Springfield FHA Loan Rates, Closing Costs & Stats
SPRINGFIELD, MA
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.
Springfield's 106 lenders originated 1,900 FHA loans during 2022. The total origination value was $485,280,000, with an average FHA loan value of $255,411.
Springfield FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Springfield
averaged
-0.57%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
Springfield's average FHA mortgage closing costs are $7,812.
The average rate for the prior week (2023-11-17) was
6.42% and
one month ago for the week of 2023-10-20, the
average rate was 6.93%.
The average rate one year ago was 5.75%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.73%.
Springfield 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 Springfield level.
The top Springfield FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with
187 FHA loans originated. Their average total fees are
$11,481, which is $896
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Springfield FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($7,267), Nations Lending Corporation ($7,615), NORTHERN MORTGAGE SERVICES, LLC ($8,699), Citizens Bank ($8,776) and Evolve Bank & Trust ($8,983).
The lowest rate Springfield FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC (3.93%), PENNYMAC LOAN SERVICES, LLC (4.07%), CALIBER HOME LOANS, INC. (4.15%), FINANCE OF AMERICA MORTGAGE LLC (4.44%) and Citizens Bank (4.51%).
Springfield FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
SPRINGFIELD, MA | FRANKLIN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MA | HAMPDEN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MA | HAMPSHIRE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MA | FRANKLIN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MA | HAMPDEN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MA | HAMPSHIRE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Springfield (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 | $244,900 (8.9%) | $300,694 (12.9%) | 0.91 | 1,387 |
2018-02-01 | $249,900 (11.1%) | $304,182 (11.8%) | 0.91 | 1,325 |
2018-03-01 | $264,900 (10.4%) | $315,824 (10.0%) | 0.93 | 1,357 |
2018-04-01 | $277,450 (11.0%) | $328,050 (11.3%) | 0.94 | 1,417 |
2018-05-01 | $279,900 (7.9%) | $329,059 (9.0%) | 0.93 | 1,641 |
2018-06-01 | $279,000 (7.4%) | $328,173 (7.2%) | 0.93 | 1,797 |
2018-07-01 | $277,450 (6.8%) | $328,610 (6.4%) | 0.93 | 1,881 |
2018-08-01 | $267,900 (2.3%) | $322,990 (4.3%) | 0.90 | 1,917 |
2018-09-01 | $259,900 (0.0%) | $319,000 (3.9%) | 0.87 | 1,983 |
2018-10-01 | $259,900 (2.7%) | $318,728 (4.6%) | 0.88 | 1,989 |
2018-11-01 | $259,900 (4.0%) | $318,556 (4.4%) | 0.88 | 1,835 |
2018-12-01 | $249,900 (0.0%) | $309,985 (2.6%) | 0.86 | 1,633 |
2019-01-01 | $249,900 (2.0%) | $305,196 (1.5%) | 0.86 | 1,394 |
2019-02-01 | $245,950 (-1.6%) | $307,953 (1.2%) | 0.83 | 1,316 |
2019-03-01 | $258,371 (-2.5%) | $322,308 (2.1%) | 0.84 | 1,305 |
2019-04-01 | $277,450 (0.0%) | $341,453 (4.1%) | 0.88 | 1,313 |
2019-05-01 | $288,150 (3.0%) | $347,168 (5.5%) | 0.90 | 1,461 |
2019-06-01 | $299,000 (7.2%) | $352,443 (7.4%) | 0.93 | 1,564 |
2019-07-01 | $295,000 (6.3%) | $350,796 (6.8%) | 0.92 | 1,614 |
2019-08-01 | $285,823 (6.7%) | $344,091 (6.5%) | 0.91 | 1,649 |
2019-09-01 | $279,707 (7.6%) | $335,654 (5.2%) | 0.90 | 1,681 |
2019-10-01 | $274,975 (5.8%) | $328,933 (3.2%) | 0.89 | 1,707 |
2019-11-01 | $269,225 (3.6%) | $328,210 (3.0%) | 0.88 | 1,535 |
2019-12-01 | $272,175 (8.9%) | $331,038 (6.8%) | 0.91 | 1,292 |
2020-01-01 | $271,450 (8.6%) | $331,611 (8.7%) | 0.91 | 1,125 |
2020-02-01 | $272,400 (10.8%) | $331,979 (7.8%) | 0.89 | 1,074 |
2020-03-01 | $299,900 (16.1%) | $357,402 (10.9%) | 0.94 | 1,087 |
2020-04-01 | $299,900 (8.1%) | $362,913 (6.3%) | 0.94 | 1,054 |
2020-05-01 | $324,900 (12.8%) | $378,411 (9.0%) | 0.99 | 1,020 |
2020-06-01 | $338,450 (13.2%) | $394,299 (11.9%) | 1.00 | 965 |
2020-07-01 | $343,850 (16.6%) | $398,071 (13.5%) | 1.00 | 879 |
2020-08-01 | $349,000 (22.1%) | $410,330 (19.3%) | 1.00 | 848 |
2020-09-01 | $346,950 (24.0%) | $413,333 (23.1%) | 0.99 | 871 |
2020-10-01 | $324,950 (18.2%) | $396,118 (20.4%) | 0.93 | 898 |
2020-11-01 | $304,725 (13.2%) | $388,663 (18.4%) | 0.89 | 796 |
2020-12-01 | $288,975 (6.2%) | $373,835 (12.9%) | 0.86 | 718 |
2021-01-01 | $299,000 (10.2%) | $389,655 (17.5%) | 0.89 | 583 |
2021-02-01 | $327,450 (20.2%) | $406,478 (22.4%) | 0.95 | 483 |
2021-03-01 | $344,825 (15.0%) | $422,690 (18.3%) | 0.98 | 448 |
2021-04-01 | $363,625 (21.3%) | $439,802 (21.2%) | 0.98 | 467 |
2021-05-01 | $350,000 (7.7%) | $427,173 (12.9%) | 0.93 | 534 |
2021-06-01 | $339,725 (0.4%) | $426,378 (8.1%) | 0.89 | 618 |
2021-07-01 | $346,500 (0.8%) | $425,902 (7.0%) | 0.91 | 648 |
2021-08-01 | $339,950 (-2.6%) | $414,764 (1.1%) | 0.91 | 724 |
2021-09-01 | $309,450 (-10.8%) | $404,946 (-2.0%) | 0.83 | 701 |
2021-10-01 | $300,000 (-7.7%) | $399,008 (0.7%) | 0.80 | 663 |
2021-11-01 | $304,500 (-0.1%) | $415,806 (7.0%) | 0.81 | 607 |
2021-12-01 | $303,900 (5.2%) | $412,733 (10.4%) | 0.82 | 507 |
2022-01-01 | $325,000 (8.7%) | $414,897 (6.5%) | 0.88 | 394 |
2022-02-01 | $315,000 (-3.8%) | $407,652 (0.3%) | 0.82 | 357 |
2022-03-01 | $326,950 (-5.2%) | $409,968 (-3.0%) | 0.82 | 342 |
2022-04-01 | $355,450 (-2.3%) | $430,013 (-2.2%) | 0.85 | 391 |
2022-05-01 | $353,500 (1.0%) | $421,351 (-1.4%) | 0.81 | 503 |
2022-06-01 | $350,000 (3.0%) | $431,448 (1.2%) | 0.78 | 647 |
2022-07-01 | $349,263 (0.8%) | $420,420 (-1.3%) | 0.79 | 765 |
2022-08-01 | $344,900 (1.5%) | $416,251 (0.4%) | 0.80 | 770 |
2022-09-01 | $350,000 (13.1%) | $422,939 (4.4%) | 0.82 | 761 |
2022-10-01 | $349,900 (16.6%) | $426,954 (7.0%) | 0.82 | 721 |
2022-11-01 | $344,500 (13.1%) | $418,506 (0.7%) | 0.83 | 689 |
2022-12-01 | $340,000 (11.9%) | $416,000 (0.8%) | 0.84 | 595 |
2023-01-01 | $327,450 (0.8%) | $427,648 (3.1%) | 0.81 | 537 |
2023-02-01 | $322,450 (2.4%) | $446,635 (9.6%) | 0.78 | 455 |
2023-03-01 | $345,725 (5.7%) | $466,264 (13.7%) | 0.82 | 426 |
2023-04-01 | $369,000 (3.8%) | $485,736 (13.0%) | 0.86 | 437 |
2023-05-01 | $383,250 (8.4%) | $492,285 (16.8%) | 0.87 | 474 |
2023-06-01 | $386,950 (10.6%) | $511,045 (18.5%) | 0.87 | 477 |
2023-07-01 | $377,450 (8.1%) | $503,902 (19.9%) | 0.86 | 521 |
2023-08-01 | $373,675 (8.3%) | $494,165 (18.7%) | 0.86 | 555 |
2023-09-01 | $379,263 (8.4%) | $497,378 (17.6%) | 0.88 | 572 |
2023-10-01 | $368,675 (5.4%) | $479,805 (12.4%) | 0.87 | 643 |
Springfield's median listing price comes in at 87% of the national average.
Springfield's average listing price for 2023-10-01 was $479,805, a difference of $52,851 (12.4%) versus the prior year and $-17,573 versus the prior month.
For the 2023-10-01 period, Springfield had 643 MLS listings, a difference of 71 listings (12%) versus the prior month and -78 listings (-11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 87 days | 1,641 sqft |
2018-02-01 | 84 days | 1,654 sqft |
2018-03-01 | 58 days | 1,714 sqft |
2018-04-01 | 46 days | 1,792 sqft |
2018-05-01 | 39 days | 1,800 sqft |
2018-06-01 | 39 days | 1,800 sqft |
2018-07-01 | 47 days | 1,795 sqft |
2018-08-01 | 53 days | 1,761 sqft |
2018-09-01 | 60 days | 1,734 sqft |
2018-10-01 | 61 days | 1,736 sqft |
2018-11-01 | 65 days | 1,746 sqft |
2018-12-01 | 72 days | 1,723 sqft |
2019-01-01 | 80 days | 1,701 sqft |
2019-02-01 | 75 days | 1,710 sqft |
2019-03-01 | 61 days | 1,762 sqft |
2019-04-01 | 44 days | 1,821 sqft |
2019-05-01 | 39 days | 1,831 sqft |
2019-06-01 | 40 days | 1,857 sqft |
2019-07-01 | 47 days | 1,839 sqft |
2019-08-01 | 53 days | 1,813 sqft |
2019-09-01 | 56 days | 1,789 sqft |
2019-10-01 | 56 days | 1,772 sqft |
2019-11-01 | 61 days | 1,748 sqft |
2019-12-01 | 73 days | 1,737 sqft |
2020-01-01 | 78 days | 1,741 sqft |
2020-02-01 | 66 days | 1,735 sqft |
2020-03-01 | 49 days | 1,800 sqft |
2020-04-01 | 56 days | 1,792 sqft |
2020-05-01 | 64 days | 1,801 sqft |
2020-06-01 | 49 days | 1,867 sqft |
2020-07-01 | 46 days | 1,840 sqft |
2020-08-01 | 43 days | 1,873 sqft |
2020-09-01 | 38 days | 1,843 sqft |
2020-10-01 | 36 days | 1,780 sqft |
2020-11-01 | 46 days | 1,737 sqft |
2020-12-01 | 55 days | 1,691 sqft |
2021-01-01 | 58 days | 1,700 sqft |
2021-02-01 | 52 days | 1,750 sqft |
2021-03-01 | 33 days | 1,743 sqft |
2021-04-01 | 19 days | 1,791 sqft |
2021-05-01 | 18 days | 1,770 sqft |
2021-06-01 | 18 days | 1,715 sqft |
2021-07-01 | 26 days | 1,732 sqft |
2021-08-01 | 25 days | 1,725 sqft |
2021-09-01 | 29 days | 1,656 sqft |
2021-10-01 | 30 days | 1,612 sqft |
2021-11-01 | 31 days | 1,640 sqft |
2021-12-01 | 42 days | 1,644 sqft |
2022-01-01 | 46 days | 1,638 sqft |
2022-02-01 | 23 days | 1,636 sqft |
2022-03-01 | 21 days | 1,616 sqft |
2022-04-01 | 17 days | 1,722 sqft |
2022-05-01 | 16 days | 1,734 sqft |
2022-06-01 | 18 days | 1,742 sqft |
2022-07-01 | 25 days | 1,728 sqft |
2022-08-01 | 33 days | 1,694 sqft |
2022-09-01 | 35 days | 1,708 sqft |
2022-10-01 | 38 days | 1,700 sqft |
2022-11-01 | 39 days | 1,684 sqft |
2022-12-01 | 47 days | 1,698 sqft |
2023-01-01 | 54 days | 1,688 sqft |
2023-02-01 | 38 days | 1,623 sqft |
2023-03-01 | 35 days | 1,689 sqft |
2023-04-01 | 20 days | 1,708 sqft |
2023-05-01 | 19 days | 1,691 sqft |
2023-06-01 | 19 days | 1,747 sqft |
2023-07-01 | 23 days | 1,750 sqft |
2023-08-01 | 25 days | 1,745 sqft |
2023-09-01 | 30 days | 1,759 sqft |
2023-10-01 | 30 days | 1,736 sqft |
Springfield's median square footage for active listings during the 2023-10-01 period was 1,736 sqft. One year prior, the average listing was 1,700 sqft.