South Bend USDA Loan Rates, Closing Costs & Stats

SOUTH BEND-MISHAWAKA, IN-MI

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.

South Bend's 14 lenders originated 24 USDA loans during 2023. The total origination value was $3,700,000, with an average USDA loan value of $154,167.

South Bend USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in South Bend averaged 6.85% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

South Bend's average USDA mortgage closing costs are $4,245.

The average rate for the prior week (2024-04-05) was 7.08% and one month ago for the week of 2024-03-08, the average rate was 6.74%.

The average rate one year ago was 6.55%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.51%.

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

South Bend 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 South Bend level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNION HOME MORTGAGE CORP. 5 7.10% $6,984
RUOFF MORTGAGE COMPANY, INC. 5 6.73% $2,390
HALLMARK HOME MORTGAGE, LLC 2 7.00% $9,146
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $5,531
GVC MORTGAGE, INC. 1 6.25% $5,802
Honor Credit Union 1 7.88% $4,311
Horizon Bank 1 6.38% $3,669
Neighborhood Loans, Inc. 1 6.49% $9,117
Paramount Residential Mortgage Group, Inc. 1 6.63% $4,353
UNITED WHOLESALE MORTGAGE, LLC 1 7.13% $5,146
Bank of England 1 6.63% $10,241
VAN DYK MORTGAGE CORPORATION 1 6.00% $3,927
CHURCHILL MORTGAGE CORPORATION 1 7.63% $2,400
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,283

The top South Bend USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 5 USDA loans originated. Their average total fees are $6,984, which is $4,594 higher than the next largest lender, RUOFF MORTGAGE COMPANY, INC..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - South Bend (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 $129,900 (23.7%) $215,859 (11.0%) 0.48 963
2018-02-01 $135,000 (23.1%) $226,398 (11.9%) 0.49 885
2018-03-01 $139,500 (16.4%) $237,065 (7.7%) 0.49 827
2018-04-01 $159,900 (23.0%) $254,892 (7.2%) 0.54 810
2018-05-01 $169,900 (13.3%) $261,294 (6.4%) 0.57 855
2018-06-01 $170,000 (9.8%) $263,841 (8.2%) 0.57 936
2018-07-01 $175,725 (17.2%) $259,678 (10.3%) 0.59 1,027
2018-08-01 $174,700 (17.3%) $249,956 (8.4%) 0.59 1,084
2018-09-01 $169,000 (16.6%) $241,650 (5.2%) 0.57 1,119
2018-10-01 $165,000 (13.9%) $242,330 (4.8%) 0.56 1,104
2018-11-01 $159,900 (12.3%) $240,862 (6.4%) 0.54 993
2018-12-01 $151,450 (16.5%) $234,010 (7.9%) 0.52 937
2019-01-01 $154,900 (19.3%) $232,935 (7.9%) 0.54 830
2019-02-01 $162,400 (20.3%) $236,581 (4.5%) 0.55 798
2019-03-01 $184,757 (32.4%) $251,858 (6.2%) 0.60 764
2019-04-01 $209,900 (31.3%) $272,879 (7.1%) 0.67 743
2019-05-01 $223,450 (31.5%) $281,613 (7.8%) 0.70 771
2019-06-01 $220,000 (29.4%) $281,451 (6.7%) 0.69 872
2019-07-01 $218,950 (24.6%) $284,780 (9.7%) 0.69 927
2019-08-01 $206,791 (18.4%) $276,066 (10.5%) 0.65 995
2019-09-01 $194,477 (15.1%) $266,919 (10.5%) 0.62 1,014
2019-10-01 $184,900 (12.1%) $261,314 (7.8%) 0.60 1,018
2019-11-01 $179,900 (12.5%) $262,210 (8.9%) 0.59 921
2019-12-01 $174,900 (15.5%) $258,861 (10.6%) 0.58 849
2020-01-01 $177,450 (14.6%) $257,988 (10.8%) 0.59 744
2020-02-01 $202,450 (24.7%) $271,753 (14.9%) 0.66 667
2020-03-01 $224,800 (21.7%) $289,262 (14.9%) 0.70 663
2020-04-01 $222,875 (6.2%) $287,825 (5.5%) 0.70 678
2020-05-01 $239,950 (7.4%) $305,377 (8.4%) 0.73 656
2020-06-01 $257,425 (17.0%) $317,503 (12.8%) 0.76 589
2020-07-01 $246,250 (12.5%) $311,270 (9.3%) 0.71 586
2020-08-01 $247,900 (19.9%) $312,145 (13.1%) 0.71 576
2020-09-01 $249,450 (28.3%) $310,970 (16.5%) 0.71 528
2020-10-01 $225,000 (21.7%) $297,683 (13.9%) 0.64 547
2020-11-01 $189,925 (5.6%) $276,437 (5.4%) 0.56 521
2020-12-01 $183,169 (4.7%) $262,739 (1.5%) 0.54 477
2021-01-01 $175,000 (-1.4%) $256,681 (-0.5%) 0.52 416
2021-02-01 $195,950 (-3.2%) $297,303 (9.4%) 0.57 312
2021-03-01 $232,350 (3.4%) $334,831 (15.8%) 0.66 275
2021-04-01 $248,475 (11.5%) $383,009 (33.1%) 0.67 259
2021-05-01 $229,950 (-4.2%) $345,499 (13.1%) 0.61 302
2021-06-01 $244,950 (-4.9%) $352,913 (11.2%) 0.64 356
2021-07-01 $234,000 (-5.0%) $351,458 (12.9%) 0.62 405
2021-08-01 $220,000 (-11.3%) $357,719 (14.6%) 0.59 433
2021-09-01 $228,250 (-8.5%) $368,275 (18.4%) 0.61 438
2021-10-01 $223,950 (-0.5%) $361,805 (21.5%) 0.60 432
2021-11-01 $222,500 (17.2%) $340,035 (23.0%) 0.59 373
2021-12-01 $224,450 (22.5%) $329,626 (25.5%) 0.61 310
2022-01-01 $249,900 (42.8%) $360,616 (40.5%) 0.68 244
2022-02-01 $287,000 (46.5%) $400,143 (34.6%) 0.75 223
2022-03-01 $249,900 (7.6%) $386,805 (15.5%) 0.63 242
2022-04-01 $274,900 (10.6%) $421,405 (10.0%) 0.66 259
2022-05-01 $304,925 (32.6%) $427,389 (23.7%) 0.70 312
2022-06-01 $283,450 (15.7%) $424,586 (20.3%) 0.63 382
2022-07-01 $264,900 (13.2%) $392,242 (11.6%) 0.60 463
2022-08-01 $273,225 (24.2%) $382,054 (6.8%) 0.63 477
2022-09-01 $279,900 (22.6%) $397,724 (8.0%) 0.65 491
2022-10-01 $275,000 (22.8%) $410,430 (13.4%) 0.65 514
2022-11-01 $284,900 (28.0%) $423,804 (24.6%) 0.68 512
2022-12-01 $277,450 (23.6%) $412,621 (25.2%) 0.69 476
2023-01-01 $299,738 (19.9%) $414,787 (15.0%) 0.74 415
2023-02-01 $294,425 (2.6%) $422,711 (5.6%) 0.71 371
2023-03-01 $319,950 (28.0%) $445,710 (15.2%) 0.75 346
2023-04-01 $299,950 (9.1%) $446,537 (6.0%) 0.70 340
2023-05-01 $323,450 (6.1%) $457,011 (6.9%) 0.73 386
2023-06-01 $292,450 (3.2%) $434,202 (2.3%) 0.66 417
2023-07-01 $289,900 (9.4%) $429,712 (9.6%) 0.66 417
2023-08-01 $271,750 (-0.5%) $398,801 (4.4%) 0.62 454
2023-09-01 $259,900 (-7.2%) $376,159 (-5.4%) 0.61 520
2023-10-01 $252,475 (-8.2%) $368,878 (-10.1%) 0.59 583
2023-11-01 $234,900 (-17.6%) $353,830 (-16.5%) 0.56 593
2023-12-01 $220,000 (-20.7%) $344,957 (-16.4%) 0.54 551
2024-01-01 $212,425 (-29.1%) $343,894 (-17.1%) 0.52 501
2024-02-01 $225,000 (-23.6%) $361,435 (-14.5%) 0.54 469
2024-03-01 $239,000 (-25.3%) $367,545 (-17.5%) 0.56 462
South Bend's median listing price for 2024-03-01 was $239,000, a difference of $-80,950 (-25.3%) versus the prior year and $14,000 versus the prior month.

South Bend's median listing price comes in at 56% of the national average.

South Bend's average listing price for 2024-03-01 was $367,545, a difference of $-78,165 (-17.5%) versus the prior year and $6,110 versus the prior month.

For the 2024-03-01 period, South Bend had 462 MLS listings, a difference of -7 listings (-1%) versus the prior month and 116 listings (34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - South Bend (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,632 sqft
2018-02-01 90 days 1,615 sqft
2018-03-01 66 days 1,636 sqft
2018-04-01 55 days 1,706 sqft
2018-05-01 43 days 1,730 sqft
2018-06-01 40 days 1,772 sqft
2018-07-01 44 days 1,794 sqft
2018-08-01 46 days 1,783 sqft
2018-09-01 51 days 1,750 sqft
2018-10-01 60 days 1,746 sqft
2018-11-01 70 days 1,738 sqft
2018-12-01 74 days 1,700 sqft
2019-01-01 80 days 1,696 sqft
2019-02-01 76 days 1,721 sqft
2019-03-01 65 days 1,771 sqft
2019-04-01 51 days 1,824 sqft
2019-05-01 47 days 1,900 sqft
2019-06-01 45 days 1,938 sqft
2019-07-01 48 days 1,920 sqft
2019-08-01 50 days 1,886 sqft
2019-09-01 55 days 1,838 sqft
2019-10-01 57 days 1,800 sqft
2019-11-01 65 days 1,729 sqft
2019-12-01 76 days 1,725 sqft
2020-01-01 84 days 1,711 sqft
2020-02-01 81 days 1,804 sqft
2020-03-01 57 days 1,814 sqft
2020-04-01 56 days 1,789 sqft
2020-05-01 61 days 1,830 sqft
2020-06-01 58 days 1,941 sqft
2020-07-01 47 days 1,900 sqft
2020-08-01 47 days 1,920 sqft
2020-09-01 47 days 1,980 sqft
2020-10-01 41 days 1,868 sqft
2020-11-01 45 days 1,737 sqft
2020-12-01 51 days 1,624 sqft
2021-01-01 61 days 1,620 sqft
2021-02-01 66 days 1,632 sqft
2021-03-01 40 days 1,648 sqft
2021-04-01 33 days 1,725 sqft
2021-05-01 25 days 1,663 sqft
2021-06-01 24 days 1,788 sqft
2021-07-01 30 days 1,800 sqft
2021-08-01 32 days 1,722 sqft
2021-09-01 36 days 1,663 sqft
2021-10-01 38 days 1,656 sqft
2021-11-01 47 days 1,646 sqft
2021-12-01 58 days 1,654 sqft
2022-01-01 58 days 1,820 sqft
2022-02-01 39 days 1,835 sqft
2022-03-01 30 days 1,800 sqft
2022-04-01 26 days 1,826 sqft
2022-05-01 19 days 1,872 sqft
2022-06-01 24 days 1,898 sqft
2022-07-01 25 days 1,900 sqft
2022-08-01 32 days 1,859 sqft
2022-09-01 36 days 1,838 sqft
2022-10-01 36 days 1,847 sqft
2022-11-01 43 days 1,811 sqft
2022-12-01 52 days 1,800 sqft
2023-01-01 65 days 1,806 sqft
2023-02-01 63 days 1,767 sqft
2023-03-01 53 days 1,833 sqft
2023-04-01 36 days 1,800 sqft
2023-05-01 30 days 1,833 sqft
2023-06-01 32 days 1,808 sqft
2023-07-01 37 days 1,833 sqft
2023-08-01 35 days 1,764 sqft
2023-09-01 37 days 1,691 sqft
2023-10-01 37 days 1,725 sqft
2023-11-01 45 days 1,684 sqft
2023-12-01 57 days 1,621 sqft
2024-01-01 60 days 1,595 sqft
2024-02-01 59 days 1,600 sqft
2024-03-01 45 days 1,624 sqft
South Bend's median listing age (time on market) for 2024-03-01 was 45 days. This is -15% shorter than the same period one year ago.

South Bend's median square footage for active listings during the 2024-03-01 period was 1,624 sqft. One year prior, the average listing was 1,833 sqft.