Niles USDA Loan Rates, Closing Costs & Stats

NILES, 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.

    Niles's 17 lenders originated 34 USDA loans during 2022. The total origination value was $5,560,000, with an average USDA loan value of $163,529.

    Niles USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Niles averaged 6.24% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

    Niles's average USDA mortgage closing costs are $5,183.

    The average rate for the prior week (2023-05-19) was 6.28% and one month ago for the week of 2023-04-21, the average rate was 5.99%.

    The average rate one year ago was 5.21%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.47%.

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

    Niles 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 Niles level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    AMERIFIRST FINANCIAL CORPORATION 12 5.56% $7,294
    RUOFF MORTGAGE COMPANY, INC. 3 5.54% $2,297
    OAK MORTGAGE, LLC 3 4.00% $4,471
    GUARANTEED RATE, INC. 2 4.63% $5,626
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.38% $3,475
    Flagstar Bank, FSB 1 4.07% $4,786
    HOME POINT FINANCIAL CORPORATION 1 5.88% $8,049
    LOANDEPOT.COM, LLC 1 5.75% $8,174
    Prosperity Home Mortgage, LLC 1 5.63% $5,629
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $8,323
    TOP FLITE FINANCIAL, INC. 1 3.63% $11,709
    UNITED 1 5.25% $6,653
    VAN DYK MORTGAGE CORPORATION 1 3.25% $6,284
    CARDINAL FINANCIAL 1 5.25% $5,998
    Circle Federal Credit Union 1 5.00% $4,086
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.75% $7,015
    Fifth Third Bank 1 2.88% $8,768

    The top Niles USDA lender as defined by loan originations is AMERIFIRST FINANCIAL CORPORATION, with 12 USDA loans originated. Their average total fees are $7,294, which is $4,997 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

    The lowest fee Niles USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION ($7,294), .

    The lowest rate Niles USDA lenders (with over 10 loans originated) are AMERIFIRST FINANCIAL CORPORATION (5.56%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Niles (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 $267,000 (-16.3%) $466,576 (-11.3%) 0.99 688
    2018-02-01 $289,511 (-10.9%) $494,835 (-6.3%) 1.05 643
    2018-03-01 $299,000 (-15.0%) $502,497 (-7.6%) 1.05 644
    2018-04-01 $324,450 (-7.0%) $515,886 (-3.3%) 1.10 693
    2018-05-01 $326,000 (-0.4%) $514,292 (1.1%) 1.09 776
    2018-06-01 $329,900 (5.4%) $514,845 (6.7%) 1.10 847
    2018-07-01 $324,000 (8.4%) $499,901 (4.2%) 1.08 925
    2018-08-01 $310,000 (7.3%) $482,881 (0.8%) 1.04 989
    2018-09-01 $299,900 (6.6%) $502,463 (3.8%) 1.01 992
    2018-10-01 $301,200 (6.6%) $487,417 (0.5%) 1.02 969
    2018-11-01 $298,450 (3.3%) $479,032 (-2.0%) 1.01 890
    2018-12-01 $299,000 (10.8%) $477,520 (-0.6%) 1.03 765
    2019-01-01 $298,350 (11.7%) $468,938 (0.5%) 1.03 645
    2019-02-01 $314,490 (8.6%) $495,673 (0.2%) 1.06 615
    2019-03-01 $349,000 (16.7%) $531,108 (2.3%) 1.16 625
    2019-04-01 $349,000 (7.6%) $522,815 (0.3%) 1.11 684
    2019-05-01 $346,950 (6.4%) $520,438 (1.2%) 1.08 739
    2019-06-01 $334,900 (1.5%) $510,413 (-0.9%) 1.05 829
    2019-07-01 $331,450 (2.3%) $519,445 (3.9%) 1.04 879
    2019-08-01 $337,000 (8.7%) $517,330 (5.3%) 1.06 907
    2019-09-01 $324,975 (8.4%) $510,027 (-1.4%) 1.03 902
    2019-10-01 $309,225 (2.7%) $483,732 (-0.5%) 1.00 915
    2019-11-01 $315,000 (5.6%) $481,930 (0.6%) 1.03 820
    2019-12-01 $299,900 (0.3%) $453,263 (-5.1%) 1.00 701
    2020-01-01 $294,925 (-1.2%) $442,728 (-5.6%) 0.99 614
    2020-02-01 $295,000 (-6.2%) $446,369 (-10.0%) 0.97 616
    2020-03-01 $327,000 (-6.3%) $470,157 (-8.5%) 1.03 603
    2020-04-01 $338,400 (-3.0%) $510,745 (-1.3%) 1.06 586
    2020-05-01 $339,000 (-2.3%) $501,727 (-3.6%) 1.03 639
    2020-06-01 $355,725 (6.2%) $531,435 (4.1%) 1.05 629
    2020-07-01 $356,850 (7.7%) $529,699 (2.0%) 1.03 593
    2020-08-01 $358,875 (6.5%) $540,235 (6.3%) 1.03 514
    2020-09-01 $340,700 (4.8%) $537,571 (8.5%) 0.98 468
    2020-10-01 $357,325 (15.6%) $594,778 (22.6%) 1.02 408
    2020-11-01 $349,950 (11.1%) $616,599 (27.9%) 1.02 377
    2020-12-01 $349,950 (16.7%) $623,907 (37.7%) 1.04 338
    2021-01-01 $341,950 (15.9%) $647,555 (46.3%) 1.02 280
    2021-02-01 $358,900 (21.7%) $734,365 (64.5%) 1.04 213
    2021-03-01 $352,450 (7.8%) $793,778 (68.8%) 1.00 217
    2021-04-01 $424,450 (25.4%) $820,705 (60.7%) 1.15 215
    2021-05-01 $406,950 (20.0%) $772,468 (54.0%) 1.08 234
    2021-06-01 $397,125 (11.6%) $762,335 (43.5%) 1.05 289
    2021-07-01 $350,000 (-1.9%) $672,401 (26.9%) 0.92 332
    2021-08-01 $348,500 (-2.9%) $642,395 (18.9%) 0.93 360
    2021-09-01 $340,875 (0.1%) $613,274 (14.1%) 0.91 364
    2021-10-01 $332,450 (-7.0%) $618,682 (4.0%) 0.89 311
    2021-11-01 $339,900 (-2.9%) $640,753 (3.9%) 0.91 288
    2021-12-01 $338,900 (-3.2%) $663,708 (6.4%) 0.92 226
    2022-01-01 $322,400 (-5.7%) $666,659 (3.0%) 0.87 198
    2022-02-01 $347,500 (-3.2%) $714,091 (-2.8%) 0.90 188
    2022-03-01 $382,000 (8.4%) $747,006 (-5.9%) 0.96 184
    2022-04-01 $399,000 (-6.0%) $772,145 (-5.9%) 0.95 198
    2022-05-01 $419,975 (3.2%) $775,776 (0.4%) 0.96 242
    2022-06-01 $399,225 (0.5%) $732,590 (-3.9%) 0.89 302
    2022-07-01 $395,000 (12.9%) $682,874 (1.6%) 0.89 367
    2022-08-01 $374,975 (7.6%) $668,882 (4.1%) 0.87 393
    2022-09-01 $362,719 (6.4%) $644,953 (5.2%) 0.85 403
    2022-10-01 $380,000 (14.3%) $675,027 (9.1%) 0.89 401
    2022-11-01 $357,475 (5.2%) $655,301 (2.3%) 0.86 384
    2022-12-01 $339,977 (0.3%) $648,901 (-2.2%) 0.84 339
    2023-01-01 $315,000 (-2.3%) $654,548 (-1.8%) 0.78 293
    2023-02-01 $339,425 (-2.3%) $648,371 (-9.2%) 0.82 271
    2023-03-01 $347,463 (-9.0%) $643,844 (-13.8%) 0.82 270
    2023-04-01 $360,000 (-9.8%) $679,138 (0.0%) 0.84 265
    Niles's median listing price for 2023-04-01 was $360,000, a difference of $-39,000 (-9.8%) versus the prior year and $12,537 versus the prior month.

    Niles's median listing price comes in at 84% of the national average.

    Niles's average listing price for 2023-04-01 was $679,138, a difference of $-93,007 (0.0%) versus the prior year and $35,294 versus the prior month.

    For the 2023-04-01 period, Niles had 265 MLS listings, a difference of -5 listings (-2%) versus the prior month and 67 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Niles (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 119 days 1,955 sqft
    2018-02-01 127 days 1,949 sqft
    2018-03-01 116 days 1,996 sqft
    2018-04-01 76 days 2,038 sqft
    2018-05-01 65 days 2,075 sqft
    2018-06-01 64 days 2,100 sqft
    2018-07-01 73 days 2,121 sqft
    2018-08-01 74 days 2,077 sqft
    2018-09-01 78 days 2,062 sqft
    2018-10-01 84 days 2,092 sqft
    2018-11-01 93 days 2,052 sqft
    2018-12-01 107 days 2,040 sqft
    2019-01-01 116 days 2,040 sqft
    2019-02-01 126 days 2,063 sqft
    2019-03-01 102 days 2,110 sqft
    2019-04-01 62 days 2,156 sqft
    2019-05-01 63 days 2,178 sqft
    2019-06-01 61 days 2,193 sqft
    2019-07-01 66 days 2,185 sqft
    2019-08-01 74 days 2,142 sqft
    2019-09-01 81 days 2,100 sqft
    2019-10-01 79 days 2,063 sqft
    2019-11-01 94 days 2,098 sqft
    2019-12-01 114 days 2,032 sqft
    2020-01-01 126 days 2,000 sqft
    2020-02-01 122 days 1,932 sqft
    2020-03-01 87 days 1,962 sqft
    2020-04-01 86 days 1,999 sqft
    2020-05-01 90 days 2,039 sqft
    2020-06-01 86 days 2,178 sqft
    2020-07-01 60 days 2,218 sqft
    2020-08-01 62 days 2,236 sqft
    2020-09-01 63 days 2,160 sqft
    2020-10-01 63 days 2,184 sqft
    2020-11-01 69 days 2,101 sqft
    2020-12-01 74 days 2,056 sqft
    2021-01-01 86 days 2,012 sqft
    2021-02-01 86 days 2,058 sqft
    2021-03-01 59 days 2,105 sqft
    2021-04-01 48 days 2,254 sqft
    2021-05-01 49 days 2,201 sqft
    2021-06-01 36 days 2,141 sqft
    2021-07-01 43 days 2,004 sqft
    2021-08-01 43 days 1,943 sqft
    2021-09-01 46 days 1,887 sqft
    2021-10-01 56 days 1,883 sqft
    2021-11-01 58 days 1,894 sqft
    2021-12-01 68 days 1,823 sqft
    2022-01-01 72 days 1,808 sqft
    2022-02-01 63 days 1,804 sqft
    2022-03-01 50 days 1,875 sqft
    2022-04-01 40 days 1,917 sqft
    2022-05-01 35 days 1,953 sqft
    2022-06-01 34 days 1,918 sqft
    2022-07-01 42 days 1,942 sqft
    2022-08-01 48 days 1,959 sqft
    2022-09-01 46 days 1,975 sqft
    2022-10-01 49 days 1,935 sqft
    2022-11-01 62 days 1,943 sqft
    2022-12-01 74 days 1,908 sqft
    2023-01-01 85 days 1,848 sqft
    2023-02-01 90 days 1,833 sqft
    2023-03-01 82 days 1,833 sqft
    2023-04-01 55 days 1,846 sqft
    Niles's median listing age (time on market) for 2023-04-01 was 55 days. This is 36% longer than the same period one year ago.

    Niles's median square footage for active listings during the 2023-04-01 period was 1,846 sqft. One year prior, the average listing was 1,917 sqft.