Miami USDA Loan Rates, Closing Costs & Stats

Miami-Fort Lauderdale-Pompano Beach, FL

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.

Miami's 1 lenders originated 26 USDA loans during 2021. The total origination value was $13,440,000, with an average USDA loan value of $516,923.

Miami USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Miami averaged 0.02% for the week of 2022-11-25, compared to the national average (all USDA variants) of 0% for the same period.

Miami's average USDA mortgage closing costs are $6,820.

The average rate for the prior week (2022-11-18) was 6.77% and one month ago for the week of 2022-10-21, the average rate was 6.99%.

The average rate one year ago was 3.63%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.14%.

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

Miami 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 Miami level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
First Guaranty Mortgage Corporation 1 3.13% $7,748

The lowest fee Miami USDA lenders (with over 10 loans originated) are .

The lowest rate Miami USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Miami (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 $390,000 (4.0%) $877,839 (3.0%) 1.45 46,970
2018-02-01 $389,950 (3.4%) $876,036 (2.7%) 1.42 48,005
2018-03-01 $394,900 (3.3%) $877,308 (2.1%) 1.39 48,477
2018-04-01 $396,997 (3.1%) $878,540 (1.5%) 1.35 48,110
2018-05-01 $399,000 (2.8%) $878,025 (0.5%) 1.33 47,085
2018-06-01 $399,000 (3.4%) $876,929 (1.6%) 1.33 46,271
2018-07-01 $399,000 (2.3%) $872,035 (1.4%) 1.33 45,961
2018-08-01 $398,750 (2.0%) $864,426 (0.0%) 1.33 45,640
2018-09-01 $397,000 (1.5%) $862,926 (-0.7%) 1.33 46,085
2018-10-01 $395,000 (1.4%) $865,141 (0.5%) 1.33 47,594
2018-11-01 $395,000 (1.3%) $869,940 (0.6%) 1.34 49,439
2018-12-01 $390,000 (0.0%) $876,769 (0.9%) 1.35 50,413
2019-01-01 $390,000 (0.0%) $877,124 (-0.1%) 1.35 51,191
2019-02-01 $390,000 (0.0%) $879,968 (0.5%) 1.32 52,950
2019-03-01 $393,857 (-0.3%) $880,641 (0.4%) 1.29 52,270
2019-04-01 $399,000 (0.5%) $885,885 (0.8%) 1.27 50,908
2019-05-01 $399,900 (0.2%) $894,217 (1.8%) 1.25 49,502
2019-06-01 $399,900 (0.2%) $888,423 (1.3%) 1.25 47,823
2019-07-01 $400,000 (0.3%) $886,396 (1.7%) 1.25 46,264
2019-08-01 $399,727 (0.3%) $880,797 (1.9%) 1.27 45,692
2019-09-01 $399,318 (0.6%) $883,457 (2.4%) 1.28 45,159
2019-10-01 $399,000 (1.0%) $889,916 (2.9%) 1.29 45,083
2019-11-01 $399,900 (1.2%) $913,924 (5.1%) 1.31 45,933
2019-12-01 $399,900 (2.5%) $928,021 (5.9%) 1.33 45,759
2020-01-01 $399,000 (2.3%) $936,009 (6.7%) 1.33 45,092
2020-02-01 $399,250 (2.4%) $941,030 (6.9%) 1.31 45,591
2020-03-01 $399,950 (1.6%) $942,105 (7.0%) 1.25 45,386
2020-04-01 $394,750 (-1.1%) $908,582 (2.6%) 1.24 44,549
2020-05-01 $390,000 (-2.5%) $913,406 (2.2%) 1.19 43,955
2020-06-01 $399,000 (-0.2%) $927,920 (4.5%) 1.17 42,836
2020-07-01 $399,250 (-0.2%) $950,203 (7.2%) 1.16 40,407
2020-08-01 $399,900 (0.0%) $960,944 (9.1%) 1.15 39,228
2020-09-01 $400,000 (0.2%) $976,154 (10.5%) 1.15 38,157
2020-10-01 $400,000 (0.3%) $987,563 (11.0%) 1.15 37,607
2020-11-01 $400,000 (0.0%) $987,453 (8.1%) 1.17 37,198
2020-12-01 $399,900 (0.0%) $992,889 (7.0%) 1.19 36,116
2021-01-01 $399,000 (0.0%) $984,539 (5.2%) 1.19 33,589
2021-02-01 $395,000 (-1.1%) $999,710 (6.2%) 1.15 30,630
2021-03-01 $398,000 (-0.5%) $1,023,185 (8.6%) 1.13 26,980
2021-04-01 $410,000 (3.9%) $1,058,380 (16.5%) 1.11 24,211
2021-05-01 $425,900 (9.2%) $1,112,956 (21.9%) 1.13 21,907
2021-06-01 $447,000 (12.0%) $1,158,983 (24.9%) 1.18 20,737
2021-07-01 $454,850 (13.9%) $1,154,845 (21.5%) 1.20 21,046
2021-08-01 $457,496 (14.4%) $1,171,965 (22.0%) 1.22 20,916
2021-09-01 $467,000 (16.8%) $1,202,476 (23.2%) 1.25 20,400
2021-10-01 $479,000 (19.8%) $1,254,505 (27.0%) 1.28 19,564
2021-11-01 $480,000 (20.0%) $1,297,494 (31.4%) 1.28 18,420
2021-12-01 $490,000 (22.5%) $1,335,787 (34.5%) 1.33 17,145
2022-01-01 $495,000 (24.1%) $1,391,478 (41.3%) 1.34 15,524
2022-02-01 $520,000 (31.7%) $1,492,224 (49.3%) 1.35 13,685
2022-03-01 $542,000 (36.2%) $1,556,471 (52.1%) 1.36 13,186
2022-04-01 $575,000 (40.2%) $1,605,763 (51.7%) 1.37 12,949
2022-05-01 $619,500 (45.5%) $1,614,002 (45.0%) 1.42 14,841
2022-06-01 $624,950 (39.8%) $1,524,306 (31.5%) 1.39 17,442
2022-07-01 $616,955 (35.6%) $1,427,521 (23.6%) 1.40 21,190
2022-08-01 $600,000 (31.2%) $1,402,076 (19.6%) 1.39 22,585
2022-09-01 $599,000 (28.3%) $1,389,623 (15.6%) 1.40 22,683
2022-10-01 $599,000 (25.1%) $1,402,658 (11.8%) 1.41 23,954
Miami's median listing price for 2022-10-01 was $599,000, a difference of $120,000 (25.1%) versus the prior year and $0 versus the prior month.

Miami's median listing price comes in at 141% of the national average.

Miami's average listing price for 2022-10-01 was $1,402,658, a difference of $148,153 (11.8%) versus the prior year and $13,035 versus the prior month.

For the 2022-10-01 period, Miami had 23,954 MLS listings, a difference of 1,271 listings (6%) versus the prior month and 4,390 listings (22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Miami (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 89 days 1,498 sqft
2018-02-01 88 days 1,500 sqft
2018-03-01 81 days 1,500 sqft
2018-04-01 83 days 1,501 sqft
2018-05-01 87 days 1,507 sqft
2018-06-01 89 days 1,515 sqft
2018-07-01 92 days 1,517 sqft
2018-08-01 93 days 1,513 sqft
2018-09-01 93 days 1,510 sqft
2018-10-01 88 days 1,507 sqft
2018-11-01 87 days 1,510 sqft
2018-12-01 89 days 1,507 sqft
2019-01-01 93 days 1,505 sqft
2019-02-01 92 days 1,508 sqft
2019-03-01 88 days 1,512 sqft
2019-04-01 87 days 1,520 sqft
2019-05-01 93 days 1,525 sqft
2019-06-01 95 days 1,526 sqft
2019-07-01 97 days 1,529 sqft
2019-08-01 100 days 1,523 sqft
2019-09-01 101 days 1,515 sqft
2019-10-01 100 days 1,508 sqft
2019-11-01 96 days 1,505 sqft
2019-12-01 98 days 1,500 sqft
2020-01-01 100 days 1,498 sqft
2020-02-01 98 days 1,488 sqft
2020-03-01 94 days 1,484 sqft
2020-04-01 94 days 1,460 sqft
2020-05-01 106 days 1,450 sqft
2020-06-01 116 days 1,436 sqft
2020-07-01 122 days 1,405 sqft
2020-08-01 102 days 1,389 sqft
2020-09-01 100 days 1,380 sqft
2020-10-01 100 days 1,375 sqft
2020-11-01 96 days 1,366 sqft
2020-12-01 100 days 1,357 sqft
2021-01-01 101 days 1,333 sqft
2021-02-01 95 days 1,302 sqft
2021-03-01 84 days 1,292 sqft
2021-04-01 72 days 1,296 sqft
2021-05-01 66 days 1,311 sqft
2021-06-01 61 days 1,341 sqft
2021-07-01 58 days 1,361 sqft
2021-08-01 59 days 1,365 sqft
2021-09-01 60 days 1,368 sqft
2021-10-01 61 days 1,375 sqft
2021-11-01 61 days 1,375 sqft
2021-12-01 63 days 1,365 sqft
2022-01-01 66 days 1,356 sqft
2022-02-01 55 days 1,363 sqft
2022-03-01 44 days 1,387 sqft
2022-04-01 43 days 1,434 sqft
2022-05-01 38 days 1,486 sqft
2022-06-01 39 days 1,499 sqft
2022-07-01 43 days 1,511 sqft
2022-08-01 51 days 1,512 sqft
2022-09-01 58 days 1,513 sqft
2022-10-01 61 days 1,517 sqft
Miami's median listing age (time on market) for 2022-10-01 was 61 days. This is 0% longer than the same period one year ago.

Miami's median square footage for active listings during the 2022-10-01 period was 1,517 sqft. One year prior, the average listing was 1,375 sqft.