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 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.