Madison USDA Loan Rates, Closing Costs & Stats

MADISON, WI

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 6.16% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

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

The average rate for the prior week (2024-02-09) was 5.69% and one month ago for the week of 2024-01-12, the average rate was 6.01%.

The average rate one year ago was 5.35%.

For refis of the same type during the week of 2024-02-16, the average rate was 4.53%.

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%) $385,433 (7.8%) 1.22 1,106
2018-02-01 $349,900 (8.5%) $399,589 (7.5%) 1.27 1,086
2018-03-01 $355,000 (6.0%) $405,599 (4.7%) 1.25 1,185
2018-04-01 $357,925 (2.0%) $412,380 (2.6%) 1.21 1,300
2018-05-01 $349,900 (0.0%) $406,013 (1.8%) 1.17 1,405
2018-06-01 $340,000 (-0.7%) $396,388 (1.4%) 1.13 1,585
2018-07-01 $339,900 (3.0%) $392,614 (1.4%) 1.14 1,697
2018-08-01 $332,225 (1.9%) $390,414 (3.2%) 1.11 1,807
2018-09-01 $334,900 (5.0%) $395,749 (5.7%) 1.13 1,880
2018-10-01 $329,900 (7.3%) $395,809 (8.2%) 1.12 1,856
2018-11-01 $329,900 (4.8%) $392,702 (6.2%) 1.12 1,668
2018-12-01 $329,900 (3.1%) $389,055 (3.3%) 1.14 1,408
2019-01-01 $339,950 (3.0%) $404,153 (4.9%) 1.17 1,260
2019-02-01 $365,900 (4.6%) $427,553 (7.0%) 1.24 1,185
2019-03-01 $370,614 (4.4%) $435,402 (7.4%) 1.21 1,226
2019-04-01 $368,114 (2.9%) $428,497 (3.9%) 1.17 1,327
2019-05-01 $366,000 (4.6%) $430,442 (6.0%) 1.14 1,446
2019-06-01 $365,000 (7.4%) $430,603 (8.6%) 1.14 1,555
2019-07-01 $352,548 (3.7%) $418,240 (6.5%) 1.10 1,644
2019-08-01 $347,245 (4.5%) $411,621 (5.4%) 1.10 1,707
2019-09-01 $343,114 (2.5%) $406,191 (2.6%) 1.10 1,775
2019-10-01 $339,950 (3.1%) $402,782 (1.8%) 1.10 1,798
2019-11-01 $340,000 (3.1%) $404,794 (3.1%) 1.11 1,573
2019-12-01 $346,400 (5.0%) $405,804 (4.3%) 1.16 1,271
2020-01-01 $347,400 (2.2%) $411,512 (1.8%) 1.16 1,136
2020-02-01 $369,000 (0.9%) $442,928 (3.6%) 1.21 1,100
2020-03-01 $372,423 (0.5%) $451,628 (3.7%) 1.17 1,161
2020-04-01 $379,450 (3.1%) $450,914 (5.2%) 1.19 1,230
2020-05-01 $384,950 (5.2%) $451,853 (5.0%) 1.17 1,170
2020-06-01 $387,450 (6.2%) $457,897 (6.3%) 1.14 1,128
2020-07-01 $377,450 (7.1%) $453,348 (8.4%) 1.09 1,107
2020-08-01 $366,500 (5.5%) $452,117 (9.8%) 1.05 1,066
2020-09-01 $359,950 (4.9%) $443,358 (9.2%) 1.03 1,033
2020-10-01 $359,900 (5.9%) $435,206 (8.1%) 1.03 1,054
2020-11-01 $364,625 (7.2%) $438,753 (8.4%) 1.07 863
2020-12-01 $362,000 (4.5%) $438,654 (8.1%) 1.08 666
2021-01-01 $374,900 (7.9%) $455,263 (10.6%) 1.12 537
2021-02-01 $387,950 (5.1%) $477,477 (7.8%) 1.13 468
2021-03-01 $383,925 (3.1%) $468,247 (3.7%) 1.09 468
2021-04-01 $382,000 (0.7%) $469,401 (4.1%) 1.03 524
2021-05-01 $387,500 (0.7%) $469,350 (3.9%) 1.03 547
2021-06-01 $384,975 (-0.6%) $473,907 (3.5%) 1.01 650
2021-07-01 $385,900 (2.2%) $466,992 (3.0%) 1.02 792
2021-08-01 $382,400 (4.3%) $463,590 (2.5%) 1.02 894
2021-09-01 $374,900 (4.2%) $455,525 (2.7%) 1.00 919
2021-10-01 $375,000 (4.2%) $451,680 (3.8%) 1.00 881
2021-11-01 $380,650 (4.4%) $455,106 (3.7%) 1.02 706
2021-12-01 $387,400 (7.0%) $458,974 (4.6%) 1.05 533
2022-01-01 $389,900 (4.0%) $465,127 (2.2%) 1.05 410
2022-02-01 $399,900 (3.1%) $481,821 (0.9%) 1.04 388
2022-03-01 $399,925 (4.2%) $475,671 (1.6%) 1.00 431
2022-04-01 $408,550 (7.0%) $476,934 (1.6%) 0.97 508
2022-05-01 $407,875 (5.3%) $490,446 (4.5%) 0.93 614
2022-06-01 $416,950 (8.3%) $511,389 (7.9%) 0.93 723
2022-07-01 $412,450 (6.9%) $516,150 (10.5%) 0.93 845
2022-08-01 $412,475 (7.9%) $522,415 (12.7%) 0.95 844
2022-09-01 $406,725 (8.5%) $514,805 (13.0%) 0.95 824
2022-10-01 $409,900 (9.3%) $527,112 (16.7%) 0.96 865
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%) $547,947 (17.8%) 1.10 568
2023-02-01 $446,900 (11.8%) $566,534 (17.6%) 1.08 506
2023-03-01 $464,900 (16.3%) $580,909 (22.1%) 1.10 500
2023-04-01 $479,900 (17.5%) $599,909 (25.8%) 1.12 524
2023-05-01 $469,675 (15.2%) $586,361 (19.6%) 1.07 575
2023-06-01 $476,500 (14.3%) $575,918 (12.6%) 1.07 627
2023-07-01 $479,900 (16.4%) $575,620 (11.5%) 1.09 658
2023-08-01 $481,500 (16.7%) $571,480 (9.4%) 1.11 686
2023-09-01 $475,000 (16.8%) $570,783 (10.9%) 1.11 773
2023-10-01 $469,900 (14.6%) $566,843 (7.5%) 1.11 802
2023-11-01 $466,700 (11.3%) $560,972 (6.8%) 1.11 765
2023-12-01 $479,950 (13.2%) $565,274 (8.2%) 1.17 652
Madison's median listing price for 2023-12-01 was $479,950, a difference of $55,800 (13.2%) versus the prior year and $13,250 versus the prior month.

Madison's median listing price comes in at 117% of the national average.

Madison's average listing price for 2023-12-01 was $565,274, a difference of $42,613 (8.2%) versus the prior year and $4,302 versus the prior month.

For the 2023-12-01 period, Madison had 652 MLS listings, a difference of -113 listings (-15%) versus the prior month and 11 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 87 days 1,988 sqft
2018-02-01 66 days 2,058 sqft
2018-03-01 40 days 2,123 sqft
2018-04-01 41 days 2,158 sqft
2018-05-01 41 days 2,158 sqft
2018-06-01 43 days 2,143 sqft
2018-07-01 45 days 2,099 sqft
2018-08-01 48 days 2,074 sqft
2018-09-01 52 days 2,053 sqft
2018-10-01 58 days 2,025 sqft
2018-11-01 66 days 2,016 sqft
2018-12-01 74 days 1,966 sqft
2019-01-01 81 days 1,996 sqft
2019-02-01 73 days 2,121 sqft
2019-03-01 59 days 2,178 sqft
2019-04-01 45 days 2,170 sqft
2019-05-01 40 days 2,167 sqft
2019-06-01 43 days 2,150 sqft
2019-07-01 46 days 2,119 sqft
2019-08-01 50 days 2,108 sqft
2019-09-01 55 days 2,072 sqft
2019-10-01 60 days 2,047 sqft
2019-11-01 73 days 2,019 sqft
2019-12-01 94 days 2,009 sqft
2020-01-01 94 days 1,990 sqft
2020-02-01 74 days 2,076 sqft
2020-03-01 48 days 2,107 sqft
2020-04-01 50 days 2,161 sqft
2020-05-01 60 days 2,172 sqft
2020-06-01 67 days 2,164 sqft
2020-07-01 57 days 2,115 sqft
2020-08-01 57 days 2,070 sqft
2020-09-01 52 days 2,004 sqft
2020-10-01 49 days 1,957 sqft
2020-11-01 55 days 1,928 sqft
2020-12-01 65 days 1,900 sqft
2021-01-01 65 days 1,918 sqft
2021-02-01 43 days 1,986 sqft
2021-03-01 35 days 1,964 sqft
2021-04-01 30 days 1,977 sqft
2021-05-01 36 days 2,049 sqft
2021-06-01 34 days 2,014 sqft
2021-07-01 36 days 1,964 sqft
2021-08-01 37 days 1,937 sqft
2021-09-01 41 days 1,905 sqft
2021-10-01 45 days 1,886 sqft
2021-11-01 52 days 1,833 sqft
2021-12-01 60 days 1,790 sqft
2022-01-01 61 days 1,790 sqft
2022-02-01 41 days 1,810 sqft
2022-03-01 32 days 1,881 sqft
2022-04-01 30 days 1,868 sqft
2022-05-01 30 days 1,910 sqft
2022-06-01 35 days 1,986 sqft
2022-07-01 37 days 1,977 sqft
2022-08-01 44 days 1,960 sqft
2022-09-01 47 days 1,948 sqft
2022-10-01 46 days 1,964 sqft
2022-11-01 52 days 1,964 sqft
2022-12-01 68 days 1,930 sqft
2023-01-01 76 days 1,959 sqft
2023-02-01 59 days 1,962 sqft
2023-03-01 40 days 1,977 sqft
2023-04-01 36 days 2,054 sqft
2023-05-01 34 days 2,004 sqft
2023-06-01 39 days 2,019 sqft
2023-07-01 42 days 2,025 sqft
2023-08-01 41 days 2,026 sqft
2023-09-01 46 days 2,064 sqft
2023-10-01 49 days 2,015 sqft
2023-11-01 56 days 1,999 sqft
2023-12-01 66 days 1,982 sqft
Madison's median listing age (time on market) for 2023-12-01 was 66 days. This is -3% shorter than the same period one year ago.

Madison's median square footage for active listings during the 2023-12-01 period was 1,982 sqft. One year prior, the average listing was 1,930 sqft.