Lansing USDA Loan Rates, Closing Costs & Stats

LANSING-EAST LANSING, MI

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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.

    Lansing's 36 lenders originated 95 USDA loans during 2023. The total origination value was $15,275,000, with an average USDA loan value of $160,789.

    Lansing USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Lansing averaged 6.5% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Lansing's average USDA mortgage closing costs are $4,746.

    The average rate for the prior week (2024-12-06) was 6.23% and one month ago for the week of 2024-11-08, the average rate was 6.75%.

    The average rate one year ago was 7.02%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.58%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNION HOME MORTGAGE CORP. 23 6.89% $7,031
    MORTGAGE 1 INCORPORATED 6 6.42% $7,499
    Preston Home Loans Inc 5 6.78% $6,665
    UNITED WHOLESALE MORTGAGE, LLC 4 6.00% $7,414
    CROSSCOUNTRY MORTGAGE, LLC 3 7.21% $8,211
    CARDINAL FINANCIAL 3 6.79% $9,088
    DAS Acquisition Company, LLC 3 6.38% $6,966
    EMM LOANS LLC 3 6.21% $7,142
    The Dart Bank 2 6.75% $5,428
    J. VIRGIL, INC. 2 7.00% $5,640
    BLG HOLDINGS, INC. 2 7.00% $7,469
    MICHIGAN MUTUAL, INC. 2 6.75% $3,574
    Fifth Third Bank 2 7.38% $4,544
    FIRST COMMUNITY MORTGAGE, INC. 2 6.31% $6,299
    Flagstar Bank, FSB 2 6.86% $6,740
    Frankenmuth Credit Union 2 6.81% $4,480
    Platinum Home Mortgage Corporation 2 5.88% $8,293
    HOMESIDE FINANCIAL, LLC 2 6.94% $6,485
    Waterstone Mortgage Corporation 1 6.13% $8,280
    Century Mortgage Company DBA Century Lending Company 1 6.88% $6,008
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $8,233
    Dort Financial Credit Union 1 6.13% $3,213
    EVERETT FINANCIAL, INC. 1 7.13% $6,150
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $6,891
    GVC MORTGAGE, INC. 1 6.00% $6,941
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.88% $8,182
    LEGEND LENDING CORPORATION 1 7.63% $5,267
    MID AMERICA MORTGAGE, INC. 1 7.63% $4,034
    Mortgage Research Center, LLC 1 7.63% $4,710
    Neighborhood Loans, Inc. 1 6.00% $10,169
    NEWREZ LLC 1 6.75% $3,286
    Paramount Residential Mortgage Group, Inc. 1 6.00% $4,675
    Plains Commerce Bank 1 6.25% $7,864
    PLAZA HOME MORTGAGE, INC. 1 6.25% $5,523
    Sunflower Bank 1 6.63% $7,048
    TOWNE MORTGAGE COMPANY 1 6.63% $5,147

    The top Lansing USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 23 USDA loans originated. Their average total fees are $7,031, which is $468 lower than the next largest lender, MORTGAGE 1 INCORPORATED.

    The lowest fee Lansing USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($7,031), .

    The lowest rate Lansing USDA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (6.89%), .

    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 $135,500 (13.4%) $189,018 (12.7%) 0.50 1,364
    2018-02-01 $139,900 (12.0%) $192,728 (10.5%) 0.51 1,306
    2018-03-01 $145,000 (11.6%) $201,497 (11.4%) 0.51 1,196
    2018-04-01 $157,475 (12.5%) $212,437 (12.3%) 0.53 1,152
    2018-05-01 $172,450 (15.2%) $217,140 (10.8%) 0.58 1,267
    2018-06-01 $174,900 (11.4%) $219,318 (8.8%) 0.58 1,446
    2018-07-01 $175,000 (10.1%) $217,256 (7.6%) 0.58 1,609
    2018-08-01 $173,394 (11.9%) $213,369 (7.4%) 0.58 1,790
    2018-09-01 $169,900 (11.9%) $211,400 (6.7%) 0.57 1,847
    2018-10-01 $165,000 (10.1%) $210,034 (6.5%) 0.56 1,832
    2018-11-01 $161,450 (9.9%) $208,944 (8.3%) 0.55 1,737
    2018-12-01 $159,900 (14.3%) $206,422 (8.5%) 0.55 1,524
    2019-01-01 $157,375 (16.1%) $209,641 (10.9%) 0.54 1,362
    2019-02-01 $168,550 (20.5%) $215,778 (12.0%) 0.57 1,235
    2019-03-01 $172,686 (19.1%) $224,500 (11.4%) 0.56 1,180
    2019-04-01 $180,650 (14.7%) $233,492 (9.9%) 0.57 1,175
    2019-05-01 $194,950 (13.1%) $243,248 (12.0%) 0.61 1,262
    2019-06-01 $192,990 (10.3%) $239,780 (9.3%) 0.60 1,376
    2019-07-01 $192,075 (9.8%) $236,742 (9.0%) 0.60 1,478
    2019-08-01 $181,745 (4.8%) $229,969 (7.8%) 0.58 1,558
    2019-09-01 $169,514 (-0.2%) $220,758 (4.4%) 0.54 1,638
    2019-10-01 $159,950 (-3.1%) $215,436 (2.6%) 0.52 1,668
    2019-11-01 $155,000 (-4.0%) $209,365 (0.2%) 0.51 1,594
    2019-12-01 $149,250 (-6.7%) $205,976 (-0.2%) 0.50 1,432
    2020-01-01 $147,450 (-6.3%) $207,084 (-1.2%) 0.49 1,293
    2020-02-01 $149,900 (-11.1%) $217,757 (0.9%) 0.49 1,165
    2020-03-01 $163,975 (-5.0%) $224,092 (-0.2%) 0.51 1,050
    2020-04-01 $169,900 (-6.0%) $232,635 (-0.4%) 0.53 1,020
    2020-05-01 $184,900 (-5.2%) $234,893 (-3.4%) 0.56 1,033
    2020-06-01 $209,900 (8.8%) $257,088 (7.2%) 0.62 925
    2020-07-01 $205,000 (6.7%) $258,441 (9.2%) 0.59 915
    2020-08-01 $205,000 (12.8%) $254,149 (10.5%) 0.59 896
    2020-09-01 $199,925 (17.9%) $254,061 (15.1%) 0.57 888
    2020-10-01 $189,900 (18.7%) $251,176 (16.6%) 0.54 872
    2020-11-01 $175,000 (12.9%) $244,858 (17.0%) 0.51 825
    2020-12-01 $165,825 (11.1%) $237,463 (15.3%) 0.49 734
    2021-01-01 $160,000 (8.5%) $235,870 (13.9%) 0.48 584
    2021-02-01 $160,225 (6.9%) $233,999 (7.5%) 0.47 455
    2021-03-01 $174,950 (6.7%) $238,383 (6.4%) 0.50 421
    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 $184,925 (-9.8%) $246,392 (-3.1%) 0.49 851
    2021-09-01 $179,900 (-10.0%) $242,810 (-4.4%) 0.48 871
    2021-10-01 $179,900 (-5.3%) $236,169 (-6.0%) 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 $152,450 (-4.9%) $225,989 (-3.4%) 0.40 390
    2022-03-01 $159,450 (-8.9%) $230,672 (-3.2%) 0.40 356
    2022-04-01 $189,900 (2.7%) $256,931 (2.9%) 0.45 348
    2022-05-01 $199,450 (7.9%) $252,129 (4.6%) 0.46 459
    2022-06-01 $199,900 (5.0%) $261,520 (2.7%) 0.45 589
    2022-07-01 $209,450 (13.3%) $261,901 (5.3%) 0.47 715
    2022-08-01 $202,500 (9.5%) $258,301 (4.8%) 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 (10.9%) 0.49 873
    2022-11-01 $194,450 (17.1%) $251,210 (12.3%) 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 (31.1%) $257,020 (13.7%) 0.48 482
    2023-03-01 $227,450 (42.7%) $274,497 (19.0%) 0.54 444
    2023-04-01 $229,900 (21.1%) $273,541 (6.5%) 0.53 430
    2023-05-01 $246,250 (23.5%) $282,115 (11.9%) 0.56 466
    2023-06-01 $259,850 (30.0%) $294,605 (12.7%) 0.58 521
    2023-07-01 $257,750 (23.1%) $306,179 (16.9%) 0.59 564
    2023-08-01 $249,900 (23.4%) $297,437 (15.2%) 0.57 625
    2023-09-01 $244,000 (22.0%) $289,683 (10.7%) 0.57 691
    2023-10-01 $244,100 (16.3%) $287,651 (9.8%) 0.57 750
    2023-11-01 $232,450 (19.5%) $281,466 (12.0%) 0.55 762
    2023-12-01 $224,900 (18.4%) $274,559 (10.7%) 0.55 721
    2024-01-01 $224,950 (19.9%) $279,094 (12.0%) 0.55 596
    2024-02-01 $209,975 (5.0%) $273,633 (6.5%) 0.51 558
    2024-03-01 $224,950 (-1.1%) $279,289 (1.8%) 0.53 539
    2024-04-01 $234,950 (2.2%) $285,297 (4.3%) 0.55 548
    2024-05-01 $249,900 (1.5%) $298,673 (5.9%) 0.56 559
    2024-06-01 $249,800 (-3.9%) $301,655 (2.4%) 0.56 614
    2024-07-01 $249,450 (-3.2%) $300,746 (-1.8%) 0.57 667
    2024-08-01 $239,900 (-4.0%) $288,930 (-2.9%) 0.56 776
    2024-09-01 $235,000 (-3.7%) $281,904 (-2.7%) 0.55 858
    2024-10-01 $230,000 (-5.8%) $279,477 (-2.8%) 0.54 903
    2024-11-01 $230,000 (-1.1%) $274,354 (-2.5%) 0.55 913
    Lansing's median listing price for 2024-11-01 was $230,000, a difference of $-2,450 (-1.1%) versus the prior year and $0 versus the prior month.

    Lansing's median listing price comes in at 55% of the national average.

    Lansing's average listing price for 2024-11-01 was $274,354, a difference of $-7,112 (-2.5%) versus the prior year and $-5,123 versus the prior month.

    For the 2024-11-01 period, Lansing had 913 MLS listings, a difference of 10 listings (1%) versus the prior month and 151 listings (20%) 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 74 days 1,600 sqft
    2018-02-01 66 days 1,620 sqft
    2018-03-01 52 days 1,650 sqft
    2018-04-01 46 days 1,684 sqft
    2018-05-01 38 days 1,700 sqft
    2018-06-01 39 days 1,727 sqft
    2018-07-01 43 days 1,727 sqft
    2018-08-01 42 days 1,755 sqft
    2018-09-01 51 days 1,728 sqft
    2018-10-01 58 days 1,729 sqft
    2018-11-01 60 days 1,695 sqft
    2018-12-01 70 days 1,650 sqft
    2019-01-01 77 days 1,625 sqft
    2019-02-01 74 days 1,662 sqft
    2019-03-01 63 days 1,675 sqft
    2019-04-01 48 days 1,732 sqft
    2019-05-01 38 days 1,787 sqft
    2019-06-01 38 days 1,800 sqft
    2019-07-01 43 days 1,798 sqft
    2019-08-01 44 days 1,750 sqft
    2019-09-01 47 days 1,711 sqft
    2019-10-01 49 days 1,681 sqft
    2019-11-01 53 days 1,652 sqft
    2019-12-01 67 days 1,595 sqft
    2020-01-01 74 days 1,586 sqft
    2020-02-01 68 days 1,617 sqft
    2020-03-01 55 days 1,664 sqft
    2020-04-01 58 days 1,664 sqft
    2020-05-01 59 days 1,704 sqft
    2020-06-01 43 days 1,805 sqft
    2020-07-01 39 days 1,758 sqft
    2020-08-01 36 days 1,779 sqft
    2020-09-01 33 days 1,765 sqft
    2020-10-01 36 days 1,722 sqft
    2020-11-01 42 days 1,662 sqft
    2020-12-01 51 days 1,629 sqft
    2021-01-01 58 days 1,579 sqft
    2021-02-01 45 days 1,487 sqft
    2021-03-01 40 days 1,498 sqft
    2021-04-01 37 days 1,575 sqft
    2021-05-01 29 days 1,596 sqft
    2021-06-01 22 days 1,500 sqft
    2021-07-01 24 days 1,496 sqft
    2021-08-01 24 days 1,553 sqft
    2021-09-01 34 days 1,571 sqft
    2021-10-01 37 days 1,567 sqft
    2021-11-01 45 days 1,475 sqft
    2021-12-01 52 days 1,445 sqft
    2022-01-01 54 days 1,440 sqft
    2022-02-01 44 days 1,447 sqft
    2022-03-01 38 days 1,457 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 1,618 sqft
    2022-08-01 30 days 1,612 sqft
    2022-09-01 40 days 1,600 sqft
    2022-10-01 40 days 1,632 sqft
    2022-11-01 44 days 1,600 sqft
    2022-12-01 54 days 1,592 sqft
    2023-01-01 61 days 1,561 sqft
    2023-02-01 54 days 1,584 sqft
    2023-03-01 44 days 1,628 sqft
    2023-04-01 35 days 1,652 sqft
    2023-05-01 28 days 1,689 sqft
    2023-06-01 30 days 1,734 sqft
    2023-07-01 34 days 1,779 sqft
    2023-08-01 35 days 1,746 sqft
    2023-09-01 37 days 1,700 sqft
    2023-10-01 37 days 1,684 sqft
    2023-11-01 42 days 1,661 sqft
    2023-12-01 50 days 1,601 sqft
    2024-01-01 58 days 1,599 sqft
    2024-02-01 52 days 1,533 sqft
    2024-03-01 40 days 1,589 sqft
    2024-04-01 36 days 1,639 sqft
    2024-05-01 24 days 1,713 sqft
    2024-06-01 24 days 1,737 sqft
    2024-07-01 34 days 1,732 sqft
    2024-08-01 33 days 1,646 sqft
    2024-09-01 36 days 1,641 sqft
    2024-10-01 38 days 1,612 sqft
    2024-11-01 44 days 1,607 sqft
    Lansing's median listing age (time on market) for 2024-11-01 was 44 days. This is 5% longer than the same period one year ago.

    Lansing's median square footage for active listings during the 2024-11-01 period was 1,607 sqft. One year prior, the average listing was 1,661 sqft.