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 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.