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 -0.34% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.64% and one month ago for the week of 2024-01-19, the average rate was 6.32%.

The average rate one year ago was 6.23%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.06%.

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 $139,900 (14.7%) $193,590 (12.2%) 0.52 1,179
2018-02-01 $147,450 (14.6%) $199,414 (10.5%) 0.54 1,130
2018-03-01 $149,900 (11.1%) $207,445 (11.4%) 0.53 1,050
2018-04-01 $162,400 (12.1%) $216,947 (11.8%) 0.55 1,011
2018-05-01 $179,700 (19.9%) $223,523 (11.6%) 0.60 1,087
2018-06-01 $183,500 (15.9%) $225,713 (9.5%) 0.61 1,242
2018-07-01 $180,875 (11.0%) $224,260 (8.3%) 0.60 1,389
2018-08-01 $179,900 (12.6%) $220,150 (7.9%) 0.60 1,531
2018-09-01 $175,000 (9.4%) $217,363 (5.9%) 0.59 1,574
2018-10-01 $169,900 (8.6%) $215,980 (6.3%) 0.58 1,579
2018-11-01 $169,450 (13.0%) $214,608 (8.3%) 0.57 1,511
2018-12-01 $166,000 (16.0%) $211,891 (8.3%) 0.57 1,329
2019-01-01 $165,000 (17.9%) $216,863 (12.0%) 0.57 1,173
2019-02-01 $174,283 (18.2%) $224,332 (12.5%) 0.59 1,048
2019-03-01 $180,329 (20.3%) $232,950 (12.3%) 0.59 1,007
2019-04-01 $191,900 (18.2%) $242,457 (11.8%) 0.61 1,017
2019-05-01 $202,450 (12.7%) $250,935 (12.3%) 0.63 1,110
2019-06-01 $204,900 (11.7%) $247,990 (9.9%) 0.64 1,194
2019-07-01 $199,950 (10.6%) $244,202 (8.9%) 0.63 1,285
2019-08-01 $190,336 (5.8%) $236,489 (7.4%) 0.60 1,356
2019-09-01 $176,028 (0.6%) $225,773 (3.9%) 0.56 1,432
2019-10-01 $164,925 (-2.9%) $219,754 (1.8%) 0.53 1,459
2019-11-01 $159,900 (-5.6%) $212,798 (-0.8%) 0.52 1,405
2019-12-01 $151,825 (-8.5%) $209,842 (-1.0%) 0.51 1,257
2020-01-01 $151,575 (-8.1%) $211,408 (-2.5%) 0.51 1,134
2020-02-01 $157,900 (-9.4%) $224,122 (-0.1%) 0.52 1,015
2020-03-01 $172,400 (-4.4%) $233,759 (0.4%) 0.54 907
2020-04-01 $189,900 (-1.0%) $244,135 (0.7%) 0.59 870
2020-05-01 $195,000 (-3.7%) $243,436 (-3.0%) 0.59 893
2020-06-01 $220,000 (7.4%) $270,498 (9.1%) 0.65 814
2020-07-01 $219,350 (9.7%) $268,788 (10.1%) 0.64 804
2020-08-01 $214,900 (12.9%) $260,875 (10.3%) 0.62 794
2020-09-01 $216,200 (22.8%) $262,861 (16.4%) 0.62 792
2020-10-01 $199,900 (21.2%) $260,093 (18.4%) 0.57 770
2020-11-01 $180,100 (12.6%) $253,167 (19.0%) 0.53 723
2020-12-01 $169,900 (11.9%) $248,721 (18.5%) 0.51 625
2021-01-01 $159,900 (5.5%) $244,097 (15.5%) 0.48 495
2021-02-01 $160,000 (1.3%) $242,999 (8.4%) 0.47 384
2021-03-01 $169,900 (-1.5%) $245,887 (5.2%) 0.48 363
2021-04-01 $187,400 (-1.3%) $259,490 (6.3%) 0.51 339
2021-05-01 $179,900 (-7.7%) $247,340 (1.6%) 0.48 418
2021-06-01 $189,975 (-13.7%) $260,551 (-3.7%) 0.50 503
2021-07-01 $185,000 (-15.7%) $254,368 (-5.4%) 0.49 615
2021-08-01 $184,200 (-14.3%) $249,733 (-4.3%) 0.49 746
2021-09-01 $179,900 (-16.8%) $244,743 (-6.9%) 0.48 770
2021-10-01 $176,400 (-11.8%) $237,369 (-8.7%) 0.47 696
2021-11-01 $163,875 (-9.0%) $224,512 (-11.3%) 0.44 644
2021-12-01 $149,950 (-11.7%) $217,235 (-12.7%) 0.41 535
2022-01-01 $145,000 (-9.3%) $215,246 (-11.8%) 0.39 418
2022-02-01 $152,175 (-4.9%) $229,422 (-5.6%) 0.40 336
2022-03-01 $159,450 (-6.2%) $233,684 (-5.0%) 0.40 313
2022-04-01 $189,900 (1.3%) $261,197 (0.7%) 0.45 308
2022-05-01 $199,675 (11.0%) $257,224 (4.0%) 0.46 402
2022-06-01 $200,000 (5.3%) $265,649 (2.0%) 0.45 516
2022-07-01 $209,950 (13.5%) $265,989 (4.6%) 0.47 618
2022-08-01 $209,450 (13.7%) $264,906 (6.1%) 0.48 724
2022-09-01 $205,000 (14.0%) $266,744 (9.0%) 0.48 711
2022-10-01 $219,900 (24.7%) $266,486 (12.3%) 0.52 760
2022-11-01 $194,950 (19.0%) $256,450 (14.2%) 0.47 802
2022-12-01 $194,450 (29.7%) $252,512 (16.2%) 0.48 696
2023-01-01 $191,425 (32.0%) $254,287 (18.1%) 0.47 524
2023-02-01 $201,175 (32.2%) $259,718 (13.2%) 0.49 422
2023-03-01 $228,808 (43.5%) $280,397 (20.0%) 0.54 376
2023-04-01 $229,900 (21.1%) $276,388 (5.8%) 0.53 362
2023-05-01 $247,200 (23.8%) $284,836 (10.7%) 0.56 404
2023-06-01 $259,000 (29.5%) $295,289 (11.2%) 0.58 465
2023-07-01 $259,900 (23.8%) $305,335 (14.8%) 0.59 513
2023-08-01 $249,950 (19.3%) $300,323 (13.4%) 0.57 562
2023-09-01 $244,900 (19.5%) $292,197 (9.5%) 0.57 607
2023-10-01 $245,725 (11.7%) $287,144 (7.8%) 0.58 662
2023-11-01 $237,400 (21.8%) $282,381 (10.1%) 0.57 669
2023-12-01 $225,000 (15.7%) $273,716 (8.4%) 0.55 626
Lansing's median listing price for 2023-12-01 was $225,000, a difference of $30,550 (15.7%) versus the prior year and $-12,400 versus the prior month.

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

Lansing's average listing price for 2023-12-01 was $273,716, a difference of $21,204 (8.4%) versus the prior year and $-8,665 versus the prior month.

For the 2023-12-01 period, Lansing had 626 MLS listings, a difference of -43 listings (-6%) versus the prior month and -70 listings (-10%) 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 1,605 sqft
2018-02-01 65 days 1,638 sqft
2018-03-01 51 days 1,676 sqft
2018-04-01 47 days 1,710 sqft
2018-05-01 40 days 1,750 sqft
2018-06-01 40 days 1,768 sqft
2018-07-01 43 days 1,775 sqft
2018-08-01 44 days 1,795 sqft
2018-09-01 50 days 1,772 sqft
2018-10-01 57 days 1,762 sqft
2018-11-01 59 days 1,719 sqft
2018-12-01 67 days 1,683 sqft
2019-01-01 77 days 1,666 sqft
2019-02-01 75 days 1,702 sqft
2019-03-01 62 days 1,721 sqft
2019-04-01 46 days 1,789 sqft
2019-05-01 37 days 1,819 sqft
2019-06-01 38 days 1,838 sqft
2019-07-01 42 days 1,838 sqft
2019-08-01 44 days 1,789 sqft
2019-09-01 46 days 1,737 sqft
2019-10-01 49 days 1,704 sqft
2019-11-01 53 days 1,683 sqft
2019-12-01 67 days 1,616 sqft
2020-01-01 73 days 1,606 sqft
2020-02-01 67 days 1,640 sqft
2020-03-01 53 days 1,693 sqft
2020-04-01 56 days 1,699 sqft
2020-05-01 58 days 1,737 sqft
2020-06-01 40 days 1,851 sqft
2020-07-01 38 days 1,789 sqft
2020-08-01 34 days 1,804 sqft
2020-09-01 33 days 1,802 sqft
2020-10-01 35 days 1,775 sqft
2020-11-01 41 days 1,685 sqft
2020-12-01 51 days 1,629 sqft
2021-01-01 57 days 1,550 sqft
2021-02-01 39 days 1,441 sqft
2021-03-01 35 days 1,488 sqft
2021-04-01 36 days 1,565 sqft
2021-05-01 29 days 1,578 sqft
2021-06-01 22 days 1,455 sqft
2021-07-01 23 days 1,456 sqft
2021-08-01 24 days 1,533 sqft
2021-09-01 33 days 1,559 sqft
2021-10-01 36 days 1,549 sqft
2021-11-01 44 days 1,467 sqft
2021-12-01 52 days 1,428 sqft
2022-01-01 52 days 1,422 sqft
2022-02-01 43 days 1,424 sqft
2022-03-01 38 days 1,448 sqft
2022-04-01 28 days 1,600 sqft
2022-05-01 22 days 1,596 sqft
2022-06-01 23 days 1,605 sqft
2022-07-01 27 days 1,640 sqft
2022-08-01 31 days 1,629 sqft
2022-09-01 40 days 1,611 sqft
2022-10-01 40 days 1,650 sqft
2022-11-01 43 days 1,608 sqft
2022-12-01 54 days 1,596 sqft
2023-01-01 63 days 1,553 sqft
2023-02-01 54 days 1,575 sqft
2023-03-01 45 days 1,660 sqft
2023-04-01 33 days 1,656 sqft
2023-05-01 28 days 1,703 sqft
2023-06-01 29 days 1,757 sqft
2023-07-01 33 days 1,808 sqft
2023-08-01 35 days 1,762 sqft
2023-09-01 38 days 1,704 sqft
2023-10-01 37 days 1,692 sqft
2023-11-01 44 days 1,669 sqft
2023-12-01 51 days 1,600 sqft
Lansing's median listing age (time on market) for 2023-12-01 was 51 days. This is -6% shorter than the same period one year ago.

Lansing's median square footage for active listings during the 2023-12-01 period was 1,600 sqft. One year prior, the average listing was 1,596 sqft.