Storm Lake USDA Loan Rates, Closing Costs & Stats
Storm Lake, IA
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
6.32%
for the week of 2024-12-13, compared to the national average (all USDA variants) of
6.303% for the same period.
Storm Lake's average USDA mortgage closing costs are $4,603.
The average rate for the prior week (2024-12-06) was
6.16% and
one month ago for the week of 2024-11-08, the
average rate was 6.57%.
The average rate one year ago was 6.54%.
For refis of the same type during the week of 2024-12-13, the average rate
was 6.4%.
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 |
| 2024-04-01 | $226,475 (-0.7%) | $246,398 (3.5%) | 0.00 | 33 |
| 2024-05-01 | $236,000 (-9.3%) | $254,708 (-11.8%) | 0.00 | 40 |
| 2024-06-01 | $249,500 (-11.1%) | $265,360 (-11.9%) | 0.00 | 40 |
| 2024-07-01 | $234,500 (-13.5%) | $243,329 (-5.1%) | 0.00 | 37 |
| 2024-08-01 | $214,000 (-21.0%) | $254,323 (0.9%) | 0.00 | 44 |
| 2024-09-01 | $211,500 (-20.8%) | $272,189 (7.4%) | 0.00 | 38 |
| 2024-10-01 | $234,500 (-6.0%) | $293,604 (20.9%) | 0.00 | 37 |
| 2024-11-01 | $247,000 (5.3%) | $291,250 (21.2%) | 0.00 | 36 |
Storm Lake's median listing price comes in at 0% of the national average.
Storm Lake's average listing price for 2024-11-01 was $291,250, a difference of $50,885 (21.2%) versus the prior year and $-2,354 versus the prior month.
For the 2024-11-01 period, Storm Lake had 36 MLS listings, a difference of -1 listings (-3%) versus the prior month and 4 listings (13%) 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 |
| 2024-04-01 | 0 days | 1,568 sqft |
| 2024-05-01 | 0 days | 1,649 sqft |
| 2024-06-01 | 0 days | 1,749 sqft |
| 2024-07-01 | 0 days | 1,672 sqft |
| 2024-08-01 | 0 days | 1,581 sqft |
| 2024-09-01 | 0 days | 1,600 sqft |
| 2024-10-01 | 0 days | 1,691 sqft |
| 2024-11-01 | 0 days | 1,656 sqft |
Storm Lake's median square footage for active listings during the 2024-11-01 period was 1,656 sqft. One year prior, the average listing was 2,032 sqft.