Madison USDA Loan Rates, Closing Costs & Stats

Madison, IN

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.

Madison's 11 lenders originated 26 USDA loans during 2023. The total origination value was $4,730,000, with an average USDA loan value of $181,923.

Madison USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Madison averaged 0.14% for the week of 2024-11-29, compared to the national average (all USDA variants) of 0% for the same period.

Madison's average USDA mortgage closing costs are $4,047.

The average rate for the prior week (2024-11-22) was 6.74% and one month ago for the week of 2024-10-25, the average rate was 6.54%.

The average rate one year ago was 7.24%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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

Madison 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 Madison level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 7 6.75% $2,773
Century Mortgage Company DBA Century Lending Company 4 6.50% $8,615
FAIR WAY LENDING LLC 4 6.40% $5,887
GENEVA FINANCIAL, LLC 3 6.54% $8,097
GVC MORTGAGE, INC. 2 7.25% $10,080
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $5,719
UNION HOME MORTGAGE CORP. 1 5.25% $6,491
First Financial Bank 1 6.88% $3,863
German American Bank 1 6.38% $4,124
Meridian Bank Corporation 1 7.75% $7,157
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $8,106

The top Madison USDA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 7 USDA loans originated. Their average total fees are $2,773, which is $5,841 lower than the next largest lender, Century Mortgage Company DBA Century Lending Company.

The lowest fee Madison USDA lenders (with over 10 loans originated) are .

The lowest rate Madison USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Madison (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 $159,900 (24.0%) $196,344 (33.3%) 0.00 113
2018-02-01 $161,150 (24.1%) $197,215 (33.7%) 0.00 117
2018-03-01 $159,900 (19.1%) $196,045 (23.3%) 0.00 122
2018-04-01 $162,925 (19.6%) $203,340 (20.8%) 0.00 115
2018-05-01 $161,425 (17.3%) $199,518 (15.0%) 0.00 112
2018-06-01 $163,000 (13.6%) $203,012 (13.3%) 0.00 112
2018-07-01 $161,150 (11.2%) $213,341 (17.5%) 0.00 118
2018-08-01 $161,150 (7.5%) $215,007 (20.5%) 0.00 122
2018-09-01 $162,400 (1.6%) $221,093 (18.1%) 0.00 130
2018-10-01 $159,900 (0.3%) $222,465 (16.1%) 0.00 126
2018-11-01 $158,400 (3.9%) $217,549 (15.1%) 0.00 114
2018-12-01 $162,000 (8.1%) $216,510 (16.0%) 0.00 108
2019-01-01 $177,400 (10.9%) $221,628 (12.9%) 0.00 110
2019-02-01 $175,550 (8.9%) $225,116 (14.2%) 0.00 96
2019-03-01 $177,171 (10.8%) $229,040 (16.8%) 0.00 98
2019-04-01 $191,050 (17.3%) $233,133 (14.7%) 0.00 98
2019-05-01 $194,500 (20.5%) $228,110 (14.3%) 0.00 106
2019-06-01 $195,000 (19.6%) $224,883 (10.8%) 0.00 104
2019-07-01 $189,000 (17.3%) $231,701 (8.6%) 0.00 109
2019-08-01 $179,545 (11.4%) $222,253 (3.4%) 0.00 119
2019-09-01 $173,614 (6.9%) $215,512 (-2.5%) 0.00 134
2019-10-01 $169,000 (5.7%) $210,311 (-5.5%) 0.00 142
2019-11-01 $165,000 (4.2%) $214,366 (-1.5%) 0.00 125
2019-12-01 $159,700 (-1.4%) $218,712 (1.0%) 0.00 122
2020-01-01 $154,900 (-12.7%) $191,526 (-13.6%) 0.00 117
2020-02-01 $149,900 (-14.6%) $187,540 (-16.7%) 0.00 114
2020-03-01 $164,000 (-7.4%) $192,862 (-15.8%) 0.00 108
2020-04-01 $165,000 (-13.6%) $191,808 (-17.7%) 0.00 99
2020-05-01 $177,500 (-8.7%) $197,710 (-13.3%) 0.00 97
2020-06-01 $182,450 (-6.4%) $205,423 (-8.7%) 0.00 89
2020-07-01 $183,125 (-3.1%) $213,709 (-7.8%) 0.00 78
2020-08-01 $185,400 (3.3%) $224,649 (1.1%) 0.00 74
2020-09-01 $184,900 (6.5%) $221,608 (2.8%) 0.00 56
2020-10-01 $164,900 (-2.4%) $211,398 (0.5%) 0.00 47
2020-11-01 $167,325 (1.4%) $207,704 (-3.1%) 0.00 54
2020-12-01 $179,450 (12.4%) $209,776 (-4.1%) 0.00 51
2021-01-01 $169,900 (9.7%) $206,793 (8.0%) 0.00 44
2021-02-01 $158,050 (5.4%) $204,200 (8.9%) 0.00 31
2021-03-01 $174,900 (6.7%) $217,720 (12.9%) 0.00 36
2021-04-01 $168,700 (2.2%) $219,270 (14.3%) 0.00 32
2021-05-01 $184,900 (4.2%) $231,321 (17.0%) 0.00 31
2021-06-01 $181,800 (-0.4%) $229,273 (11.6%) 0.00 43
2021-07-01 $189,450 (3.5%) $232,528 (8.8%) 0.00 56
2021-08-01 $184,900 (-0.3%) $232,816 (3.6%) 0.00 73
2021-09-01 $207,000 (12.0%) $256,591 (15.8%) 0.00 73
2021-10-01 $207,000 (25.5%) $257,087 (21.6%) 0.00 66
2021-11-01 $209,900 (25.4%) $276,168 (33.0%) 0.00 47
2021-12-01 $234,900 (30.9%) $293,204 (39.8%) 0.00 50
2022-01-01 $209,900 (23.5%) $272,508 (31.8%) 0.00 58
2022-02-01 $202,475 (28.1%) $251,114 (23.0%) 0.00 51
2022-03-01 $223,925 (28.0%) $262,252 (20.5%) 0.00 49
2022-04-01 $229,000 (35.7%) $290,745 (32.6%) 0.00 40
2022-05-01 $257,200 (39.1%) $293,652 (27.0%) 0.00 42
2022-06-01 $239,900 (32.0%) $267,498 (16.7%) 0.00 47
2022-07-01 $253,400 (33.8%) $280,789 (20.8%) 0.00 66
2022-08-01 $243,725 (31.8%) $277,265 (19.1%) 0.00 73
2022-09-01 $252,250 (21.9%) $285,543 (11.3%) 0.00 71
2022-10-01 $247,000 (19.3%) $299,200 (16.4%) 0.00 78
2022-11-01 $219,900 (4.8%) $283,762 (2.8%) 0.00 70
2022-12-01 $254,950 (8.5%) $314,466 (7.3%) 0.00 53
2023-01-01 $244,700 (16.6%) $326,691 (19.9%) 0.00 54
2023-02-01 $266,150 (31.5%) $334,543 (33.2%) 0.00 48
2023-03-01 $265,150 (18.4%) $316,411 (20.7%) 0.00 52
2023-04-01 $254,900 (11.3%) $319,635 (9.9%) 0.00 50
2023-05-01 $259,950 (1.1%) $332,078 (13.1%) 0.00 52
2023-06-01 $283,050 (18.0%) $333,732 (24.8%) 0.00 50
2023-07-01 $259,500 (2.4%) $325,551 (15.9%) 0.00 57
2023-08-01 $271,225 (11.3%) $331,568 (19.6%) 0.00 61
2023-09-01 $289,900 (14.9%) $349,666 (22.5%) 0.00 66
2023-10-01 $284,900 (15.3%) $357,293 (19.4%) 0.00 70
2023-11-01 $303,450 (38.0%) $362,693 (27.8%) 0.00 72
2023-12-01 $294,900 (15.7%) $355,911 (13.2%) 0.00 74
2024-01-01 $296,150 (21.0%) $341,553 (4.6%) 0.00 60
2024-02-01 $273,700 (2.8%) $327,508 (-2.1%) 0.00 53
2024-03-01 $258,500 (-2.5%) $303,567 (-4.1%) 0.00 51
2024-04-01 $253,700 (-0.5%) $306,672 (-4.1%) 0.00 47
2024-05-01 $324,900 (25.0%) $332,285 (0.1%) 0.00 52
2024-06-01 $299,000 (5.6%) $338,673 (1.5%) 0.00 59
2024-07-01 $286,375 (10.4%) $339,063 (4.2%) 0.00 77
2024-08-01 $270,000 (-0.5%) $321,854 (-2.9%) 0.00 97
2024-09-01 $263,725 (-9.0%) $320,327 (-8.4%) 0.00 92
2024-10-01 $266,850 (-6.3%) $312,038 (-12.7%) 0.00 82
Madison's median listing price for 2024-10-01 was $266,850, a difference of $-18,050 (-6.3%) versus the prior year and $3,125 versus the prior month.

Madison's median listing price comes in at 0% of the national average.

Madison's average listing price for 2024-10-01 was $312,038, a difference of $-45,255 (-12.7%) versus the prior year and $-8,289 versus the prior month.

For the 2024-10-01 period, Madison had 82 MLS listings, a difference of -10 listings (-11%) versus the prior month and 12 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Madison (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,913 sqft
2018-02-01 0 days 1,902 sqft
2018-03-01 0 days 1,920 sqft
2018-04-01 0 days 1,926 sqft
2018-05-01 0 days 1,922 sqft
2018-06-01 0 days 1,950 sqft
2018-07-01 0 days 1,946 sqft
2018-08-01 0 days 1,939 sqft
2018-09-01 0 days 1,974 sqft
2018-10-01 0 days 1,994 sqft
2018-11-01 0 days 2,044 sqft
2018-12-01 0 days 1,930 sqft
2019-01-01 0 days 1,875 sqft
2019-02-01 0 days 1,840 sqft
2019-03-01 0 days 1,829 sqft
2019-04-01 0 days 1,884 sqft
2019-05-01 0 days 1,971 sqft
2019-06-01 0 days 1,878 sqft
2019-07-01 0 days 1,868 sqft
2019-08-01 0 days 1,822 sqft
2019-09-01 0 days 1,760 sqft
2019-10-01 0 days 1,701 sqft
2019-11-01 0 days 1,705 sqft
2019-12-01 0 days 1,690 sqft
2020-01-01 0 days 1,683 sqft
2020-02-01 0 days 1,680 sqft
2020-03-01 0 days 1,690 sqft
2020-04-01 0 days 1,603 sqft
2020-05-01 0 days 1,750 sqft
2020-06-01 0 days 1,750 sqft
2020-07-01 0 days 1,753 sqft
2020-08-01 0 days 1,768 sqft
2020-09-01 0 days 1,824 sqft
2020-10-01 0 days 1,663 sqft
2020-11-01 0 days 1,751 sqft
2020-12-01 0 days 1,607 sqft
2021-01-01 0 days 1,560 sqft
2021-02-01 0 days 1,392 sqft
2021-03-01 0 days 1,443 sqft
2021-04-01 0 days 1,496 sqft
2021-05-01 0 days 1,624 sqft
2021-06-01 0 days 1,443 sqft
2021-07-01 0 days 1,462 sqft
2021-08-01 0 days 1,463 sqft
2021-09-01 0 days 1,445 sqft
2021-10-01 0 days 1,514 sqft
2021-11-01 0 days 1,835 sqft
2021-12-01 0 days 1,818 sqft
2022-01-01 0 days 1,792 sqft
2022-02-01 0 days 1,775 sqft
2022-03-01 0 days 1,772 sqft
2022-04-01 0 days 1,788 sqft
2022-05-01 0 days 1,798 sqft
2022-06-01 0 days 1,793 sqft
2022-07-01 0 days 1,800 sqft
2022-08-01 0 days 1,886 sqft
2022-09-01 0 days 1,863 sqft
2022-10-01 0 days 1,856 sqft
2022-11-01 0 days 1,740 sqft
2022-12-01 0 days 1,784 sqft
2023-01-01 0 days 1,703 sqft
2023-02-01 0 days 1,745 sqft
2023-03-01 0 days 1,724 sqft
2023-04-01 0 days 1,792 sqft
2023-05-01 0 days 1,817 sqft
2023-06-01 0 days 1,900 sqft
2023-07-01 0 days 1,836 sqft
2023-08-01 0 days 1,749 sqft
2023-09-01 0 days 1,874 sqft
2023-10-01 0 days 1,789 sqft
2023-11-01 0 days 1,900 sqft
2023-12-01 0 days 1,900 sqft
2024-01-01 0 days 1,845 sqft
2024-02-01 0 days 1,809 sqft
2024-03-01 0 days 1,782 sqft
2024-04-01 0 days 1,788 sqft
2024-05-01 0 days 1,872 sqft
2024-06-01 0 days 1,827 sqft
2024-07-01 0 days 1,879 sqft
2024-08-01 0 days 1,814 sqft
2024-09-01 0 days 1,816 sqft
2024-10-01 0 days 1,812 sqft
Madison's median listing age (time on market) for 2024-10-01 was 0 days.

Madison's median square footage for active listings during the 2024-10-01 period was 1,812 sqft. One year prior, the average listing was 1,789 sqft.