Midland USDA Loan Rates, Closing Costs & Stats

MIDLAND, MI

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    • 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 6.96% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.81% and one month ago for the week of 2024-03-15, the average rate was 6.59%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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
    Midland's median listing price for 2024-03-01 was $299,000, a difference of $71,875 (31.7%) versus the prior year and $11,575 versus the prior month.

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

    Midland's average listing price for 2024-03-01 was $334,977, a difference of $-5,836 (-1.7%) versus the prior year and $970 versus the prior month.

    For the 2024-03-01 period, Midland had 73 MLS listings, a difference of 5 listings (7%) versus the prior month and 16 listings (28%) 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
    Midland's median listing age (time on market) for 2024-03-01 was 0 days.

    Midland's median square footage for active listings during the 2024-03-01 period was 1,762 sqft. One year prior, the average listing was 1,637 sqft.