Monroe USDA Loan Rates, Closing Costs & Stats

MONROE, MI

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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.

    Monroe's 10 lenders originated 13 USDA loans during 2023. The total origination value was $2,585,000, with an average USDA loan value of $198,846.

    Monroe USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Monroe averaged 7.08% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Monroe's average USDA mortgage closing costs are $5,370.

    The average rate for the prior week (2024-04-12) was 7.03% and one month ago for the week of 2024-03-15, the average rate was 6.81%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.27%.

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

    Monroe 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 Monroe level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GVC MORTGAGE, INC. 2 7.38% $3,378
    BLG HOLDINGS, INC. 2 6.44% $7,141
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.88% $7,356
    LIBERTY HOME MORTGAGE CORPORATION 1 6.75% $8,254
    PLAZA HOME MORTGAGE, INC. 1 6.63% $8,330
    UNION HOME MORTGAGE CORP. 1 6.63% $6,152
    UNITED WHOLESALE MORTGAGE, LLC 1 7.25% $8,419
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $7,417
    University Bank 1 6.25% $8,527
    First Merchants Bank 1 6.13% $6,185

    The top Monroe USDA lender as defined by loan originations is GVC MORTGAGE, INC., with 2 USDA loans originated. Their average total fees are $3,378, which is $3,763 lower than the next largest lender, BLG HOLDINGS, INC..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Monroe (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 $169,175 (2.5%) $210,985 (7.4%) 0.63 443
    2018-02-01 $172,150 (3.7%) $211,571 (6.0%) 0.63 425
    2018-03-01 $187,000 (13.4%) $217,793 (10.1%) 0.66 406
    2018-04-01 $197,400 (16.2%) $219,405 (7.5%) 0.67 420
    2018-05-01 $199,225 (10.7%) $220,592 (2.4%) 0.67 436
    2018-06-01 $199,999 (6.7%) $226,780 (2.3%) 0.67 497
    2018-07-01 $216,400 (8.9%) $229,790 (2.4%) 0.72 538
    2018-08-01 $211,450 (19.2%) $223,929 (2.5%) 0.71 587
    2018-09-01 $199,450 (10.9%) $223,200 (2.4%) 0.67 577
    2018-10-01 $197,000 (9.4%) $221,064 (0.9%) 0.67 533
    2018-11-01 $203,063 (14.7%) $222,793 (4.1%) 0.69 497
    2018-12-01 $194,900 (19.6%) $221,852 (5.7%) 0.67 460
    2019-01-01 $187,450 (10.8%) $222,207 (5.3%) 0.65 444
    2019-02-01 $196,925 (14.4%) $226,595 (7.1%) 0.67 432
    2019-03-01 $203,614 (8.9%) $228,108 (4.7%) 0.67 417
    2019-04-01 $209,900 (6.3%) $228,921 (4.3%) 0.67 414
    2019-05-01 $199,900 (0.3%) $232,337 (5.3%) 0.62 421
    2019-06-01 $203,900 (2.0%) $233,873 (3.1%) 0.64 458
    2019-07-01 $210,195 (-2.9%) $238,457 (3.8%) 0.66 493
    2019-08-01 $207,173 (-2.0%) $235,591 (5.2%) 0.66 497
    2019-09-01 $203,082 (1.8%) $234,180 (4.9%) 0.65 493
    2019-10-01 $202,855 (3.0%) $235,095 (6.4%) 0.65 491
    2019-11-01 $201,490 (-0.8%) $233,127 (4.6%) 0.66 501
    2019-12-01 $199,900 (2.6%) $226,863 (2.3%) 0.67 452
    2020-01-01 $199,900 (6.6%) $227,342 (2.3%) 0.67 388
    2020-02-01 $209,950 (6.6%) $235,558 (4.0%) 0.69 342
    2020-03-01 $209,950 (3.1%) $240,615 (5.5%) 0.66 294
    2020-04-01 $204,900 (-2.4%) $225,136 (-1.7%) 0.64 265
    2020-05-01 $199,000 (-0.5%) $228,038 (-1.9%) 0.60 281
    2020-06-01 $221,950 (8.9%) $237,540 (1.6%) 0.65 264
    2020-07-01 $227,400 (8.2%) $244,771 (2.7%) 0.66 241
    2020-08-01 $239,900 (15.8%) $254,669 (8.1%) 0.69 247
    2020-09-01 $238,950 (17.7%) $255,979 (9.3%) 0.68 221
    2020-10-01 $229,900 (13.3%) $251,786 (7.1%) 0.66 223
    2020-11-01 $240,088 (19.2%) $260,915 (11.9%) 0.70 212
    2020-12-01 $229,900 (15.0%) $261,655 (15.3%) 0.68 204
    2021-01-01 $230,000 (15.1%) $261,679 (15.1%) 0.69 173
    2021-02-01 $248,008 (18.1%) $269,668 (14.5%) 0.72 156
    2021-03-01 $239,975 (14.3%) $270,163 (12.3%) 0.68 142
    2021-04-01 $260,630 (27.2%) $289,398 (28.5%) 0.71 152
    2021-05-01 $256,905 (29.1%) $278,481 (22.1%) 0.68 150
    2021-06-01 $256,175 (15.4%) $280,627 (18.1%) 0.67 190
    2021-07-01 $245,000 (7.7%) $281,278 (14.9%) 0.65 205
    2021-08-01 $248,050 (3.4%) $281,802 (10.7%) 0.66 243
    2021-09-01 $246,200 (3.0%) $282,759 (10.5%) 0.66 235
    2021-10-01 $239,900 (4.4%) $281,833 (11.9%) 0.64 210
    2021-11-01 $239,925 (-0.1%) $282,363 (8.2%) 0.64 198
    2021-12-01 $234,900 (2.2%) $287,897 (10.0%) 0.64 176
    2022-01-01 $234,900 (2.1%) $289,639 (10.7%) 0.64 164
    2022-02-01 $251,500 (1.4%) $298,795 (10.8%) 0.65 141
    2022-03-01 $250,750 (4.5%) $300,272 (11.1%) 0.63 121
    2022-04-01 $254,000 (-2.5%) $303,202 (4.8%) 0.61 126
    2022-05-01 $259,925 (1.2%) $313,737 (12.7%) 0.59 153
    2022-06-01 $274,950 (7.3%) $319,707 (13.9%) 0.61 183
    2022-07-01 $275,000 (12.2%) $315,035 (12.0%) 0.62 227
    2022-08-01 $246,650 (-0.6%) $292,199 (3.7%) 0.57 251
    2022-09-01 $264,725 (7.5%) $300,343 (6.2%) 0.62 232
    2022-10-01 $259,200 (8.1%) $292,717 (3.9%) 0.61 224
    2022-11-01 $267,500 (11.5%) $298,588 (5.8%) 0.64 221
    2022-12-01 $279,850 (19.1%) $311,298 (8.1%) 0.69 197
    2023-01-01 $275,900 (17.5%) $306,128 (5.7%) 0.68 184
    2023-02-01 $265,000 (5.4%) $306,604 (2.6%) 0.64 169
    2023-03-01 $267,000 (6.5%) $299,210 (-0.4%) 0.63 139
    2023-04-01 $269,950 (6.3%) $305,585 (0.8%) 0.63 143
    2023-05-01 $279,300 (7.5%) $313,670 (0.0%) 0.63 162
    2023-06-01 $296,365 (7.8%) $326,439 (2.1%) 0.67 163
    2023-07-01 $295,000 (7.3%) $347,518 (10.3%) 0.67 168
    2023-08-01 $289,250 (17.3%) $339,244 (16.1%) 0.66 192
    2023-09-01 $299,900 (13.3%) $349,063 (16.2%) 0.70 198
    2023-10-01 $275,000 (6.1%) $326,916 (11.7%) 0.65 200
    2023-11-01 $276,200 (3.3%) $322,622 (8.1%) 0.66 237
    2023-12-01 $275,000 (-1.7%) $326,898 (5.0%) 0.67 240
    2024-01-01 $267,775 (-2.9%) $317,879 (3.8%) 0.65 221
    2024-02-01 $274,500 (3.6%) $329,951 (7.6%) 0.66 201
    2024-03-01 $279,400 (4.6%) $336,768 (12.6%) 0.66 167
    Monroe's median listing price for 2024-03-01 was $279,400, a difference of $12,400 (4.6%) versus the prior year and $4,900 versus the prior month.

    Monroe's median listing price comes in at 66% of the national average.

    Monroe's average listing price for 2024-03-01 was $336,768, a difference of $37,558 (12.6%) versus the prior year and $6,817 versus the prior month.

    For the 2024-03-01 period, Monroe had 167 MLS listings, a difference of -34 listings (-17%) versus the prior month and 28 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Monroe (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 1,644 sqft
    2018-02-01 84 days 1,622 sqft
    2018-03-01 72 days 1,641 sqft
    2018-04-01 50 days 1,684 sqft
    2018-05-01 47 days 1,699 sqft
    2018-06-01 44 days 1,726 sqft
    2018-07-01 45 days 1,759 sqft
    2018-08-01 45 days 1,734 sqft
    2018-09-01 52 days 1,691 sqft
    2018-10-01 59 days 1,682 sqft
    2018-11-01 71 days 1,685 sqft
    2018-12-01 80 days 1,705 sqft
    2019-01-01 89 days 1,678 sqft
    2019-02-01 89 days 1,700 sqft
    2019-03-01 69 days 1,716 sqft
    2019-04-01 53 days 1,733 sqft
    2019-05-01 46 days 1,705 sqft
    2019-06-01 49 days 1,732 sqft
    2019-07-01 44 days 1,766 sqft
    2019-08-01 48 days 1,753 sqft
    2019-09-01 54 days 1,742 sqft
    2019-10-01 53 days 1,735 sqft
    2019-11-01 54 days 1,715 sqft
    2019-12-01 70 days 1,697 sqft
    2020-01-01 86 days 1,699 sqft
    2020-02-01 94 days 1,702 sqft
    2020-03-01 104 days 1,675 sqft
    2020-04-01 92 days 1,636 sqft
    2020-05-01 67 days 1,629 sqft
    2020-06-01 47 days 1,669 sqft
    2020-07-01 46 days 1,675 sqft
    2020-08-01 46 days 1,706 sqft
    2020-09-01 48 days 1,734 sqft
    2020-10-01 50 days 1,737 sqft
    2020-11-01 54 days 1,728 sqft
    2020-12-01 51 days 1,662 sqft
    2021-01-01 63 days 1,686 sqft
    2021-02-01 56 days 1,690 sqft
    2021-03-01 49 days 1,672 sqft
    2021-04-01 30 days 1,681 sqft
    2021-05-01 43 days 1,675 sqft
    2021-06-01 29 days 1,664 sqft
    2021-07-01 31 days 1,664 sqft
    2021-08-01 29 days 1,659 sqft
    2021-09-01 37 days 1,659 sqft
    2021-10-01 46 days 1,680 sqft
    2021-11-01 57 days 1,621 sqft
    2021-12-01 54 days 1,526 sqft
    2022-01-01 48 days 1,544 sqft
    2022-02-01 54 days 1,566 sqft
    2022-03-01 53 days 1,601 sqft
    2022-04-01 46 days 1,662 sqft
    2022-05-01 25 days 1,736 sqft
    2022-06-01 26 days 1,774 sqft
    2022-07-01 31 days 1,752 sqft
    2022-08-01 31 days 1,642 sqft
    2022-09-01 42 days 1,638 sqft
    2022-10-01 50 days 1,617 sqft
    2022-11-01 53 days 1,632 sqft
    2022-12-01 55 days 1,650 sqft
    2023-01-01 62 days 1,666 sqft
    2023-02-01 55 days 1,653 sqft
    2023-03-01 49 days 1,642 sqft
    2023-04-01 42 days 1,642 sqft
    2023-05-01 32 days 1,661 sqft
    2023-06-01 35 days 1,708 sqft
    2023-07-01 37 days 1,731 sqft
    2023-08-01 34 days 1,684 sqft
    2023-09-01 33 days 1,757 sqft
    2023-10-01 38 days 1,698 sqft
    2023-11-01 37 days 1,699 sqft
    2023-12-01 46 days 1,696 sqft
    2024-01-01 58 days 1,649 sqft
    2024-02-01 66 days 1,702 sqft
    2024-03-01 52 days 1,664 sqft
    Monroe's median listing age (time on market) for 2024-03-01 was 52 days. This is 7% longer than the same period one year ago.

    Monroe's median square footage for active listings during the 2024-03-01 period was 1,664 sqft. One year prior, the average listing was 1,642 sqft.