Storm Lake USDA Loan Rates, Closing Costs & Stats

Storm Lake, IA

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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.

    Storm Lake's 5 lenders originated 16 USDA loans during 2023. The total origination value was $2,400,000, with an average USDA loan value of $150,000.

    Storm Lake USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Storm Lake averaged 6.58% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Storm Lake's average USDA mortgage closing costs are $4,603.

    The average rate for the prior week (2024-04-12) was 6.43% and one month ago for the week of 2024-03-15, the average rate was 6.31%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Storm Lake 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 Storm Lake level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    United Bank of Iowa 8 7.53% $5,056
    Flanagan State Bank 5 6.55% $7,890
    Heritage Bank 1 7.75% $6,235
    Northwest Bank 1 7.38% $3,909
    V.I.P. MORTGAGE, INC. 1 6.63% $4,571

    The top Storm Lake USDA lender as defined by loan originations is United Bank of Iowa, with 8 USDA loans originated. Their average total fees are $5,056, which is $2,834 lower than the next largest lender, Flanagan State Bank.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Storm Lake (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 $153,738 (34.7%) $174,160 (37.2%) 0.00 32
    2018-02-01 $155,000 (47.0%) $173,924 (43.0%) 0.00 32
    2018-03-01 $148,400 (50.1%) $162,428 (23.7%) 0.00 32
    2018-04-01 $133,925 (41.0%) $148,260 (-6.7%) 0.00 31
    2018-05-01 $110,450 (3.7%) $140,968 (3.9%) 0.00 27
    2018-06-01 $122,900 (37.7%) $149,145 (30.5%) 0.00 26
    2018-07-01 $135,325 (20.3%) $165,175 (12.8%) 0.00 28
    2018-08-01 $129,675 (-2.0%) $158,192 (-9.4%) 0.00 29
    2018-09-01 $124,900 (-12.6%) $153,153 (-15.3%) 0.00 30
    2018-10-01 $117,500 (-17.5%) $133,368 (-24.6%) 0.00 42
    2018-11-01 $112,250 (-7.6%) $138,497 (-13.5%) 0.00 42
    2018-12-01 $117,500 (-15.7%) $137,641 (-17.0%) 0.00 37
    2019-01-01 $118,950 (-22.6%) $140,884 (-19.1%) 0.00 34
    2019-02-01 $118,575 (-23.5%) $140,095 (-19.5%) 0.00 35
    2019-03-01 $120,371 (-18.9%) $142,162 (-12.5%) 0.00 32
    2019-04-01 $114,446 (-14.5%) $142,698 (-3.8%) 0.00 32
    2019-05-01 $115,375 (4.5%) $153,213 (8.7%) 0.00 38
    2019-06-01 $109,725 (-10.7%) $149,792 (0.4%) 0.00 37
    2019-07-01 $131,000 (-3.2%) $149,738 (-9.4%) 0.00 33
    2019-08-01 $129,364 (-0.2%) $148,121 (-6.4%) 0.00 30
    2019-09-01 $122,409 (-2.0%) $145,522 (-5.0%) 0.00 29
    2019-10-01 $110,875 (-5.6%) $143,146 (7.3%) 0.00 28
    2019-11-01 $101,000 (-10.0%) $119,267 (-13.9%) 0.00 24
    2019-12-01 $90,000 (-23.4%) $118,321 (-14.0%) 0.00 19
    2020-01-01 $90,000 (-24.3%) $115,101 (-18.3%) 0.00 19
    2020-02-01 $79,700 (-32.8%) $95,669 (-31.7%) 0.00 25
    2020-03-01 $90,000 (-25.2%) $113,238 (-20.4%) 0.00 27
    2020-04-01 $90,000 (-21.4%) $124,666 (-12.6%) 0.00 27
    2020-05-01 $92,500 (-19.8%) $146,371 (-4.5%) 0.00 27
    2020-06-01 $146,250 (33.3%) $165,389 (10.4%) 0.00 27
    2020-07-01 $147,250 (12.4%) $168,154 (12.3%) 0.00 28
    2020-08-01 $173,900 (34.4%) $191,244 (29.1%) 0.00 30
    2020-09-01 $175,000 (43.0%) $198,728 (36.6%) 0.00 27
    2020-10-01 $162,500 (46.6%) $187,103 (30.7%) 0.00 28
    2020-11-01 $166,975 (65.3%) $179,197 (50.3%) 0.00 26
    2020-12-01 $167,225 (85.8%) $189,075 (59.8%) 0.00 22
    2021-01-01 $174,950 (94.4%) $193,022 (67.7%) 0.00 19
    2021-02-01 $187,000 (134.6%) $200,506 (109.6%) 0.00 17
    2021-03-01 $193,625 (115.1%) $201,370 (77.8%) 0.00 16
    2021-04-01 $246,000 (173.3%) $235,097 (88.6%) 0.00 16
    2021-05-01 $240,000 (159.5%) $226,720 (54.9%) 0.00 12
    2021-06-01 $168,500 (15.2%) $174,675 (5.6%) 0.00 12
    2021-07-01 $124,900 (-15.2%) $120,189 (-28.5%) 0.00 9
    2021-08-01 $111,250 (-36.0%) $136,138 (-28.8%) 0.00 13
    2021-09-01 $162,250 (-7.3%) $173,385 (-12.8%) 0.00 15
    2021-10-01 $150,000 (-7.7%) $194,013 (3.7%) 0.00 21
    2021-11-01 $148,725 (-10.9%) $196,323 (9.6%) 0.00 23
    2021-12-01 $155,000 (-7.3%) $194,688 (3.0%) 0.00 21
    2022-01-01 $169,900 (-2.9%) $226,876 (17.5%) 0.00 17
    2022-02-01 $189,750 (1.5%) $241,412 (20.4%) 0.00 15
    2022-03-01 $186,750 (-3.6%) $223,173 (10.8%) 0.00 17
    2022-04-01 $215,000 (-12.6%) $227,021 (-3.4%) 0.00 15
    2022-05-01 $211,425 (-11.9%) $232,146 (2.4%) 0.00 14
    2022-06-01 $212,450 (26.1%) $206,424 (18.2%) 0.00 18
    2022-07-01 $236,000 (89.0%) $262,492 (118.4%) 0.00 21
    2022-08-01 $225,750 (102.9%) $247,620 (81.9%) 0.00 25
    2022-09-01 $234,750 (44.7%) $241,716 (39.4%) 0.00 23
    2022-10-01 $247,000 (64.7%) $245,271 (26.4%) 0.00 26
    2022-11-01 $228,000 (53.3%) $239,053 (21.8%) 0.00 28
    2022-12-01 $228,000 (47.1%) $233,309 (19.8%) 0.00 30
    2023-01-01 $228,000 (34.2%) $236,075 (4.1%) 0.00 28
    2023-02-01 $226,000 (19.1%) $235,588 (-2.4%) 0.00 30
    2023-03-01 $223,500 (19.7%) $232,152 (4.0%) 0.00 29
    2023-04-01 $228,000 (6.1%) $238,148 (4.9%) 0.00 27
    2023-05-01 $260,250 (23.1%) $288,685 (24.4%) 0.00 25
    2023-06-01 $280,750 (32.2%) $301,076 (45.9%) 0.00 29
    2023-07-01 $271,000 (14.8%) $256,316 (-2.4%) 0.00 28
    2023-08-01 $271,000 (20.0%) $252,166 (1.8%) 0.00 32
    2023-09-01 $267,000 (13.7%) $253,506 (4.9%) 0.00 33
    2023-10-01 $249,375 (1.0%) $242,836 (-1.0%) 0.00 30
    2023-11-01 $234,500 (2.9%) $240,365 (0.6%) 0.00 32
    2023-12-01 $228,000 (0.0%) $228,680 (-2.0%) 0.00 27
    2024-01-01 $235,250 (3.2%) $231,327 (-2.0%) 0.00 25
    2024-02-01 $235,250 (4.1%) $229,794 (-2.5%) 0.00 25
    2024-03-01 $235,000 (5.2%) $245,262 (5.7%) 0.00 30
    Storm Lake's median listing price for 2024-03-01 was $235,000, a difference of $11,500 (5.2%) versus the prior year and $-250 versus the prior month.

    Storm Lake's median listing price comes in at 0% of the national average.

    Storm Lake's average listing price for 2024-03-01 was $245,262, a difference of $13,110 (5.7%) versus the prior year and $15,468 versus the prior month.

    For the 2024-03-01 period, Storm Lake had 30 MLS listings, a difference of 5 listings (20%) versus the prior month and 1 listings (3%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Storm Lake (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,699 sqft
    2018-02-01 0 days 1,644 sqft
    2018-03-01 0 days 1,587 sqft
    2018-04-01 0 days 1,655 sqft
    2018-05-01 0 days 1,722 sqft
    2018-06-01 0 days 1,715 sqft
    2018-07-01 0 days 1,859 sqft
    2018-08-01 0 days 1,771 sqft
    2018-09-01 0 days 1,776 sqft
    2018-10-01 0 days 1,541 sqft
    2018-11-01 0 days 1,573 sqft
    2018-12-01 0 days 1,476 sqft
    2019-01-01 0 days 1,478 sqft
    2019-02-01 0 days 1,573 sqft
    2019-03-01 0 days 1,670 sqft
    2019-04-01 0 days 1,639 sqft
    2019-05-01 0 days 1,503 sqft
    2019-06-01 0 days 1,512 sqft
    2019-07-01 0 days 1,644 sqft
    2019-08-01 0 days 1,657 sqft
    2019-09-01 0 days 1,671 sqft
    2019-10-01 0 days 1,680 sqft
    2019-11-01 0 days 1,497 sqft
    2019-12-01 0 days 1,435 sqft
    2020-01-01 0 days 1,642 sqft
    2020-02-01 0 days 1,296 sqft
    2020-03-01 0 days 1,364 sqft
    2020-04-01 0 days 1,308 sqft
    2020-05-01 0 days 1,572 sqft
    2020-06-01 0 days 1,882 sqft
    2020-07-01 0 days 1,933 sqft
    2020-08-01 0 days 2,143 sqft
    2020-09-01 0 days 2,152 sqft
    2020-10-01 0 days 2,122 sqft
    2020-11-01 0 days 2,087 sqft
    2020-12-01 0 days 2,026 sqft
    2021-01-01 0 days 2,006 sqft
    2021-02-01 0 days 1,985 sqft
    2021-03-01 0 days 2,085 sqft
    2021-04-01 0 days 2,091 sqft
    2021-05-01 0 days 2,100 sqft
    2021-06-01 0 days 2,041 sqft
    2021-07-01 0 days 1,573 sqft
    2021-08-01 0 days 1,611 sqft
    2021-09-01 0 days 1,818 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,588 sqft
    2021-12-01 0 days 1,618 sqft
    2022-01-01 0 days 1,593 sqft
    2022-02-01 0 days 1,640 sqft
    2022-03-01 0 days 1,697 sqft
    2022-04-01 0 days 1,356 sqft
    2022-05-01 0 days 1,374 sqft
    2022-06-01 0 days 1,299 sqft
    2022-07-01 0 days 1,299 sqft
    2022-08-01 0 days 1,387 sqft
    2022-09-01 0 days 1,696 sqft
    2022-10-01 0 days 1,765 sqft
    2022-11-01 0 days 1,781 sqft
    2022-12-01 0 days 1,757 sqft
    2023-01-01 0 days 1,780 sqft
    2023-02-01 0 days 1,588 sqft
    2023-03-01 0 days 1,587 sqft
    2023-04-01 0 days 1,786 sqft
    2023-05-01 0 days 1,837 sqft
    2023-06-01 0 days 1,864 sqft
    2023-07-01 0 days 1,907 sqft
    2023-08-01 0 days 1,982 sqft
    2023-09-01 0 days 1,860 sqft
    2023-10-01 0 days 2,069 sqft
    2023-11-01 0 days 2,032 sqft
    2023-12-01 0 days 1,824 sqft
    2024-01-01 0 days 1,700 sqft
    2024-02-01 0 days 1,602 sqft
    2024-03-01 0 days 1,636 sqft
    Storm Lake's median listing age (time on market) for 2024-03-01 was 0 days.

    Storm Lake's median square footage for active listings during the 2024-03-01 period was 1,636 sqft. One year prior, the average listing was 1,587 sqft.