Minnesota USDA Loan Rates, Closing Costs & Stats

Minnesota

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.

Minnesota USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Minnesota averaged 6.85% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Minnesota's average USDA mortgage closing costs are $5,450.

The average rate for the prior week (2024-05-31) was 6.53% and one month ago for the week of 2024-05-03, the average rate was 6.92%.

The average rate one year ago was 6.82%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.15%.

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

Minnesota 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 Minnesota level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 37 6.20% $8,563
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 31 6.91% $7,800
Flagstar Bank, FSB 28 6.61% $6,669
BAY EQUITY LLC 26 6.49% $9,317
CROSSCOUNTRY MORTGAGE, LLC 21 6.46% $8,556
BROKER SOLUTIONS, INC. 18 6.62% $8,477
PLAZA HOME MORTGAGE, INC. 17 6.58% $6,293
EVERETT FINANCIAL, INC. 14 6.74% $4,994
Bell Bank 11 6.48% $8,797
AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.81% $7,916
Park State Bank 10 6.43% $6,035
Century Mortgage Company DBA Century Lending Company 10 6.14% $7,694
Bremer Bank 9 6.54% $5,975
NEWREZ LLC 9 6.03% $7,620
CRESCENT MORTGAGE COMPANY 8 6.47% $5,926
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 7.02% $6,673
Nations Lending Corporation 7 7.21% $2,487
Summit Mortgage Corporation 7 6.30% $6,529
GUARANTEED RATE, INC. 7 6.76% $5,982
LOANDEPOT.COM, LLC 7 6.09% $8,462
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 6.79% $9,035
American Mortgage & Equity Consultants, Inc. 6 6.75% $7,349
UNION HOME MORTGAGE CORP. 5 6.68% $6,667
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.65% $7,136
Prosperity Home Mortgage, LLC 5 6.07% $7,887
Plains Commerce Bank 5 6.45% $7,128
Paramount Residential Mortgage Group, Inc. 5 6.95% $8,026
First Western Bank & Trust 5 6.25% $6,807
PLANET HOME LENDING, LLC 4 6.59% $6,868
ST. CLOUD FINANCIAL 4 5.88% $8,784
IOWA BANKERS MORTGAGE CORPORATION 4 6.69% $3,839
Minnwest Bank 4 7.09% $5,585
Home Federal Savings Bank 4 6.75% $4,687
PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.58% $9,452
Flanagan State Bank 3 6.67% $6,547
Heritage Bank 3 6.21% $6,375
Lend Smart Mortgage, LLC 3 6.33% $5,807
Merchants Bank 3 5.86% $7,089
MID AMERICA MORTGAGE, INC. 3 6.00% $4,887
TOWN AND COUNTRY Credit Union 3 6.12% $7,138
U.S. Bank 3 7.04% $9,553
SUN WEST MORTGAGE COMPANY, INC. 2 6.94% $8,439
Frandsen Bank & Trust 2 6.81% $5,356
First Bank & Trust 2 5.81% $5,652
AMERICAN FINANCIAL RESOURCES, INC. 2 5.44% $12,878
Servion, Inc. 2 6.25% $4,741
COMPASS MORTGAGE, INC. 2 6.75% $7,694
CARDINAL FINANCIAL 2 6.00% $15,396
First International Bank & Trust 2 5.94% $4,775
Alerus Financial 1 6.25% $1,045
CHURCHILL MORTGAGE CORPORATION 1 6.50% $6,986
CENTRICITY Credit Union 1 6.25% $2,116
Regent Financial Group, Inc. 1 6.25% $5,320
Reliabank Dakota 1 6.25% $5,755
Royal Credit Union 1 6.25% $4,780
Sierra Pacific Mortgage Company, Inc. 1 6.38% $13,743
CALIBER HOME LOANS, INC. 1 6.00% $6,840
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.63% $7,303
The Huntington National Bank 1 6.88% $7,162
V.I.P. MORTGAGE, INC. 1 6.63% $4,777
Liberty Bank Minnesota 1 6.75% $2,063
MANN FINANCIAL INC. 1 6.38% $8,965
American Bank Center 1 6.75% $7,016
GUILD MORTGAGE COMPANY 1 7.13% $7,866
Wells Fargo Bank 1 7.13% $2,380
Mortgage Research Center, LLC 1 7.25% $2,387
MOVEMENT MORTGAGE, LLC 1 6.25% $10,067
Florida Capital Bank 1 6.75% $5,585
Northwest Bank 1 6.75% $5,126
Old National Bank 1 6.38% $5,561
FIRST COMMUNITY CREDIT UNION 1 5.63% $7,625
Citizens Bank 1 6.75% $7,525

The top Minnesota USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 37 USDA loans originated. Their average total fees are $8,563, which is $763 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Minnesota USDA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($4,994), Park State Bank ($6,035), PLAZA HOME MORTGAGE, INC. ($6,293), Flagstar Bank, FSB ($6,669) and Century Mortgage Company DBA Century Lending Company ($7,694).

The lowest rate Minnesota USDA lenders (with over 10 loans originated) are Century Mortgage Company DBA Century Lending Company (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), Park State Bank (6.43%), CROSSCOUNTRY MORTGAGE, LLC (6.46%) and Bell Bank (6.48%).