Rochester USDA Loans

ROCHESTER, MN

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.

Rochester's 30 lenders originated 88 USDA loans during 2021. The total origination value was $17,090,000, with an average USDA loan value of $194,205.

Rochester USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Rochester averaged 5.13% for the week of 2022-08-05, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-07-29) was 5.26% and one month ago for the week of 2022-07-01, the average rate was 5.29%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.34%.

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

Rochester USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rochester level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Barrington Bank & Trust Company, N.A. 12 3.05% $5,698
Bell Bank 11 2.65% $5,758
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.25% $6,149
Home Federal Savings Bank 6 2.68% $4,680
Bremer Bank 5 2.78% $5,707
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.22% $6,517
LOANDEPOT.COM, LLC 4 2.91% $6,518
CROSSCOUNTRY MORTGAGE, LLC 4 3.09% $6,214
HOME POINT FINANCIAL CORPORATION 3 2.79% $4,532
PENNYMAC LOAN SERVICES, LLC 3 2.88% $5,496
GUARANTEED RATE, INC. 2 3.00% $5,634
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.38% $5,784
BAY EQUITY LLC 2 3.19% $4,489
CALIBER HOME LOANS, INC. 2 2.44% $4,518
Citizens Bank 2 2.75% $11,765
Prosperity Home Mortgage, LLC 2 2.63% $6,047
WNB Financial, N.A. 1 3.50% $5,103
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $6,177
BROKER SOLUTIONS, INC. 1 2.99% $4,446
First Guaranty Mortgage Corporation 1 2.25% $6,842
Flagstar Bank, FSB 1 2.75% $5,089
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.88% $10,334
GUARANTY HOME MORTGAGE CORPORATION 1 3.25% $4,188
HANCOCK MORTGAGE PARTNERS, LLC 1 2.75% $6,855
Merchants Bank 1 2.65% $3,950
Plains Commerce Bank 1 2.50% $5,602
Summit Mortgage Corporation 1 2.75% $5,555
U.S. Bank 1 3.25% $3,852
Wells Fargo Bank 1 3.50% $2,544
American Bank of the North 1 2.75% $8,044

The top Rochester USDA lender as defined by loan originations is Barrington Bank & Trust Company, N.A., with 12 USDA loans originated. Their average total fees are $5,698, which is $60 lower than the next largest lender, Bell Bank.

The lowest fee Rochester USDA lenders (with over 10 loans originated) are Barrington Bank & Trust Company, N.A. ($5,698), Bell Bank ($5,758), .

The lowest rate Rochester USDA lenders (with over 10 loans originated) are Bell Bank (2.65%), Barrington Bank & Trust Company, N.A. (3.05%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rochester (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 $290,900 (21.3%) $324,233 (10.7%) 1.07 536
2018-02-01 $297,000 (22.5%) $335,839 (14.8%) 1.07 537
2018-03-01 $319,000 (27.7%) $354,569 (19.1%) 1.10 604
2018-04-01 $312,400 (15.8%) $357,137 (15.0%) 1.05 635
2018-05-01 $299,950 (10.1%) $353,792 (11.2%) 1.00 666
2018-06-01 $299,900 (10.8%) $352,139 (10.1%) 1.00 703
2018-07-01 $297,400 (10.6%) $346,485 (10.2%) 0.99 774
2018-08-01 $287,800 (4.7%) $335,946 (7.2%) 0.96 805
2018-09-01 $279,900 (7.7%) $329,923 (7.8%) 0.94 848
2018-10-01 $274,900 (2.8%) $320,000 (2.9%) 0.92 853
2018-11-01 $274,900 (0.8%) $323,646 (4.3%) 0.92 801
2018-12-01 $294,900 (5.7%) $337,496 (8.1%) 1.01 698
2019-01-01 $304,900 (4.8%) $352,369 (8.7%) 1.05 500
2019-02-01 $300,000 (1.0%) $353,878 (5.4%) 1.01 388
2019-03-01 $313,043 (-1.9%) $359,553 (1.4%) 1.02 516
2019-04-01 $319,900 (2.4%) $365,979 (2.5%) 1.01 670
2019-05-01 $319,400 (6.5%) $361,283 (2.1%) 0.98 708
2019-06-01 $309,900 (3.3%) $360,500 (2.4%) 0.95 741
2019-07-01 $309,900 (4.2%) $359,779 (3.8%) 0.96 755
2019-08-01 $305,614 (6.2%) $358,144 (6.6%) 0.96 750
2019-09-01 $300,614 (7.4%) $355,632 (7.8%) 0.95 764
2019-10-01 $299,900 (9.1%) $355,922 (11.2%) 0.96 779
2019-11-01 $296,900 (8.0%) $353,770 (9.3%) 0.96 736
2019-12-01 $308,450 (4.6%) $360,227 (6.7%) 1.03 609
2020-01-01 $304,250 (-0.2%) $355,672 (0.9%) 1.01 536
2020-02-01 $319,900 (6.6%) $371,785 (5.1%) 1.03 484
2020-03-01 $317,400 (1.4%) $374,138 (4.1%) 0.99 517
2020-04-01 $319,950 (0.0%) $370,113 (1.1%) 1.00 564
2020-05-01 $320,000 (0.2%) $378,054 (4.6%) 0.97 574
2020-06-01 $330,450 (6.6%) $390,277 (8.3%) 0.97 542
2020-07-01 $329,950 (6.5%) $400,648 (11.4%) 0.95 494
2020-08-01 $321,900 (5.3%) $395,191 (10.3%) 0.92 485
2020-09-01 $311,450 (3.6%) $391,333 (10.0%) 0.89 463
2020-10-01 $299,890 (0.0%) $377,657 (6.1%) 0.86 455
2020-11-01 $289,450 (-2.5%) $381,818 (7.9%) 0.83 392
2020-12-01 $294,950 (-4.4%) $392,482 (9.0%) 0.86 301
2021-01-01 $304,900 (0.2%) $404,847 (13.8%) 0.90 250
2021-02-01 $315,950 (-1.2%) $408,730 (9.9%) 0.91 244
2021-03-01 $334,450 (5.4%) $410,464 (9.7%) 0.94 260
2021-04-01 $334,850 (4.7%) $411,203 (11.1%) 0.90 235
2021-05-01 $344,900 (7.8%) $413,726 (9.4%) 0.91 228
2021-06-01 $339,450 (2.7%) $405,213 (3.8%) 0.88 255
2021-07-01 $335,000 (1.5%) $413,893 (3.3%) 0.87 319
2021-08-01 $322,500 (0.2%) $413,627 (4.7%) 0.85 368
2021-09-01 $329,500 (5.8%) $406,178 (3.8%) 0.87 402
2021-10-01 $339,900 (13.3%) $414,661 (9.8%) 0.89 421
2021-11-01 $349,450 (20.7%) $424,310 (11.1%) 0.92 378
2021-12-01 $355,000 (20.4%) $433,199 (10.4%) 0.95 306
2022-01-01 $360,000 (18.1%) $432,748 (6.9%) 0.96 242
2022-02-01 $387,450 (22.6%) $475,697 (16.4%) 0.99 202
2022-03-01 $383,900 (14.8%) $470,886 (14.7%) 0.95 219
2022-04-01 $390,000 (16.5%) $463,427 (12.7%) 0.92 249
2022-05-01 $394,900 (14.5%) $475,578 (15.0%) 0.88 287
2022-06-01 $379,900 (11.9%) $468,383 (15.6%) 0.84 326
Rochester's median listing price for 2022-06-01 was $379,900, a difference of $40,450 (11.9%) versus the prior year and $-15,000 versus the prior month.

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

Rochester's average listing price for 2022-06-01 was $468,383, a difference of $63,170 (15.6%) versus the prior year and $-7,195 versus the prior month.

For the 2022-06-01 period, Rochester had 326 MLS listings, a difference of 39 listings (14%) versus the prior month and 71 listings (28%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rochester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 2,544 sqft
2018-02-01 96 days 2,567 sqft
2018-03-01 56 days 2,738 sqft
2018-04-01 47 days 2,748 sqft
2018-05-01 50 days 2,659 sqft
2018-06-01 50 days 2,695 sqft
2018-07-01 53 days 2,709 sqft
2018-08-01 59 days 2,602 sqft
2018-09-01 59 days 2,578 sqft
2018-10-01 64 days 2,458 sqft
2018-11-01 69 days 2,481 sqft
2018-12-01 78 days 2,352 sqft
2019-01-01 101 days 2,087 sqft
2019-02-01 70 days 2,093 sqft
2019-03-01 64 days 2,167 sqft
2019-04-01 54 days 2,231 sqft
2019-05-01 53 days 2,235 sqft
2019-06-01 57 days 2,246 sqft
2019-07-01 58 days 2,256 sqft
2019-08-01 53 days 2,259 sqft
2019-09-01 56 days 2,220 sqft
2019-10-01 57 days 2,226 sqft
2019-11-01 67 days 2,192 sqft
2019-12-01 79 days 2,199 sqft
2020-01-01 93 days 2,130 sqft
2020-02-01 97 days 2,206 sqft
2020-03-01 52 days 2,190 sqft
2020-04-01 46 days 2,194 sqft
2020-05-01 53 days 2,235 sqft
2020-06-01 57 days 2,269 sqft
2020-07-01 56 days 2,320 sqft
2020-08-01 50 days 2,212 sqft
2020-09-01 49 days 2,180 sqft
2020-10-01 47 days 2,117 sqft
2020-11-01 55 days 2,050 sqft
2020-12-01 60 days 2,088 sqft
2021-01-01 69 days 1,989 sqft
2021-02-01 62 days 2,018 sqft
2021-03-01 40 days 2,106 sqft
2021-04-01 36 days 2,036 sqft
2021-05-01 40 days 2,096 sqft
2021-06-01 38 days 2,113 sqft
2021-07-01 36 days 2,082 sqft
2021-08-01 36 days 2,098 sqft
2021-09-01 42 days 2,072 sqft
2021-10-01 43 days 2,139 sqft
2021-11-01 46 days 2,075 sqft
2021-12-01 58 days 2,068 sqft
2022-01-01 66 days 2,162 sqft
2022-02-01 47 days 2,616 sqft
2022-03-01 37 days 2,577 sqft
2022-04-01 31 days 2,614 sqft
2022-05-01 36 days 2,349 sqft
2022-06-01 37 days 2,201 sqft
Rochester's median listing age (time on market) for 2022-06-01 was 37 days. This is -3% shorter than the same period one year ago.

Rochester's median square footage for active listings during the 2022-06-01 period was 2,201 sqft. One year prior, the average listing was 2,113 sqft.