Minneapolis USDA Loans

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 78 lenders originated 560 USDA loans during 2021. The total origination value was $139,700,000, with an average USDA loan value of $249,464.

    Minneapolis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Minneapolis averaged 6.23% for the week of 2022-09-23, compared to the national average (all USDA variants) of 6.08% for the same period.

    The average rate for the prior week (2022-09-16) was 5.66% and one month ago for the week of 2022-08-19, the average rate was 5.45%.

    The average rate one year ago was 2.78%.

    For refis of the same type during the week of 2022-09-23, the average rate was 6.1%.

    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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Minneapolis level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CROSSCOUNTRY MORTGAGE, LLC 57 2.93% $6,914
    BAY EQUITY LLC 42 2.85% $6,977
    Flagstar Bank, FSB 27 2.61% $5,515
    Bell Bank 22 2.64% $6,095
    GUARANTEED RATE, INC. 20 2.71% $6,802
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 3.07% $7,045
    Summit Mortgage Corporation 19 2.74% $6,456
    BROKER SOLUTIONS, INC. 19 3.17% $6,796
    CALIBER HOME LOANS, INC. 17 2.88% $6,596
    Ixonia Bank 14 2.87% $5,275
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 2.95% $6,284
    Prosperity Home Mortgage, LLC 13 2.84% $5,809
    RESULTS MORTGAGE, LLC 12 2.89% $6,084
    HOME POINT FINANCIAL CORPORATION 12 2.77% $5,671
    Mortgages Unlimited Inc. 11 2.97% $7,864
    PLAZA HOME MORTGAGE, INC. 11 2.62% $5,941
    Lend Smart Mortgage, LLC 11 2.82% $4,632
    LOANDEPOT.COM, LLC 10 3.14% $7,229
    PENNYMAC LOAN SERVICES, LLC 10 2.69% $6,631
    American Mortgage & Equity Consultants, Inc. 9 3.07% $7,178
    CMG MORTGAGE, INC. 9 2.93% $7,924
    Barrington Bank & Trust Company, N.A. 8 2.92% $7,325
    AXIA FINANCIAL, LLC 8 2.72% $6,133
    UNITED WHOLESALE MORTGAGE, LLC 7 2.89% $6,064
    MOVEMENT MORTGAGE, LLC 7 2.70% $6,740
    First Guaranty Mortgage Corporation 7 2.64% $4,947
    Alerus Financial 6 2.65% $5,017
    Bank of England 6 2.98% $7,073
    Paramount Residential Mortgage Group, Inc. 6 3.27% $8,404
    ST. CLOUD FINANCIAL 6 2.56% $5,816
    Waterstone Mortgage Corporation 6 2.96% $6,929
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 5 2.68% $7,015
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.40% $6,792
    EVERETT FINANCIAL, INC. 5 2.93% $5,320
    UNION HOME MORTGAGE CORP. 5 2.65% $7,302
    Lake Area Bank 5 2.78% $5,961
    Heritage Bank 4 3.06% $7,849
    Old National Bank 4 2.63% $5,812
    Goldwater Bank, N.A. 4 2.97% $8,055
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 3.29% $7,374
    MEGASTAR FINANCIAL CORP. 3 2.75% $6,139
    GUARANTEED RATE AFFINITY, LLC 3 3.17% $6,842
    Frandsen Bank & Trust 3 2.71% $6,545
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 2.96% $5,153
    GSF Mortgage Corporation 3 2.96% $9,561
    TRUSTONE FINANCIAL FEDERAL CREDIT UNION 3 2.25% $5,662
    FREEDOM MORTGAGE CORPORATION 2 2.75% $7,420
    LEADERONE FINANCIAL CORPORATION 2 2.69% $3,780
    DATA MORTGAGE, INC. 2 3.25% $5,928
    Merchants Bank 2 2.46% $5,615
    CORTRUST MORTGAGE, INC. 2 2.38% $5,310
    PARKSIDE LENDING, LLC 2 2.88% $3,725
    Plains Commerce Bank 2 2.56% $7,965
    PLANET HOME LENDING, LLC 2 2.81% $4,687
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.25% $7,172
    Wells Fargo Bank 2 3.13% $1,656
    STEARNS LENDING, LLC 2 3.25% $5,495
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $7,981
    U.S. Bank 2 3.13% $5,567
    Carrington Mortgage Services, LLC 1 4.75% $4,675
    First Bank & Trust 1 3.00% $6,803
    Liberty Bank Minnesota 1 2.50% $4,699
    Bremer Bank 1 3.00% $8,037
    Equity Prime Mortgage LLC 1 3.50% $10,249
    Servion, Inc. 1 2.75% $6,733
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.75% $8,351
    Florida Capital Bank 1 2.50% $9,689
    Stifel Bank and Trust 1 2.38% $6,453
    MANN FINANCIAL INC. 1 2.75% $7,044
    First International Bank & Trust 1 2.75% $6,477
    CRESCENT MORTGAGE COMPANY 1 2.75% $10,315
    TCF National Bank 1 2.75% $7,482
    Loan Simple, Inc. 1 2.25% $12,902
    WESTconsin Credit Union 1 3.38% $4,224
    TJC Mortgage, Inc. 1 2.25% $5,722
    CELEBRITY HOME LOANS, LLC 1 3.25% $8,794
    LAKEVIEW LOAN SERVICING, LLC 1 2.75% $3,088
    KELLER MORTGAGE, LLC 1 2.75% $3,922

    The top Minneapolis USDA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 57 USDA loans originated. Their average total fees are $6,914, which is $63 lower than the next largest lender, BAY EQUITY LLC.

    The lowest fee Minneapolis USDA lenders (with over 10 loans originated) are Lend Smart Mortgage, LLC ($4,632), Ixonia Bank ($5,275), Flagstar Bank, FSB ($5,515), HOME POINT FINANCIAL CORPORATION ($5,671) and Prosperity Home Mortgage, LLC ($5,809).

    The lowest rate Minneapolis USDA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.61%), PLAZA HOME MORTGAGE, INC. (2.62%), Bell Bank (2.64%), PENNYMAC LOAN SERVICES, LLC (2.69%) and GUARANTEED RATE, INC. (2.71%).

    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 $372,400 (12.0%) $493,420 (9.1%) 1.37 5,786
    2018-02-01 $384,850 (8.6%) $510,428 (6.8%) 1.39 5,946
    2018-03-01 $389,890 (8.6%) $512,707 (5.8%) 1.35 6,440
    2018-04-01 $382,735 (8.9%) $509,156 (7.0%) 1.28 6,948
    2018-05-01 $374,950 (7.1%) $500,317 (6.8%) 1.25 7,814
    2018-06-01 $369,000 (7.2%) $487,394 (6.5%) 1.23 8,929
    2018-07-01 $360,945 (6.2%) $477,506 (5.5%) 1.20 9,596
    2018-08-01 $349,950 (7.1%) $468,458 (6.5%) 1.17 10,191
    2018-09-01 $349,900 (6.0%) $462,856 (3.5%) 1.17 10,664
    2018-10-01 $351,000 (4.8%) $468,955 (3.7%) 1.17 10,610
    2018-11-01 $349,900 (0.7%) $461,218 (0.3%) 1.17 9,659
    2018-12-01 $365,000 (0.3%) $480,163 (0.9%) 1.25 7,985
    2019-01-01 $379,403 (1.9%) $489,216 (-0.9%) 1.31 6,796
    2019-02-01 $388,458 (0.9%) $502,040 (-1.6%) 1.30 6,608
    2019-03-01 $380,814 (-2.3%) $493,106 (-3.8%) 1.24 7,583
    2019-04-01 $369,900 (-3.4%) $478,532 (-6.0%) 1.16 9,088
    2019-05-01 $360,000 (-4.0%) $471,759 (-5.7%) 1.11 10,404
    2019-06-01 $355,000 (-3.8%) $466,542 (-4.3%) 1.09 11,592
    2019-07-01 $350,054 (-3.0%) $461,864 (-3.3%) 1.09 11,866
    2019-08-01 $345,614 (-1.2%) $455,056 (-2.9%) 1.09 11,896
    2019-09-01 $339,900 (-2.9%) $450,122 (-2.8%) 1.08 11,930
    2019-10-01 $344,950 (-1.7%) $458,362 (-2.3%) 1.10 12,301
    2019-11-01 $349,900 (0.0%) $464,792 (0.8%) 1.13 10,812
    2019-12-01 $357,450 (-2.1%) $476,718 (-0.7%) 1.19 8,616
    2020-01-01 $359,950 (-5.1%) $476,255 (-2.7%) 1.20 7,455
    2020-02-01 $374,900 (-3.5%) $494,459 (-1.5%) 1.21 7,430
    2020-03-01 $373,950 (-1.8%) $495,521 (0.5%) 1.17 8,137
    2020-04-01 $367,495 (-0.7%) $481,475 (0.6%) 1.14 8,481
    2020-05-01 $369,900 (2.8%) $483,817 (2.6%) 1.12 9,177
    2020-06-01 $369,900 (4.2%) $491,052 (5.3%) 1.08 9,292
    2020-07-01 $367,250 (4.9%) $490,240 (6.1%) 1.05 8,769
    2020-08-01 $360,000 (4.2%) $484,106 (6.4%) 1.03 8,716
    2020-09-01 $354,330 (4.3%) $479,753 (6.6%) 1.01 8,530
    2020-10-01 $349,900 (1.4%) $465,772 (1.6%) 1.00 8,615
    2020-11-01 $344,950 (-1.4%) $463,476 (-0.3%) 0.99 7,336
    2020-12-01 $344,310 (-3.7%) $468,098 (-1.8%) 1.01 5,875
    2021-01-01 $357,635 (-0.6%) $481,073 (1.0%) 1.05 4,732
    2021-02-01 $369,274 (-1.5%) $498,249 (0.8%) 1.06 4,346
    2021-03-01 $369,450 (-1.2%) $507,613 (2.4%) 1.04 4,434
    2021-04-01 $359,950 (-2.1%) $496,420 (3.1%) 0.97 4,718
    2021-05-01 $359,900 (-2.7%) $494,480 (2.2%) 0.95 5,014
    2021-06-01 $365,000 (-1.3%) $486,751 (-0.9%) 0.95 6,026
    2021-07-01 $364,950 (-0.6%) $478,453 (-2.4%) 0.95 6,557
    2021-08-01 $354,983 (-1.4%) $467,642 (-3.4%) 0.93 7,402
    2021-09-01 $350,000 (-1.2%) $458,496 (-4.4%) 0.92 7,812
    2021-10-01 $350,000 (0.0%) $456,860 (-1.9%) 0.92 7,706
    2021-11-01 $349,995 (1.5%) $454,707 (-1.9%) 0.92 6,675
    2021-12-01 $354,268 (2.9%) $460,548 (-1.6%) 0.94 5,171
    2022-01-01 $370,000 (3.5%) $481,982 (0.2%) 0.99 3,949
    2022-02-01 $401,900 (8.8%) $527,759 (5.9%) 1.02 3,350
    2022-03-01 $414,500 (12.2%) $537,586 (5.9%) 1.02 3,672
    2022-04-01 $417,990 (16.1%) $540,326 (8.8%) 0.98 4,000
    2022-05-01 $421,999 (17.3%) $542,721 (9.8%) 0.94 5,134
    2022-06-01 $419,950 (15.1%) $544,956 (12.0%) 0.93 5,998
    2022-07-01 $420,000 (15.1%) $545,841 (14.1%) 0.94 6,883
    2022-08-01 $419,900 (18.3%) $541,756 (15.9%) 0.97 7,021
    Minneapolis's median listing price for 2022-08-01 was $419,900, a difference of $64,917 (18.3%) versus the prior year and $-100 versus the prior month.

    Minneapolis's median listing price comes in at 97% of the national average.

    Minneapolis's average listing price for 2022-08-01 was $541,756, a difference of $74,114 (15.9%) versus the prior year and $-4,085 versus the prior month.

    For the 2022-08-01 period, Minneapolis had 7,021 MLS listings, a difference of 138 listings (2%) versus the prior month and -381 listings (-5%) 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 73 days 2,317 sqft
    2018-02-01 52 days 2,378 sqft
    2018-03-01 42 days 2,400 sqft
    2018-04-01 42 days 2,379 sqft
    2018-05-01 38 days 2,352 sqft
    2018-06-01 37 days 2,336 sqft
    2018-07-01 40 days 2,280 sqft
    2018-08-01 40 days 2,242 sqft
    2018-09-01 43 days 2,208 sqft
    2018-10-01 43 days 2,217 sqft
    2018-11-01 52 days 2,178 sqft
    2018-12-01 65 days 2,210 sqft
    2019-01-01 71 days 2,249 sqft
    2019-02-01 60 days 2,278 sqft
    2019-03-01 45 days 2,259 sqft
    2019-04-01 37 days 2,228 sqft
    2019-05-01 34 days 2,213 sqft
    2019-06-01 36 days 2,210 sqft
    2019-07-01 38 days 2,183 sqft
    2019-08-01 41 days 2,154 sqft
    2019-09-01 43 days 2,128 sqft
    2019-10-01 40 days 2,135 sqft
    2019-11-01 49 days 2,136 sqft
    2019-12-01 61 days 2,144 sqft
    2020-01-01 67 days 2,123 sqft
    2020-02-01 49 days 2,175 sqft
    2020-03-01 35 days 2,189 sqft
    2020-04-01 38 days 2,161 sqft
    2020-05-01 42 days 2,150 sqft
    2020-06-01 39 days 2,154 sqft
    2020-07-01 40 days 2,112 sqft
    2020-08-01 36 days 2,070 sqft
    2020-09-01 35 days 2,007 sqft
    2020-10-01 36 days 1,952 sqft
    2020-11-01 43 days 1,916 sqft
    2020-12-01 52 days 1,887 sqft
    2021-01-01 56 days 1,866 sqft
    2021-02-01 42 days 1,870 sqft
    2021-03-01 36 days 1,900 sqft
    2021-04-01 34 days 1,898 sqft
    2021-05-01 32 days 1,900 sqft
    2021-06-01 31 days 1,922 sqft
    2021-07-01 32 days 1,915 sqft
    2021-08-01 29 days 1,900 sqft
    2021-09-01 33 days 1,880 sqft
    2021-10-01 36 days 1,858 sqft
    2021-11-01 42 days 1,817 sqft
    2021-12-01 50 days 1,809 sqft
    2022-01-01 58 days 1,800 sqft
    2022-02-01 36 days 2,184 sqft
    2022-03-01 32 days 2,216 sqft
    2022-04-01 31 days 2,250 sqft
    2022-05-01 28 days 2,003 sqft
    2022-06-01 30 days 2,023 sqft
    2022-07-01 33 days 2,040 sqft
    2022-08-01 37 days 2,028 sqft
    Minneapolis's median listing age (time on market) for 2022-08-01 was 37 days. This is 26% longer than the same period one year ago.

    Minneapolis's median square footage for active listings during the 2022-08-01 period was 2,028 sqft. One year prior, the average listing was 1,900 sqft.