Morgan City USDA Loan Rates, Closing Costs & Stats

Morgan City, LA

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.

Morgan City's 10 lenders originated 22 USDA loans during 2023. The total origination value was $2,850,000, with an average USDA loan value of $129,545.

Morgan City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Morgan City averaged 6.81% for the week of 2024-03-22, compared to the national average (all USDA variants) of 6.674% for the same period.

Morgan City's average USDA mortgage closing costs are $4,610.

The average rate for the prior week (2024-03-15) was 6.43% and one month ago for the week of 2024-02-16, the average rate was 6.51%.

The average rate one year ago was 6.21%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.47%.

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

Morgan City 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 Morgan City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 5 6.35% $7,472
Flagstar Bank, FSB 4 6.72% $6,765
First Horizon Bank 3 6.08% $4,853
GMFS LLC 3 6.91% $3,492
NEWREZ LLC 2 6.75% $4,451
MID AMERICA MORTGAGE, INC. 1 7.63% $4,547
FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $3,682
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.63% $3,447
PLAZA HOME MORTGAGE, INC. 1 7.25% $8,797
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $5,388

The top Morgan City USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 5 USDA loans originated. Their average total fees are $7,472, which is $707 higher than the next largest lender, Flagstar Bank, FSB.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Morgan City (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 $135,850 (5.5%) $209,469 (1.1%) 0.00 152
2018-02-01 $135,725 (4.7%) $210,850 (-0.7%) 0.00 148
2018-03-01 $142,000 (-0.3%) $210,979 (-4.5%) 0.00 150
2018-04-01 $143,000 (-4.4%) $210,249 (-6.7%) 0.00 164
2018-05-01 $140,450 (-7.6%) $210,658 (-10.9%) 0.00 159
2018-06-01 $139,700 (-6.9%) $203,397 (-7.6%) 0.00 169
2018-07-01 $148,225 (-0.1%) $206,270 (2.3%) 0.00 164
2018-08-01 $149,450 (5.5%) $205,367 (4.4%) 0.00 171
2018-09-01 $150,000 (1.7%) $204,549 (4.9%) 0.00 164
2018-10-01 $153,750 (12.6%) $209,148 (7.0%) 0.00 159
2018-11-01 $151,250 (7.3%) $204,377 (3.0%) 0.00 158
2018-12-01 $150,000 (11.1%) $203,537 (3.4%) 0.00 150
2019-01-01 $150,000 (10.4%) $199,035 (-5.0%) 0.00 152
2019-02-01 $157,175 (15.8%) $198,487 (-5.9%) 0.00 165
2019-03-01 $154,550 (8.8%) $199,692 (-5.4%) 0.00 165
2019-04-01 $150,000 (4.9%) $207,994 (-1.1%) 0.00 163
2019-05-01 $149,900 (6.7%) $207,946 (-1.3%) 0.00 160
2019-06-01 $142,450 (2.0%) $207,804 (2.2%) 0.00 165
2019-07-01 $145,250 (-2.0%) $211,326 (2.5%) 0.00 171
2019-08-01 $144,455 (-3.3%) $209,940 (2.2%) 0.00 165
2019-09-01 $143,636 (-4.2%) $206,222 (0.8%) 0.00 162
2019-10-01 $143,000 (-7.0%) $204,458 (-2.2%) 0.00 158
2019-11-01 $143,000 (-5.5%) $207,874 (1.7%) 0.00 152
2019-12-01 $140,650 (-6.2%) $208,555 (2.5%) 0.00 144
2020-01-01 $135,000 (-10.0%) $200,401 (0.7%) 0.00 150
2020-02-01 $135,000 (-14.1%) $199,553 (0.5%) 0.00 162
2020-03-01 $134,675 (-12.9%) $205,653 (3.0%) 0.00 166
2020-04-01 $135,000 (-10.0%) $209,598 (0.8%) 0.00 160
2020-05-01 $139,250 (-7.1%) $213,700 (2.8%) 0.00 154
2020-06-01 $139,950 (-1.8%) $212,049 (2.0%) 0.00 156
2020-07-01 $144,750 (-0.3%) $210,898 (-0.2%) 0.00 152
2020-08-01 $155,000 (7.3%) $221,035 (5.3%) 0.00 146
2020-09-01 $163,525 (13.9%) $223,655 (8.5%) 0.00 138
2020-10-01 $155,000 (8.4%) $204,172 (-0.1%) 0.00 134
2020-11-01 $149,675 (4.7%) $203,723 (-2.0%) 0.00 136
2020-12-01 $146,975 (4.5%) $227,215 (9.0%) 0.00 129
2021-01-01 $145,000 (7.4%) $229,119 (14.3%) 0.00 115
2021-02-01 $154,925 (14.8%) $236,588 (18.6%) 0.00 120
2021-03-01 $153,725 (14.2%) $253,189 (23.1%) 0.00 115
2021-04-01 $155,000 (14.8%) $262,181 (25.1%) 0.00 104
2021-05-01 $149,900 (7.7%) $249,687 (16.8%) 0.00 97
2021-06-01 $157,475 (12.5%) $256,272 (20.9%) 0.00 100
2021-07-01 $169,450 (17.1%) $250,940 (19.0%) 0.00 103
2021-08-01 $176,500 (13.9%) $274,215 (24.1%) 0.00 98
2021-09-01 $176,000 (7.6%) $257,351 (15.1%) 0.00 105
2021-10-01 $195,000 (25.8%) $287,635 (40.9%) 0.00 92
2021-11-01 $199,200 (33.1%) $288,551 (41.6%) 0.00 87
2021-12-01 $199,950 (36.0%) $268,456 (18.2%) 0.00 86
2022-01-01 $195,000 (34.5%) $263,790 (15.1%) 0.00 88
2022-02-01 $194,875 (25.8%) $284,063 (20.1%) 0.00 88
2022-03-01 $188,500 (22.6%) $278,695 (10.1%) 0.00 83
2022-04-01 $189,000 (21.9%) $266,312 (1.6%) 0.00 92
2022-05-01 $188,750 (25.9%) $272,309 (9.1%) 0.00 100
2022-06-01 $182,500 (15.9%) $284,020 (10.8%) 0.00 89
2022-07-01 $169,900 (0.3%) $280,883 (11.9%) 0.00 87
2022-08-01 $166,500 (-5.7%) $271,619 (-1.0%) 0.00 93
2022-09-01 $159,625 (-9.3%) $265,319 (3.1%) 0.00 101
2022-10-01 $163,500 (-16.2%) $249,548 (-13.2%) 0.00 103
2022-11-01 $160,000 (-19.7%) $244,611 (-15.2%) 0.00 102
2022-12-01 $160,000 (-20.0%) $241,658 (-10.0%) 0.00 99
2023-01-01 $160,000 (-18.0%) $244,219 (-7.4%) 0.00 90
2023-02-01 $170,000 (-12.8%) $257,398 (-9.4%) 0.00 91
2023-03-01 $168,500 (-10.6%) $248,246 (-10.9%) 0.00 93
2023-04-01 $172,000 (-9.0%) $250,269 (-6.0%) 0.00 93
2023-05-01 $169,974 (-10.0%) $250,655 (-8.0%) 0.00 101
2023-06-01 $172,125 (-5.7%) $250,056 (-12.0%) 0.00 100
2023-07-01 $185,000 (8.9%) $266,892 (-5.0%) 0.00 99
2023-08-01 $188,000 (12.9%) $262,823 (-3.2%) 0.00 103
2023-09-01 $206,500 (29.4%) $274,283 (3.4%) 0.00 100
2023-10-01 $206,250 (26.2%) $271,694 (8.9%) 0.00 95
2023-11-01 $187,750 (17.3%) $254,576 (4.1%) 0.00 103
2023-12-01 $187,500 (17.2%) $246,748 (2.1%) 0.00 98
2024-01-01 $186,000 (16.3%) $259,983 (6.5%) 0.00 90
2024-02-01 $191,725 (12.8%) $270,526 (5.1%) 0.00 87
Morgan City's median listing price for 2024-02-01 was $191,725, a difference of $21,725 (12.8%) versus the prior year and $5,725 versus the prior month.

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

Morgan City's average listing price for 2024-02-01 was $270,526, a difference of $13,128 (5.1%) versus the prior year and $10,543 versus the prior month.

For the 2024-02-01 period, Morgan City had 87 MLS listings, a difference of -3 listings (-3%) versus the prior month and -4 listings (-4%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Morgan City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,944 sqft
2018-02-01 0 days 1,919 sqft
2018-03-01 0 days 1,780 sqft
2018-04-01 0 days 1,780 sqft
2018-05-01 0 days 1,783 sqft
2018-06-01 0 days 1,810 sqft
2018-07-01 0 days 1,874 sqft
2018-08-01 0 days 1,862 sqft
2018-09-01 0 days 1,925 sqft
2018-10-01 0 days 1,973 sqft
2018-11-01 0 days 1,982 sqft
2018-12-01 0 days 2,025 sqft
2019-01-01 0 days 2,123 sqft
2019-02-01 0 days 2,011 sqft
2019-03-01 0 days 1,967 sqft
2019-04-01 0 days 1,955 sqft
2019-05-01 0 days 1,947 sqft
2019-06-01 0 days 1,940 sqft
2019-07-01 0 days 1,943 sqft
2019-08-01 0 days 1,952 sqft
2019-09-01 0 days 1,962 sqft
2019-10-01 0 days 1,972 sqft
2019-11-01 0 days 1,960 sqft
2019-12-01 0 days 1,978 sqft
2020-01-01 0 days 1,969 sqft
2020-02-01 0 days 1,991 sqft
2020-03-01 0 days 1,980 sqft
2020-04-01 0 days 2,004 sqft
2020-05-01 0 days 2,107 sqft
2020-06-01 0 days 2,098 sqft
2020-07-01 0 days 2,073 sqft
2020-08-01 0 days 2,088 sqft
2020-09-01 0 days 2,049 sqft
2020-10-01 0 days 2,024 sqft
2020-11-01 0 days 2,041 sqft
2020-12-01 0 days 2,027 sqft
2021-01-01 0 days 2,024 sqft
2021-02-01 0 days 2,041 sqft
2021-03-01 0 days 1,996 sqft
2021-04-01 0 days 2,021 sqft
2021-05-01 0 days 1,889 sqft
2021-06-01 0 days 1,841 sqft
2021-07-01 0 days 1,914 sqft
2021-08-01 0 days 1,926 sqft
2021-09-01 0 days 1,962 sqft
2021-10-01 0 days 2,023 sqft
2021-11-01 0 days 2,030 sqft
2021-12-01 0 days 1,984 sqft
2022-01-01 0 days 1,857 sqft
2022-02-01 0 days 1,992 sqft
2022-03-01 0 days 2,041 sqft
2022-04-01 0 days 1,949 sqft
2022-05-01 0 days 2,050 sqft
2022-06-01 0 days 2,133 sqft
2022-07-01 0 days 1,993 sqft
2022-08-01 0 days 1,794 sqft
2022-09-01 0 days 1,898 sqft
2022-10-01 0 days 1,968 sqft
2022-11-01 0 days 1,984 sqft
2022-12-01 0 days 1,982 sqft
2023-01-01 0 days 1,682 sqft
2023-02-01 0 days 1,676 sqft
2023-03-01 0 days 1,676 sqft
2023-04-01 0 days 1,700 sqft
2023-05-01 0 days 1,678 sqft
2023-06-01 0 days 1,697 sqft
2023-07-01 0 days 1,842 sqft
2023-08-01 0 days 1,986 sqft
2023-09-01 0 days 2,077 sqft
2023-10-01 0 days 2,096 sqft
2023-11-01 0 days 2,001 sqft
2023-12-01 0 days 1,997 sqft
2024-01-01 0 days 2,040 sqft
2024-02-01 0 days 1,951 sqft
Morgan City's median listing age (time on market) for 2024-02-01 was 0 days.

Morgan City's median square footage for active listings during the 2024-02-01 period was 1,951 sqft. One year prior, the average listing was 1,676 sqft.