national average.

Lansing's average listing price for 2023-04-01 was $273,541, a difference of $16,610 (6.5%) versus the prior year and $-956 versus the prior month.

For the 2023-04-01 period, Lansing had 430 MLS listings, a difference of -14 listings (-3%) versus the prior month and 82 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lansing (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 77 days 1,601 sqft
2018-02-01 67 days 1,623 sqft
2018-03-01 53 days 1,656 sqft
2018-04-01 47 days 1,688 sqft
2018-05-01 39 days 1,702 sqft
2018-06-01 40 days 1,728 sqft
2018-07-01 44 days 1,730 sqft
2018-08-01 44 days 1,758 sqft
2018-09-01 52 days 1,728 sqft
2018-10-01 59 days 1,733 sqft
2018-11-01 62 days 1,698 sqft
2018-12-01 72 days 1,650 sqft
2019-01-01 79 days 1,626 sqft
2019-02-01 79 days 1,660 sqft
2019-03-01 60 days 1,698 sqft
2019-04-01 51 days 1,733 sqft
2019-05-01 39 days 1,786 sqft
2019-06-01 39 days 1,800 sqft
2019-07-01 44 days 1,798 sqft
2019-08-01 51 days 1,765 sqft
2019-09-01 58 days 1,707 sqft
2019-10-01 51 days 1,681 sqft
2019-11-01 54 days 1,654 sqft
2019-12-01 68 days 1,596 sqft
2020-01-01 75 days 1,587 sqft
2020-02-01 72 days 1,614 sqft
2020-03-01 59 days 1,662 sqft
2020-04-01 61 days 1,664 sqft
2020-05-01 60 days 1,703 sqft
2020-06-01 45 days 1,805 sqft
2020-07-01 43 days 1,758 sqft
2020-08-01 38 days 1,779 sqft
2020-09-01 37 days 1,765 sqft
2020-10-01 37 days 1,725 sqft
2020-11-01 44 days 1,662 sqft
2020-12-01 53 days 1,629 sqft
2021-01-01 60 days 1,579 sqft
2021-02-01 45 days 1,489 sqft
2021-03-01 41 days 1,498 sqft
2021-04-01 37 days 1,575 sqft
2021-05-01 29 days 1,600 sqft
2021-06-01 23 days 1,500 sqft
2021-07-01 24 days 1,496 sqft
2021-08-01 25 days 1,554 sqft
2021-09-01 35 days 1,577 sqft
2021-10-01 37 days 1,567 sqft
2021-11-01 45 days 1,474 sqft
2021-12-01 53 days 1,443 sqft
2022-01-01 54 days 1,437 sqft
2022-02-01 45 days 1,445 sqft
2022-03-01 38 days 1,456 sqft
2022-04-01 28 days 1,593 sqft
2022-05-01 22 days 1,572 sqft
2022-06-01 23 days 1,595 sqft
2022-07-01 26 days 1,617 sqft
2022-08-01 31 days 1,612 sqft
2022-09-01 40 days 1,600 sqft
2022-10-01 40 days 1,632 sqft
2022-11-01 45 days 1,600 sqft
2022-12-01 56 days 1,590 sqft
2023-01-01 62 days 1,561 sqft
2023-02-01 57 days 1,583 sqft
2023-03-01 45 days 1,628 sqft
2023-04-01 36 days 1,651 sqft
Lansing's median listing age (time on market) for 2023-04-01 was 36 days. This is 29% longer than the same period one year ago.

Lansing's median square footage for active listings during the 2023-04-01 period was 1,651 sqft. One year prior, the average listing was 1,593 sqft.