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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.