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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.