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%.

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.