Minneapolis USDA Loan Rates, Closing Costs & Stats

MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI

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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.

    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 -0.28% for the week of 2024-11-15, compared to the national average (all USDA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.27% and one month ago for the week of 2024-10-11, the average rate was 6.14%.

    The average rate one year ago was 7.46%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.06%.

    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
    2024-03-01 $444,990 (-1.4%) $605,876 (4.4%) 1.05 5,334
    2024-04-01 $449,450 (-0.1%) $615,039 (3.5%) 1.05 5,782
    2024-05-01 $465,000 (1.1%) $640,629 (6.1%) 1.05 6,405
    2024-06-01 $460,000 (0.0%) $636,389 (4.3%) 1.03 7,044
    2024-07-01 $449,350 (-2.5%) $608,498 (-0.8%) 1.03 7,381
    2024-08-01 $439,990 (-2.8%) $599,854 (0.8%) 1.02 7,876
    2024-09-01 $432,500 (-2.8%) $591,468 (1.7%) 1.02 8,262
    2024-10-01 $425,000 (-1.5%) $582,164 (2.0%) 1.00 8,334
    Minneapolis's median listing price for 2024-10-01 was $425,000, a difference of $-6,470 (-1.5%) versus the prior year and $-7,500 versus the prior month.

    Minneapolis's median listing price comes in at 100% of the national average.

    Minneapolis's average listing price for 2024-10-01 was $582,164, a difference of $11,384 (2.0%) versus the prior year and $-9,304 versus the prior month.

    For the 2024-10-01 period, Minneapolis had 8,334 MLS listings, a difference of 72 listings (1%) versus the prior month and 1,179 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 1,964 sqft
    2024-03-01 34 days 2,007 sqft
    2024-04-01 35 days 2,048 sqft
    2024-05-01 25 days 2,101 sqft
    2024-06-01 28 days 2,100 sqft
    2024-07-01 37 days 2,066 sqft
    2024-08-01 37 days 2,051 sqft
    2024-09-01 40 days 2,028 sqft
    2024-10-01 41 days 1,998 sqft
    Minneapolis's median listing age (time on market) for 2024-10-01 was 41 days. This is 8% longer than the same period one year ago.

    Minneapolis's median square footage for active listings during the 2024-10-01 period was 1,998 sqft. One year prior, the average listing was 2,051 sqft.