Mankato USDA Loans
MANKATO, MN
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.
Mankato's 13 lenders originated 22 USDA loans during 2021. The total origination value was $4,050,000, with an average USDA loan value of $184,091.
Mankato USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Mankato
averaged
5.21%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
5.35% and
one month ago for the week of 2022-04-08, the
average rate was 4.91%.
The average rate one year ago was 3.02%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.31%.
Mankato USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mankato level.
Name | # of Loans | 2021 Avg. 30yFix Rate | 2021 Avg. Total Fees |
---|---|---|---|
CROSSCOUNTRY MORTGAGE, LLC | 4 | 3.19% | $5,679 |
UNITED WHOLESALE MORTGAGE, LLC | 3 | 2.75% | $5,107 |
U.S. Bank | 3 | 3.58% | $5,526 |
Home Federal Savings Bank | 2 | 2.88% | $5,702 |
Plains Commerce Bank | 2 | 2.88% | $6,227 |
PLAZA HOME MORTGAGE, INC. | 1 | 2.75% | $1,737 |
Prosperity Home Mortgage, LLC | 1 | 3.50% | $5,153 |
SUN WEST MORTGAGE COMPANY, INC. | 1 | 2.25% | $1,498 |
Lend Smart Mortgage, LLC | 1 | 2.75% | $5,545 |
American Mortgage & Equity Consultants, Inc. | 1 | 2.25% | $5,443 |
Barrington Bank & Trust Company, N.A. | 1 | 2.99% | $3,612 |
Bremer Bank | 1 | 3.50% | $6,637 |
American Bank of the North | 1 | 2.75% | $5,237 |
The top Mankato USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with
4 USDA loans originated. Their average total fees are
$5,679, which is $572
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Mankato USDA lenders (with over 10 loans originated) are
.
The lowest rate Mankato USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Mankato (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 | $247,350 (24.7%) | $296,493 (18.0%) | 0.00 | 277 |
2018-02-01 | $247,450 (21.3%) | $294,862 (15.7%) | 0.00 | 272 |
2018-03-01 | $254,000 (19.2%) | $315,453 (22.1%) | 0.00 | 297 |
2018-04-01 | $251,950 (14.6%) | $322,423 (19.8%) | 0.00 | 329 |
2018-05-01 | $252,400 (12.4%) | $320,912 (14.9%) | 0.00 | 352 |
2018-06-01 | $254,900 (13.4%) | $317,115 (12.9%) | 0.00 | 374 |
2018-07-01 | $249,900 (8.7%) | $313,426 (8.2%) | 0.00 | 377 |
2018-08-01 | $255,250 (11.0%) | $310,292 (7.0%) | 0.00 | 397 |
2018-09-01 | $244,700 (2.4%) | $302,121 (3.1%) | 0.00 | 416 |
2018-10-01 | $249,900 (5.1%) | $296,995 (-0.1%) | 0.00 | 422 |
2018-11-01 | $249,900 (5.1%) | $293,532 (-1.2%) | 0.00 | 400 |
2018-12-01 | $250,000 (2.0%) | $297,917 (0.0%) | 0.00 | 347 |
2019-01-01 | $253,950 (2.7%) | $297,779 (0.4%) | 0.00 | 311 |
2019-02-01 | $262,450 (6.1%) | $301,874 (2.4%) | 0.00 | 307 |
2019-03-01 | $267,571 (5.3%) | $306,602 (-2.8%) | 0.00 | 322 |
2019-04-01 | $265,321 (5.3%) | $309,735 (-3.9%) | 0.00 | 342 |
2019-05-01 | $269,700 (6.9%) | $319,200 (-0.5%) | 0.00 | 383 |
2019-06-01 | $269,900 (5.9%) | $312,623 (-1.4%) | 0.00 | 406 |
2019-07-01 | $273,450 (9.4%) | $316,654 (1.0%) | 0.00 | 412 |
2019-08-01 | $271,100 (6.2%) | $313,206 (0.9%) | 0.00 | 432 |
2019-09-01 | $270,050 (10.4%) | $309,776 (2.5%) | 0.00 | 435 |
2019-10-01 | $269,900 (8.0%) | $313,319 (5.5%) | 0.00 | 449 |
2019-11-01 | $269,900 (8.0%) | $313,861 (6.9%) | 0.00 | 414 |
2019-12-01 | $274,900 (10.0%) | $317,752 (6.7%) | 0.00 | 347 |
2020-01-01 | $269,900 (6.3%) | $309,450 (3.9%) | 0.00 | 312 |
2020-02-01 | $279,900 (6.7%) | $319,662 (5.9%) | 0.00 | 302 |
2020-03-01 | $284,950 (6.5%) | $327,612 (6.9%) | 0.00 | 332 |
2020-04-01 | $287,450 (8.3%) | $328,053 (5.9%) | 0.00 | 331 |
2020-05-01 | $304,000 (12.7%) | $341,570 (7.0%) | 0.00 | 341 |
2020-06-01 | $312,450 (15.8%) | $347,530 (11.2%) | 0.00 | 306 |
2020-07-01 | $311,950 (14.1%) | $349,362 (10.3%) | 0.00 | 262 |
2020-08-01 | $313,900 (15.8%) | $362,593 (15.8%) | 0.00 | 253 |
2020-09-01 | $299,900 (11.1%) | $362,760 (17.1%) | 0.00 | 250 |
2020-10-01 | $274,500 (1.7%) | $330,104 (5.4%) | 0.00 | 263 |
2020-11-01 | $265,950 (-1.5%) | $325,425 (3.7%) | 0.00 | 202 |
2020-12-01 | $272,400 (-0.9%) | $337,300 (6.2%) | 0.00 | 184 |
2021-01-01 | $275,000 (1.9%) | $360,814 (16.6%) | 0.00 | 137 |
2021-02-01 | $297,400 (6.3%) | $375,194 (17.4%) | 0.00 | 110 |
2021-03-01 | $299,450 (5.1%) | $377,552 (15.2%) | 0.00 | 126 |
2021-04-01 | $299,450 (4.2%) | $388,559 (18.4%) | 0.00 | 145 |
2021-05-01 | $305,000 (0.3%) | $377,842 (10.6%) | 0.00 | 118 |
2021-06-01 | $289,450 (-7.4%) | $366,893 (5.6%) | 0.00 | 138 |
2021-07-01 | $274,900 (-11.9%) | $365,698 (4.7%) | 0.00 | 161 |
2021-08-01 | $275,000 (-12.4%) | $361,816 (-0.2%) | 0.00 | 196 |
2021-09-01 | $272,450 (-9.2%) | $354,908 (-2.2%) | 0.00 | 199 |
2021-10-01 | $269,900 (-1.7%) | $357,972 (8.4%) | 0.00 | 206 |
2021-11-01 | $272,450 (2.4%) | $368,702 (13.3%) | 0.00 | 186 |
2021-12-01 | $299,450 (9.9%) | $383,464 (13.7%) | 0.00 | 150 |
2022-01-01 | $324,900 (18.2%) | $398,573 (10.5%) | 0.00 | 129 |
2022-02-01 | $352,945 (18.7%) | $488,749 (30.3%) | 0.00 | 105 |
2022-03-01 | $318,500 (6.4%) | $434,935 (15.2%) | 0.00 | 97 |
2022-04-01 | $298,000 (-0.5%) | $375,578 (-3.3%) | 0.00 | 113 |
Mankato's median listing price comes in at 0% of the national average.
Mankato's average listing price for 2022-04-01 was $375,578, a difference of $-12,981 (-3.3%) versus the prior year and $-59,357 versus the prior month.
For the 2022-04-01 period, Mankato had 113 MLS listings, a difference of 16 listings (16%) versus the prior month and -32 listings (-22%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Mankato (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,189 sqft |
2018-02-01 | 0 days | 2,174 sqft |
2018-03-01 | 0 days | 2,170 sqft |
2018-04-01 | 0 days | 2,187 sqft |
2018-05-01 | 0 days | 2,174 sqft |
2018-06-01 | 0 days | 2,174 sqft |
2018-07-01 | 0 days | 2,172 sqft |
2018-08-01 | 0 days | 2,190 sqft |
2018-09-01 | 0 days | 2,186 sqft |
2018-10-01 | 0 days | 2,170 sqft |
2018-11-01 | 0 days | 2,169 sqft |
2018-12-01 | 0 days | 2,168 sqft |
2019-01-01 | 0 days | 2,214 sqft |
2019-02-01 | 0 days | 2,195 sqft |
2019-03-01 | 0 days | 2,185 sqft |
2019-04-01 | 0 days | 2,181 sqft |
2019-05-01 | 0 days | 2,186 sqft |
2019-06-01 | 0 days | 2,246 sqft |
2019-07-01 | 0 days | 2,277 sqft |
2019-08-01 | 0 days | 2,190 sqft |
2019-09-01 | 0 days | 2,136 sqft |
2019-10-01 | 0 days | 2,161 sqft |
2019-11-01 | 0 days | 2,156 sqft |
2019-12-01 | 0 days | 2,132 sqft |
2020-01-01 | 0 days | 2,101 sqft |
2020-02-01 | 0 days | 2,177 sqft |
2020-03-01 | 0 days | 2,261 sqft |
2020-04-01 | 0 days | 2,235 sqft |
2020-05-01 | 0 days | 2,292 sqft |
2020-06-01 | 0 days | 2,514 sqft |
2020-07-01 | 0 days | 2,592 sqft |
2020-08-01 | 0 days | 2,688 sqft |
2020-09-01 | 0 days | 2,675 sqft |
2020-10-01 | 0 days | 2,492 sqft |
2020-11-01 | 0 days | 2,415 sqft |
2020-12-01 | 0 days | 2,413 sqft |
2021-01-01 | 0 days | 2,504 sqft |
2021-02-01 | 0 days | 2,430 sqft |
2021-03-01 | 0 days | 2,438 sqft |
2021-04-01 | 0 days | 2,475 sqft |
2021-05-01 | 0 days | 2,552 sqft |
2021-06-01 | 0 days | 2,393 sqft |
2021-07-01 | 0 days | 2,379 sqft |
2021-08-01 | 0 days | 2,339 sqft |
2021-09-01 | 0 days | 2,243 sqft |
2021-10-01 | 0 days | 2,280 sqft |
2021-11-01 | 0 days | 2,260 sqft |
2021-12-01 | 0 days | 2,287 sqft |
2022-01-01 | 0 days | 2,347 sqft |
2022-02-01 | 0 days | 2,480 sqft |
2022-03-01 | 0 days | 2,458 sqft |
2022-04-01 | 0 days | 2,270 sqft |
Mankato's median square footage for active listings during the 2022-04-01 period was 2,270 sqft. One year prior, the average listing was 2,475 sqft.