Daphne FHA Loan Rates, Closing Costs & Stats
DAPHNE-FAIRHOPE-FOLEY, AL
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.
Daphne's 124 lenders originated 1,061 FHA loans during 2022. The total origination value was $267,535,000, with an average FHA loan value of $252,154.
Daphne FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Daphne
averaged
5.91%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Daphne's average FHA mortgage closing costs are $6,811.
The average rate for the prior week (2023-05-19) was
5.78% and
one month ago for the week of 2023-04-21, the
average rate was 5.73%.
The average rate one year ago was 4.74%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.21%.
Daphne 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 Daphne level.
The top Daphne FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with
138 FHA loans originated. Their average total fees are
$7,392, which is $1,887
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Daphne FHA lenders (with over 10 loans originated) are
DSLD MORTGAGE, LLC ($6,210), EVERETT FINANCIAL, INC. ($6,366), Nations Lending Corporation ($7,159), GMFS LLC ($7,295) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,377).
The lowest rate Daphne FHA lenders (with over 10 loans originated) are
The Home Loan Expert LLC (3.85%), DSLD MORTGAGE, LLC (4.04%), LAKEVIEW LOAN SERVICING, LLC (4.09%), BancorpSouth Bank (4.10%) and DHI MORTGAGE COMPANY, LTD. (4.12%).
Daphne FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
DAPHNE-FAIRHOPE-FOLEY, AL | BALDWIN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
DAPHNE-FAIRHOPE-FOLEY, AL | BALDWIN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Daphne (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 | $315,000 (5.1%) | $421,247 (1.3%) | 1.17 | 2,578 |
2018-02-01 | $314,950 (3.5%) | $420,596 (-0.1%) | 1.15 | 2,649 |
2018-03-01 | $311,725 (3.1%) | $421,543 (-0.8%) | 1.09 | 2,702 |
2018-04-01 | $329,900 (3.3%) | $438,191 (0.4%) | 1.12 | 2,756 |
2018-05-01 | $336,250 (4.6%) | $442,439 (1.6%) | 1.12 | 2,749 |
2018-06-01 | $339,000 (5.2%) | $449,255 (3.8%) | 1.13 | 2,737 |
2018-07-01 | $337,225 (6.1%) | $445,758 (3.1%) | 1.13 | 2,744 |
2018-08-01 | $330,851 (5.7%) | $438,622 (2.4%) | 1.11 | 2,756 |
2018-09-01 | $330,623 (3.3%) | $439,184 (0.5%) | 1.11 | 2,743 |
2018-10-01 | $330,950 (2.5%) | $441,316 (1.2%) | 1.12 | 2,708 |
2018-11-01 | $329,700 (4.0%) | $436,532 (-5.4%) | 1.12 | 2,736 |
2018-12-01 | $329,000 (4.2%) | $435,147 (3.2%) | 1.13 | 2,648 |
2019-01-01 | $325,253 (3.3%) | $431,928 (2.5%) | 1.12 | 2,594 |
2019-02-01 | $327,000 (3.8%) | $426,679 (1.5%) | 1.10 | 2,672 |
2019-03-01 | $329,900 (5.8%) | $437,205 (3.7%) | 1.10 | 2,755 |
2019-04-01 | $334,950 (1.5%) | $449,528 (2.6%) | 1.06 | 2,814 |
2019-05-01 | $339,900 (1.1%) | $456,077 (3.1%) | 1.06 | 2,774 |
2019-06-01 | $343,725 (1.4%) | $456,627 (1.6%) | 1.07 | 2,744 |
2019-07-01 | $339,863 (0.8%) | $446,705 (0.2%) | 1.06 | 2,748 |
2019-08-01 | $349,000 (5.5%) | $460,238 (4.9%) | 1.09 | 2,708 |
2019-09-01 | $352,484 (6.6%) | $459,409 (4.6%) | 1.11 | 2,593 |
2019-10-01 | $342,549 (3.5%) | $449,544 (1.9%) | 1.11 | 2,650 |
2019-11-01 | $349,900 (6.1%) | $460,220 (5.4%) | 1.15 | 2,580 |
2019-12-01 | $349,000 (6.1%) | $463,891 (6.6%) | 1.16 | 2,508 |
2020-01-01 | $339,975 (4.5%) | $458,578 (6.2%) | 1.14 | 2,396 |
2020-02-01 | $344,546 (5.4%) | $458,989 (7.6%) | 1.13 | 2,383 |
2020-03-01 | $355,958 (7.9%) | $474,834 (8.6%) | 1.12 | 2,453 |
2020-04-01 | $354,900 (6.0%) | $469,542 (4.5%) | 1.11 | 2,526 |
2020-05-01 | $359,900 (5.9%) | $482,821 (5.9%) | 1.09 | 2,475 |
2020-06-01 | $362,450 (5.5%) | $491,308 (7.6%) | 1.07 | 2,292 |
2020-07-01 | $360,063 (5.9%) | $504,322 (12.9%) | 1.04 | 2,086 |
2020-08-01 | $360,000 (3.2%) | $513,765 (11.6%) | 1.03 | 1,931 |
2020-09-01 | $370,500 (5.1%) | $522,621 (13.8%) | 1.06 | 1,744 |
2020-10-01 | $365,000 (6.6%) | $528,359 (17.5%) | 1.05 | 1,553 |
2020-11-01 | $359,975 (2.9%) | $541,050 (17.6%) | 1.05 | 1,545 |
2020-12-01 | $362,366 (3.8%) | $535,772 (15.5%) | 1.08 | 1,497 |
2021-01-01 | $379,395 (11.6%) | $560,978 (22.3%) | 1.13 | 1,254 |
2021-02-01 | $387,265 (12.4%) | $562,217 (22.5%) | 1.13 | 1,037 |
2021-03-01 | $400,729 (12.6%) | $604,037 (27.2%) | 1.14 | 820 |
2021-04-01 | $419,375 (18.2%) | $604,246 (28.7%) | 1.14 | 852 |
2021-05-01 | $450,000 (25.0%) | $639,334 (32.4%) | 1.19 | 831 |
2021-06-01 | $454,872 (25.5%) | $652,325 (32.8%) | 1.20 | 887 |
2021-07-01 | $445,000 (23.6%) | $630,022 (24.9%) | 1.17 | 1,078 |
2021-08-01 | $445,852 (23.9%) | $613,414 (19.4%) | 1.19 | 1,198 |
2021-09-01 | $443,400 (19.7%) | $601,793 (15.2%) | 1.18 | 1,280 |
2021-10-01 | $435,450 (19.3%) | $603,552 (14.2%) | 1.16 | 1,294 |
2021-11-01 | $426,219 (18.4%) | $613,920 (13.5%) | 1.14 | 1,223 |
2021-12-01 | $423,358 (16.8%) | $617,614 (15.3%) | 1.15 | 1,105 |
2022-01-01 | $425,000 (12.0%) | $645,180 (15.0%) | 1.15 | 938 |
2022-02-01 | $451,246 (16.5%) | $719,077 (27.9%) | 1.17 | 746 |
2022-03-01 | $482,127 (20.3%) | $775,213 (28.3%) | 1.21 | 705 |
2022-04-01 | $560,000 (33.5%) | $825,181 (36.6%) | 1.33 | 746 |
2022-05-01 | $549,925 (22.2%) | $787,501 (23.2%) | 1.26 | 1,028 |
2022-06-01 | $549,850 (20.9%) | $769,728 (18.0%) | 1.22 | 1,293 |
2022-07-01 | $543,486 (22.1%) | $751,464 (19.3%) | 1.23 | 1,519 |
2022-08-01 | $534,975 (20.0%) | $748,140 (22.0%) | 1.24 | 1,599 |
2022-09-01 | $527,400 (18.9%) | $726,921 (20.8%) | 1.23 | 1,613 |
2022-10-01 | $499,900 (14.8%) | $707,297 (17.2%) | 1.18 | 1,634 |
2022-11-01 | $499,000 (17.1%) | $688,083 (12.1%) | 1.20 | 1,651 |
2022-12-01 | $489,900 (15.7%) | $681,889 (10.4%) | 1.21 | 1,629 |
2023-01-01 | $485,000 (14.1%) | $680,683 (5.5%) | 1.20 | 1,534 |
2023-02-01 | $496,500 (10.0%) | $691,470 (-3.8%) | 1.20 | 1,517 |
2023-03-01 | $499,900 (3.7%) | $703,767 (-9.2%) | 1.18 | 1,499 |
2023-04-01 | $512,900 (-8.4%) | $713,851 (-13.5%) | 1.19 | 1,602 |
Daphne's median listing price comes in at 119% of the national average.
Daphne's average listing price for 2023-04-01 was $713,851, a difference of $-111,330 (-13.5%) versus the prior year and $10,084 versus the prior month.
For the 2023-04-01 period, Daphne had 1,602 MLS listings, a difference of 103 listings (7%) versus the prior month and 856 listings (115%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Daphne (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 106 days | 2,025 sqft |
2018-02-01 | 106 days | 2,000 sqft |
2018-03-01 | 99 days | 2,010 sqft |
2018-04-01 | 80 days | 2,018 sqft |
2018-05-01 | 79 days | 2,011 sqft |
2018-06-01 | 81 days | 2,010 sqft |
2018-07-01 | 80 days | 1,973 sqft |
2018-08-01 | 84 days | 1,961 sqft |
2018-09-01 | 91 days | 1,958 sqft |
2018-10-01 | 95 days | 1,950 sqft |
2018-11-01 | 98 days | 1,942 sqft |
2018-12-01 | 101 days | 1,936 sqft |
2019-01-01 | 105 days | 1,931 sqft |
2019-02-01 | 99 days | 1,923 sqft |
2019-03-01 | 84 days | 1,948 sqft |
2019-04-01 | 74 days | 1,956 sqft |
2019-05-01 | 75 days | 1,956 sqft |
2019-06-01 | 79 days | 1,954 sqft |
2019-07-01 | 84 days | 1,950 sqft |
2019-08-01 | 95 days | 1,958 sqft |
2019-09-01 | 96 days | 1,972 sqft |
2019-10-01 | 87 days | 1,958 sqft |
2019-11-01 | 89 days | 1,958 sqft |
2019-12-01 | 93 days | 1,945 sqft |
2020-01-01 | 95 days | 1,940 sqft |
2020-02-01 | 91 days | 1,936 sqft |
2020-03-01 | 73 days | 1,930 sqft |
2020-04-01 | 74 days | 1,903 sqft |
2020-05-01 | 79 days | 1,930 sqft |
2020-06-01 | 85 days | 1,972 sqft |
2020-07-01 | 76 days | 1,980 sqft |
2020-08-01 | 71 days | 1,960 sqft |
2020-09-01 | 69 days | 1,958 sqft |
2020-10-01 | 72 days | 1,958 sqft |
2020-11-01 | 74 days | 1,957 sqft |
2020-12-01 | 69 days | 1,950 sqft |
2021-01-01 | 75 days | 1,963 sqft |
2021-02-01 | 66 days | 1,959 sqft |
2021-03-01 | 49 days | 1,989 sqft |
2021-04-01 | 38 days | 1,949 sqft |
2021-05-01 | 38 days | 1,948 sqft |
2021-06-01 | 37 days | 1,928 sqft |
2021-07-01 | 32 days | 1,892 sqft |
2021-08-01 | 35 days | 1,889 sqft |
2021-09-01 | 45 days | 1,845 sqft |
2021-10-01 | 53 days | 1,833 sqft |
2021-11-01 | 55 days | 1,832 sqft |
2021-12-01 | 59 days | 1,867 sqft |
2022-01-01 | 59 days | 1,915 sqft |
2022-02-01 | 44 days | 2,017 sqft |
2022-03-01 | 34 days | 2,006 sqft |
2022-04-01 | 28 days | 1,980 sqft |
2022-05-01 | 28 days | 1,958 sqft |
2022-06-01 | 32 days | 1,911 sqft |
2022-07-01 | 44 days | 1,878 sqft |
2022-08-01 | 55 days | 1,874 sqft |
2022-09-01 | 64 days | 1,888 sqft |
2022-10-01 | 68 days | 1,879 sqft |
2022-11-01 | 71 days | 1,881 sqft |
2022-12-01 | 75 days | 1,866 sqft |
2023-01-01 | 84 days | 1,877 sqft |
2023-02-01 | 69 days | 1,867 sqft |
2023-03-01 | 60 days | 1,877 sqft |
2023-04-01 | 53 days | 1,870 sqft |
Daphne's median square footage for active listings during the 2023-04-01 period was 1,870 sqft. One year prior, the average listing was 1,980 sqft.