Mitchell USDA Loan Rates, Closing Costs & Stats

Mitchell, SD

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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.

    Mitchell's 6 lenders originated 15 USDA loans during 2023. The total origination value was $2,835,000, with an average USDA loan value of $189,000.

    Mitchell USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Mitchell averaged 6.66% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Mitchell's average USDA mortgage closing costs are $4,252.

    The average rate for the prior week (2024-04-12) was 6.21% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 6.14%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Mitchell 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 Mitchell level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 6 5.94% $5,505
    First Dakota National Bank 4 5.91% $2,957
    BANKWEST, INC. 2 6.00% $6,841
    American Bank & Trust 1 5.38% $8,386
    First Bank & Trust 1 5.88% $4,613
    Reliabank Dakota 1 7.00% $5,545

    The top Mitchell USDA lender as defined by loan originations is Plains Commerce Bank, with 6 USDA loans originated. Their average total fees are $5,505, which is $2,548 higher than the next largest lender, First Dakota National Bank.

    The lowest fee Mitchell USDA lenders (with over 10 loans originated) are .

    The lowest rate Mitchell USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (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 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
    2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
    2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
    2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
    2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
    2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
    2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
    2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
    2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
    2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
    2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
    2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
    2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
    2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $207,228 (-32.0%) 0.00 39
    2019-04-01 $186,814 (-2.5%) $207,667 (-31.2%) 0.00 38
    2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
    2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
    2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
    2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
    2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
    2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
    2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
    2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
    2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
    2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
    2020-03-01 $149,450 (-17.4%) $169,798 (-18.1%) 0.00 65
    2020-04-01 $156,050 (-16.5%) $172,688 (-16.8%) 0.00 64
    2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
    2020-06-01 $139,500 (-20.2%) $171,259 (-12.6%) 0.00 59
    2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
    2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
    2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
    2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
    2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
    2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
    2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
    2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
    2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
    2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
    2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
    2021-06-01 $225,000 (61.3%) $374,128 (118.5%) 0.00 39
    2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
    2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
    2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
    2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
    2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
    2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
    2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
    2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
    2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
    2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
    2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
    2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
    2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
    2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
    2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
    2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
    2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
    2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
    2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
    2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
    2023-03-01 $304,900 (63.1%) $496,733 (70.7%) 0.00 30
    2023-04-01 $304,900 (45.3%) $466,275 (65.6%) 0.00 34
    2023-05-01 $304,175 (39.9%) $440,258 (48.4%) 0.00 58
    2023-06-01 $297,500 (38.4%) $398,402 (26.9%) 0.00 79
    2023-07-01 $279,950 (30.2%) $359,141 (7.0%) 0.00 102
    2023-08-01 $273,675 (15.6%) $393,908 (-3.1%) 0.00 62
    2023-09-01 $290,000 (28.2%) $382,957 (-5.8%) 0.00 61
    2023-10-01 $295,000 (11.3%) $374,721 (-15.6%) 0.00 48
    2023-11-01 $295,000 (0.9%) $355,876 (-22.4%) 0.00 50
    2023-12-01 $290,000 (-23.6%) $355,505 (-26.5%) 0.00 47
    2024-01-01 $284,500 (-7.1%) $351,352 (-27.3%) 0.00 44
    2024-02-01 $293,725 (-9.9%) $329,233 (-34.7%) 0.00 39
    2024-03-01 $309,950 (1.7%) $345,567 (-30.4%) 0.00 36
    Mitchell's median listing price for 2024-03-01 was $309,950, a difference of $5,050 (1.7%) versus the prior year and $16,225 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2024-03-01 was $345,567, a difference of $-151,166 (-30.4%) versus the prior year and $16,334 versus the prior month.

    For the 2024-03-01 period, Mitchell had 36 MLS listings, a difference of -3 listings (-8%) versus the prior month and 6 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,753 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,666 sqft
    2018-05-01 0 days 1,750 sqft
    2018-06-01 0 days 1,751 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,666 sqft
    2018-09-01 0 days 1,629 sqft
    2018-10-01 0 days 1,629 sqft
    2018-11-01 0 days 1,687 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,858 sqft
    2019-02-01 0 days 1,858 sqft
    2019-03-01 0 days 1,647 sqft
    2019-04-01 0 days 1,594 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,828 sqft
    2019-07-01 0 days 1,721 sqft
    2019-08-01 0 days 1,643 sqft
    2019-09-01 0 days 1,635 sqft
    2019-10-01 0 days 1,628 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,502 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,560 sqft
    2020-08-01 0 days 1,781 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,824 sqft
    2020-11-01 0 days 1,849 sqft
    2020-12-01 0 days 1,886 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,915 sqft
    2021-03-01 0 days 1,978 sqft
    2021-04-01 0 days 2,026 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,881 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 1,969 sqft
    2021-10-01 0 days 1,889 sqft
    2021-11-01 0 days 1,909 sqft
    2021-12-01 0 days 1,856 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,522 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,721 sqft
    2022-05-01 0 days 1,678 sqft
    2022-06-01 0 days 1,676 sqft
    2022-07-01 0 days 1,715 sqft
    2022-08-01 0 days 1,753 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,815 sqft
    2022-12-01 0 days 1,849 sqft
    2023-01-01 0 days 1,838 sqft
    2023-02-01 0 days 1,953 sqft
    2023-03-01 0 days 1,922 sqft
    2023-04-01 0 days 1,915 sqft
    2023-05-01 0 days 1,941 sqft
    2023-06-01 0 days 1,905 sqft
    2023-07-01 0 days 1,905 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,019 sqft
    2023-10-01 0 days 1,975 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,263 sqft
    2024-01-01 0 days 2,239 sqft
    2024-02-01 0 days 1,910 sqft
    2024-03-01 0 days 1,891 sqft
    Mitchell's median listing age (time on market) for 2024-03-01 was 0 days.

    Mitchell's median square footage for active listings during the 2024-03-01 period was 1,891 sqft. One year prior, the average listing was 1,922 sqft.