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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.