Billings USDA Loans

BILLINGS, MT

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Billings's 24 lenders originated 59 USDA loans during 2021. The total origination value was $14,165,000, with an average USDA loan value of $240,085.

    Billings USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Billings averaged 5.13% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.36% and one month ago for the week of 2022-04-08, the average rate was 4.92%.

    The average rate one year ago was 3.04%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Billings USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Billings level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Flagstar Bank, FSB 6 2.52% $7,302
    Opportunity Bank of Montana 6 2.75% $7,113
    LENDUS, LLC 5 2.88% $5,715
    MANN FINANCIAL INC. 4 2.94% $9,034
    Glacier Bank 4 2.72% $7,542
    Stockman Bank of Montana 4 2.56% $6,578
    UNIVERSAL LENDING CORPORATION 4 2.75% $5,874
    CORNERSTONE HOME LENDING, INC. 3 2.58% $8,665
    GUILD MORTGAGE COMPANY 3 2.75% $6,504
    First Interstate Bank 2 2.69% $5,604
    UNITED WHOLESALE MORTGAGE, LLC 2 2.79% $7,082
    PLAZA HOME MORTGAGE, INC. 2 3.25% $11,647
    The Yellowstone Bank 2 2.31% $5,962
    Wells Fargo Bank 1 3.38% $2,665
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $9,863
    CHERRY CREEK MORTGAGE, LLC 1 2.75% $3,033
    CHURCHILL MORTGAGE CORPORATION 1 3.38% $6,617
    Flanagan State Bank 1 3.13% $7,688
    Goldwater Bank, N.A. 1 2.88% $8,556
    GUARANTEED RATE, INC. 1 3.00% $7,274
    Plains Commerce Bank 1 2.88% $6,582
    STEARNS LENDING, LLC 1 2.38% $7,727
    Unify Home Lending Inc. 1 3.00% $7,991
    Bank of England 1 3.25% $6,933

    The top Billings USDA lender as defined by loan originations is Flagstar Bank, FSB, with 6 USDA loans originated. Their average total fees are $7,302, which is $188 higher than the next largest lender, Opportunity Bank of Montana.

    The lowest fee Billings USDA lenders (with over 10 loans originated) are .

    The lowest rate Billings USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $289,950 (0.2%) $399,558 (-7.8%) 1.07 794
    2018-02-01 $292,400 (0.5%) $411,428 (-6.6%) 1.05 790
    2018-03-01 $297,400 (2.6%) $423,606 (-0.8%) 1.03 823
    2018-04-01 $299,450 (-0.2%) $420,173 (-3.2%) 1.00 865
    2018-05-01 $299,450 (-1.6%) $431,709 (-0.2%) 1.00 971
    2018-06-01 $299,900 (-2.1%) $440,138 (1.0%) 1.00 1,049
    2018-07-01 $299,000 (-2.0%) $433,689 (-0.3%) 1.00 1,153
    2018-08-01 $299,000 (-0.3%) $438,746 (1.2%) 1.00 1,155
    2018-09-01 $297,000 (-1.0%) $425,965 (-1.5%) 0.99 1,164
    2018-10-01 $295,750 (0.9%) $425,490 (-2.5%) 0.99 1,124
    2018-11-01 $295,000 (1.7%) $424,097 (-2.7%) 0.99 1,036
    2018-12-01 $294,999 (-0.7%) $432,150 (-3.7%) 1.01 974
    2019-01-01 $294,950 (1.7%) $432,259 (8.2%) 1.02 874
    2019-02-01 $283,950 (-2.9%) $422,790 (2.8%) 0.95 884
    2019-03-01 $291,371 (-2.0%) $424,239 (0.2%) 0.95 817
    2019-04-01 $304,500 (1.7%) $421,687 (0.4%) 0.96 791
    2019-05-01 $318,000 (6.2%) $431,566 (0.0%) 0.98 796
    2019-06-01 $310,000 (3.4%) $431,688 (-1.9%) 0.95 837
    2019-07-01 $305,000 (2.0%) $437,691 (0.9%) 0.95 873
    2019-08-01 $302,814 (1.3%) $457,294 (4.2%) 0.95 868
    2019-09-01 $300,000 (1.0%) $442,689 (3.9%) 0.95 837
    2019-10-01 $298,950 (1.1%) $393,524 (-7.5%) 0.95 819
    2019-11-01 $295,000 (0.0%) $392,207 (-7.5%) 0.95 745
    2019-12-01 $294,000 (-0.3%) $385,375 (-10.8%) 0.98 641
    2020-01-01 $299,938 (1.7%) $392,689 (-9.2%) 1.00 561
    2020-02-01 $299,900 (5.6%) $411,301 (-2.7%) 0.97 532
    2020-03-01 $299,000 (2.6%) $479,194 (13.0%) 0.93 513
    2020-04-01 $319,250 (4.8%) $478,669 (13.5%) 0.99 558
    2020-05-01 $330,000 (3.8%) $497,067 (15.2%) 1.00 541
    2020-06-01 $350,000 (12.9%) $529,551 (22.7%) 1.02 535
    2020-07-01 $350,000 (14.8%) $543,225 (24.1%) 1.00 499
    2020-08-01 $359,900 (18.9%) $546,022 (19.4%) 1.03 458
    2020-09-01 $362,700 (20.9%) $563,075 (27.2%) 1.04 442
    2020-10-01 $364,300 (21.9%) $605,328 (53.8%) 1.04 375
    2020-11-01 $378,869 (28.4%) $634,289 (61.7%) 1.08 339
    2020-12-01 $384,900 (30.9%) $660,312 (71.3%) 1.13 286
    2021-01-01 $374,900 (25.0%) $699,272 (78.1%) 1.10 235
    2021-02-01 $430,000 (43.4%) $716,357 (74.2%) 1.24 178
    2021-03-01 $426,500 (42.6%) $698,264 (45.7%) 1.20 178
    2021-04-01 $389,950 (22.2%) $678,216 (41.7%) 1.05 165
    2021-05-01 $435,000 (31.8%) $670,844 (35.0%) 1.15 178
    2021-06-01 $462,450 (32.1%) $703,487 (32.9%) 1.20 215
    2021-07-01 $485,000 (38.6%) $686,198 (26.3%) 1.26 257
    2021-08-01 $437,400 (21.5%) $634,157 (16.1%) 1.15 291
    2021-09-01 $432,195 (19.2%) $659,302 (17.1%) 1.14 299
    2021-10-01 $459,000 (26.0%) $711,888 (17.6%) 1.21 267
    2021-11-01 $490,000 (29.3%) $805,184 (26.9%) 1.29 212
    2021-12-01 $507,500 (31.9%) $821,150 (24.4%) 1.35 185
    2022-01-01 $559,000 (49.1%) $831,704 (18.9%) 1.49 134
    2022-02-01 $567,450 (32.0%) $849,313 (18.6%) 1.45 134
    2022-03-01 $482,500 (13.1%) $799,372 (14.5%) 1.19 141
    2022-04-01 $523,000 (34.1%) $765,417 (12.9%) 1.23 168
    Billings's median listing price for 2022-04-01 was $523,000, a difference of $133,050 (34.1%) versus the prior year and $40,500 versus the prior month.

    Billings's median listing price comes in at 123% of the national average.

    Billings's average listing price for 2022-04-01 was $765,417, a difference of $87,201 (12.9%) versus the prior year and $-33,955 versus the prior month.

    For the 2022-04-01 period, Billings had 168 MLS listings, a difference of 27 listings (19%) versus the prior month and 3 listings (2%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Billings (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 103 days 2,428 sqft
    2018-02-01 98 days 2,442 sqft
    2018-03-01 65 days 2,422 sqft
    2018-04-01 59 days 2,457 sqft
    2018-05-01 56 days 2,484 sqft
    2018-06-01 54 days 2,452 sqft
    2018-07-01 61 days 2,426 sqft
    2018-08-01 67 days 2,388 sqft
    2018-09-01 75 days 2,393 sqft
    2018-10-01 80 days 2,392 sqft
    2018-11-01 87 days 2,343 sqft
    2018-12-01 101 days 2,374 sqft
    2019-01-01 108 days 2,357 sqft
    2019-02-01 104 days 2,243 sqft
    2019-03-01 92 days 2,278 sqft
    2019-04-01 72 days 2,350 sqft
    2019-05-01 53 days 2,347 sqft
    2019-06-01 56 days 2,344 sqft
    2019-07-01 58 days 2,382 sqft
    2019-08-01 57 days 2,298 sqft
    2019-09-01 63 days 2,257 sqft
    2019-10-01 70 days 2,246 sqft
    2019-11-01 78 days 2,236 sqft
    2019-12-01 85 days 2,211 sqft
    2020-01-01 91 days 2,254 sqft
    2020-02-01 88 days 2,264 sqft
    2020-03-01 72 days 2,269 sqft
    2020-04-01 63 days 2,267 sqft
    2020-05-01 60 days 2,393 sqft
    2020-06-01 45 days 2,411 sqft
    2020-07-01 43 days 2,502 sqft
    2020-08-01 44 days 2,438 sqft
    2020-09-01 47 days 2,370 sqft
    2020-10-01 53 days 2,438 sqft
    2020-11-01 56 days 2,498 sqft
    2020-12-01 71 days 2,382 sqft
    2021-01-01 70 days 2,288 sqft
    2021-02-01 52 days 2,408 sqft
    2021-03-01 40 days 2,208 sqft
    2021-04-01 33 days 2,222 sqft
    2021-05-01 28 days 2,208 sqft
    2021-06-01 26 days 2,371 sqft
    2021-07-01 27 days 2,283 sqft
    2021-08-01 31 days 2,200 sqft
    2021-09-01 39 days 2,242 sqft
    2021-10-01 50 days 2,375 sqft
    2021-11-01 64 days 2,354 sqft
    2021-12-01 63 days 2,256 sqft
    2022-01-01 63 days 2,256 sqft
    2022-02-01 37 days 2,478 sqft
    2022-03-01 30 days 2,335 sqft
    2022-04-01 22 days 2,280 sqft
    Billings's median listing age (time on market) for 2022-04-01 was 22 days. This is -32% shorter than the same period one year ago.

    Billings's median square footage for active listings during the 2022-04-01 period was 2,280 sqft. One year prior, the average listing was 2,222 sqft.