Olympia FHA Loan Rates, Closing Costs & Stats
OLYMPIA-LACEY-TUMWATER, WA
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.
Olympia's 91 lenders originated 703 FHA loans during 2022. The total origination value was $248,665,000, with an average FHA loan value of $353,720.
Olympia FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Olympia
averaged
6.38%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Olympia's average FHA mortgage closing costs are $9,765.
The average rate for the prior week (2023-05-19) was
6.25% and
one month ago for the week of 2023-04-21, the
average rate was 6.1%.
The average rate one year ago was 4.81%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.2%.
Olympia 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 Olympia level.
The top Olympia FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with
79 FHA loans originated. Their average total fees are
$14,114, which is $2,531
lower than the next largest lender,
ACADEMY MORTGAGE CORPORATION.
The lowest fee Olympia FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. ($13,084), UNITED WHOLESALE MORTGAGE, LLC ($13,847), EVERGREEN MONEYSOURCE MORTGAGE COMPANY ($13,942), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($14,114) and QUICKEN LOANS, LLC ($14,134).
The lowest rate Olympia FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (4.29%), LOANDEPOT.COM, LLC (4.51%), CALIBER HOME LOANS, INC. (4.72%), UNITED WHOLESALE MORTGAGE, LLC (4.73%) and ACADEMY MORTGAGE CORPORATION (4.77%).
Olympia FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
OLYMPIA-LACEY-TUMWATER, WA | THURSTON | 2022 | $477,250 | $610,950 | $738,500 | $917,800 |
OLYMPIA-LACEY-TUMWATER, WA | THURSTON | 2023 | $546,250 | $699,300 | $845,300 | $1,050,500 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Olympia (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 | $350,623 (16.9%) | $392,804 (11.9%) | 1.30 | 376 |
2018-02-01 | $359,974 (10.8%) | $408,362 (11.7%) | 1.31 | 370 |
2018-03-01 | $355,000 (5.5%) | $421,434 (13.4%) | 1.25 | 366 |
2018-04-01 | $371,250 (9.9%) | $426,566 (11.2%) | 1.26 | 409 |
2018-05-01 | $386,500 (13.9%) | $434,459 (9.5%) | 1.29 | 482 |
2018-06-01 | $379,950 (12.6%) | $437,918 (10.3%) | 1.27 | 572 |
2018-07-01 | $372,493 (14.6%) | $426,657 (9.3%) | 1.24 | 623 |
2018-08-01 | $374,990 (18.5%) | $440,458 (15.4%) | 1.26 | 694 |
2018-09-01 | $375,000 (16.5%) | $445,474 (14.8%) | 1.26 | 715 |
2018-10-01 | $379,925 (13.9%) | $447,496 (13.3%) | 1.29 | 687 |
2018-11-01 | $387,475 (14.1%) | $452,453 (14.9%) | 1.31 | 609 |
2018-12-01 | $389,000 (11.3%) | $447,883 (15.2%) | 1.34 | 571 |
2019-01-01 | $387,448 (10.5%) | $461,031 (17.4%) | 1.34 | 494 |
2019-02-01 | $390,858 (8.6%) | $469,921 (15.1%) | 1.32 | 446 |
2019-03-01 | $399,950 (12.7%) | $474,098 (12.5%) | 1.33 | 451 |
2019-04-01 | $419,995 (13.1%) | $515,885 (20.9%) | 1.33 | 442 |
2019-05-01 | $403,236 (4.3%) | $502,176 (15.6%) | 1.26 | 487 |
2019-06-01 | $399,900 (5.3%) | $498,602 (13.9%) | 1.25 | 532 |
2019-07-01 | $401,925 (7.9%) | $498,757 (16.9%) | 1.26 | 553 |
2019-08-01 | $419,000 (11.7%) | $529,807 (20.3%) | 1.31 | 526 |
2019-09-01 | $414,950 (10.7%) | $518,167 (16.3%) | 1.31 | 530 |
2019-10-01 | $398,970 (5.0%) | $490,112 (9.5%) | 1.29 | 611 |
2019-11-01 | $397,000 (2.5%) | $489,387 (8.2%) | 1.30 | 555 |
2019-12-01 | $396,625 (2.0%) | $498,512 (11.3%) | 1.32 | 404 |
2020-01-01 | $404,475 (4.4%) | $521,194 (13.1%) | 1.35 | 325 |
2020-02-01 | $389,425 (-0.4%) | $495,222 (5.4%) | 1.28 | 354 |
2020-03-01 | $379,499 (-5.1%) | $488,225 (3.0%) | 1.19 | 406 |
2020-04-01 | $397,000 (-5.5%) | $496,620 (-3.7%) | 1.24 | 427 |
2020-05-01 | $409,900 (1.7%) | $511,917 (1.9%) | 1.25 | 441 |
2020-06-01 | $406,225 (1.6%) | $514,133 (3.1%) | 1.20 | 421 |
2020-07-01 | $399,800 (-0.5%) | $509,681 (2.2%) | 1.16 | 422 |
2020-08-01 | $405,000 (-3.3%) | $527,675 (-0.4%) | 1.16 | 408 |
2020-09-01 | $417,500 (0.6%) | $541,091 (4.4%) | 1.20 | 390 |
2020-10-01 | $414,950 (4.0%) | $542,562 (10.7%) | 1.19 | 376 |
2020-11-01 | $449,950 (13.3%) | $622,000 (27.1%) | 1.32 | 198 |
2020-12-01 | $439,969 (10.9%) | $645,786 (29.5%) | 1.31 | 176 |
2021-01-01 | $463,000 (14.5%) | $652,206 (25.1%) | 1.38 | 159 |
2021-02-01 | $449,500 (15.4%) | $634,027 (28.0%) | 1.31 | 143 |
2021-03-01 | $434,350 (14.5%) | $608,676 (24.7%) | 1.23 | 170 |
2021-04-01 | $447,463 (12.7%) | $585,324 (17.9%) | 1.21 | 187 |
2021-05-01 | $462,500 (12.8%) | $592,604 (15.8%) | 1.23 | 228 |
2021-06-01 | $479,495 (18.0%) | $591,387 (15.0%) | 1.26 | 240 |
2021-07-01 | $470,000 (17.6%) | $580,832 (14.0%) | 1.24 | 259 |
2021-08-01 | $487,250 (20.3%) | $580,804 (10.1%) | 1.30 | 303 |
2021-09-01 | $497,000 (19.0%) | $588,718 (8.8%) | 1.33 | 293 |
2021-10-01 | $490,000 (18.1%) | $585,659 (7.9%) | 1.31 | 296 |
2021-11-01 | $492,450 (9.5%) | $591,108 (-5.0%) | 1.32 | 217 |
2021-12-01 | $493,500 (12.2%) | $601,189 (-6.9%) | 1.34 | 179 |
2022-01-01 | $489,999 (5.8%) | $595,582 (-8.7%) | 1.32 | 123 |
2022-02-01 | $506,988 (12.8%) | $621,090 (-2.0%) | 1.32 | 129 |
2022-03-01 | $499,950 (15.1%) | $624,714 (2.6%) | 1.25 | 134 |
2022-04-01 | $519,990 (16.2%) | $634,480 (8.4%) | 1.24 | 181 |
2022-05-01 | $549,575 (18.8%) | $660,430 (11.5%) | 1.26 | 277 |
2022-06-01 | $548,700 (14.4%) | $664,153 (12.3%) | 1.22 | 392 |
2022-07-01 | $549,000 (16.8%) | $648,460 (11.6%) | 1.24 | 525 |
2022-08-01 | $548,425 (12.6%) | $643,111 (10.7%) | 1.27 | 566 |
2022-09-01 | $542,495 (9.2%) | $629,446 (6.9%) | 1.27 | 534 |
2022-10-01 | $549,975 (12.2%) | $630,326 (7.6%) | 1.29 | 515 |
2022-11-01 | $536,575 (9.0%) | $627,881 (6.2%) | 1.29 | 506 |
2022-12-01 | $545,000 (10.4%) | $627,715 (4.4%) | 1.35 | 460 |
2023-01-01 | $548,500 (11.9%) | $682,794 (14.6%) | 1.36 | 378 |
2023-02-01 | $537,485 (6.0%) | $684,838 (10.3%) | 1.30 | 298 |
2023-03-01 | $535,738 (7.2%) | $696,836 (11.5%) | 1.26 | 264 |
2023-04-01 | $554,990 (6.7%) | $726,605 (14.5%) | 1.29 | 240 |
Olympia's median listing price comes in at 129% of the national average.
Olympia's average listing price for 2023-04-01 was $726,605, a difference of $92,125 (14.5%) versus the prior year and $29,769 versus the prior month.
For the 2023-04-01 period, Olympia had 240 MLS listings, a difference of -24 listings (-9%) versus the prior month and 59 listings (33%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Olympia (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 66 days | 2,085 sqft |
2018-02-01 | 46 days | 2,115 sqft |
2018-03-01 | 36 days | 2,137 sqft |
2018-04-01 | 33 days | 2,180 sqft |
2018-05-01 | 28 days | 2,200 sqft |
2018-06-01 | 33 days | 2,218 sqft |
2018-07-01 | 32 days | 2,198 sqft |
2018-08-01 | 35 days | 2,204 sqft |
2018-09-01 | 42 days | 2,152 sqft |
2018-10-01 | 44 days | 2,170 sqft |
2018-11-01 | 51 days | 2,189 sqft |
2018-12-01 | 64 days | 2,175 sqft |
2019-01-01 | 67 days | 2,151 sqft |
2019-02-01 | 63 days | 2,163 sqft |
2019-03-01 | 46 days | 2,194 sqft |
2019-04-01 | 31 days | 2,266 sqft |
2019-05-01 | 29 days | 2,171 sqft |
2019-06-01 | 31 days | 2,160 sqft |
2019-07-01 | 35 days | 2,155 sqft |
2019-08-01 | 45 days | 2,152 sqft |
2019-09-01 | 48 days | 2,131 sqft |
2019-10-01 | 48 days | 2,026 sqft |
2019-11-01 | 54 days | 2,033 sqft |
2019-12-01 | 56 days | 2,010 sqft |
2020-01-01 | 61 days | 2,012 sqft |
2020-02-01 | 35 days | 1,972 sqft |
2020-03-01 | 30 days | 1,890 sqft |
2020-04-01 | 36 days | 1,923 sqft |
2020-05-01 | 40 days | 1,980 sqft |
2020-06-01 | 37 days | 2,017 sqft |
2020-07-01 | 29 days | 1,992 sqft |
2020-08-01 | 30 days | 2,003 sqft |
2020-09-01 | 31 days | 2,014 sqft |
2020-10-01 | 35 days | 1,948 sqft |
2020-11-01 | 44 days | 2,027 sqft |
2020-12-01 | 44 days | 1,943 sqft |
2021-01-01 | 46 days | 1,960 sqft |
2021-02-01 | 37 days | 1,894 sqft |
2021-03-01 | 30 days | 1,827 sqft |
2021-04-01 | 32 days | 1,836 sqft |
2021-05-01 | 16 days | 1,862 sqft |
2021-06-01 | 16 days | 1,937 sqft |
2021-07-01 | 25 days | 1,951 sqft |
2021-08-01 | 19 days | 2,026 sqft |
2021-09-01 | 29 days | 2,027 sqft |
2021-10-01 | 29 days | 1,908 sqft |
2021-11-01 | 36 days | 1,855 sqft |
2021-12-01 | 38 days | 1,910 sqft |
2022-01-01 | 38 days | 1,855 sqft |
2022-02-01 | 21 days | 1,907 sqft |
2022-03-01 | 26 days | 1,888 sqft |
2022-04-01 | 16 days | 1,950 sqft |
2022-05-01 | 16 days | 1,978 sqft |
2022-06-01 | 18 days | 2,035 sqft |
2022-07-01 | 26 days | 2,024 sqft |
2022-08-01 | 35 days | 2,022 sqft |
2022-09-01 | 40 days | 2,028 sqft |
2022-10-01 | 44 days | 2,055 sqft |
2022-11-01 | 49 days | 2,004 sqft |
2022-12-01 | 60 days | 2,003 sqft |
2023-01-01 | 70 days | 2,062 sqft |
2023-02-01 | 70 days | 2,034 sqft |
2023-03-01 | 49 days | 2,130 sqft |
2023-04-01 | 35 days | 2,155 sqft |
Olympia's median square footage for active listings during the 2023-04-01 period was 2,155 sqft. One year prior, the average listing was 1,950 sqft.