Rochester USDA Loan Rates, Closing Costs & Stats

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 19 lenders originated 36 USDA loans during 2022. The total origination value was $8,060,000, with an average USDA loan value of $223,889.

Rochester USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Rochester averaged 6.11% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Rochester's average USDA mortgage closing costs are $5,427.

The average rate for the prior week (2024-02-23) was 6.16% and one month ago for the week of 2024-01-26, the average rate was 6.32%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.72%.

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/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rochester level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Bell Bank 4 3.72% $8,384
Barrington Bank & Trust Company, N.A. 3 4.08% $5,871
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.25% $10,092
IOWA BANKERS MORTGAGE CORPORATION 2 4.19% $5,853
Prosperity Home Mortgage, LLC 2 4.12% $6,564
UNITED WHOLESALE MORTGAGE, LLC 2 4.25% $5,593
Merchants Bank 2 3.71% $5,319
GUARANTEED RATE, INC. 1 5.38% $8,836
Home Federal Savings Bank 1 5.25% $5,530
LOANDEPOT.COM, LLC 1 3.38% $9,159
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $9,290
TOWNE MORTGAGE COMPANY 1 5.63% $6,214
GUARANTEED RATE AFFINITY, LLC 1 5.25% $6,398
Associated Bank 1 6.75% $4,941
BAY EQUITY LLC 1 2.88% $6,342
Bremer Bank 1 5.13% $7,594
CARDINAL FINANCIAL 1 3.13% $5,746
CROSSCOUNTRY MORTGAGE, LLC 1 5.25% $6,237
AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.50% $9,447

The top Rochester USDA lender as defined by loan originations is Bell Bank, with 4 USDA loans originated. Their average total fees are $8,384, which is $2,513 higher than the next largest lender, Barrington Bank & Trust Company, N.A..

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

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


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 $294,353 (21.4%) $329,513 (12.6%) 1.09 496
2018-02-01 $299,200 (21.4%) $341,398 (16.2%) 1.09 490
2018-03-01 $319,900 (27.7%) $360,296 (19.8%) 1.12 552
2018-04-01 $314,900 (12.5%) $362,808 (15.2%) 1.07 584
2018-05-01 $304,475 (10.8%) $359,002 (11.9%) 1.02 606
2018-06-01 $299,900 (10.1%) $353,964 (10.1%) 1.00 642
2018-07-01 $295,725 (9.5%) $347,977 (9.6%) 0.99 722
2018-08-01 $283,200 (3.0%) $334,261 (6.2%) 0.95 739
2018-09-01 $279,900 (7.7%) $329,024 (7.5%) 0.94 783
2018-10-01 $274,950 (3.3%) $322,071 (3.2%) 0.93 782
2018-11-01 $274,900 (-0.8%) $324,692 (4.0%) 0.93 732
2018-12-01 $296,450 (5.9%) $341,416 (7.9%) 1.02 638
2019-01-01 $307,950 (4.6%) $353,599 (7.3%) 1.06 490
2019-02-01 $303,225 (1.4%) $355,534 (4.1%) 1.02 378
2019-03-01 $313,329 (-2.1%) $358,144 (-0.6%) 1.02 504
2019-04-01 $319,900 (1.6%) $365,430 (0.7%) 1.02 655
2019-05-01 $319,050 (4.8%) $360,446 (0.4%) 1.00 698
2019-06-01 $309,900 (3.3%) $359,396 (1.5%) 0.97 709
2019-07-01 $309,450 (4.6%) $359,467 (3.3%) 0.97 744
2019-08-01 $307,173 (8.5%) $357,955 (7.1%) 0.97 752
2019-09-01 $303,082 (8.3%) $354,861 (7.9%) 0.97 765
2019-10-01 $298,575 (8.6%) $351,141 (9.0%) 0.96 767
2019-11-01 $294,900 (7.3%) $348,701 (7.4%) 0.97 725
2019-12-01 $298,700 (0.8%) $355,828 (4.2%) 1.00 600
2020-01-01 $309,175 (0.4%) $356,717 (0.9%) 1.03 525
2020-02-01 $319,950 (5.5%) $373,241 (5.0%) 1.05 474
2020-03-01 $317,450 (1.3%) $374,902 (4.7%) 1.00 506
2020-04-01 $319,950 (0.0%) $370,116 (1.3%) 1.00 552
2020-05-01 $321,250 (0.7%) $378,297 (5.0%) 0.98 561
2020-06-01 $328,725 (6.1%) $389,683 (8.4%) 0.97 535
2020-07-01 $329,900 (6.6%) $399,982 (11.3%) 0.96 484
2020-08-01 $320,000 (4.2%) $394,674 (10.3%) 0.92 479
2020-09-01 $309,975 (2.3%) $388,845 (9.6%) 0.89 452
2020-10-01 $298,500 (0.0%) $377,285 (7.5%) 0.86 449
2020-11-01 $287,400 (-2.5%) $385,700 (10.6%) 0.84 362
2020-12-01 $292,450 (-2.1%) $391,383 (10.0%) 0.87 291
2021-01-01 $302,400 (-2.2%) $404,364 (13.4%) 0.90 242
2021-02-01 $316,400 (-1.1%) $409,997 (9.9%) 0.92 242
2021-03-01 $326,075 (2.7%) $410,702 (9.6%) 0.93 261
2021-04-01 $331,225 (3.5%) $411,401 (11.2%) 0.90 239
2021-05-01 $338,500 (5.4%) $416,322 (10.1%) 0.90 223
2021-06-01 $338,225 (2.9%) $410,133 (5.3%) 0.89 253
2021-07-01 $336,500 (2.0%) $419,891 (5.0%) 0.89 324
2021-08-01 $319,900 (0.0%) $417,635 (5.8%) 0.85 364
2021-09-01 $327,000 (5.5%) $410,142 (5.5%) 0.87 401
2021-10-01 $336,500 (12.7%) $414,957 (10.0%) 0.90 423
2021-11-01 $343,950 (19.7%) $426,060 (10.5%) 0.92 375
2021-12-01 $349,900 (19.6%) $439,082 (12.2%) 0.95 303
2022-01-01 $355,000 (17.4%) $441,460 (9.2%) 0.96 242
2022-02-01 $377,425 (19.3%) $473,697 (15.5%) 0.98 205
2022-03-01 $379,000 (16.2%) $472,213 (15.0%) 0.95 224
2022-04-01 $389,450 (17.6%) $465,474 (13.1%) 0.93 255
2022-05-01 $392,475 (16.0%) $479,428 (15.2%) 0.90 293
2022-06-01 $379,000 (12.1%) $468,993 (14.4%) 0.84 333
2022-07-01 $364,900 (8.4%) $454,662 (8.3%) 0.82 394
2022-08-01 $377,500 (18.0%) $463,334 (10.9%) 0.87 414
2022-09-01 $370,425 (13.3%) $464,510 (13.3%) 0.87 429
2022-10-01 $382,450 (13.7%) $459,325 (10.7%) 0.90 461
2022-11-01 $385,175 (12.0%) $454,603 (6.7%) 0.93 428
2022-12-01 $381,950 (9.2%) $451,332 (2.8%) 0.94 357
2023-01-01 $394,900 (11.2%) $458,736 (3.9%) 0.98 302
2023-02-01 $413,828 (9.7%) $488,214 (3.1%) 1.00 273
2023-03-01 $414,171 (9.3%) $498,326 (5.5%) 0.98 308
2023-04-01 $414,900 (6.5%) $500,582 (7.5%) 0.96 337
2023-05-01 $418,393 (6.6%) $513,104 (7.0%) 0.95 346
2023-06-01 $418,393 (10.4%) $510,184 (8.8%) 0.94 363
2023-07-01 $410,000 (12.4%) $501,082 (10.2%) 0.93 367
2023-08-01 $399,925 (5.9%) $486,722 (5.1%) 0.92 442
2023-09-01 $385,000 (3.9%) $465,387 (0.2%) 0.90 467
2023-10-01 $385,000 (0.7%) $461,984 (0.6%) 0.91 505
2023-11-01 $380,925 (-1.1%) $470,118 (3.4%) 0.91 489
2023-12-01 $379,900 (-0.5%) $474,629 (5.2%) 0.93 431
2024-01-01 $404,995 (2.6%) $519,130 (13.2%) 0.99 344
Rochester's median listing price for 2024-01-01 was $404,995, a difference of $10,095 (2.6%) versus the prior year and $25,095 versus the prior month.

Rochester's median listing price comes in at 99% of the national average.

Rochester's average listing price for 2024-01-01 was $519,130, a difference of $60,394 (13.2%) versus the prior year and $44,501 versus the prior month.

For the 2024-01-01 period, Rochester had 344 MLS listings, a difference of -87 listings (-20%) versus the prior month and 42 listings (14%) 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 88 days 2,567 sqft
2018-02-01 89 days 2,600 sqft
2018-03-01 48 days 2,800 sqft
2018-04-01 43 days 2,781 sqft
2018-05-01 47 days 2,721 sqft
2018-06-01 46 days 2,729 sqft
2018-07-01 49 days 2,727 sqft
2018-08-01 55 days 2,616 sqft
2018-09-01 57 days 2,596 sqft
2018-10-01 59 days 2,520 sqft
2018-11-01 66 days 2,524 sqft
2018-12-01 81 days 2,536 sqft
2019-01-01 93 days 2,094 sqft
2019-02-01 64 days 2,102 sqft
2019-03-01 49 days 2,151 sqft
2019-04-01 46 days 2,206 sqft
2019-05-01 47 days 2,210 sqft
2019-06-01 51 days 2,240 sqft
2019-07-01 50 days 2,250 sqft
2019-08-01 51 days 2,253 sqft
2019-09-01 55 days 2,224 sqft
2019-10-01 59 days 2,198 sqft
2019-11-01 71 days 2,163 sqft
2019-12-01 86 days 2,152 sqft
2020-01-01 86 days 2,127 sqft
2020-02-01 88 days 2,208 sqft
2020-03-01 44 days 2,167 sqft
2020-04-01 42 days 2,185 sqft
2020-05-01 50 days 2,234 sqft
2020-06-01 52 days 2,247 sqft
2020-07-01 51 days 2,310 sqft
2020-08-01 46 days 2,210 sqft
2020-09-01 47 days 2,166 sqft
2020-10-01 45 days 2,109 sqft
2020-11-01 53 days 2,045 sqft
2020-12-01 58 days 2,062 sqft
2021-01-01 63 days 1,978 sqft
2021-02-01 50 days 2,017 sqft
2021-03-01 32 days 2,091 sqft
2021-04-01 31 days 2,023 sqft
2021-05-01 36 days 2,096 sqft
2021-06-01 32 days 2,085 sqft
2021-07-01 36 days 2,090 sqft
2021-08-01 36 days 2,098 sqft
2021-09-01 42 days 2,087 sqft
2021-10-01 43 days 2,123 sqft
2021-11-01 45 days 2,073 sqft
2021-12-01 58 days 2,064 sqft
2022-01-01 65 days 2,198 sqft
2022-02-01 40 days 2,540 sqft
2022-03-01 31 days 2,513 sqft
2022-04-01 31 days 2,544 sqft
2022-05-01 33 days 2,330 sqft
2022-06-01 36 days 2,179 sqft
2022-07-01 37 days 2,138 sqft
2022-08-01 39 days 2,147 sqft
2022-09-01 46 days 2,120 sqft
2022-10-01 47 days 2,149 sqft
2022-11-01 59 days 2,136 sqft
2022-12-01 73 days 2,085 sqft
2023-01-01 84 days 2,097 sqft
2023-02-01 69 days 2,198 sqft
2023-03-01 47 days 2,229 sqft
2023-04-01 39 days 2,225 sqft
2023-05-01 39 days 2,343 sqft
2023-06-01 46 days 2,354 sqft
2023-07-01 47 days 2,334 sqft
2023-08-01 41 days 2,257 sqft
2023-09-01 42 days 2,149 sqft
2023-10-01 47 days 2,151 sqft
2023-11-01 57 days 2,158 sqft
2023-12-01 69 days 2,092 sqft
2024-01-01 77 days 2,149 sqft
Rochester's median listing age (time on market) for 2024-01-01 was 77 days. This is -7% shorter than the same period one year ago.

Rochester's median square footage for active listings during the 2024-01-01 period was 2,149 sqft. One year prior, the average listing was 2,097 sqft.