Springfield FHA Loan Rates, Closing Costs & Stats
SPRINGFIELD, MO
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 94 lenders originated 1,335 FHA loans during 2023. The total origination value was $274,875,000, with an average FHA loan value of $205,899.
Springfield FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Springfield
averaged
0.22%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Springfield's average FHA mortgage closing costs are $6,024.
The average rate for the prior week (2024-11-22) was
6.71% and
one month ago for the week of 2024-10-25, the
average rate was 6.09%.
The average rate one year ago was 7.18%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.48%.
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 FLAT BRANCH MORTGAGE, INC., with
155 FHA loans originated. Their average total fees are
$7,342, which is $1,463
lower than the next largest lender,
DAS Acquisition Company, LLC.
The lowest fee Springfield FHA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($4,999), Great Southern Bank ($6,332), The Central Trust Bank ($7,036), Oakstar Bank ($7,043) and Hawthorn Bank ($7,292).
The lowest rate Springfield FHA lenders (with over 10 loans originated) are
AMERISAVE MORTGAGE CORPORATION (5.96%), Great Southern Bank (6.19%), LOANDEPOT.COM, LLC (6.23%), Hawthorn Bank (6.24%) and UNITED WHOLESALE MORTGAGE, LLC (6.29%).
Springfield FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
SPRINGFIELD, MO | CHRISTIAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MO | DALLAS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MO | GREENE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MO | POLK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MO | WEBSTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
SPRINGFIELD, MO | CHRISTIAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MO | DALLAS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MO | GREENE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MO | POLK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
SPRINGFIELD, MO | WEBSTER | 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 | $176,900 (14.0%) | $239,476 (13.2%) | 0.66 | 1,627 |
2018-02-01 | $184,450 (15.4%) | $240,981 (12.3%) | 0.67 | 1,569 |
2018-03-01 | $189,900 (11.8%) | $244,326 (8.0%) | 0.67 | 1,527 |
2018-04-01 | $199,925 (11.1%) | $255,802 (6.2%) | 0.68 | 1,510 |
2018-05-01 | $207,950 (15.6%) | $263,607 (8.4%) | 0.69 | 1,517 |
2018-06-01 | $217,000 (19.7%) | $269,986 (10.0%) | 0.72 | 1,663 |
2018-07-01 | $205,000 (14.0%) | $266,342 (9.4%) | 0.68 | 1,775 |
2018-08-01 | $189,900 (4.4%) | $250,567 (2.4%) | 0.64 | 1,944 |
2018-09-01 | $189,500 (5.3%) | $246,948 (2.5%) | 0.64 | 1,956 |
2018-10-01 | $186,950 (3.9%) | $243,010 (0.8%) | 0.63 | 1,955 |
2018-11-01 | $183,250 (2.2%) | $241,238 (0.5%) | 0.62 | 1,928 |
2018-12-01 | $182,900 (3.4%) | $238,283 (-0.7%) | 0.63 | 1,815 |
2019-01-01 | $189,900 (7.4%) | $241,336 (0.8%) | 0.66 | 1,629 |
2019-02-01 | $192,175 (4.2%) | $242,498 (0.6%) | 0.65 | 1,569 |
2019-03-01 | $205,714 (8.3%) | $252,274 (3.3%) | 0.67 | 1,472 |
2019-04-01 | $222,500 (11.3%) | $265,965 (4.0%) | 0.71 | 1,376 |
2019-05-01 | $237,448 (14.2%) | $278,000 (5.5%) | 0.74 | 1,362 |
2019-06-01 | $232,450 (7.1%) | $280,759 (4.0%) | 0.73 | 1,520 |
2019-07-01 | $227,413 (10.9%) | $276,044 (3.6%) | 0.71 | 1,564 |
2019-08-01 | $223,536 (17.7%) | $270,237 (7.9%) | 0.71 | 1,646 |
2019-09-01 | $221,491 (16.9%) | $268,105 (8.6%) | 0.71 | 1,661 |
2019-10-01 | $220,127 (17.8%) | $266,423 (9.6%) | 0.71 | 1,682 |
2019-11-01 | $217,000 (18.4%) | $261,760 (8.5%) | 0.71 | 1,698 |
2019-12-01 | $214,900 (17.5%) | $261,175 (9.6%) | 0.72 | 1,576 |
2020-01-01 | $217,200 (14.4%) | $265,035 (9.8%) | 0.73 | 1,454 |
2020-02-01 | $219,900 (14.4%) | $272,984 (12.6%) | 0.72 | 1,342 |
2020-03-01 | $228,375 (11.0%) | $287,330 (13.9%) | 0.72 | 1,289 |
2020-04-01 | $229,900 (3.3%) | $283,449 (6.6%) | 0.72 | 1,349 |
2020-05-01 | $242,900 (2.3%) | $300,019 (7.9%) | 0.74 | 1,201 |
2020-06-01 | $254,420 (9.5%) | $316,983 (12.9%) | 0.75 | 1,067 |
2020-07-01 | $248,200 (9.1%) | $317,859 (15.2%) | 0.72 | 1,030 |
2020-08-01 | $249,900 (11.8%) | $319,570 (18.3%) | 0.72 | 985 |
2020-09-01 | $249,925 (12.8%) | $317,422 (18.4%) | 0.72 | 988 |
2020-10-01 | $237,900 (8.1%) | $312,008 (17.1%) | 0.68 | 1,017 |
2020-11-01 | $242,450 (11.7%) | $312,002 (19.2%) | 0.71 | 916 |
2020-12-01 | $242,625 (12.9%) | $314,952 (20.6%) | 0.72 | 814 |
2021-01-01 | $250,000 (15.1%) | $331,455 (25.1%) | 0.75 | 689 |
2021-02-01 | $263,975 (20.0%) | $365,284 (33.8%) | 0.77 | 509 |
2021-03-01 | $284,400 (24.5%) | $386,983 (34.7%) | 0.81 | 410 |
2021-04-01 | $272,500 (18.5%) | $387,313 (36.6%) | 0.74 | 397 |
2021-05-01 | $269,225 (10.8%) | $396,489 (32.2%) | 0.72 | 459 |
2021-06-01 | $272,050 (6.9%) | $394,780 (24.5%) | 0.72 | 505 |
2021-07-01 | $277,450 (11.8%) | $383,617 (20.7%) | 0.73 | 599 |
2021-08-01 | $270,200 (8.1%) | $364,639 (14.1%) | 0.72 | 661 |
2021-09-01 | $272,425 (9.0%) | $362,113 (14.1%) | 0.73 | 675 |
2021-10-01 | $279,950 (17.7%) | $378,716 (21.4%) | 0.75 | 660 |
2021-11-01 | $299,900 (23.7%) | $402,516 (29.0%) | 0.80 | 575 |
2021-12-01 | $297,225 (22.5%) | $387,938 (23.2%) | 0.81 | 521 |
2022-01-01 | $314,500 (25.8%) | $427,302 (28.9%) | 0.85 | 448 |
2022-02-01 | $327,425 (24.0%) | $437,726 (19.8%) | 0.85 | 378 |
2022-03-01 | $326,125 (14.7%) | $434,662 (12.3%) | 0.82 | 382 |
2022-04-01 | $319,950 (17.4%) | $416,888 (7.6%) | 0.76 | 430 |
2022-05-01 | $345,613 (28.4%) | $429,755 (8.4%) | 0.79 | 552 |
2022-06-01 | $349,900 (28.6%) | $432,661 (9.6%) | 0.78 | 687 |
2022-07-01 | $345,000 (24.4%) | $425,482 (10.9%) | 0.78 | 913 |
2022-08-01 | $339,225 (25.6%) | $415,812 (14.0%) | 0.78 | 893 |
2022-09-01 | $338,788 (24.4%) | $412,872 (14.0%) | 0.79 | 887 |
2022-10-01 | $320,375 (14.4%) | $413,574 (9.2%) | 0.75 | 970 |
2022-11-01 | $319,900 (6.7%) | $412,983 (2.6%) | 0.77 | 1,019 |
2022-12-01 | $315,000 (6.0%) | $402,231 (3.7%) | 0.78 | 1,021 |
2023-01-01 | $312,500 (-0.6%) | $394,430 (-7.7%) | 0.77 | 887 |
2023-02-01 | $324,950 (-0.8%) | $411,902 (-5.9%) | 0.78 | 787 |
2023-03-01 | $342,500 (5.0%) | $444,215 (2.2%) | 0.81 | 710 |
2023-04-01 | $348,700 (9.0%) | $454,179 (9.0%) | 0.81 | 684 |
2023-05-01 | $357,425 (3.4%) | $454,180 (5.7%) | 0.81 | 712 |
2023-06-01 | $363,475 (3.9%) | $446,082 (3.1%) | 0.82 | 768 |
2023-07-01 | $349,900 (1.4%) | $437,372 (2.8%) | 0.80 | 858 |
2023-08-01 | $350,000 (3.2%) | $436,889 (5.1%) | 0.80 | 934 |
2023-09-01 | $349,000 (3.0%) | $417,962 (1.2%) | 0.81 | 1,034 |
2023-10-01 | $331,200 (3.4%) | $402,541 (-2.7%) | 0.78 | 1,118 |
2023-11-01 | $314,999 (-1.5%) | $395,026 (-4.4%) | 0.75 | 1,181 |
2023-12-01 | $319,200 (1.3%) | $398,587 (-0.9%) | 0.78 | 1,136 |
2024-01-01 | $330,000 (5.6%) | $407,898 (3.4%) | 0.81 | 1,009 |
2024-02-01 | $337,450 (3.9%) | $408,241 (-0.9%) | 0.81 | 942 |
2024-03-01 | $339,948 (-0.8%) | $417,825 (-5.9%) | 0.80 | 975 |
2024-04-01 | $340,000 (-2.5%) | $423,216 (-6.8%) | 0.79 | 1,065 |
2024-05-01 | $340,000 (-4.9%) | $424,432 (-6.6%) | 0.77 | 1,134 |
2024-06-01 | $345,000 (-5.1%) | $427,675 (-4.1%) | 0.78 | 1,272 |
2024-07-01 | $340,000 (-2.8%) | $424,760 (-2.9%) | 0.78 | 1,367 |
2024-08-01 | $340,000 (-2.9%) | $427,648 (-2.1%) | 0.79 | 1,421 |
2024-09-01 | $339,125 (-2.8%) | $429,673 (2.8%) | 0.80 | 1,614 |
2024-10-01 | $333,000 (0.5%) | $423,235 (5.1%) | 0.78 | 1,657 |
Springfield's median listing price comes in at 78% of the national average.
Springfield's average listing price for 2024-10-01 was $423,235, a difference of $20,694 (5.1%) versus the prior year and $-6,438 versus the prior month.
For the 2024-10-01 period, Springfield had 1,657 MLS listings, a difference of 43 listings (3%) versus the prior month and 539 listings (48%) 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 | 80 days | 1,923 sqft |
2018-02-01 | 74 days | 1,934 sqft |
2018-03-01 | 53 days | 1,971 sqft |
2018-04-01 | 50 days | 2,028 sqft |
2018-05-01 | 45 days | 2,117 sqft |
2018-06-01 | 44 days | 2,173 sqft |
2018-07-01 | 45 days | 2,123 sqft |
2018-08-01 | 44 days | 1,975 sqft |
2018-09-01 | 46 days | 1,930 sqft |
2018-10-01 | 52 days | 1,912 sqft |
2018-11-01 | 58 days | 1,880 sqft |
2018-12-01 | 64 days | 1,870 sqft |
2019-01-01 | 72 days | 1,888 sqft |
2019-02-01 | 63 days | 1,891 sqft |
2019-03-01 | 55 days | 1,965 sqft |
2019-04-01 | 52 days | 2,081 sqft |
2019-05-01 | 46 days | 2,137 sqft |
2019-06-01 | 43 days | 2,159 sqft |
2019-07-01 | 47 days | 2,095 sqft |
2019-08-01 | 49 days | 2,029 sqft |
2019-09-01 | 51 days | 1,987 sqft |
2019-10-01 | 52 days | 1,959 sqft |
2019-11-01 | 52 days | 1,900 sqft |
2019-12-01 | 65 days | 1,860 sqft |
2020-01-01 | 79 days | 1,860 sqft |
2020-02-01 | 80 days | 1,850 sqft |
2020-03-01 | 61 days | 1,954 sqft |
2020-04-01 | 48 days | 1,934 sqft |
2020-05-01 | 57 days | 2,000 sqft |
2020-06-01 | 62 days | 2,134 sqft |
2020-07-01 | 44 days | 2,118 sqft |
2020-08-01 | 37 days | 2,064 sqft |
2020-09-01 | 39 days | 2,031 sqft |
2020-10-01 | 36 days | 1,954 sqft |
2020-11-01 | 43 days | 1,968 sqft |
2020-12-01 | 55 days | 1,939 sqft |
2021-01-01 | 57 days | 2,000 sqft |
2021-02-01 | 46 days | 2,034 sqft |
2021-03-01 | 38 days | 2,118 sqft |
2021-04-01 | 22 days | 2,071 sqft |
2021-05-01 | 20 days | 2,074 sqft |
2021-06-01 | 23 days | 2,010 sqft |
2021-07-01 | 23 days | 2,020 sqft |
2021-08-01 | 28 days | 1,971 sqft |
2021-09-01 | 32 days | 1,923 sqft |
2021-10-01 | 32 days | 1,933 sqft |
2021-11-01 | 39 days | 1,951 sqft |
2021-12-01 | 43 days | 1,929 sqft |
2022-01-01 | 49 days | 1,946 sqft |
2022-02-01 | 34 days | 1,973 sqft |
2022-03-01 | 24 days | 2,003 sqft |
2022-04-01 | 20 days | 1,955 sqft |
2022-05-01 | 22 days | 2,000 sqft |
2022-06-01 | 23 days | 2,000 sqft |
2022-07-01 | 29 days | 1,993 sqft |
2022-08-01 | 40 days | 2,017 sqft |
2022-09-01 | 41 days | 1,947 sqft |
2022-10-01 | 38 days | 1,920 sqft |
2022-11-01 | 44 days | 1,904 sqft |
2022-12-01 | 54 days | 1,900 sqft |
2023-01-01 | 62 days | 1,924 sqft |
2023-02-01 | 55 days | 1,927 sqft |
2023-03-01 | 47 days | 1,990 sqft |
2023-04-01 | 40 days | 2,003 sqft |
2023-05-01 | 32 days | 2,066 sqft |
2023-06-01 | 37 days | 2,077 sqft |
2023-07-01 | 32 days | 2,017 sqft |
2023-08-01 | 32 days | 2,057 sqft |
2023-09-01 | 37 days | 2,004 sqft |
2023-10-01 | 38 days | 1,954 sqft |
2023-11-01 | 42 days | 1,860 sqft |
2023-12-01 | 50 days | 1,886 sqft |
2024-01-01 | 60 days | 1,910 sqft |
2024-02-01 | 55 days | 1,871 sqft |
2024-03-01 | 38 days | 1,926 sqft |
2024-04-01 | 36 days | 1,927 sqft |
2024-05-01 | 37 days | 1,876 sqft |
2024-06-01 | 38 days | 1,957 sqft |
2024-07-01 | 44 days | 1,931 sqft |
2024-08-01 | 46 days | 1,934 sqft |
2024-09-01 | 46 days | 1,886 sqft |
2024-10-01 | 53 days | 1,872 sqft |
Springfield's median square footage for active listings during the 2024-10-01 period was 1,872 sqft. One year prior, the average listing was 1,954 sqft.