Madison USDA Loan Rates, Closing Costs & Stats

MADISON, WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 23 lenders originated 52 USDA loans during 2022. The total origination value was $11,160,000, with an average USDA loan value of $214,615.

    Madison USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Madison averaged 5.8% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Madison's average USDA mortgage closing costs are $4,692.

    The average rate for the prior week (2023-05-19) was 5.94% and one month ago for the week of 2023-04-21, the average rate was 5.75%.

    The average rate one year ago was 4.87%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.77%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Flagstar Bank, FSB 7 3.38% $5,082
    GUILD MORTGAGE COMPANY 5 3.90% $7,818
    Lend Smart Mortgage, LLC 5 5.23% $4,364
    INLANTA MORTGAGE, INC. 4 5.09% $7,736
    Prosperity Home Mortgage, LLC 3 3.83% $6,071
    Paramount Residential Mortgage Group, Inc. 3 4.79% $7,852
    FINANCE OF AMERICA MORTGAGE LLC 3 4.88% $5,163
    CALIBER HOME LOANS, INC. 2 4.19% $4,683
    CROSSCOUNTRY MORTGAGE, LLC 2 6.69% $7,890
    Nations Lending Corporation 2 5.88% $4,920
    Barrington Bank & Trust Company, N.A. 2 4.94% $8,044
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.56% $4,386
    V.I.P. MORTGAGE, INC. 1 5.63% $6,231
    CORNERSTONE HOME LENDING, INC. 1 3.75% $4,199
    CRESCENT MORTGAGE COMPANY 1 6.50% $7,035
    EVERETT FINANCIAL, INC. 1 3.38% $3,827
    HOME POINT FINANCIAL CORPORATION 1 3.50% $6,822
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.13% $15,815
    NEWREZ LLC 1 2.63% $4,209
    PENNYMAC LOAN SERVICES, LLC 1 3.38% $5,370
    Summit Credit Union 1 3.63% $4,304
    THOMPSON KANE & COMPANY, LLC 1 3.00% $4,971
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $4,923

    The top Madison USDA lender as defined by loan originations is Flagstar Bank, FSB, with 7 USDA loans originated. Their average total fees are $5,082, which is $2,736 lower than the next largest lender, GUILD MORTGAGE 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 $329,950 (6.5%) $385,123 (7.8%) 1.22 1,109
    2018-02-01 $349,900 (8.5%) $398,958 (7.4%) 1.27 1,090
    2018-03-01 $355,000 (6.1%) $405,281 (4.7%) 1.25 1,188
    2018-04-01 $357,350 (1.8%) $411,931 (2.4%) 1.21 1,302
    2018-05-01 $349,900 (0.0%) $405,438 (1.7%) 1.17 1,408
    2018-06-01 $339,950 (-0.7%) $395,725 (1.2%) 1.13 1,589
    2018-07-01 $339,700 (3.0%) $392,059 (1.2%) 1.13 1,701
    2018-08-01 $331,725 (1.7%) $390,043 (3.1%) 1.11 1,812
    2018-09-01 $334,900 (5.0%) $395,327 (5.6%) 1.13 1,885
    2018-10-01 $329,900 (7.3%) $395,350 (8.0%) 1.12 1,862
    2018-11-01 $329,900 (4.8%) $392,518 (6.1%) 1.12 1,673
    2018-12-01 $329,900 (3.1%) $388,997 (3.4%) 1.14 1,413
    2019-01-01 $339,950 (3.0%) $403,944 (4.9%) 1.17 1,264
    2019-02-01 $365,900 (4.6%) $427,374 (7.1%) 1.24 1,189
    2019-03-01 $369,228 (4.0%) $428,764 (5.8%) 1.23 1,262
    2019-04-01 $367,400 (2.8%) $427,315 (3.7%) 1.17 1,341
    2019-05-01 $365,500 (4.5%) $428,411 (5.7%) 1.14 1,448
    2019-06-01 $365,000 (7.4%) $430,553 (8.8%) 1.14 1,557
    2019-07-01 $352,548 (3.8%) $418,204 (6.7%) 1.10 1,646
    2019-08-01 $350,000 (5.5%) $422,948 (8.4%) 1.10 1,653
    2019-09-01 $349,950 (4.5%) $416,116 (5.3%) 1.10 1,645
    2019-10-01 $339,900 (3.0%) $403,001 (1.9%) 1.10 1,808
    2019-11-01 $340,000 (3.1%) $404,437 (3.0%) 1.11 1,575
    2019-12-01 $346,250 (5.0%) $405,473 (4.2%) 1.15 1,272
    2020-01-01 $347,400 (2.2%) $411,246 (1.8%) 1.16 1,137
    2020-02-01 $369,000 (0.9%) $442,460 (3.5%) 1.21 1,102
    2020-03-01 $372,400 (0.9%) $451,346 (5.3%) 1.17 1,162
    2020-04-01 $379,450 (3.3%) $450,710 (5.5%) 1.19 1,232
    2020-05-01 $385,000 (5.3%) $451,701 (5.4%) 1.17 1,173
    2020-06-01 $387,450 (6.2%) $457,707 (6.3%) 1.14 1,132
    2020-07-01 $377,450 (7.1%) $453,102 (8.3%) 1.09 1,110
    2020-08-01 $367,500 (5.0%) $451,793 (6.8%) 1.05 1,068
    2020-09-01 $359,950 (2.9%) $443,050 (6.5%) 1.03 1,036
    2020-10-01 $359,900 (5.9%) $434,897 (7.9%) 1.03 1,057
    2020-11-01 $364,625 (7.2%) $438,409 (8.4%) 1.07 863
    2020-12-01 $362,000 (4.6%) $438,266 (8.1%) 1.08 666
    2021-01-01 $374,900 (7.9%) $454,642 (10.6%) 1.12 536
    2021-02-01 $387,700 (5.1%) $476,783 (7.8%) 1.13 468
    2021-03-01 $383,700 (3.0%) $467,550 (3.6%) 1.09 468
    2021-04-01 $382,000 (0.7%) $468,805 (4.0%) 1.03 524
    2021-05-01 $387,200 (0.6%) $468,859 (3.8%) 1.03 547
    2021-06-01 $384,975 (-0.6%) $474,756 (3.7%) 1.01 651
    2021-07-01 $385,000 (2.0%) $466,992 (3.1%) 1.02 791
    2021-08-01 $382,400 (4.1%) $463,159 (2.5%) 1.02 895
    2021-09-01 $374,900 (4.2%) $455,179 (2.7%) 1.00 920
    2021-10-01 $375,000 (4.2%) $451,330 (3.8%) 1.00 882
    2021-11-01 $380,650 (4.4%) $455,124 (3.8%) 1.02 708
    2021-12-01 $387,400 (7.0%) $458,987 (4.7%) 1.05 535
    2022-01-01 $389,900 (4.0%) $464,133 (2.1%) 1.05 412
    2022-02-01 $399,900 (3.2%) $480,781 (0.8%) 1.04 390
    2022-03-01 $399,900 (4.2%) $474,752 (1.5%) 1.00 433
    2022-04-01 $408,100 (6.8%) $476,363 (1.6%) 0.97 510
    2022-05-01 $407,500 (5.2%) $489,828 (4.5%) 0.93 615
    2022-06-01 $415,975 (8.1%) $510,928 (7.6%) 0.93 724
    2022-07-01 $410,000 (6.5%) $515,357 (10.4%) 0.93 847
    2022-08-01 $412,450 (7.9%) $521,600 (12.6%) 0.95 846
    2022-09-01 $406,450 (8.4%) $514,439 (13.0%) 0.95 825
    2022-10-01 $409,900 (9.3%) $526,734 (16.7%) 0.96 866
    2022-11-01 $419,425 (10.2%) $525,389 (15.4%) 1.01 816
    2022-12-01 $424,150 (9.5%) $522,661 (13.9%) 1.05 641
    2023-01-01 $443,950 (13.9%) $547,784 (18.0%) 1.10 568
    2023-02-01 $446,900 (11.8%) $566,054 (17.7%) 1.08 506
    2023-03-01 $464,900 (16.3%) $580,909 (22.4%) 1.10 500
    2023-04-01 $479,900 (17.6%) $599,909 (25.9%) 1.12 524
    Madison's median listing price for 2023-04-01 was $479,900, a difference of $71,800 (17.6%) versus the prior year and $15,000 versus the prior month.

    Madison's median listing price comes in at 112% of the national average.

    Madison's average listing price for 2023-04-01 was $599,909, a difference of $123,546 (25.9%) versus the prior year and $19,000 versus the prior month.

    For the 2023-04-01 period, Madison had 524 MLS listings, a difference of 24 listings (5%) versus the prior month and 14 listings (3%) 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 93 days 1,987 sqft
    2018-02-01 75 days 2,054 sqft
    2018-03-01 46 days 2,120 sqft
    2018-04-01 44 days 2,158 sqft
    2018-05-01 44 days 2,158 sqft
    2018-06-01 45 days 2,142 sqft
    2018-07-01 49 days 2,097 sqft
    2018-08-01 51 days 2,073 sqft
    2018-09-01 55 days 2,053 sqft
    2018-10-01 62 days 2,020 sqft
    2018-11-01 69 days 2,016 sqft
    2018-12-01 79 days 1,967 sqft
    2019-01-01 87 days 1,998 sqft
    2019-02-01 82 days 2,119 sqft
    2019-03-01 57 days 2,143 sqft
    2019-04-01 49 days 2,163 sqft
    2019-05-01 43 days 2,167 sqft
    2019-06-01 45 days 2,150 sqft
    2019-07-01 48 days 2,121 sqft
    2019-08-01 57 days 2,115 sqft
    2019-09-01 64 days 2,077 sqft
    2019-10-01 64 days 2,046 sqft
    2019-11-01 77 days 2,017 sqft
    2019-12-01 98 days 2,008 sqft
    2020-01-01 101 days 1,989 sqft
    2020-02-01 87 days 2,076 sqft
    2020-03-01 53 days 2,107 sqft
    2020-04-01 54 days 2,160 sqft
    2020-05-01 64 days 2,170 sqft
    2020-06-01 75 days 2,163 sqft
    2020-07-01 64 days 2,115 sqft
    2020-08-01 61 days 2,069 sqft
    2020-09-01 56 days 2,005 sqft
    2020-10-01 51 days 1,957 sqft
    2020-11-01 57 days 1,927 sqft
    2020-12-01 67 days 1,900 sqft
    2021-01-01 69 days 1,916 sqft
    2021-02-01 48 days 1,986 sqft
    2021-03-01 37 days 1,962 sqft
    2021-04-01 32 days 1,975 sqft
    2021-05-01 37 days 2,048 sqft
    2021-06-01 35 days 2,014 sqft
    2021-07-01 37 days 1,964 sqft
    2021-08-01 38 days 1,936 sqft
    2021-09-01 43 days 1,903 sqft
    2021-10-01 46 days 1,886 sqft
    2021-11-01 53 days 1,833 sqft
    2021-12-01 60 days 1,790 sqft
    2022-01-01 61 days 1,790 sqft
    2022-02-01 42 days 1,807 sqft
    2022-03-01 32 days 1,875 sqft
    2022-04-01 30 days 1,865 sqft
    2022-05-01 31 days 1,909 sqft
    2022-06-01 36 days 1,986 sqft
    2022-07-01 38 days 1,977 sqft
    2022-08-01 44 days 1,958 sqft
    2022-09-01 48 days 1,945 sqft
    2022-10-01 47 days 1,960 sqft
    2022-11-01 54 days 1,965 sqft
    2022-12-01 68 days 1,933 sqft
    2023-01-01 78 days 1,957 sqft
    2023-02-01 63 days 1,963 sqft
    2023-03-01 43 days 1,977 sqft
    2023-04-01 39 days 2,055 sqft
    Madison's median listing age (time on market) for 2023-04-01 was 39 days. This is 28% longer than the same period one year ago.

    Madison's median square footage for active listings during the 2023-04-01 period was 2,055 sqft. One year prior, the average listing was 1,865 sqft.