Minneapolis USDA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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.

Minneapolis's 30 lenders originated 101 USDA loans during 2023. The total origination value was $29,585,000, with an average USDA loan value of $292,921.

Minneapolis USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Minneapolis averaged 6.59% for the week of 2024-03-22, compared to the national average (all USDA variants) of 6.674% for the same period.

Minneapolis's average USDA mortgage closing costs are $6,145.

The average rate for the prior week (2024-03-15) was 6.32% and one month ago for the week of 2024-02-16, the average rate was 6.4%.

The average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-03-22, the average rate was 7.03%.

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

Minneapolis 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 Minneapolis level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BAY EQUITY LLC 16 6.59% $10,023
UNITED WHOLESALE MORTGAGE, LLC 10 6.33% $9,213
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.61% $10,259
Bell Bank 7 6.18% $9,134
Flagstar Bank, FSB 6 6.29% $7,915
CROSSCOUNTRY MORTGAGE, LLC 5 6.45% $9,121
EVERETT FINANCIAL, INC. 4 6.63% $5,424
LOANDEPOT.COM, LLC 4 5.63% $9,554
Prosperity Home Mortgage, LLC 4 6.22% $8,406
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.92% $11,528
Century Mortgage Company DBA Century Lending Company 3 6.08% $7,777
NEWREZ LLC 3 6.00% $8,632
COMPASS MORTGAGE, INC. 2 6.75% $7,694
BROKER SOLUTIONS, INC. 2 6.69% $9,288
PLANET HOME LENDING, LLC 2 6.56% $6,137
American Mortgage & Equity Consultants, Inc. 2 6.44% $12,021
U.S. Bank 1 6.63% $12,582
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $10,458
Barrington Bank & Trust Company, N.A. 1 6.75% $9,592
CALIBER HOME LOANS, INC. 1 6.00% $6,840
Citizens Bank 1 6.75% $7,525
CMG MORTGAGE, INC. 1 6.63% $12,476
GUARANTEED RATE, INC. 1 7.20% $8,150
MANN FINANCIAL INC. 1 6.38% $8,965
MOVEMENT MORTGAGE, LLC 1 6.25% $10,067
Paramount Residential Mortgage Group, Inc. 1 5.88% $4,669
PLAZA HOME MORTGAGE, INC. 1 7.00% $7,812
Summit Mortgage Corporation 1 6.38% $7,642
UNION HOME MORTGAGE CORP. 1 6.25% $9,856
AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $17,756

The top Minneapolis USDA lender as defined by loan originations is BAY EQUITY LLC, with 16 USDA loans originated. Their average total fees are $10,023, which is $810 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Minneapolis USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($9,213), BAY EQUITY LLC ($10,023), .

The lowest rate Minneapolis USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.33%), BAY EQUITY LLC (6.59%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Minneapolis (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 $372,500 (11.4%) $496,423 (8.7%) 1.38 5,726
2018-02-01 $387,000 (8.9%) $516,058 (7.2%) 1.41 5,893
2018-03-01 $389,900 (8.3%) $516,496 (5.8%) 1.37 6,389
2018-04-01 $384,950 (7.8%) $512,453 (6.7%) 1.31 6,911
2018-05-01 $374,995 (6.9%) $500,089 (6.0%) 1.25 7,779
2018-06-01 $369,900 (6.5%) $492,041 (7.1%) 1.23 8,833
2018-07-01 $361,700 (6.4%) $479,689 (5.5%) 1.21 9,538
2018-08-01 $350,000 (6.1%) $470,751 (5.9%) 1.17 10,113
2018-09-01 $349,900 (4.5%) $465,387 (3.0%) 1.18 10,549
2018-10-01 $354,495 (4.4%) $472,994 (3.5%) 1.20 10,486
2018-11-01 $349,900 (0.0%) $464,458 (-0.1%) 1.19 9,574
2018-12-01 $368,667 (0.3%) $483,557 (0.6%) 1.27 7,907
2019-01-01 $380,929 (2.3%) $493,333 (-0.6%) 1.32 6,709
2019-02-01 $389,700 (0.7%) $505,898 (-2.0%) 1.32 6,535
2019-03-01 $382,894 (-1.8%) $496,813 (-3.8%) 1.25 7,505
2019-04-01 $371,726 (-3.4%) $481,715 (-6.0%) 1.18 9,049
2019-05-01 $364,500 (-2.8%) $474,441 (-5.1%) 1.14 10,340
2019-06-01 $357,700 (-3.3%) $468,133 (-4.9%) 1.12 11,561
2019-07-01 $351,950 (-2.7%) $463,626 (-3.4%) 1.10 11,801
2019-08-01 $347,173 (-0.8%) $458,175 (-2.7%) 1.10 12,038
2019-09-01 $343,082 (-2.0%) $455,244 (-2.2%) 1.10 12,194
2019-10-01 $339,950 (-4.1%) $453,290 (-4.2%) 1.10 12,185
2019-11-01 $345,900 (-1.1%) $457,522 (-1.5%) 1.13 10,683
2019-12-01 $349,900 (-5.1%) $464,979 (-3.8%) 1.17 8,485
2020-01-01 $362,518 (-4.8%) $481,918 (-2.3%) 1.21 7,382
2020-02-01 $375,000 (-3.8%) $498,243 (-1.5%) 1.23 7,401
2020-03-01 $375,450 (-1.9%) $499,407 (0.5%) 1.18 8,108
2020-04-01 $369,900 (-0.5%) $484,185 (0.5%) 1.16 8,456
2020-05-01 $369,990 (1.5%) $485,863 (2.4%) 1.12 9,212
2020-06-01 $373,883 (4.5%) $494,287 (5.6%) 1.10 9,282
2020-07-01 $369,900 (5.1%) $492,865 (6.3%) 1.07 8,757
2020-08-01 $363,000 (4.6%) $486,771 (6.2%) 1.04 8,706
2020-09-01 $356,330 (3.9%) $480,528 (5.6%) 1.02 8,554
2020-10-01 $349,900 (2.9%) $466,776 (3.0%) 1.00 8,578
2020-11-01 $348,738 (0.8%) $466,409 (1.9%) 1.02 7,293
2020-12-01 $347,450 (-0.7%) $470,820 (1.3%) 1.03 5,845
2021-01-01 $359,735 (-0.8%) $483,064 (0.2%) 1.07 4,702
2021-02-01 $369,900 (-1.4%) $501,344 (0.6%) 1.08 4,325
2021-03-01 $369,900 (-1.5%) $507,313 (1.6%) 1.05 4,498
2021-04-01 $359,950 (-2.7%) $498,289 (2.9%) 0.97 4,810
2021-05-01 $364,900 (-1.4%) $496,373 (2.2%) 0.97 5,103
2021-06-01 $365,000 (-2.4%) $488,216 (-1.2%) 0.96 6,110
2021-07-01 $364,900 (-1.4%) $475,498 (-3.5%) 0.96 6,811
2021-08-01 $359,753 (-0.9%) $468,737 (-3.7%) 0.96 7,416
2021-09-01 $350,825 (-1.5%) $460,229 (-4.2%) 0.94 7,840
2021-10-01 $350,000 (0.0%) $458,431 (-1.8%) 0.93 7,629
2021-11-01 $350,000 (0.4%) $457,302 (-2.0%) 0.94 6,600
2021-12-01 $357,400 (2.9%) $463,180 (-1.6%) 0.97 5,103
2022-01-01 $372,500 (3.6%) $484,674 (0.3%) 1.01 3,941
2022-02-01 $399,643 (8.0%) $520,193 (3.8%) 1.04 3,396
2022-03-01 $415,677 (12.4%) $539,037 (6.3%) 1.04 3,722
2022-04-01 $418,000 (16.1%) $543,451 (9.1%) 1.00 4,062
2022-05-01 $424,900 (16.4%) $544,780 (9.8%) 0.97 5,209
2022-06-01 $422,400 (15.7%) $547,605 (12.2%) 0.94 6,072
2022-07-01 $424,900 (16.4%) $547,772 (15.2%) 0.96 6,951
2022-08-01 $419,978 (16.7%) $544,659 (16.2%) 0.97 7,057
2022-09-01 $413,445 (17.9%) $538,784 (17.1%) 0.97 7,230
2022-10-01 $405,900 (16.0%) $530,609 (15.7%) 0.96 7,442
2022-11-01 $399,900 (14.3%) $524,529 (14.7%) 0.96 6,977
2022-12-01 $400,000 (11.9%) $532,190 (14.9%) 0.99 5,592
2023-01-01 $419,083 (12.5%) $540,600 (11.5%) 1.04 4,628
2023-02-01 $434,995 (8.9%) $562,629 (8.2%) 1.05 4,204
2023-03-01 $451,400 (8.6%) $580,262 (7.7%) 1.06 4,292
2023-04-01 $450,000 (7.7%) $594,539 (9.4%) 1.05 4,644
2023-05-01 $459,913 (8.2%) $603,832 (10.8%) 1.04 5,099
2023-06-01 $460,000 (8.9%) $609,965 (11.4%) 1.03 5,785
2023-07-01 $461,000 (8.5%) $613,087 (11.9%) 1.05 6,060
2023-08-01 $452,495 (7.7%) $594,950 (9.2%) 1.04 6,275
2023-09-01 $445,000 (7.6%) $581,868 (8.0%) 1.04 6,970
2023-10-01 $431,470 (6.3%) $570,780 (7.6%) 1.02 7,155
2023-11-01 $420,498 (5.2%) $567,988 (8.3%) 1.00 6,923
2023-12-01 $420,380 (5.1%) $573,902 (7.8%) 1.03 5,736
2024-01-01 $425,000 (1.4%) $583,354 (7.9%) 1.04 4,932
2024-02-01 $434,400 (-0.1%) $597,961 (6.3%) 1.05 4,893
Minneapolis's median listing price for 2024-02-01 was $434,400, a difference of $-595 (-0.1%) versus the prior year and $9,400 versus the prior month.

Minneapolis's median listing price comes in at 105% of the national average.

Minneapolis's average listing price for 2024-02-01 was $597,961, a difference of $35,332 (6.3%) versus the prior year and $14,607 versus the prior month.

For the 2024-02-01 period, Minneapolis had 4,893 MLS listings, a difference of -39 listings (-1%) versus the prior month and 689 listings (16%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Minneapolis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 70 days 2,319 sqft
2018-02-01 48 days 2,380 sqft
2018-03-01 38 days 2,405 sqft
2018-04-01 40 days 2,383 sqft
2018-05-01 37 days 2,351 sqft
2018-06-01 36 days 2,330 sqft
2018-07-01 38 days 2,278 sqft
2018-08-01 39 days 2,242 sqft
2018-09-01 43 days 2,206 sqft
2018-10-01 42 days 2,218 sqft
2018-11-01 51 days 2,182 sqft
2018-12-01 64 days 2,218 sqft
2019-01-01 68 days 2,250 sqft
2019-02-01 55 days 2,280 sqft
2019-03-01 44 days 2,264 sqft
2019-04-01 36 days 2,232 sqft
2019-05-01 32 days 2,214 sqft
2019-06-01 35 days 2,204 sqft
2019-07-01 38 days 2,178 sqft
2019-08-01 40 days 2,155 sqft
2019-09-01 43 days 2,133 sqft
2019-10-01 45 days 2,112 sqft
2019-11-01 57 days 2,109 sqft
2019-12-01 71 days 2,116 sqft
2020-01-01 65 days 2,131 sqft
2020-02-01 44 days 2,182 sqft
2020-03-01 33 days 2,197 sqft
2020-04-01 37 days 2,168 sqft
2020-05-01 40 days 2,157 sqft
2020-06-01 39 days 2,159 sqft
2020-07-01 39 days 2,113 sqft
2020-08-01 36 days 2,076 sqft
2020-09-01 36 days 2,007 sqft
2020-10-01 37 days 1,956 sqft
2020-11-01 45 days 1,918 sqft
2020-12-01 54 days 1,885 sqft
2021-01-01 54 days 1,866 sqft
2021-02-01 39 days 1,868 sqft
2021-03-01 31 days 1,900 sqft
2021-04-01 29 days 1,900 sqft
2021-05-01 30 days 1,900 sqft
2021-06-01 29 days 1,921 sqft
2021-07-01 30 days 1,918 sqft
2021-08-01 31 days 1,903 sqft
2021-09-01 33 days 1,880 sqft
2021-10-01 37 days 1,860 sqft
2021-11-01 42 days 1,821 sqft
2021-12-01 50 days 1,818 sqft
2022-01-01 57 days 1,824 sqft
2022-02-01 33 days 2,171 sqft
2022-03-01 29 days 2,205 sqft
2022-04-01 29 days 2,260 sqft
2022-05-01 24 days 2,004 sqft
2022-06-01 29 days 2,019 sqft
2022-07-01 32 days 2,040 sqft
2022-08-01 37 days 2,027 sqft
2022-09-01 41 days 2,007 sqft
2022-10-01 39 days 2,000 sqft
2022-11-01 46 days 1,965 sqft
2022-12-01 57 days 1,953 sqft
2023-01-01 59 days 1,947 sqft
2023-02-01 48 days 1,972 sqft
2023-03-01 38 days 2,025 sqft
2023-04-01 37 days 2,049 sqft
2023-05-01 31 days 2,089 sqft
2023-06-01 31 days 2,136 sqft
2023-07-01 36 days 2,153 sqft
2023-08-01 37 days 2,130 sqft
2023-09-01 36 days 2,088 sqft
2023-10-01 38 days 2,051 sqft
2023-11-01 44 days 2,016 sqft
2023-12-01 55 days 1,983 sqft
2024-01-01 57 days 1,963 sqft
2024-02-01 37 days 1,963 sqft
Minneapolis's median listing age (time on market) for 2024-02-01 was 37 days. This is -23% shorter than the same period one year ago.

Minneapolis's median square footage for active listings during the 2024-02-01 period was 1,963 sqft. One year prior, the average listing was 1,972 sqft.