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 7 lenders originated 9 USDA loans during 2022. The total origination value was $1,895,000, with an average USDA loan value of $210,556.

Michigan City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Michigan City averaged 6.86% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Michigan City's average USDA mortgage closing costs are $4,379.

The average rate for the prior week (2024-02-23) was 6.81% and one month ago for the week of 2024-01-26, the average rate was 6.27%.

The average rate one year ago was 6.43%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.92%.

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

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
RUOFF MORTGAGE COMPANY, INC. 2 5.19% $2,007
CARDINAL FINANCIAL 1 5.25% $6,849
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 4.13% $6,172
CALIBER HOME LOANS, INC. 1 5.25% $11,762
OPEN MORTGAGE, LLC 1 3.25% $5,320
Paramount Residential Mortgage Group, Inc. 1 5.00% $9,877
GVC MORTGAGE, INC. 1 5.13% $6,774

The top Michigan City USDA lender as defined by loan originations is RUOFF MORTGAGE COMPANY, INC., with 2 USDA loans originated. Their average total fees are $2,007, which is $4,842 lower than the next largest lender, CARDINAL FINANCIAL.

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
Michigan City's median listing price for 2024-01-01 was $250,995, a difference of $-6,727 (-2.6%) versus the prior year and $-2,495 versus the prior month.

Michigan City's median listing price comes in at 0% of the national average.

Michigan City's average listing price for 2024-01-01 was $407,383, a difference of $-23,631 (-5.5%) versus the prior year and $-22,807 versus the prior month.

For the 2024-01-01 period, Michigan City had 196 MLS listings, a difference of -22 listings (-10%) versus the prior month and 31 listings (19%) 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
Michigan City's median listing age (time on market) for 2024-01-01 was 0 days.

Michigan City's median square footage for active listings during the 2024-01-01 period was 1,774 sqft. One year prior, the average listing was 1,938 sqft.