Michigan City USDA Loan Rates, Closing Costs & Stats
MICHIGAN CITY-LA PORTE, IN
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.
Michigan City's 4 lenders originated 4 USDA loans during 2023. The total origination value was $630,000, with an average USDA loan value of $157,500.
Michigan City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Michigan City
averaged
7.23%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Michigan City's average USDA mortgage closing costs are $4,425.
The average rate for the prior week (2024-04-12) was
7.08% and
one month ago for the week of 2024-03-15, the
average rate was 6.66%.
The average rate one year ago was 6.5%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.96%.
Michigan City 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 Michigan City level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| FIRST CENTENNIAL MORTGAGE CORPORATION | 1 | 7.00% | $7,437 |
| MICHIGAN MUTUAL, INC. | 1 | 6.63% | $5,473 |
| RUOFF MORTGAGE COMPANY, INC. | 1 | 7.00% | $2,059 |
| UNION HOME MORTGAGE CORP. | 1 | 7.63% | $6,192 |
The top Michigan City USDA lender as defined by loan originations is FIRST CENTENNIAL MORTGAGE CORPORATION, with
1 USDA loans originated. Their average total fees are
$7,437, which is $1,964
higher than the next largest lender,
MICHIGAN MUTUAL, INC..
The lowest fee Michigan City USDA lenders (with over 10 loans originated) are
.
The lowest rate Michigan City USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Michigan City (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 | $179,900 (37.4%) | $285,635 (4.2%) | 0.00 | 316 |
| 2018-02-01 | $181,200 (24.8%) | $293,424 (2.8%) | 0.00 | 290 |
| 2018-03-01 | $209,950 (22.1%) | $314,589 (3.6%) | 0.00 | 293 |
| 2018-04-01 | $231,450 (25.2%) | $318,956 (2.6%) | 0.00 | 297 |
| 2018-05-01 | $245,450 (5.4%) | $323,876 (-3.8%) | 0.00 | 334 |
| 2018-06-01 | $249,900 (6.4%) | $343,073 (2.5%) | 0.00 | 353 |
| 2018-07-01 | $239,450 (4.2%) | $329,026 (-1.2%) | 0.00 | 378 |
| 2018-08-01 | $237,300 (1.0%) | $316,654 (-4.9%) | 0.00 | 381 |
| 2018-09-01 | $234,900 (5.0%) | $333,333 (2.7%) | 0.00 | 384 |
| 2018-10-01 | $216,763 (3.3%) | $320,587 (2.4%) | 0.00 | 390 |
| 2018-11-01 | $209,725 (12.7%) | $325,362 (8.9%) | 0.00 | 384 |
| 2018-12-01 | $199,900 (16.0%) | $325,333 (13.3%) | 0.00 | 357 |
| 2019-01-01 | $206,425 (14.7%) | $335,135 (17.3%) | 0.00 | 318 |
| 2019-02-01 | $216,675 (19.6%) | $359,656 (22.6%) | 0.00 | 294 |
| 2019-03-01 | $219,186 (4.4%) | $366,607 (16.5%) | 0.00 | 292 |
| 2019-04-01 | $251,550 (8.7%) | $373,919 (17.2%) | 0.00 | 283 |
| 2019-05-01 | $262,675 (7.0%) | $371,816 (14.8%) | 0.00 | 293 |
| 2019-06-01 | $277,900 (11.2%) | $367,416 (7.1%) | 0.00 | 330 |
| 2019-07-01 | $271,375 (13.3%) | $372,488 (13.2%) | 0.00 | 346 |
| 2019-08-01 | $255,155 (7.5%) | $343,514 (8.5%) | 0.00 | 353 |
| 2019-09-01 | $249,386 (6.2%) | $335,869 (0.8%) | 0.00 | 353 |
| 2019-10-01 | $247,216 (14.1%) | $332,195 (3.6%) | 0.00 | 349 |
| 2019-11-01 | $224,900 (7.2%) | $334,062 (2.7%) | 0.00 | 330 |
| 2019-12-01 | $204,800 (2.5%) | $314,634 (-3.3%) | 0.00 | 313 |
| 2020-01-01 | $227,050 (10.0%) | $327,416 (-2.3%) | 0.00 | 288 |
| 2020-02-01 | $245,000 (13.1%) | $339,543 (-5.6%) | 0.00 | 252 |
| 2020-03-01 | $267,975 (22.3%) | $367,218 (0.2%) | 0.00 | 247 |
| 2020-04-01 | $288,975 (14.9%) | $387,546 (3.6%) | 0.00 | 235 |
| 2020-05-01 | $288,900 (10.0%) | $378,959 (1.9%) | 0.00 | 222 |
| 2020-06-01 | $288,975 (4.0%) | $392,821 (6.9%) | 0.00 | 200 |
| 2020-07-01 | $269,500 (-0.7%) | $396,389 (6.4%) | 0.00 | 197 |
| 2020-08-01 | $259,000 (1.5%) | $414,608 (20.7%) | 0.00 | 176 |
| 2020-09-01 | $264,225 (6.0%) | $429,495 (27.9%) | 0.00 | 167 |
| 2020-10-01 | $261,950 (6.0%) | $430,142 (29.5%) | 0.00 | 176 |
| 2020-11-01 | $259,175 (15.2%) | $418,976 (25.4%) | 0.00 | 161 |
| 2020-12-01 | $239,900 (17.1%) | $403,883 (28.4%) | 0.00 | 149 |
| 2021-01-01 | $217,000 (-4.4%) | $367,492 (12.2%) | 0.00 | 159 |
| 2021-02-01 | $208,450 (-14.9%) | $413,293 (21.7%) | 0.00 | 84 |
| 2021-03-01 | $237,200 (-11.5%) | $447,474 (21.9%) | 0.00 | 87 |
| 2021-04-01 | $214,900 (-25.6%) | $409,252 (5.6%) | 0.00 | 97 |
| 2021-05-01 | $166,950 (-42.2%) | $349,013 (-7.9%) | 0.00 | 113 |
| 2021-06-01 | $177,450 (-38.6%) | $347,546 (-11.5%) | 0.00 | 147 |
| 2021-07-01 | $199,900 (-25.8%) | $391,854 (-1.1%) | 0.00 | 157 |
| 2021-08-01 | $186,375 (-28.0%) | $373,027 (-10.0%) | 0.00 | 174 |
| 2021-09-01 | $199,000 (-24.7%) | $386,831 (-9.9%) | 0.00 | 196 |
| 2021-10-01 | $217,400 (-17.0%) | $390,296 (-9.3%) | 0.00 | 196 |
| 2021-11-01 | $212,500 (-18.0%) | $383,201 (-8.5%) | 0.00 | 184 |
| 2021-12-01 | $210,000 (-12.5%) | $387,449 (-4.1%) | 0.00 | 154 |
| 2022-01-01 | $184,950 (-14.8%) | $345,723 (-5.9%) | 0.00 | 126 |
| 2022-02-01 | $188,500 (-9.6%) | $364,269 (-11.9%) | 0.00 | 107 |
| 2022-03-01 | $236,475 (-0.3%) | $408,194 (-8.8%) | 0.00 | 92 |
| 2022-04-01 | $294,450 (37.0%) | $482,428 (17.9%) | 0.00 | 80 |
| 2022-05-01 | $278,475 (66.8%) | $463,201 (32.7%) | 0.00 | 116 |
| 2022-06-01 | $324,950 (83.1%) | $475,443 (36.8%) | 0.00 | 131 |
| 2022-07-01 | $324,950 (62.6%) | $513,238 (31.0%) | 0.00 | 163 |
| 2022-08-01 | $283,700 (52.2%) | $462,423 (24.0%) | 0.00 | 199 |
| 2022-09-01 | $288,000 (44.7%) | $476,561 (23.2%) | 0.00 | 208 |
| 2022-10-01 | $289,900 (33.4%) | $474,792 (21.7%) | 0.00 | 206 |
| 2022-11-01 | $267,000 (25.7%) | $425,900 (11.1%) | 0.00 | 221 |
| 2022-12-01 | $277,000 (31.9%) | $431,698 (11.4%) | 0.00 | 192 |
| 2023-01-01 | $257,722 (39.4%) | $431,014 (24.7%) | 0.00 | 165 |
| 2023-02-01 | $271,950 (44.3%) | $433,692 (19.1%) | 0.00 | 157 |
| 2023-03-01 | $284,450 (20.3%) | $430,264 (5.4%) | 0.00 | 151 |
| 2023-04-01 | $302,400 (2.7%) | $479,579 (-0.6%) | 0.00 | 123 |
| 2023-05-01 | $288,175 (3.5%) | $430,454 (-7.1%) | 0.00 | 146 |
| 2023-06-01 | $275,575 (-15.2%) | $407,444 (-14.3%) | 0.00 | 170 |
| 2023-07-01 | $294,950 (-9.2%) | $426,669 (-16.9%) | 0.00 | 188 |
| 2023-08-01 | $299,450 (5.6%) | $468,313 (1.3%) | 0.00 | 206 |
| 2023-09-01 | $322,495 (12.0%) | $475,026 (-0.3%) | 0.00 | 201 |
| 2023-10-01 | $290,000 (0.0%) | $466,162 (-1.8%) | 0.00 | 205 |
| 2023-11-01 | $269,675 (1.0%) | $450,223 (5.7%) | 0.00 | 222 |
| 2023-12-01 | $253,490 (-8.5%) | $430,190 (-0.4%) | 0.00 | 218 |
| 2024-01-01 | $250,995 (-2.6%) | $407,383 (-5.5%) | 0.00 | 196 |
| 2024-02-01 | $249,490 (-8.3%) | $411,452 (-5.1%) | 0.00 | 185 |
| 2024-03-01 | $250,000 (-12.1%) | $425,879 (-1.0%) | 0.00 | 203 |
Michigan City's median listing price comes in at 0% of the national average.
Michigan City's average listing price for 2024-03-01 was $425,879, a difference of $-4,385 (-1.0%) versus the prior year and $14,427 versus the prior month.
For the 2024-03-01 period, Michigan City had 203 MLS listings, a difference of 18 listings (10%) versus the prior month and 52 listings (34%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Michigan City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,862 sqft |
| 2018-02-01 | 0 days | 1,808 sqft |
| 2018-03-01 | 0 days | 1,885 sqft |
| 2018-04-01 | 0 days | 1,900 sqft |
| 2018-05-01 | 0 days | 1,952 sqft |
| 2018-06-01 | 0 days | 2,010 sqft |
| 2018-07-01 | 0 days | 2,025 sqft |
| 2018-08-01 | 0 days | 1,953 sqft |
| 2018-09-01 | 0 days | 1,969 sqft |
| 2018-10-01 | 0 days | 1,962 sqft |
| 2018-11-01 | 0 days | 1,958 sqft |
| 2018-12-01 | 0 days | 1,901 sqft |
| 2019-01-01 | 0 days | 1,934 sqft |
| 2019-02-01 | 0 days | 1,868 sqft |
| 2019-03-01 | 0 days | 1,864 sqft |
| 2019-04-01 | 0 days | 1,882 sqft |
| 2019-05-01 | 0 days | 1,927 sqft |
| 2019-06-01 | 0 days | 1,983 sqft |
| 2019-07-01 | 0 days | 1,993 sqft |
| 2019-08-01 | 0 days | 1,944 sqft |
| 2019-09-01 | 0 days | 1,921 sqft |
| 2019-10-01 | 0 days | 1,913 sqft |
| 2019-11-01 | 0 days | 1,862 sqft |
| 2019-12-01 | 0 days | 1,806 sqft |
| 2020-01-01 | 0 days | 1,868 sqft |
| 2020-02-01 | 0 days | 1,886 sqft |
| 2020-03-01 | 0 days | 1,909 sqft |
| 2020-04-01 | 0 days | 1,998 sqft |
| 2020-05-01 | 0 days | 1,860 sqft |
| 2020-06-01 | 0 days | 1,860 sqft |
| 2020-07-01 | 0 days | 1,851 sqft |
| 2020-08-01 | 0 days | 1,936 sqft |
| 2020-09-01 | 0 days | 1,896 sqft |
| 2020-10-01 | 0 days | 1,880 sqft |
| 2020-11-01 | 0 days | 1,806 sqft |
| 2020-12-01 | 0 days | 1,761 sqft |
| 2021-01-01 | 0 days | 1,782 sqft |
| 2021-02-01 | 0 days | 1,768 sqft |
| 2021-03-01 | 0 days | 1,790 sqft |
| 2021-04-01 | 0 days | 1,781 sqft |
| 2021-05-01 | 0 days | 1,705 sqft |
| 2021-06-01 | 0 days | 1,763 sqft |
| 2021-07-01 | 0 days | 1,808 sqft |
| 2021-08-01 | 0 days | 1,780 sqft |
| 2021-09-01 | 0 days | 1,835 sqft |
| 2021-10-01 | 0 days | 1,839 sqft |
| 2021-11-01 | 0 days | 1,806 sqft |
| 2021-12-01 | 0 days | 1,793 sqft |
| 2022-01-01 | 0 days | 1,746 sqft |
| 2022-02-01 | 0 days | 1,697 sqft |
| 2022-03-01 | 0 days | 1,768 sqft |
| 2022-04-01 | 0 days | 1,934 sqft |
| 2022-05-01 | 0 days | 1,894 sqft |
| 2022-06-01 | 0 days | 1,916 sqft |
| 2022-07-01 | 0 days | 1,928 sqft |
| 2022-08-01 | 0 days | 1,916 sqft |
| 2022-09-01 | 0 days | 2,021 sqft |
| 2022-10-01 | 0 days | 2,006 sqft |
| 2022-11-01 | 0 days | 1,955 sqft |
| 2022-12-01 | 0 days | 1,979 sqft |
| 2023-01-01 | 0 days | 1,938 sqft |
| 2023-02-01 | 0 days | 2,015 sqft |
| 2023-03-01 | 0 days | 2,014 sqft |
| 2023-04-01 | 0 days | 2,014 sqft |
| 2023-05-01 | 0 days | 2,015 sqft |
| 2023-06-01 | 0 days | 1,992 sqft |
| 2023-07-01 | 0 days | 2,011 sqft |
| 2023-08-01 | 0 days | 2,055 sqft |
| 2023-09-01 | 0 days | 2,110 sqft |
| 2023-10-01 | 0 days | 2,018 sqft |
| 2023-11-01 | 0 days | 1,956 sqft |
| 2023-12-01 | 0 days | 1,838 sqft |
| 2024-01-01 | 0 days | 1,774 sqft |
| 2024-02-01 | 0 days | 1,767 sqft |
| 2024-03-01 | 0 days | 1,774 sqft |
Michigan City's median square footage for active listings during the 2024-03-01 period was 1,774 sqft. One year prior, the average listing was 2,014 sqft.