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 25 lenders originated 91 USDA loans during 2021. The total origination value was $18,185,000, with an average USDA loan value of $199,835.

Madison USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Madison averaged 6.33% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Madison's average USDA mortgage closing costs are $4,542.

The average rate for the prior week (2022-11-25) was 6.27% and one month ago for the week of 2022-10-28, the average rate was 6.94%.

The average rate one year ago was 3.13%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.29%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Lend Smart Mortgage, LLC 10 3.23% $3,401
DAS Acquisition Company, LLC 8 3.19% $5,507
GUILD MORTGAGE COMPANY 7 3.07% $6,453
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.06% $4,403
Barrington Bank & Trust Company, N.A. 6 2.90% $5,346
Flagstar Bank, FSB 6 2.77% $3,987
Prosperity Home Mortgage, LLC 6 2.83% $4,623
INLANTA MORTGAGE, INC. 5 3.25% $4,876
Paramount Residential Mortgage Group, Inc. 5 2.90% $4,543
THOMPSON KANE & COMPANY, LLC 5 2.85% $4,427
First Guaranty Mortgage Corporation 4 2.75% $4,626
NEWREZ LLC 4 2.94% $5,089
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.94% $3,877
CALIBER HOME LOANS, INC. 2 3.00% $3,396
Farmers & Merchants State Bank 2 2.38% $4,922
INLAND BANK & TRUST 2 2.31% $7,397
NATIONS RELIABLE LENDING, LLC 2 4.25% $3,897
The First National Bank and Trust Company 2 3.25% $3,492
GUARANTEED RATE, INC. 1 3.00% $4,850
CORNERSTONE HOME LENDING, INC. 1 3.25% $6,380
Carrington Mortgage Services, LLC 1 4.25% $9,767
VAN DYK MORTGAGE CORPORATION 1 3.50% $3,853
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.88% $4,762
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $3,876
TOWNE MORTGAGE COMPANY 1 2.88% $3,973

The top Madison USDA lender as defined by loan originations is Lend Smart Mortgage, LLC, with 10 USDA loans originated. Their average total fees are $3,401, which is $2,107 lower than the next largest lender, DAS Acquisition Company, LLC.

The lowest fee Madison USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC ($3,401), .

The lowest rate Madison USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC (3.23%), .


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 $329,450 (6.4%) $384,604 (7.8%) 1.22 1,112
2018-02-01 $349,900 (8.5%) $399,247 (7.7%) 1.27 1,088
2018-03-01 $354,950 (6.3%) $405,486 (4.9%) 1.25 1,185
2018-04-01 $357,925 (2.3%) $412,194 (2.6%) 1.21 1,298
2018-05-01 $349,900 (0.0%) $405,680 (1.8%) 1.17 1,404
2018-06-01 $341,000 (-0.4%) $396,277 (1.3%) 1.14 1,581
2018-07-01 $339,900 (3.0%) $392,568 (1.4%) 1.13 1,697
2018-08-01 $332,450 (2.2%) $390,476 (3.3%) 1.11 1,804
2018-09-01 $335,000 (5.0%) $396,005 (5.8%) 1.12 1,877
2018-10-01 $329,900 (7.3%) $395,689 (8.1%) 1.11 1,854
2018-11-01 $329,950 (4.8%) $392,842 (6.1%) 1.12 1,668
2018-12-01 $329,900 (3.1%) $388,892 (3.4%) 1.14 1,406
2019-01-01 $340,450 (3.3%) $403,904 (5.0%) 1.18 1,262
2019-02-01 $365,950 (4.6%) $427,548 (7.1%) 1.24 1,187
2019-03-01 $370,643 (4.4%) $435,088 (7.3%) 1.21 1,227
2019-04-01 $368,118 (2.9%) $428,197 (3.9%) 1.17 1,330
2019-05-01 $365,500 (4.5%) $428,153 (5.5%) 1.14 1,449
2019-06-01 $365,000 (7.0%) $430,496 (8.6%) 1.14 1,557
2019-07-01 $352,548 (3.7%) $418,110 (6.5%) 1.10 1,643
2019-08-01 $347,245 (4.5%) $411,287 (5.3%) 1.10 1,709
2019-09-01 $343,114 (2.4%) $405,822 (2.5%) 1.10 1,778
2019-10-01 $339,900 (3.0%) $402,436 (1.7%) 1.10 1,803
2019-11-01 $340,000 (3.1%) $403,345 (2.7%) 1.11 1,573
2019-12-01 $344,950 (4.6%) $403,960 (3.9%) 1.15 1,270
2020-01-01 $347,400 (2.0%) $409,347 (1.4%) 1.16 1,135
2020-02-01 $369,000 (0.8%) $441,205 (3.2%) 1.21 1,097
2020-03-01 $372,400 (0.5%) $449,574 (3.3%) 1.17 1,160
2020-04-01 $379,450 (3.1%) $450,944 (5.3%) 1.19 1,232
2020-05-01 $384,900 (5.3%) $451,302 (5.4%) 1.17 1,174
2020-06-01 $387,350 (6.1%) $456,687 (6.1%) 1.14 1,134
2020-07-01 $377,450 (7.1%) $452,481 (8.2%) 1.09 1,108
2020-08-01 $365,000 (5.1%) $450,936 (9.6%) 1.05 1,058
2020-09-01 $359,950 (4.9%) $443,379 (9.3%) 1.03 1,026
2020-10-01 $359,900 (5.9%) $435,255 (8.2%) 1.03 1,045
2020-11-01 $364,500 (7.2%) $438,055 (8.6%) 1.06 861
2020-12-01 $362,000 (4.9%) $438,798 (8.6%) 1.08 661
2021-01-01 $374,900 (7.9%) $455,632 (11.3%) 1.12 534
2021-02-01 $387,950 (5.1%) $477,430 (8.2%) 1.13 464
2021-03-01 $378,700 (1.7%) $466,204 (3.7%) 1.07 468
2021-04-01 $381,200 (0.5%) $467,773 (3.7%) 1.03 519
2021-05-01 $385,900 (0.3%) $468,453 (3.8%) 1.02 536
2021-06-01 $384,900 (-0.6%) $472,550 (3.5%) 1.01 642
2021-07-01 $385,000 (2.0%) $466,735 (3.2%) 1.01 788
2021-08-01 $382,400 (4.8%) $462,766 (2.6%) 1.02 886
2021-09-01 $374,900 (4.2%) $455,386 (2.7%) 1.00 913
2021-10-01 $375,000 (4.2%) $452,101 (3.9%) 1.00 875
2021-11-01 $379,900 (4.2%) $454,565 (3.8%) 1.01 703
2021-12-01 $387,400 (7.0%) $458,077 (4.4%) 1.05 534
2022-01-01 $389,900 (4.0%) $461,537 (1.3%) 1.05 410
2022-02-01 $399,900 (3.1%) $479,531 (0.4%) 1.04 387
2022-03-01 $399,900 (5.6%) $474,532 (1.8%) 1.00 429
2022-04-01 $405,000 (6.2%) $475,374 (1.6%) 0.97 505
2022-05-01 $407,500 (5.6%) $488,901 (4.4%) 0.93 601
2022-06-01 $415,000 (7.8%) $510,776 (8.1%) 0.92 712
2022-07-01 $410,000 (6.5%) $514,381 (10.2%) 0.93 844
2022-08-01 $412,450 (7.9%) $521,853 (12.8%) 0.95 843
2022-09-01 $405,725 (8.2%) $514,455 (13.0%) 0.95 821
2022-10-01 $409,900 (9.3%) $527,222 (16.6%) 0.96 857
2022-11-01 $418,450 (10.2%) $524,317 (15.3%) 1.01 816
Madison's median listing price for 2022-11-01 was $418,450, a difference of $38,550 (10.2%) versus the prior year and $8,550 versus the prior month.

Madison's median listing price comes in at 101% of the national average.

Madison's average listing price for 2022-11-01 was $524,317, a difference of $69,752 (15.3%) versus the prior year and $-2,905 versus the prior month.

For the 2022-11-01 period, Madison had 816 MLS listings, a difference of -41 listings (-5%) versus the prior month and 113 listings (16%) 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 94 days 1,984 sqft
2018-02-01 76 days 2,052 sqft
2018-03-01 45 days 2,119 sqft
2018-04-01 44 days 2,157 sqft
2018-05-01 44 days 2,158 sqft
2018-06-01 45 days 2,143 sqft
2018-07-01 49 days 2,100 sqft
2018-08-01 51 days 2,076 sqft
2018-09-01 55 days 2,055 sqft
2018-10-01 62 days 2,022 sqft
2018-11-01 69 days 2,016 sqft
2018-12-01 79 days 1,966 sqft
2019-01-01 87 days 1,996 sqft
2019-02-01 82 days 2,119 sqft
2019-03-01 65 days 2,177 sqft
2019-04-01 49 days 2,169 sqft
2019-05-01 43 days 2,163 sqft
2019-06-01 45 days 2,151 sqft
2019-07-01 49 days 2,120 sqft
2019-08-01 53 days 2,108 sqft
2019-09-01 58 days 2,073 sqft
2019-10-01 63 days 2,046 sqft
2019-11-01 78 days 2,017 sqft
2019-12-01 99 days 2,008 sqft
2020-01-01 102 days 1,988 sqft
2020-02-01 87 days 2,076 sqft
2020-03-01 54 days 2,106 sqft
2020-04-01 54 days 2,164 sqft
2020-05-01 64 days 2,172 sqft
2020-06-01 77 days 2,164 sqft
2020-07-01 65 days 2,114 sqft
2020-08-01 64 days 2,065 sqft
2020-09-01 56 days 2,009 sqft
2020-10-01 51 days 1,967 sqft
2020-11-01 57 days 1,928 sqft
2020-12-01 68 days 1,906 sqft
2021-01-01 71 days 1,924 sqft
2021-02-01 51 days 1,991 sqft
2021-03-01 38 days 1,965 sqft
2021-04-01 32 days 1,977 sqft
2021-05-01 37 days 2,051 sqft
2021-06-01 36 days 2,015 sqft
2021-07-01 37 days 1,976 sqft
2021-08-01 38 days 1,939 sqft
2021-09-01 43 days 1,909 sqft
2021-10-01 47 days 1,901 sqft
2021-11-01 53 days 1,828 sqft
2021-12-01 61 days 1,799 sqft
2022-01-01 61 days 1,790 sqft
2022-02-01 43 days 1,810 sqft
2022-03-01 33 days 1,883 sqft
2022-04-01 30 days 1,872 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 45 days 1,962 sqft
2022-09-01 48 days 1,947 sqft
2022-10-01 48 days 1,967 sqft
2022-11-01 55 days 1,965 sqft
Madison's median listing age (time on market) for 2022-11-01 was 55 days. This is 4% longer than the same period one year ago.

Madison's median square footage for active listings during the 2022-11-01 period was 1,965 sqft. One year prior, the average listing was 1,828 sqft.