Mankato USDA Loans

MANKATO, MN

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    • 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%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    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. Louis
    Date 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 for 2022-04-01 was $298,000, a difference of $-1,450 (-0.5%) versus the prior year and $-20,500 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 0 days.

    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.