Billings FHA Loan Rates, Closing Costs & Stats
BILLINGS, MT
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Billings's 66 lenders originated 838 FHA loans during 2021. The total origination value was $195,010,000, with an average FHA loan value of $232,709.
Billings FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Billings
averaged
5.83%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Billings's average FHA mortgage closing costs are $7,812.
The average rate for the prior week (2023-01-20) was
5.9% and
one month ago for the week of 2022-12-23, the
average rate was 6.39%.
The average rate one year ago was 3.48%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.07%.
Billings FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Billings level.
The top Billings FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
72 FHA loans originated. Their average total fees are
$7,639, which is $2,086
lower than the next largest lender,
Opportunity Bank of Montana.
The lowest fee Billings FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($4,011), LAKEVIEW LOAN SERVICING, LLC ($4,644), MID AMERICA MORTGAGE, INC. ($4,664), PENNYMAC LOAN SERVICES, LLC ($5,279) and FREEDOM MORTGAGE CORPORATION ($5,526).
The lowest rate Billings FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.66%), QUICKEN LOANS, LLC (2.69%), Stockman Bank of Montana (2.73%), FREEDOM MORTGAGE CORPORATION (2.75%) and Glacier Bank (2.76%).
Billings FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
BILLINGS, MT | CARBON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
BILLINGS, MT | STILLWATER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
BILLINGS, MT | YELLOWSTONE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $289,950 (0.8%) | $385,884 (-8.3%) | 1.08 | 785 |
2018-02-01 | $291,175 (0.1%) | $389,718 (-8.9%) | 1.06 | 790 |
2018-03-01 | $299,000 (3.1%) | $403,263 (-3.9%) | 1.05 | 806 |
2018-04-01 | $299,450 (-0.2%) | $401,313 (-5.4%) | 1.02 | 852 |
2018-05-01 | $299,900 (-1.7%) | $409,588 (-2.9%) | 1.00 | 963 |
2018-06-01 | $299,900 (-1.7%) | $418,303 (-0.8%) | 1.00 | 1,040 |
2018-07-01 | $299,700 (-1.7%) | $419,317 (-0.6%) | 1.00 | 1,143 |
2018-08-01 | $299,450 (-0.2%) | $423,791 (0.9%) | 1.00 | 1,149 |
2018-09-01 | $298,000 (-0.3%) | $410,022 (-2.2%) | 1.00 | 1,167 |
2018-10-01 | $295,000 (1.0%) | $408,460 (-3.2%) | 1.00 | 1,137 |
2018-11-01 | $295,875 (2.1%) | $410,517 (-3.2%) | 1.00 | 1,037 |
2018-12-01 | $295,000 (0.0%) | $418,469 (-4.4%) | 1.02 | 966 |
2019-01-01 | $293,338 (1.2%) | $420,794 (9.1%) | 1.01 | 870 |
2019-02-01 | $286,950 (-1.5%) | $407,693 (4.6%) | 0.97 | 881 |
2019-03-01 | $293,671 (-1.8%) | $407,781 (1.1%) | 0.96 | 805 |
2019-04-01 | $303,700 (1.4%) | $404,515 (0.8%) | 0.96 | 772 |
2019-05-01 | $314,250 (4.8%) | $410,036 (0.1%) | 0.98 | 779 |
2019-06-01 | $309,950 (3.4%) | $422,517 (1.0%) | 0.97 | 813 |
2019-07-01 | $303,750 (1.4%) | $426,997 (1.8%) | 0.95 | 855 |
2019-08-01 | $303,432 (1.3%) | $419,418 (-1.0%) | 0.96 | 853 |
2019-09-01 | $301,080 (1.0%) | $402,005 (-2.0%) | 0.96 | 826 |
2019-10-01 | $297,125 (0.7%) | $386,062 (-5.5%) | 0.96 | 807 |
2019-11-01 | $295,000 (-0.3%) | $385,727 (-6.0%) | 0.97 | 732 |
2019-12-01 | $297,000 (0.7%) | $381,516 (-8.8%) | 0.99 | 636 |
2020-01-01 | $299,950 (2.3%) | $390,565 (-7.2%) | 1.00 | 564 |
2020-02-01 | $299,450 (4.4%) | $402,301 (-1.3%) | 0.98 | 543 |
2020-03-01 | $299,000 (1.8%) | $441,314 (8.2%) | 0.94 | 521 |
2020-04-01 | $318,750 (5.0%) | $443,673 (9.7%) | 1.00 | 555 |
2020-05-01 | $329,900 (5.0%) | $458,927 (11.9%) | 1.00 | 543 |
2020-06-01 | $349,950 (12.9%) | $498,382 (18.0%) | 1.03 | 525 |
2020-07-01 | $349,900 (15.2%) | $504,061 (18.1%) | 1.01 | 490 |
2020-08-01 | $349,900 (15.3%) | $513,641 (22.5%) | 1.00 | 454 |
2020-09-01 | $353,450 (17.4%) | $525,903 (30.8%) | 1.01 | 440 |
2020-10-01 | $365,000 (22.8%) | $575,538 (49.1%) | 1.05 | 383 |
2020-11-01 | $373,729 (26.7%) | $601,835 (56.0%) | 1.09 | 337 |
2020-12-01 | $371,632 (25.1%) | $608,080 (59.4%) | 1.10 | 289 |
2021-01-01 | $377,400 (25.8%) | $651,821 (66.9%) | 1.13 | 234 |
2021-02-01 | $402,450 (34.4%) | $672,981 (67.3%) | 1.17 | 178 |
2021-03-01 | $409,750 (37.0%) | $675,556 (53.1%) | 1.16 | 177 |
2021-04-01 | $375,000 (17.7%) | $654,075 (47.4%) | 1.02 | 170 |
2021-05-01 | $425,000 (28.8%) | $645,195 (40.6%) | 1.12 | 185 |
2021-06-01 | $444,900 (27.1%) | $697,256 (39.9%) | 1.17 | 214 |
2021-07-01 | $449,500 (28.5%) | $699,828 (38.8%) | 1.18 | 260 |
2021-08-01 | $433,575 (23.9%) | $648,373 (26.2%) | 1.16 | 292 |
2021-09-01 | $421,950 (19.4%) | $674,209 (28.2%) | 1.13 | 310 |
2021-10-01 | $449,900 (23.3%) | $764,672 (32.9%) | 1.20 | 279 |
2021-11-01 | $474,950 (27.1%) | $835,133 (38.8%) | 1.27 | 227 |
2021-12-01 | $499,250 (34.3%) | $918,861 (51.1%) | 1.35 | 198 |
2022-01-01 | $549,700 (45.7%) | $917,427 (40.8%) | 1.49 | 153 |
2022-02-01 | $522,669 (29.9%) | $948,451 (40.9%) | 1.36 | 151 |
2022-03-01 | $439,975 (7.4%) | $824,866 (22.1%) | 1.10 | 156 |
2022-04-01 | $475,000 (26.7%) | $787,272 (20.4%) | 1.13 | 173 |
2022-05-01 | $513,500 (20.8%) | $739,684 (14.7%) | 1.17 | 270 |
2022-06-01 | $511,250 (14.9%) | $724,316 (3.9%) | 1.14 | 349 |
2022-07-01 | $499,203 (11.1%) | $698,931 (-0.1%) | 1.13 | 434 |
2022-08-01 | $487,450 (12.4%) | $670,539 (3.4%) | 1.13 | 452 |
2022-09-01 | $494,425 (17.2%) | $666,068 (-1.2%) | 1.16 | 459 |
2022-10-01 | $499,444 (11.0%) | $660,268 (-13.7%) | 1.18 | 466 |
2022-11-01 | $480,250 (1.1%) | $636,978 (-23.7%) | 1.16 | 466 |
2022-12-01 | $470,000 (-5.9%) | $627,740 (-31.7%) | 1.18 | 445 |
Billings's median listing price comes in at 118% of the national average.
Billings's average listing price for 2022-12-01 was $627,740, a difference of $-291,121 (-31.7%) versus the prior year and $-9,238 versus the prior month.
For the 2022-12-01 period, Billings had 445 MLS listings, a difference of -21 listings (-5%) versus the prior month and 247 listings (125%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 99 days | 2,419 sqft |
2018-02-01 | 94 days | 2,407 sqft |
2018-03-01 | 67 days | 2,444 sqft |
2018-04-01 | 60 days | 2,458 sqft |
2018-05-01 | 54 days | 2,468 sqft |
2018-06-01 | 54 days | 2,448 sqft |
2018-07-01 | 61 days | 2,446 sqft |
2018-08-01 | 66 days | 2,398 sqft |
2018-09-01 | 72 days | 2,400 sqft |
2018-10-01 | 77 days | 2,395 sqft |
2018-11-01 | 85 days | 2,374 sqft |
2018-12-01 | 98 days | 2,369 sqft |
2019-01-01 | 106 days | 2,344 sqft |
2019-02-01 | 100 days | 2,251 sqft |
2019-03-01 | 86 days | 2,303 sqft |
2019-04-01 | 70 days | 2,382 sqft |
2019-05-01 | 52 days | 2,363 sqft |
2019-06-01 | 54 days | 2,382 sqft |
2019-07-01 | 57 days | 2,405 sqft |
2019-08-01 | 57 days | 2,360 sqft |
2019-09-01 | 63 days | 2,300 sqft |
2019-10-01 | 69 days | 2,246 sqft |
2019-11-01 | 74 days | 2,220 sqft |
2019-12-01 | 83 days | 2,206 sqft |
2020-01-01 | 88 days | 2,242 sqft |
2020-02-01 | 84 days | 2,230 sqft |
2020-03-01 | 69 days | 2,243 sqft |
2020-04-01 | 63 days | 2,250 sqft |
2020-05-01 | 59 days | 2,362 sqft |
2020-06-01 | 46 days | 2,401 sqft |
2020-07-01 | 45 days | 2,482 sqft |
2020-08-01 | 43 days | 2,430 sqft |
2020-09-01 | 46 days | 2,352 sqft |
2020-10-01 | 52 days | 2,430 sqft |
2020-11-01 | 55 days | 2,461 sqft |
2020-12-01 | 67 days | 2,366 sqft |
2021-01-01 | 68 days | 2,240 sqft |
2021-02-01 | 51 days | 2,353 sqft |
2021-03-01 | 37 days | 2,226 sqft |
2021-04-01 | 27 days | 2,239 sqft |
2021-05-01 | 23 days | 2,258 sqft |
2021-06-01 | 23 days | 2,371 sqft |
2021-07-01 | 25 days | 2,273 sqft |
2021-08-01 | 30 days | 2,222 sqft |
2021-09-01 | 38 days | 2,183 sqft |
2021-10-01 | 47 days | 2,368 sqft |
2021-11-01 | 61 days | 2,375 sqft |
2021-12-01 | 61 days | 2,309 sqft |
2022-01-01 | 60 days | 2,374 sqft |
2022-02-01 | 41 days | 2,476 sqft |
2022-03-01 | 36 days | 2,330 sqft |
2022-04-01 | 20 days | 2,280 sqft |
2022-05-01 | 19 days | 2,421 sqft |
2022-06-01 | 30 days | 2,550 sqft |
2022-07-01 | 33 days | 2,489 sqft |
2022-08-01 | 44 days | 2,386 sqft |
2022-09-01 | 44 days | 2,337 sqft |
2022-10-01 | 46 days | 2,402 sqft |
2022-11-01 | 46 days | 2,297 sqft |
2022-12-01 | 58 days | 2,280 sqft |
Billings's median square footage for active listings during the 2022-12-01 period was 2,280 sqft. One year prior, the average listing was 2,309 sqft.