Billings USDA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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 6.23% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Billings's average USDA mortgage closing costs are $6,422.

The average rate for the prior week (2023-01-20) was 6.02% and one month ago for the week of 2022-12-23, the average rate was 6.35%.

The average rate one year ago was 3.6%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.07%.

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/closing costs 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. Closing Costs
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 (0.8%) $385,884 (-8.3%) 1.08 785
2018-02-01 $291,175 (0.1%) $389,718 (-8.9%) 1.06 790
2018-03-01 $299,000 (3.1%) $403,263 (-3.9%) 1.05 806
2018-04-01 $299,450 (-0.2%) $401,313 (-5.4%) 1.02 852
2018-05-01 $299,900 (-1.7%) $409,588 (-2.9%) 1.00 963
2018-06-01 $299,900 (-1.7%) $418,303 (-0.8%) 1.00 1,040
2018-07-01 $299,700 (-1.7%) $419,317 (-0.6%) 1.00 1,143
2018-08-01 $299,450 (-0.2%) $423,791 (0.9%) 1.00 1,149
2018-09-01 $298,000 (-0.3%) $410,022 (-2.2%) 1.00 1,167
2018-10-01 $295,000 (1.0%) $408,460 (-3.2%) 1.00 1,137
2018-11-01 $295,875 (2.1%) $410,517 (-3.2%) 1.00 1,037
2018-12-01 $295,000 (0.0%) $418,469 (-4.4%) 1.02 966
2019-01-01 $293,338 (1.2%) $420,794 (9.1%) 1.01 870
2019-02-01 $286,950 (-1.5%) $407,693 (4.6%) 0.97 881
2019-03-01 $293,671 (-1.8%) $407,781 (1.1%) 0.96 805
2019-04-01 $303,700 (1.4%) $404,515 (0.8%) 0.96 772
2019-05-01 $314,250 (4.8%) $410,036 (0.1%) 0.98 779
2019-06-01 $309,950 (3.4%) $422,517 (1.0%) 0.97 813
2019-07-01 $303,750 (1.4%) $426,997 (1.8%) 0.95 855
2019-08-01 $303,432 (1.3%) $419,418 (-1.0%) 0.96 853
2019-09-01 $301,080 (1.0%) $402,005 (-2.0%) 0.96 826
2019-10-01 $297,125 (0.7%) $386,062 (-5.5%) 0.96 807
2019-11-01 $295,000 (-0.3%) $385,727 (-6.0%) 0.97 732
2019-12-01 $297,000 (0.7%) $381,516 (-8.8%) 0.99 636
2020-01-01 $299,950 (2.3%) $390,565 (-7.2%) 1.00 564
2020-02-01 $299,450 (4.4%) $402,301 (-1.3%) 0.98 543
2020-03-01 $299,000 (1.8%) $441,314 (8.2%) 0.94 521
2020-04-01 $318,750 (5.0%) $443,673 (9.7%) 1.00 555
2020-05-01 $329,900 (5.0%) $458,927 (11.9%) 1.00 543
2020-06-01 $349,950 (12.9%) $498,382 (18.0%) 1.03 525
2020-07-01 $349,900 (15.2%) $504,061 (18.1%) 1.01 490
2020-08-01 $349,900 (15.3%) $513,641 (22.5%) 1.00 454
2020-09-01 $353,450 (17.4%) $525,903 (30.8%) 1.01 440
2020-10-01 $365,000 (22.8%) $575,538 (49.1%) 1.05 383
2020-11-01 $373,729 (26.7%) $601,835 (56.0%) 1.09 337
2020-12-01 $371,632 (25.1%) $608,080 (59.4%) 1.10 289
2021-01-01 $377,400 (25.8%) $651,821 (66.9%) 1.13 234
2021-02-01 $402,450 (34.4%) $672,981 (67.3%) 1.17 178
2021-03-01 $409,750 (37.0%) $675,556 (53.1%) 1.16 177
2021-04-01 $375,000 (17.7%) $654,075 (47.4%) 1.02 170
2021-05-01 $425,000 (28.8%) $645,195 (40.6%) 1.12 185
2021-06-01 $444,900 (27.1%) $697,256 (39.9%) 1.17 214
2021-07-01 $449,500 (28.5%) $699,828 (38.8%) 1.18 260
2021-08-01 $433,575 (23.9%) $648,373 (26.2%) 1.16 292
2021-09-01 $421,950 (19.4%) $674,209 (28.2%) 1.13 310
2021-10-01 $449,900 (23.3%) $764,672 (32.9%) 1.20 279
2021-11-01 $474,950 (27.1%) $835,133 (38.8%) 1.27 227
2021-12-01 $499,250 (34.3%) $918,861 (51.1%) 1.35 198
2022-01-01 $549,700 (45.7%) $917,427 (40.8%) 1.49 153
2022-02-01 $522,669 (29.9%) $948,451 (40.9%) 1.36 151
2022-03-01 $439,975 (7.4%) $824,866 (22.1%) 1.10 156
2022-04-01 $475,000 (26.7%) $787,272 (20.4%) 1.13 173
2022-05-01 $513,500 (20.8%) $739,684 (14.7%) 1.17 270
2022-06-01 $511,250 (14.9%) $724,316 (3.9%) 1.14 349
2022-07-01 $499,203 (11.1%) $698,931 (-0.1%) 1.13 434
2022-08-01 $487,450 (12.4%) $670,539 (3.4%) 1.13 452
2022-09-01 $494,425 (17.2%) $666,068 (-1.2%) 1.16 459
2022-10-01 $499,444 (11.0%) $660,268 (-13.7%) 1.18 466
2022-11-01 $480,250 (1.1%) $636,978 (-23.7%) 1.16 466
2022-12-01 $470,000 (-5.9%) $627,740 (-31.7%) 1.18 445
Billings's median listing price for 2022-12-01 was $470,000, a difference of $-29,250 (-5.9%) versus the prior year and $-10,250 versus the prior month.

Billings's median listing price comes in at 118% of the national average.

Billings's average listing price for 2022-12-01 was $627,740, a difference of $-291,121 (-31.7%) versus the prior year and $-9,238 versus the prior month.

For the 2022-12-01 period, Billings had 445 MLS listings, a difference of -21 listings (-5%) versus the prior month and 247 listings (125%) 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 99 days 2,419 sqft
2018-02-01 94 days 2,407 sqft
2018-03-01 67 days 2,444 sqft
2018-04-01 60 days 2,458 sqft
2018-05-01 54 days 2,468 sqft
2018-06-01 54 days 2,448 sqft
2018-07-01 61 days 2,446 sqft
2018-08-01 66 days 2,398 sqft
2018-09-01 72 days 2,400 sqft
2018-10-01 77 days 2,395 sqft
2018-11-01 85 days 2,374 sqft
2018-12-01 98 days 2,369 sqft
2019-01-01 106 days 2,344 sqft
2019-02-01 100 days 2,251 sqft
2019-03-01 86 days 2,303 sqft
2019-04-01 70 days 2,382 sqft
2019-05-01 52 days 2,363 sqft
2019-06-01 54 days 2,382 sqft
2019-07-01 57 days 2,405 sqft
2019-08-01 57 days 2,360 sqft
2019-09-01 63 days 2,300 sqft
2019-10-01 69 days 2,246 sqft
2019-11-01 74 days 2,220 sqft
2019-12-01 83 days 2,206 sqft
2020-01-01 88 days 2,242 sqft
2020-02-01 84 days 2,230 sqft
2020-03-01 69 days 2,243 sqft
2020-04-01 63 days 2,250 sqft
2020-05-01 59 days 2,362 sqft
2020-06-01 46 days 2,401 sqft
2020-07-01 45 days 2,482 sqft
2020-08-01 43 days 2,430 sqft
2020-09-01 46 days 2,352 sqft
2020-10-01 52 days 2,430 sqft
2020-11-01 55 days 2,461 sqft
2020-12-01 67 days 2,366 sqft
2021-01-01 68 days 2,240 sqft
2021-02-01 51 days 2,353 sqft
2021-03-01 37 days 2,226 sqft
2021-04-01 27 days 2,239 sqft
2021-05-01 23 days 2,258 sqft
2021-06-01 23 days 2,371 sqft
2021-07-01 25 days 2,273 sqft
2021-08-01 30 days 2,222 sqft
2021-09-01 38 days 2,183 sqft
2021-10-01 47 days 2,368 sqft
2021-11-01 61 days 2,375 sqft
2021-12-01 61 days 2,309 sqft
2022-01-01 60 days 2,374 sqft
2022-02-01 41 days 2,476 sqft
2022-03-01 36 days 2,330 sqft
2022-04-01 20 days 2,280 sqft
2022-05-01 19 days 2,421 sqft
2022-06-01 30 days 2,550 sqft
2022-07-01 33 days 2,489 sqft
2022-08-01 44 days 2,386 sqft
2022-09-01 44 days 2,337 sqft
2022-10-01 46 days 2,402 sqft
2022-11-01 46 days 2,297 sqft
2022-12-01 58 days 2,280 sqft
Billings's median listing age (time on market) for 2022-12-01 was 58 days. This is -5% shorter than the same period one year ago.

Billings's median square footage for active listings during the 2022-12-01 period was 2,280 sqft. One year prior, the average listing was 2,309 sqft.