Hot Springs FHA Loan Rates, Closing Costs & Stats
HOT SPRINGS, AR
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.
Hot Springs's 58 lenders originated 307 FHA loans during 2022. The total origination value was $51,555,000, with an average FHA loan value of $167,932.
Hot Springs FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Hot Springs
averaged
-0.35%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
Hot Springs's average FHA mortgage closing costs are $5,329.
The average rate for the prior week (2023-11-17) was
7.04% and
one month ago for the week of 2023-10-20, the
average rate was 6.85%.
The average rate one year ago was 5.98%.
For refis of the same type during the week of 2023-11-24, the average rate
was -0.98%.
Hot Springs 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 Hot Springs level.
The top Hot Springs FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
44 FHA loans originated. Their average total fees are
$7,293, which is $3,073
higher than the next largest lender,
SWBC MORTGAGE CORPORATION.
The lowest fee Hot Springs FHA lenders (with over 10 loans originated) are
SWBC MORTGAGE CORPORATION ($4,220), Arvest Bank ($5,912), PRIMARY RESIDENTIAL MORTGAGE, INC. ($6,440), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,853) and FirstTrust Home Loans, Inc. ($7,153).
The lowest rate Hot Springs FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.44%), PRIMARY RESIDENTIAL MORTGAGE, INC. (5.01%), Arvest Bank (5.04%), SWBC MORTGAGE CORPORATION (5.24%) and FirstTrust Home Loans, Inc. (5.30%).
Hot Springs FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
HOT SPRINGS, AR | GARLAND | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
HOT SPRINGS, AR | GARLAND | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Hot Springs (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 | $209,000 (4.6%) | $301,816 (6.4%) | 0.00 | 903 |
2018-02-01 | $209,600 (3.7%) | $298,813 (4.4%) | 0.00 | 922 |
2018-03-01 | $219,900 (5.2%) | $300,710 (4.4%) | 0.00 | 957 |
2018-04-01 | $224,675 (7.5%) | $305,163 (5.3%) | 0.00 | 1,017 |
2018-05-01 | $224,900 (3.0%) | $306,750 (4.3%) | 0.00 | 1,057 |
2018-06-01 | $224,900 (2.5%) | $309,619 (4.3%) | 0.00 | 1,060 |
2018-07-01 | $219,000 (-0.5%) | $296,419 (-3.9%) | 0.00 | 1,080 |
2018-08-01 | $213,000 (-2.7%) | $291,086 (-4.4%) | 0.00 | 1,067 |
2018-09-01 | $214,950 (0.0%) | $291,029 (-3.1%) | 0.00 | 1,033 |
2018-10-01 | $199,900 (-5.9%) | $283,525 (-3.5%) | 0.00 | 1,013 |
2018-11-01 | $199,800 (-2.0%) | $285,519 (-2.9%) | 0.00 | 960 |
2018-12-01 | $199,500 (-4.8%) | $286,845 (-4.0%) | 0.00 | 897 |
2019-01-01 | $199,000 (-4.8%) | $286,343 (-5.1%) | 0.00 | 843 |
2019-02-01 | $199,250 (-4.9%) | $287,022 (-4.0%) | 0.00 | 882 |
2019-03-01 | $206,371 (-6.2%) | $298,807 (-0.6%) | 0.00 | 872 |
2019-04-01 | $217,450 (-3.2%) | $316,278 (3.6%) | 0.00 | 854 |
2019-05-01 | $222,450 (-1.1%) | $322,850 (5.3%) | 0.00 | 868 |
2019-06-01 | $225,000 (0.0%) | $323,415 (4.5%) | 0.00 | 857 |
2019-07-01 | $226,850 (3.6%) | $323,294 (9.1%) | 0.00 | 866 |
2019-08-01 | $226,264 (6.2%) | $323,802 (11.2%) | 0.00 | 851 |
2019-09-01 | $228,309 (6.2%) | $325,142 (11.7%) | 0.00 | 824 |
2019-10-01 | $229,673 (14.9%) | $326,036 (15.0%) | 0.00 | 801 |
2019-11-01 | $239,000 (19.6%) | $324,705 (13.7%) | 0.00 | 736 |
2019-12-01 | $239,900 (20.3%) | $327,185 (14.1%) | 0.00 | 717 |
2020-01-01 | $239,450 (20.3%) | $321,887 (12.4%) | 0.00 | 683 |
2020-02-01 | $238,000 (19.5%) | $319,763 (11.4%) | 0.00 | 700 |
2020-03-01 | $239,700 (16.2%) | $324,755 (8.7%) | 0.00 | 699 |
2020-04-01 | $239,375 (10.1%) | $319,989 (1.2%) | 0.00 | 671 |
2020-05-01 | $240,500 (8.1%) | $330,958 (2.5%) | 0.00 | 659 |
2020-06-01 | $246,750 (9.7%) | $340,072 (5.2%) | 0.00 | 648 |
2020-07-01 | $250,000 (10.2%) | $358,216 (10.8%) | 0.00 | 596 |
2020-08-01 | $250,000 (10.5%) | $358,315 (10.7%) | 0.00 | 537 |
2020-09-01 | $256,250 (12.2%) | $365,574 (12.4%) | 0.00 | 489 |
2020-10-01 | $265,000 (15.4%) | $369,033 (13.2%) | 0.00 | 451 |
2020-11-01 | $269,500 (12.8%) | $366,401 (12.8%) | 0.00 | 401 |
2020-12-01 | $259,395 (8.1%) | $360,101 (10.1%) | 0.00 | 393 |
2021-01-01 | $259,790 (8.5%) | $363,675 (13.0%) | 0.00 | 365 |
2021-02-01 | $263,450 (10.7%) | $381,416 (19.3%) | 0.00 | 380 |
2021-03-01 | $271,163 (13.1%) | $387,565 (19.3%) | 0.00 | 342 |
2021-04-01 | $285,725 (19.4%) | $414,705 (29.6%) | 0.00 | 323 |
2021-05-01 | $299,900 (24.7%) | $424,839 (28.4%) | 0.00 | 369 |
2021-06-01 | $317,475 (28.7%) | $456,594 (34.3%) | 0.00 | 399 |
2021-07-01 | $319,900 (28.0%) | $451,421 (26.0%) | 0.00 | 428 |
2021-08-01 | $349,000 (39.6%) | $474,643 (32.5%) | 0.00 | 437 |
2021-09-01 | $349,450 (36.4%) | $476,839 (30.4%) | 0.00 | 436 |
2021-10-01 | $319,900 (20.7%) | $463,210 (25.5%) | 0.00 | 414 |
2021-11-01 | $324,250 (20.3%) | $459,486 (25.4%) | 0.00 | 398 |
2021-12-01 | $331,100 (27.6%) | $462,959 (28.6%) | 0.00 | 351 |
2022-01-01 | $325,000 (25.1%) | $449,352 (23.6%) | 0.00 | 308 |
2022-02-01 | $319,500 (21.3%) | $466,246 (22.2%) | 0.00 | 315 |
2022-03-01 | $322,500 (18.9%) | $502,839 (29.7%) | 0.00 | 313 |
2022-04-01 | $325,000 (13.8%) | $498,290 (20.2%) | 0.00 | 343 |
2022-05-01 | $327,450 (9.2%) | $515,529 (21.4%) | 0.00 | 342 |
2022-06-01 | $338,000 (6.5%) | $488,334 (7.0%) | 0.00 | 361 |
2022-07-01 | $349,500 (9.3%) | $476,076 (5.5%) | 0.00 | 395 |
2022-08-01 | $343,725 (-1.5%) | $489,213 (3.1%) | 0.00 | 429 |
2022-09-01 | $349,625 (0.1%) | $497,681 (4.4%) | 0.00 | 436 |
2022-10-01 | $349,700 (9.3%) | $492,480 (6.3%) | 0.00 | 466 |
2022-11-01 | $349,475 (7.8%) | $466,623 (1.6%) | 0.00 | 481 |
2022-12-01 | $325,200 (-1.8%) | $452,194 (-2.3%) | 0.00 | 443 |
2023-01-01 | $315,000 (-3.1%) | $442,752 (-1.5%) | 0.00 | 406 |
2023-02-01 | $310,725 (-2.8%) | $453,432 (-2.8%) | 0.00 | 416 |
2023-03-01 | $319,750 (-0.9%) | $462,719 (-8.0%) | 0.00 | 435 |
2023-04-01 | $325,000 (0.0%) | $460,410 (-7.6%) | 0.00 | 462 |
2023-05-01 | $322,500 (-1.5%) | $466,928 (-9.4%) | 0.00 | 462 |
2023-06-01 | $334,450 (-1.1%) | $490,767 (0.5%) | 0.00 | 487 |
2023-07-01 | $352,500 (0.9%) | $526,488 (10.6%) | 0.00 | 511 |
2023-08-01 | $354,450 (3.1%) | $525,977 (7.5%) | 0.00 | 516 |
2023-09-01 | $365,000 (4.4%) | $515,085 (3.5%) | 0.00 | 507 |
2023-10-01 | $349,950 (0.1%) | $495,550 (0.6%) | 0.00 | 525 |
Hot Springs's median listing price comes in at 0% of the national average.
Hot Springs's average listing price for 2023-10-01 was $495,550, a difference of $3,070 (0.6%) versus the prior year and $-19,535 versus the prior month.
For the 2023-10-01 period, Hot Springs had 525 MLS listings, a difference of 18 listings (4%) versus the prior month and 59 listings (13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Hot Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,956 sqft |
2018-02-01 | 0 days | 1,947 sqft |
2018-03-01 | 0 days | 1,938 sqft |
2018-04-01 | 0 days | 1,949 sqft |
2018-05-01 | 0 days | 1,981 sqft |
2018-06-01 | 0 days | 2,014 sqft |
2018-07-01 | 0 days | 2,000 sqft |
2018-08-01 | 0 days | 2,001 sqft |
2018-09-01 | 0 days | 1,976 sqft |
2018-10-01 | 0 days | 1,925 sqft |
2018-11-01 | 0 days | 1,917 sqft |
2018-12-01 | 0 days | 1,917 sqft |
2019-01-01 | 0 days | 1,895 sqft |
2019-02-01 | 0 days | 1,898 sqft |
2019-03-01 | 0 days | 1,940 sqft |
2019-04-01 | 0 days | 1,992 sqft |
2019-05-01 | 0 days | 2,013 sqft |
2019-06-01 | 0 days | 2,050 sqft |
2019-07-01 | 0 days | 2,019 sqft |
2019-08-01 | 0 days | 2,037 sqft |
2019-09-01 | 0 days | 2,018 sqft |
2019-10-01 | 0 days | 2,010 sqft |
2019-11-01 | 0 days | 2,069 sqft |
2019-12-01 | 0 days | 2,030 sqft |
2020-01-01 | 0 days | 2,000 sqft |
2020-02-01 | 0 days | 1,970 sqft |
2020-03-01 | 0 days | 1,971 sqft |
2020-04-01 | 0 days | 1,981 sqft |
2020-05-01 | 0 days | 1,998 sqft |
2020-06-01 | 0 days | 2,085 sqft |
2020-07-01 | 0 days | 2,122 sqft |
2020-08-01 | 0 days | 2,200 sqft |
2020-09-01 | 0 days | 2,182 sqft |
2020-10-01 | 0 days | 2,160 sqft |
2020-11-01 | 0 days | 2,113 sqft |
2020-12-01 | 0 days | 2,007 sqft |
2021-01-01 | 0 days | 1,920 sqft |
2021-02-01 | 0 days | 1,921 sqft |
2021-03-01 | 0 days | 1,902 sqft |
2021-04-01 | 0 days | 1,928 sqft |
2021-05-01 | 0 days | 1,920 sqft |
2021-06-01 | 0 days | 2,100 sqft |
2021-07-01 | 0 days | 2,009 sqft |
2021-08-01 | 0 days | 2,100 sqft |
2021-09-01 | 0 days | 2,053 sqft |
2021-10-01 | 0 days | 2,141 sqft |
2021-11-01 | 0 days | 2,134 sqft |
2021-12-01 | 0 days | 2,069 sqft |
2022-01-01 | 0 days | 2,013 sqft |
2022-02-01 | 0 days | 2,016 sqft |
2022-03-01 | 0 days | 1,944 sqft |
2022-04-01 | 0 days | 1,885 sqft |
2022-05-01 | 0 days | 2,027 sqft |
2022-06-01 | 0 days | 2,127 sqft |
2022-07-01 | 0 days | 2,118 sqft |
2022-08-01 | 0 days | 2,030 sqft |
2022-09-01 | 0 days | 1,928 sqft |
2022-10-01 | 0 days | 1,920 sqft |
2022-11-01 | 0 days | 1,863 sqft |
2022-12-01 | 0 days | 1,782 sqft |
2023-01-01 | 0 days | 1,728 sqft |
2023-02-01 | 0 days | 1,720 sqft |
2023-03-01 | 0 days | 1,720 sqft |
2023-04-01 | 0 days | 1,755 sqft |
2023-05-01 | 0 days | 1,782 sqft |
2023-06-01 | 0 days | 1,861 sqft |
2023-07-01 | 0 days | 1,856 sqft |
2023-08-01 | 0 days | 1,838 sqft |
2023-09-01 | 0 days | 1,752 sqft |
2023-10-01 | 0 days | 1,771 sqft |
Hot Springs's median square footage for active listings during the 2023-10-01 period was 1,771 sqft. One year prior, the average listing was 1,920 sqft.