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 6.55% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.67% and one month ago for the week of 2024-06-14, the average rate was 6.8%.

The average rate one year ago was 6.66%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.78%.

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%), .