Monroe USDA Loan Rates, Closing Costs & Stats

MONROE, MI

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 6.82% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.65% and one month ago for the week of 2024-03-08, the average rate was 6.7%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.01%.

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.