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%.

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.