Midland USDA Loan Rates, Closing Costs & Stats

MIDLAND, MI

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.

Midland's 8 lenders originated 9 USDA loans during 2023. The total origination value was $1,445,000, with an average USDA loan value of $160,556.

Midland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Midland averaged 6.37% for the week of 2024-10-11, compared to the national average (all USDA variants) of 6.08% for the same period.

Midland's average USDA mortgage closing costs are $4,499.

The average rate for the prior week (2024-10-04) was 6.17% and one month ago for the week of 2024-09-06, the average rate was 6.26%.

The average rate one year ago was 7.75%.

For refis of the same type during the week of 2024-10-11, the average rate was 6.18%.

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

Midland 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 Midland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Horizon Bank 2 6.44% $5,033
CARDINAL FINANCIAL 1 6.99% $5,375
GVC MORTGAGE, INC. 1 7.63% $7,321
Isabella Bank 1 7.50% $4,833
Neighborhood Loans, Inc. 1 6.13% $6,850
NEWREZ LLC 1 6.25% $4,633
ACADEMY MORTGAGE CORPORATION 1 6.25% $9,416
UNION HOME MORTGAGE CORP. 1 7.13% $6,969

The top Midland USDA lender as defined by loan originations is Horizon Bank, with 2 USDA loans originated. Their average total fees are $5,033, which is $342 lower than the next largest lender, CARDINAL FINANCIAL.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Midland (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 $170,000 (20.4%) $237,977 (21.6%) 0.00 264
2018-02-01 $176,125 (21.8%) $247,667 (18.2%) 0.00 245
2018-03-01 $170,000 (13.4%) $239,527 (8.2%) 0.00 278
2018-04-01 $179,950 (7.8%) $242,963 (5.1%) 0.00 268
2018-05-01 $183,125 (4.7%) $245,799 (5.3%) 0.00 282
2018-06-01 $184,500 (4.9%) $244,265 (5.1%) 0.00 316
2018-07-01 $184,500 (11.1%) $242,422 (3.4%) 0.00 338
2018-08-01 $189,125 (14.8%) $240,418 (7.8%) 0.00 343
2018-09-01 $180,000 (6.5%) $238,401 (5.7%) 0.00 369
2018-10-01 $189,900 (13.0%) $241,864 (7.4%) 0.00 353
2018-11-01 $174,325 (0.4%) $229,588 (-1.7%) 0.00 335
2018-12-01 $175,000 (1.0%) $231,057 (-3.1%) 0.00 279
2019-01-01 $174,950 (2.9%) $230,549 (-3.1%) 0.00 242
2019-02-01 $184,919 (5.0%) $242,460 (-2.1%) 0.00 240
2019-03-01 $192,336 (13.1%) $245,927 (2.7%) 0.00 232
2019-04-01 $199,250 (10.7%) $248,438 (2.3%) 0.00 234
2019-05-01 $219,675 (20.0%) $258,446 (5.2%) 0.00 256
2019-06-01 $200,000 (8.4%) $251,455 (2.9%) 0.00 279
2019-07-01 $213,625 (15.8%) $254,787 (5.1%) 0.00 300
2019-08-01 $201,818 (6.7%) $246,928 (2.7%) 0.00 313
2019-09-01 $189,545 (5.3%) $234,824 (-1.5%) 0.00 329
2019-10-01 $183,814 (-3.2%) $226,148 (-6.5%) 0.00 338
2019-11-01 $187,900 (7.8%) $231,139 (0.7%) 0.00 314
2019-12-01 $178,725 (2.1%) $229,499 (-0.7%) 0.00 289
2020-01-01 $174,748 (-0.1%) $227,188 (-1.5%) 0.00 252
2020-02-01 $199,900 (8.1%) $251,957 (3.9%) 0.00 213
2020-03-01 $228,475 (18.8%) $271,457 (10.4%) 0.00 200
2020-04-01 $240,725 (20.8%) $280,087 (12.7%) 0.00 181
2020-05-01 $238,900 (8.8%) $285,885 (10.6%) 0.00 177
2020-06-01 $243,575 (21.8%) $292,910 (16.5%) 0.00 163
2020-07-01 $241,975 (13.3%) $279,739 (9.8%) 0.00 147
2020-08-01 $229,900 (13.9%) $278,802 (12.9%) 0.00 143
2020-09-01 $225,000 (18.7%) $281,342 (19.8%) 0.00 139
2020-10-01 $189,900 (3.3%) $247,044 (9.2%) 0.00 149
2020-11-01 $199,900 (6.4%) $260,714 (12.8%) 0.00 133
2020-12-01 $200,950 (12.4%) $259,939 (13.3%) 0.00 128
2021-01-01 $202,500 (15.9%) $280,765 (23.6%) 0.00 91
2021-02-01 $193,225 (-3.3%) $288,397 (14.5%) 0.00 76
2021-03-01 $255,975 (12.0%) $322,537 (18.8%) 0.00 79
2021-04-01 $268,725 (11.6%) $311,188 (11.1%) 0.00 85
2021-05-01 $252,500 (5.7%) $319,865 (11.9%) 0.00 102
2021-06-01 $277,000 (13.7%) $347,660 (18.7%) 0.00 105
2021-07-01 $255,900 (5.8%) $329,334 (17.7%) 0.00 126
2021-08-01 $244,200 (6.2%) $304,777 (9.3%) 0.00 118
2021-09-01 $231,175 (2.7%) $292,642 (4.0%) 0.00 106
2021-10-01 $222,000 (16.9%) $268,556 (8.7%) 0.00 108
2021-11-01 $199,425 (-0.2%) $266,664 (2.3%) 0.00 98
2021-12-01 $208,675 (3.8%) $280,370 (7.9%) 0.00 71
2022-01-01 $217,450 (7.4%) $291,050 (3.7%) 0.00 57
2022-02-01 $248,808 (28.8%) $338,163 (17.3%) 0.00 50
2022-03-01 $228,750 (-10.6%) $337,961 (4.8%) 0.00 56
2022-04-01 $264,450 (-1.6%) $332,199 (6.8%) 0.00 59
2022-05-01 $252,675 (0.1%) $323,621 (1.2%) 0.00 79
2022-06-01 $284,475 (2.7%) $327,631 (-5.8%) 0.00 93
2022-07-01 $293,500 (14.7%) $335,666 (1.9%) 0.00 96
2022-08-01 $292,450 (19.8%) $328,058 (7.6%) 0.00 102
2022-09-01 $295,200 (27.7%) $321,166 (9.8%) 0.00 95
2022-10-01 $240,000 (8.1%) $314,597 (17.1%) 0.00 110
2022-11-01 $225,000 (12.8%) $311,973 (17.0%) 0.00 99
2022-12-01 $224,900 (7.8%) $307,151 (9.6%) 0.00 79
2023-01-01 $223,575 (2.8%) $308,491 (6.0%) 0.00 58
2023-02-01 $241,475 (-3.0%) $330,429 (-2.3%) 0.00 56
2023-03-01 $227,125 (-0.7%) $340,813 (0.8%) 0.00 57
2023-04-01 $292,500 (10.6%) $341,803 (2.9%) 0.00 62
2023-05-01 $302,500 (19.7%) $337,682 (4.4%) 0.00 68
2023-06-01 $306,225 (7.7%) $337,569 (3.0%) 0.00 74
2023-07-01 $309,900 (5.6%) $342,927 (2.2%) 0.00 85
2023-08-01 $303,700 (3.9%) $336,828 (2.7%) 0.00 106
2023-09-01 $309,500 (4.8%) $332,092 (3.4%) 0.00 101
2023-10-01 $289,975 (20.8%) $321,728 (2.3%) 0.00 102
2023-11-01 $288,250 (28.1%) $318,956 (2.2%) 0.00 110
2023-12-01 $279,500 (24.3%) $312,123 (1.6%) 0.00 104
2024-01-01 $287,975 (28.8%) $335,092 (8.6%) 0.00 91
2024-02-01 $287,425 (19.0%) $334,007 (1.1%) 0.00 68
2024-03-01 $299,000 (31.7%) $334,977 (-1.7%) 0.00 73
2024-04-01 $316,250 (8.1%) $361,086 (5.6%) 0.00 79
2024-05-01 $323,900 (7.1%) $356,125 (5.5%) 0.00 81
2024-06-01 $347,500 (13.5%) $369,354 (9.4%) 0.00 80
2024-07-01 $304,875 (-1.6%) $369,514 (7.8%) 0.00 83
2024-08-01 $326,500 (7.5%) $426,747 (26.7%) 0.00 115
2024-09-01 $312,500 (1.0%) $408,263 (22.9%) 0.00 131
Midland's median listing price for 2024-09-01 was $312,500, a difference of $3,000 (1.0%) versus the prior year and $-14,000 versus the prior month.

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

Midland's average listing price for 2024-09-01 was $408,263, a difference of $76,171 (22.9%) versus the prior year and $-18,484 versus the prior month.

For the 2024-09-01 period, Midland had 131 MLS listings, a difference of 16 listings (14%) versus the prior month and 30 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,795 sqft
2018-02-01 0 days 1,801 sqft
2018-03-01 0 days 1,742 sqft
2018-04-01 0 days 1,747 sqft
2018-05-01 0 days 1,647 sqft
2018-06-01 0 days 1,700 sqft
2018-07-01 0 days 1,706 sqft
2018-08-01 0 days 1,745 sqft
2018-09-01 0 days 1,918 sqft
2018-10-01 0 days 2,050 sqft
2018-11-01 0 days 2,026 sqft
2018-12-01 0 days 1,971 sqft
2019-01-01 0 days 1,952 sqft
2019-02-01 0 days 1,973 sqft
2019-03-01 0 days 1,883 sqft
2019-04-01 0 days 1,808 sqft
2019-05-01 0 days 1,883 sqft
2019-06-01 0 days 1,857 sqft
2019-07-01 0 days 1,830 sqft
2019-08-01 0 days 1,809 sqft
2019-09-01 0 days 1,780 sqft
2019-10-01 0 days 1,754 sqft
2019-11-01 0 days 1,764 sqft
2019-12-01 0 days 1,738 sqft
2020-01-01 0 days 1,730 sqft
2020-02-01 0 days 1,788 sqft
2020-03-01 0 days 1,832 sqft
2020-04-01 0 days 1,830 sqft
2020-05-01 0 days 1,848 sqft
2020-06-01 0 days 1,898 sqft
2020-07-01 0 days 1,838 sqft
2020-08-01 0 days 1,921 sqft
2020-09-01 0 days 1,808 sqft
2020-10-01 0 days 1,631 sqft
2020-11-01 0 days 1,688 sqft
2020-12-01 0 days 1,791 sqft
2021-01-01 0 days 1,813 sqft
2021-02-01 0 days 1,632 sqft
2021-03-01 0 days 1,715 sqft
2021-04-01 0 days 1,661 sqft
2021-05-01 0 days 1,647 sqft
2021-06-01 0 days 1,796 sqft
2021-07-01 0 days 1,809 sqft
2021-08-01 0 days 1,807 sqft
2021-09-01 0 days 1,805 sqft
2021-10-01 0 days 1,732 sqft
2021-11-01 0 days 1,726 sqft
2021-12-01 0 days 1,809 sqft
2022-01-01 0 days 1,608 sqft
2022-02-01 0 days 1,723 sqft
2022-03-01 0 days 1,615 sqft
2022-04-01 0 days 1,650 sqft
2022-05-01 0 days 1,756 sqft
2022-06-01 0 days 1,881 sqft
2022-07-01 0 days 1,881 sqft
2022-08-01 0 days 1,755 sqft
2022-09-01 0 days 1,712 sqft
2022-10-01 0 days 1,716 sqft
2022-11-01 0 days 1,685 sqft
2022-12-01 0 days 1,600 sqft
2023-01-01 0 days 1,632 sqft
2023-02-01 0 days 1,670 sqft
2023-03-01 0 days 1,637 sqft
2023-04-01 0 days 1,748 sqft
2023-05-01 0 days 1,718 sqft
2023-06-01 0 days 1,736 sqft
2023-07-01 0 days 1,800 sqft
2023-08-01 0 days 1,832 sqft
2023-09-01 0 days 1,847 sqft
2023-10-01 0 days 1,833 sqft
2023-11-01 0 days 1,818 sqft
2023-12-01 0 days 1,711 sqft
2024-01-01 0 days 1,734 sqft
2024-02-01 0 days 1,672 sqft
2024-03-01 0 days 1,762 sqft
2024-04-01 0 days 1,642 sqft
2024-05-01 0 days 1,778 sqft
2024-06-01 0 days 1,780 sqft
2024-07-01 0 days 1,745 sqft
2024-08-01 0 days 1,846 sqft
2024-09-01 0 days 1,820 sqft
Midland's median listing age (time on market) for 2024-09-01 was 0 days.

Midland's median square footage for active listings during the 2024-09-01 period was 1,820 sqft. One year prior, the average listing was 1,847 sqft.