Madison USDA Loan Rates, Closing Costs & Stats

Madison, IN

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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.

    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 7% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.94%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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
    Madison's median listing price for 2024-03-01 was $258,500, a difference of $-6,650 (-2.5%) versus the prior year and $-15,200 versus the prior month.

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

    Madison's average listing price for 2024-03-01 was $303,567, a difference of $-12,844 (-4.1%) versus the prior year and $-23,941 versus the prior month.

    For the 2024-03-01 period, Madison had 51 MLS listings, a difference of -2 listings (-4%) versus the prior month and -1 listings (-2%) 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
    Madison's median listing age (time on market) for 2024-03-01 was 0 days.

    Madison's median square footage for active listings during the 2024-03-01 period was 1,782 sqft. One year prior, the average listing was 1,724 sqft.