Muskegon USDA Loan Rates, Closing Costs & Stats

MUSKEGON, 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.

    Muskegon's 5 lenders originated 6 USDA loans during 2023. The total origination value was $1,340,000, with an average USDA loan value of $223,333.

    Muskegon USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Muskegon averaged 7.1% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Muskegon's average USDA mortgage closing costs are $4,575.

    The average rate for the prior week (2024-04-12) was 6.95% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.08%.

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

    Muskegon 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 Muskegon level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 2 6.47% $7,054
    LAKE MICHIGAN CREDIT UNION 1 6.00% $5,697
    LEADERONE FINANCIAL CORPORATION 1 6.49% $5,366
    MORTGAGE 1 INCORPORATED 1 7.63% $7,682
    UNION HOME MORTGAGE CORP. 1 6.88% $11,293

    The top Muskegon USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 2 USDA loans originated. Their average total fees are $7,054, which is $1,358 higher than the next largest lender, LAKE MICHIGAN CREDIT UNION.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Muskegon (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 $149,900 (11.1%) $240,646 (-2.8%) 0.56 439
    2018-02-01 $164,900 (22.2%) $256,099 (1.5%) 0.60 395
    2018-03-01 $179,900 (21.0%) $272,687 (4.6%) 0.63 360
    2018-04-01 $172,175 (14.9%) $271,315 (7.1%) 0.58 374
    2018-05-01 $183,675 (18.2%) $270,623 (11.9%) 0.61 395
    2018-06-01 $179,900 (14.6%) $267,568 (12.3%) 0.60 438
    2018-07-01 $164,900 (6.5%) $251,741 (5.1%) 0.55 494
    2018-08-01 $161,900 (5.0%) $246,666 (5.0%) 0.54 531
    2018-09-01 $154,900 (3.3%) $241,272 (3.8%) 0.52 556
    2018-10-01 $162,600 (8.5%) $239,960 (-0.3%) 0.55 573
    2018-11-01 $157,700 (5.2%) $233,546 (-5.5%) 0.53 533
    2018-12-01 $160,000 (6.7%) $233,817 (-2.7%) 0.55 489
    2019-01-01 $161,950 (8.0%) $229,913 (-4.5%) 0.56 452
    2019-02-01 $172,200 (4.4%) $242,884 (-5.2%) 0.58 412
    2019-03-01 $183,121 (1.8%) $248,999 (-8.7%) 0.60 387
    2019-04-01 $191,975 (11.5%) $251,005 (-7.5%) 0.61 366
    2019-05-01 $209,925 (14.3%) $259,867 (-4.0%) 0.66 350
    2019-06-01 $219,900 (22.2%) $317,974 (18.8%) 0.69 369
    2019-07-01 $211,425 (28.2%) $302,124 (20.0%) 0.66 410
    2019-08-01 $194,445 (20.1%) $278,339 (12.8%) 0.62 466
    2019-09-01 $186,264 (20.3%) $262,067 (8.6%) 0.60 513
    2019-10-01 $179,900 (10.6%) $250,534 (4.4%) 0.58 545
    2019-11-01 $174,900 (10.9%) $250,063 (7.1%) 0.57 519
    2019-12-01 $163,675 (2.3%) $251,438 (7.5%) 0.55 477
    2020-01-01 $169,675 (4.8%) $261,550 (13.8%) 0.57 413
    2020-02-01 $174,900 (1.6%) $266,556 (9.8%) 0.57 412
    2020-03-01 $186,400 (1.8%) $279,193 (12.1%) 0.58 406
    2020-04-01 $207,400 (8.0%) $287,990 (14.7%) 0.65 360
    2020-05-01 $215,000 (2.4%) $305,819 (17.7%) 0.65 358
    2020-06-01 $243,900 (10.9%) $338,076 (6.3%) 0.72 307
    2020-07-01 $244,500 (15.6%) $344,794 (14.1%) 0.71 307
    2020-08-01 $239,900 (23.4%) $362,562 (30.3%) 0.69 298
    2020-09-01 $234,900 (26.1%) $337,954 (29.0%) 0.67 281
    2020-10-01 $209,950 (16.7%) $306,432 (22.3%) 0.60 302
    2020-11-01 $192,450 (10.0%) $290,705 (16.3%) 0.56 275
    2020-12-01 $188,650 (15.3%) $261,977 (4.2%) 0.56 218
    2021-01-01 $184,900 (9.0%) $267,870 (2.4%) 0.55 178
    2021-02-01 $200,000 (14.4%) $278,278 (4.4%) 0.58 130
    2021-03-01 $193,650 (3.9%) $279,046 (-0.1%) 0.55 140
    2021-04-01 $196,900 (-5.1%) $300,294 (4.3%) 0.53 131
    2021-05-01 $200,000 (-7.0%) $285,791 (-6.6%) 0.53 152
    2021-06-01 $211,175 (-13.4%) $285,301 (-15.6%) 0.56 183
    2021-07-01 $210,000 (-14.1%) $273,145 (-20.8%) 0.55 220
    2021-08-01 $199,900 (-16.7%) $282,396 (-22.1%) 0.53 234
    2021-09-01 $194,950 (-17.0%) $289,945 (-14.2%) 0.52 247
    2021-10-01 $204,950 (-2.4%) $294,946 (-3.8%) 0.55 232
    2021-11-01 $189,675 (-1.4%) $283,227 (-2.6%) 0.51 212
    2021-12-01 $191,825 (1.7%) $285,431 (9.0%) 0.52 177
    2022-01-01 $199,450 (7.9%) $319,953 (19.4%) 0.54 122
    2022-02-01 $219,400 (9.7%) $324,331 (16.6%) 0.57 119
    2022-03-01 $201,200 (3.9%) $321,952 (15.4%) 0.50 141
    2022-04-01 $204,900 (4.1%) $310,214 (3.3%) 0.49 137
    2022-05-01 $214,900 (7.5%) $311,658 (9.1%) 0.49 192
    2022-06-01 $233,850 (10.7%) $308,988 (8.3%) 0.52 219
    2022-07-01 $239,900 (14.2%) $304,472 (11.5%) 0.54 269
    2022-08-01 $247,450 (23.8%) $311,849 (10.4%) 0.57 301
    2022-09-01 $238,900 (22.5%) $305,692 (5.4%) 0.56 275
    2022-10-01 $229,700 (12.1%) $300,907 (2.0%) 0.54 305
    2022-11-01 $219,950 (16.0%) $297,048 (4.9%) 0.53 299
    2022-12-01 $199,900 (4.2%) $264,299 (-7.4%) 0.49 279
    2023-01-01 $192,450 (-3.5%) $262,692 (-17.9%) 0.48 237
    2023-02-01 $196,000 (-10.7%) $266,914 (-17.7%) 0.47 201
    2023-03-01 $218,675 (8.7%) $277,251 (-13.9%) 0.52 166
    2023-04-01 $220,000 (7.4%) $298,155 (-3.9%) 0.51 161
    2023-05-01 $235,475 (9.6%) $311,686 (0.0%) 0.53 167
    2023-06-01 $277,400 (18.6%) $333,474 (7.9%) 0.62 213
    2023-07-01 $309,995 (29.2%) $375,052 (23.2%) 0.70 263
    2023-08-01 $287,400 (16.1%) $365,056 (17.1%) 0.66 304
    2023-09-01 $299,900 (25.5%) $381,193 (24.7%) 0.70 345
    2023-10-01 $279,950 (21.9%) $370,405 (23.1%) 0.66 382
    2023-11-01 $269,925 (22.7%) $345,262 (16.2%) 0.64 378
    2023-12-01 $259,900 (30.0%) $342,422 (29.6%) 0.63 355
    2024-01-01 $254,900 (32.5%) $346,292 (31.8%) 0.62 344
    2024-02-01 $249,900 (27.5%) $337,228 (26.3%) 0.60 328
    2024-03-01 $301,500 (37.9%) $380,623 (37.3%) 0.71 281
    Muskegon's median listing price for 2024-03-01 was $301,500, a difference of $82,825 (37.9%) versus the prior year and $51,600 versus the prior month.

    Muskegon's median listing price comes in at 71% of the national average.

    Muskegon's average listing price for 2024-03-01 was $380,623, a difference of $103,372 (37.3%) versus the prior year and $43,395 versus the prior month.

    For the 2024-03-01 period, Muskegon had 281 MLS listings, a difference of -47 listings (-14%) versus the prior month and 115 listings (69%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Muskegon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 75 days 1,613 sqft
    2018-02-01 67 days 1,639 sqft
    2018-03-01 54 days 1,698 sqft
    2018-04-01 45 days 1,660 sqft
    2018-05-01 45 days 1,680 sqft
    2018-06-01 36 days 1,710 sqft
    2018-07-01 41 days 1,652 sqft
    2018-08-01 39 days 1,648 sqft
    2018-09-01 47 days 1,641 sqft
    2018-10-01 50 days 1,647 sqft
    2018-11-01 49 days 1,612 sqft
    2018-12-01 60 days 1,574 sqft
    2019-01-01 69 days 1,565 sqft
    2019-02-01 70 days 1,607 sqft
    2019-03-01 63 days 1,649 sqft
    2019-04-01 52 days 1,677 sqft
    2019-05-01 46 days 1,800 sqft
    2019-06-01 32 days 1,830 sqft
    2019-07-01 36 days 1,820 sqft
    2019-08-01 36 days 1,774 sqft
    2019-09-01 38 days 1,736 sqft
    2019-10-01 41 days 1,720 sqft
    2019-11-01 54 days 1,661 sqft
    2019-12-01 66 days 1,593 sqft
    2020-01-01 71 days 1,607 sqft
    2020-02-01 65 days 1,539 sqft
    2020-03-01 48 days 1,550 sqft
    2020-04-01 61 days 1,566 sqft
    2020-05-01 71 days 1,652 sqft
    2020-06-01 58 days 1,652 sqft
    2020-07-01 44 days 1,663 sqft
    2020-08-01 44 days 1,621 sqft
    2020-09-01 48 days 1,557 sqft
    2020-10-01 46 days 1,521 sqft
    2020-11-01 45 days 1,511 sqft
    2020-12-01 57 days 1,456 sqft
    2021-01-01 52 days 1,434 sqft
    2021-02-01 38 days 1,379 sqft
    2021-03-01 34 days 1,396 sqft
    2021-04-01 34 days 1,423 sqft
    2021-05-01 31 days 1,480 sqft
    2021-06-01 28 days 1,510 sqft
    2021-07-01 29 days 1,510 sqft
    2021-08-01 29 days 1,535 sqft
    2021-09-01 35 days 1,521 sqft
    2021-10-01 38 days 1,522 sqft
    2021-11-01 46 days 1,449 sqft
    2021-12-01 50 days 1,426 sqft
    2022-01-01 53 days 1,421 sqft
    2022-02-01 44 days 1,448 sqft
    2022-03-01 30 days 1,454 sqft
    2022-04-01 29 days 1,476 sqft
    2022-05-01 26 days 1,462 sqft
    2022-06-01 30 days 1,562 sqft
    2022-07-01 32 days 1,560 sqft
    2022-08-01 36 days 1,565 sqft
    2022-09-01 42 days 1,565 sqft
    2022-10-01 39 days 1,565 sqft
    2022-11-01 44 days 1,533 sqft
    2022-12-01 45 days 1,502 sqft
    2023-01-01 57 days 1,430 sqft
    2023-02-01 55 days 1,429 sqft
    2023-03-01 39 days 1,479 sqft
    2023-04-01 36 days 1,563 sqft
    2023-05-01 32 days 1,496 sqft
    2023-06-01 29 days 1,521 sqft
    2023-07-01 31 days 1,525 sqft
    2023-08-01 38 days 1,534 sqft
    2023-09-01 44 days 1,560 sqft
    2023-10-01 43 days 1,547 sqft
    2023-11-01 53 days 1,499 sqft
    2023-12-01 58 days 1,484 sqft
    2024-01-01 67 days 1,484 sqft
    2024-02-01 70 days 1,484 sqft
    2024-03-01 59 days 1,484 sqft
    Muskegon's median listing age (time on market) for 2024-03-01 was 59 days. This is 53% longer than the same period one year ago.

    Muskegon's median square footage for active listings during the 2024-03-01 period was 1,484 sqft. One year prior, the average listing was 1,479 sqft.