Minneapolis USDA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 55 lenders originated 231 USDA loans during 2022. The total origination value was $59,135,000, with an average USDA loan value of $255,996.

    Minneapolis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Minneapolis averaged -0.55% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    Minneapolis's average USDA mortgage closing costs are $6,046.

    The average rate for the prior week (2023-11-17) was 6.64% and one month ago for the week of 2023-10-20, the average rate was 6.96%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.39%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    HOME POINT FINANCIAL CORPORATION 19 4.37% $6,428
    CROSSCOUNTRY MORTGAGE, LLC 17 4.79% $6,884
    Bell Bank 17 4.79% $7,490
    EVERETT FINANCIAL, INC. 13 4.74% $3,578
    BAY EQUITY LLC 11 4.69% $9,077
    Flagstar Bank, FSB 11 4.31% $7,331
    UNITED WHOLESALE MORTGAGE, LLC 9 4.66% $9,073
    BROKER SOLUTIONS, INC. 9 5.46% $9,014
    Summit Mortgage Corporation 8 4.33% $7,547
    CALIBER HOME LOANS, INC. 6 4.23% $7,704
    RESULTS MORTGAGE, LLC 6 4.23% $8,151
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 4.71% $7,969
    LOANDEPOT.COM, LLC 5 4.93% $9,691
    CARDINAL FINANCIAL 5 4.90% $10,306
    American Mortgage & Equity Consultants, Inc. 4 3.84% $6,940
    PLANET HOME LENDING, LLC 4 4.19% $5,584
    PLAZA HOME MORTGAGE, INC. 4 4.53% $7,170
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.00% $9,378
    Bank of England 4 3.75% $8,250
    Barrington Bank & Trust Company, N.A. 4 4.66% $8,500
    GUARANTEED RATE, INC. 4 3.78% $8,796
    Lend Smart Mortgage, LLC 4 4.72% $6,972
    Prosperity Home Mortgage, LLC 3 4.62% $6,499
    PENNYMAC LOAN SERVICES, LLC 3 3.12% $6,002
    UNION HOME MORTGAGE CORP. 3 3.33% $6,358
    Goldwater Bank, N.A. 3 4.13% $8,181
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 5.54% $5,279
    Ixonia Bank 2 4.50% $7,034
    ALAMEDA MORTGAGE CORPORATION 2 5.06% $11,695
    Associated Bank 2 4.69% $4,233
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.69% $6,588
    Mortgages Unlimited Inc. 2 5.19% $8,457
    Frandsen Bank & Trust 2 3.63% $8,566
    MOVEMENT MORTGAGE, LLC 2 5.63% $8,020
    Paramount Residential Mortgage Group, Inc. 2 4.44% $8,009
    Hometown Lenders, Inc. 2 4.44% $9,548
    WESTconsin Credit Union 1 6.88% $5,135
    Alerus Financial 1 4.75% $6,417
    CMG MORTGAGE, INC. 1 5.75% $10,318
    Cornerstone State Bank 1 3.88% $8,673
    DATA MORTGAGE, INC. 1 4.38% $6,195
    First Guaranty Mortgage Corporation 1 4.75% $4,556
    First International Bank & Trust 1 4.63% $2,749
    First Savings Bank 1 3.38% $4,082
    GUARANTEED RATE AFFINITY, LLC 1 4.88% $9,467
    Heritage Bank 1 4.13% $4,542
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $10,228
    LAKEVIEW LOAN SERVICING, LLC 1 3.75% $3,679
    Loan Simple, Inc. 1 4.13% $10,895
    MANN FINANCIAL INC. 1 6.00% $9,031
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.50% $7,064
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 1 3.13% $6,161
    U.S. Bank 1 4.75% $6,399
    Waterstone Mortgage Corporation 1 4.00% $7,232
    Wells Fargo Bank 1 5.25% $5,676

    The top Minneapolis USDA lender as defined by loan originations is HOME POINT FINANCIAL CORPORATION, with 19 USDA loans originated. Their average total fees are $6,428, which is $457 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Minneapolis USDA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,578), HOME POINT FINANCIAL CORPORATION ($6,428), CROSSCOUNTRY MORTGAGE, LLC ($6,884), Flagstar Bank, FSB ($7,331) and Bell Bank ($7,490).

    The lowest rate Minneapolis USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (4.31%), HOME POINT FINANCIAL CORPORATION (4.37%), BAY EQUITY LLC (4.69%), EVERETT FINANCIAL, INC. (4.74%) and CROSSCOUNTRY MORTGAGE, LLC (4.79%).

    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%) $496,424 (8.7%) 1.38 5,726
    2018-02-01 $387,000 (8.9%) $516,092 (7.2%) 1.41 5,893
    2018-03-01 $389,900 (8.3%) $516,464 (5.8%) 1.37 6,389
    2018-04-01 $384,950 (7.8%) $512,482 (6.7%) 1.31 6,911
    2018-05-01 $374,995 (6.8%) $500,104 (6.0%) 1.25 7,778
    2018-06-01 $369,900 (6.5%) $492,068 (7.1%) 1.23 8,832
    2018-07-01 $361,700 (6.4%) $479,678 (5.5%) 1.21 9,538
    2018-08-01 $350,000 (6.1%) $470,741 (5.9%) 1.17 10,113
    2018-09-01 $349,900 (4.5%) $465,376 (3.0%) 1.18 10,549
    2018-10-01 $354,495 (4.4%) $472,983 (3.5%) 1.20 10,486
    2018-11-01 $349,900 (0.0%) $464,446 (-0.1%) 1.19 9,574
    2018-12-01 $368,584 (0.3%) $483,511 (0.6%) 1.27 7,908
    2019-01-01 $380,879 (2.3%) $493,306 (-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%) $474,443 (-5.1%) 1.14 10,340
    2019-06-01 $357,700 (-3.3%) $468,158 (-4.9%) 1.12 11,559
    2019-07-01 $351,950 (-2.7%) $463,627 (-3.4%) 1.10 11,801
    2019-08-01 $347,173 (-0.8%) $458,174 (-2.7%) 1.10 12,039
    2019-09-01 $343,082 (-2.0%) $455,244 (-2.2%) 1.10 12,195
    2019-10-01 $339,950 (-4.1%) $453,290 (-4.2%) 1.10 12,186
    2019-11-01 $345,900 (-1.1%) $457,521 (-1.5%) 1.13 10,684
    2019-12-01 $349,900 (-5.1%) $464,959 (-3.8%) 1.17 8,487
    2020-01-01 $362,739 (-4.8%) $481,913 (-2.3%) 1.21 7,383
    2020-02-01 $375,000 (-3.8%) $498,237 (-1.5%) 1.23 7,402
    2020-03-01 $375,473 (-1.9%) $499,402 (0.5%) 1.18 8,109
    2020-04-01 $369,900 (-0.5%) $484,182 (0.5%) 1.16 8,457
    2020-05-01 $369,990 (1.5%) $485,831 (2.4%) 1.12 9,212
    2020-06-01 $373,950 (4.5%) $494,296 (5.6%) 1.10 9,283
    2020-07-01 $369,900 (5.1%) $492,877 (6.3%) 1.07 8,757
    2020-08-01 $363,105 (4.6%) $486,793 (6.3%) 1.04 8,705
    2020-09-01 $356,456 (3.9%) $480,551 (5.6%) 1.02 8,553
    2020-10-01 $349,900 (2.9%) $466,799 (3.0%) 1.00 8,577
    2020-11-01 $348,738 (0.8%) $466,409 (1.9%) 1.02 7,293
    2020-12-01 $347,450 (-0.7%) $470,857 (1.3%) 1.03 5,844
    2021-01-01 $359,780 (-0.8%) $483,097 (0.3%) 1.07 4,701
    2021-02-01 $369,900 (-1.4%) $501,382 (0.6%) 1.08 4,324
    2021-03-01 $369,900 (-1.5%) $507,351 (1.6%) 1.05 4,497
    2021-04-01 $359,950 (-2.7%) $498,306 (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 $359,719 (-0.9%) $468,743 (-3.7%) 0.96 7,415
    2021-09-01 $350,638 (-1.6%) $460,235 (-4.2%) 0.94 7,839
    2021-10-01 $350,000 (0.0%) $458,431 (-1.8%) 0.93 7,628
    2021-11-01 $350,000 (0.4%) $457,303 (-2.0%) 0.94 6,599
    2021-12-01 $357,400 (2.9%) $463,182 (-1.6%) 0.97 5,102
    2022-01-01 $372,200 (3.5%) $484,681 (0.3%) 1.01 3,940
    2022-02-01 $399,547 (8.0%) $520,209 (3.8%) 1.04 3,395
    2022-03-01 $415,586 (12.4%) $539,055 (6.3%) 1.04 3,721
    2022-04-01 $417,990 (16.1%) $543,411 (9.1%) 1.00 4,061
    2022-05-01 $424,900 (16.4%) $544,745 (9.8%) 0.97 5,209
    2022-06-01 $422,400 (15.7%) $547,617 (12.2%) 0.94 6,071
    2022-07-01 $424,900 (16.4%) $547,783 (15.2%) 0.96 6,950
    2022-08-01 $419,960 (16.8%) $544,664 (16.2%) 0.97 7,057
    2022-09-01 $413,445 (17.9%) $538,784 (17.1%) 0.97 7,230
    2022-10-01 $405,450 (15.8%) $530,598 (15.7%) 0.95 7,442
    2022-11-01 $399,900 (14.3%) $524,520 (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 (12.6%) $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 (7.6%) 1.06 4,292
    2023-04-01 $450,000 (7.7%) $594,684 (9.4%) 1.05 4,645
    2023-05-01 $459,925 (8.2%) $604,001 (10.9%) 1.04 5,099
    2023-06-01 $460,000 (8.9%) $609,988 (11.4%) 1.03 5,784
    2023-07-01 $461,000 (8.5%) $613,087 (11.9%) 1.05 6,060
    2023-08-01 $452,495 (7.8%) $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 (6.4%) $570,780 (7.6%) 1.02 7,155
    Minneapolis's median listing price for 2023-10-01 was $431,470, a difference of $26,020 (6.4%) versus the prior year and $-13,530 versus the prior month.

    Minneapolis's median listing price comes in at 102% of the national average.

    Minneapolis's average listing price for 2023-10-01 was $570,780, a difference of $40,182 (7.6%) versus the prior year and $-11,088 versus the prior month.

    For the 2023-10-01 period, Minneapolis had 7,155 MLS listings, a difference of 185 listings (3%) versus the prior month and -287 listings (-4%) 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 2,318 sqft
    2018-02-01 48 days 2,380 sqft
    2018-03-01 38 days 2,404 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 2,217 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 2,205 sqft
    2019-07-01 38 days 2,178 sqft
    2019-08-01 40 days 2,155 sqft
    2019-09-01 42 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 1,957 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 2,172 sqft
    2022-03-01 29 days 2,206 sqft
    2022-04-01 28 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 2,028 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 1,952 sqft
    2023-01-01 59 days 1,947 sqft
    2023-02-01 48 days 1,971 sqft
    2023-03-01 38 days 2,026 sqft
    2023-04-01 37 days 2,050 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
    Minneapolis's median listing age (time on market) for 2023-10-01 was 38 days. This is -3% shorter than the same period one year ago.

    Minneapolis's median square footage for active listings during the 2023-10-01 period was 2,051 sqft. One year prior, the average listing was 2,000 sqft.