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 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 -0.25% for the week of 2023-01-20, compared to the national average (all USDA variants) of 0% for the same period.

    Minneapolis's average USDA mortgage closing costs are $5,931.

    The average rate for the prior week (2023-01-13) was 5.99% and one month ago for the week of 2022-12-16, the average rate was 6.47%.

    The average rate one year ago was 3.79%.

    For refis of the same type during the week of 2023-01-20, the average rate was 0.02%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 $372,500 (11.4%) $496,412 (8.7%) 1.38 5,725
    2018-02-01 $387,000 (8.9%) $516,043 (7.2%) 1.40 5,893
    2018-03-01 $389,900 (8.3%) $516,296 (5.7%) 1.37 6,389
    2018-04-01 $384,950 (7.8%) $512,442 (6.7%) 1.31 6,911
    2018-05-01 $374,995 (6.8%) $500,111 (6.0%) 1.25 7,779
    2018-06-01 $369,900 (6.5%) $492,044 (7.1%) 1.23 8,833
    2018-07-01 $361,549 (6.4%) $479,651 (5.5%) 1.21 9,538
    2018-08-01 $349,997 (6.1%) $470,694 (5.8%) 1.17 10,113
    2018-09-01 $349,900 (4.5%) $465,363 (3.0%) 1.17 10,549
    2018-10-01 $354,493 (4.4%) $472,955 (3.5%) 1.20 10,486
    2018-11-01 $349,900 (0.0%) $464,428 (-0.1%) 1.19 9,574
    2018-12-01 $368,500 (0.3%) $483,483 (0.6%) 1.27 7,909
    2019-01-01 $380,829 (2.2%) $493,290 (-0.6%) 1.31 6,710
    2019-02-01 $389,700 (0.7%) $505,870 (-2.0%) 1.32 6,536
    2019-03-01 $382,739 (-1.8%) $496,771 (-3.8%) 1.25 7,508
    2019-04-01 $371,545 (-3.5%) $481,667 (-6.0%) 1.18 9,055
    2019-05-01 $364,495 (-2.8%) $474,361 (-5.2%) 1.14 10,351
    2019-06-01 $357,250 (-3.4%) $468,065 (-4.9%) 1.12 11,572
    2019-07-01 $351,900 (-2.7%) $463,508 (-3.4%) 1.10 11,817
    2019-08-01 $347,173 (-0.8%) $458,049 (-2.7%) 1.10 12,054
    2019-09-01 $343,082 (-2.0%) $455,120 (-2.2%) 1.10 12,211
    2019-10-01 $339,950 (-4.1%) $453,167 (-4.2%) 1.10 12,202
    2019-11-01 $345,250 (-1.3%) $457,236 (-1.6%) 1.13 10,700
    2019-12-01 $349,900 (-5.1%) $464,897 (-3.8%) 1.17 8,504
    2020-01-01 $362,450 (-4.8%) $481,795 (-2.3%) 1.21 7,401
    2020-02-01 $375,000 (-3.8%) $498,085 (-1.5%) 1.23 7,420
    2020-03-01 $375,368 (-1.9%) $499,260 (0.5%) 1.18 8,127
    2020-04-01 $369,900 (-0.4%) $484,080 (0.5%) 1.16 8,476
    2020-05-01 $369,900 (1.5%) $485,602 (2.4%) 1.12 9,230
    2020-06-01 $373,745 (4.6%) $494,078 (5.6%) 1.10 9,300
    2020-07-01 $369,897 (5.1%) $492,657 (6.3%) 1.07 8,774
    2020-08-01 $362,850 (4.5%) $486,577 (6.2%) 1.04 8,723
    2020-09-01 $355,700 (3.7%) $480,367 (5.6%) 1.02 8,573
    2020-10-01 $349,900 (2.9%) $466,806 (3.0%) 1.00 8,597
    2020-11-01 $348,400 (0.9%) $466,420 (2.0%) 1.02 7,313
    2020-12-01 $347,450 (-0.7%) $470,855 (1.3%) 1.03 5,864
    2021-01-01 $357,680 (-1.3%) $483,160 (0.3%) 1.07 4,721
    2021-02-01 $369,900 (-1.4%) $501,054 (0.6%) 1.08 4,344
    2021-03-01 $369,900 (-1.5%) $507,220 (1.6%) 1.05 4,517
    2021-04-01 $359,950 (-2.7%) $498,265 (2.9%) 0.97 4,829
    2021-05-01 $364,870 (-1.4%) $496,338 (2.2%) 0.97 5,120
    2021-06-01 $365,000 (-2.3%) $488,205 (-1.2%) 0.96 6,127
    2021-07-01 $364,900 (-1.4%) $475,583 (-3.5%) 0.96 6,825
    2021-08-01 $359,000 (-1.1%) $468,735 (-3.7%) 0.96 7,428
    2021-09-01 $350,000 (-1.6%) $460,205 (-4.2%) 0.93 7,853
    2021-10-01 $350,000 (0.0%) $458,380 (-1.8%) 0.93 7,644
    2021-11-01 $350,000 (0.5%) $457,281 (-2.0%) 0.93 6,616
    2021-12-01 $357,400 (2.9%) $463,111 (-1.6%) 0.97 5,119
    2022-01-01 $371,114 (3.8%) $484,494 (0.3%) 1.00 3,959
    2022-02-01 $399,450 (8.0%) $520,654 (3.9%) 1.04 3,414
    2022-03-01 $414,600 (12.1%) $538,940 (6.3%) 1.04 3,740
    2022-04-01 $417,238 (15.9%) $543,042 (9.0%) 1.00 4,080
    2022-05-01 $424,325 (16.3%) $544,450 (9.7%) 0.97 5,225
    2022-06-01 $421,400 (15.5%) $547,421 (12.1%) 0.94 6,088
    2022-07-01 $423,600 (16.1%) $547,714 (15.2%) 0.96 6,968
    2022-08-01 $419,928 (17.0%) $544,474 (16.2%) 0.97 7,075
    2022-09-01 $411,333 (17.5%) $538,701 (17.1%) 0.96 7,249
    2022-10-01 $405,000 (15.7%) $530,409 (15.7%) 0.95 7,462
    2022-11-01 $399,900 (14.3%) $524,274 (14.7%) 0.96 6,996
    2022-12-01 $400,000 (11.9%) $531,696 (14.8%) 1.00 5,622
    Minneapolis's median listing price for 2022-12-01 was $400,000, a difference of $42,600 (11.9%) versus the prior year and $100 versus the prior month.

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

    Minneapolis's average listing price for 2022-12-01 was $531,696, a difference of $68,585 (14.8%) versus the prior year and $7,422 versus the prior month.

    For the 2022-12-01 period, Minneapolis had 5,622 MLS listings, a difference of -1,374 listings (-20%) versus the prior month and 503 listings (10%) 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 72 days 2,319 sqft
    2018-02-01 51 days 2,380 sqft
    2018-03-01 41 days 2,405 sqft
    2018-04-01 42 days 2,383 sqft
    2018-05-01 38 days 2,352 sqft
    2018-06-01 37 days 2,331 sqft
    2018-07-01 39 days 2,279 sqft
    2018-08-01 40 days 2,242 sqft
    2018-09-01 43 days 2,207 sqft
    2018-10-01 43 days 2,218 sqft
    2018-11-01 52 days 2,182 sqft
    2018-12-01 65 days 2,218 sqft
    2019-01-01 71 days 2,251 sqft
    2019-02-01 59 days 2,280 sqft
    2019-03-01 44 days 2,263 sqft
    2019-04-01 37 days 2,231 sqft
    2019-05-01 33 days 2,214 sqft
    2019-06-01 36 days 2,204 sqft
    2019-07-01 39 days 2,178 sqft
    2019-08-01 41 days 2,155 sqft
    2019-09-01 44 days 2,132 sqft
    2019-10-01 46 days 2,111 sqft
    2019-11-01 57 days 2,108 sqft
    2019-12-01 74 days 2,115 sqft
    2020-01-01 67 days 2,130 sqft
    2020-02-01 46 days 2,181 sqft
    2020-03-01 35 days 2,196 sqft
    2020-04-01 38 days 2,165 sqft
    2020-05-01 42 days 2,157 sqft
    2020-06-01 41 days 2,158 sqft
    2020-07-01 40 days 2,113 sqft
    2020-08-01 37 days 2,075 sqft
    2020-09-01 37 days 2,007 sqft
    2020-10-01 38 days 1,957 sqft
    2020-11-01 46 days 1,918 sqft
    2020-12-01 55 days 1,885 sqft
    2021-01-01 57 days 1,866 sqft
    2021-02-01 40 days 1,867 sqft
    2021-03-01 33 days 1,900 sqft
    2021-04-01 30 days 1,899 sqft
    2021-05-01 30 days 1,900 sqft
    2021-06-01 29 days 1,921 sqft
    2021-07-01 30 days 1,917 sqft
    2021-08-01 31 days 1,904 sqft
    2021-09-01 34 days 1,880 sqft
    2021-10-01 37 days 1,860 sqft
    2021-11-01 43 days 1,821 sqft
    2021-12-01 51 days 1,818 sqft
    2022-01-01 58 days 1,824 sqft
    2022-02-01 34 days 2,171 sqft
    2022-03-01 30 days 2,205 sqft
    2022-04-01 29 days 2,259 sqft
    2022-05-01 25 days 2,003 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 2,006 sqft
    2022-10-01 39 days 2,000 sqft
    2022-11-01 46 days 1,965 sqft
    2022-12-01 58 days 1,951 sqft
    Minneapolis's median listing age (time on market) for 2022-12-01 was 58 days. This is 14% longer than the same period one year ago.

    Minneapolis's median square footage for active listings during the 2022-12-01 period was 1,951 sqft. One year prior, the average listing was 1,818 sqft.