Billings USDA Loan Rates, Closing Costs & Stats

BILLINGS, MT

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6 lenders originated 10 USDA loans during 2023. The total origination value was $2,970,000, with an average USDA loan value of $297,000.

    Billings USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Billings averaged 6.51% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Billings's average USDA mortgage closing costs are $6,627.

    The average rate for the prior week (2024-04-12) was 6.56% and one month ago for the week of 2024-03-15, the average rate was 6.44%.

    The average rate one year ago was 6.08%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.59%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Opportunity Bank of Montana 4 6.34% $4,734
    Flagstar Bank, FSB 2 5.94% $9,724
    BROKER SOLUTIONS, INC. 1 6.75% $15,306
    CROSSCOUNTRY MORTGAGE, LLC 1 6.19% $11,171
    First Interstate Bank 1 5.63% $6,938
    Stockman Bank of Montana 1 5.50% $10,312

    The top Billings USDA lender as defined by loan originations is Opportunity Bank of Montana, with 4 USDA loans originated. Their average total fees are $4,734, which is $4,990 lower than the next largest lender, Flagstar Bank, FSB.

    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%) 1.07 785
    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 (0.8%) 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%) $407,892 (1.2%) 0.96 805
    2019-04-01 $303,700 (1.4%) $404,641 (0.8%) 0.96 771
    2019-05-01 $315,000 (5.0%) $410,206 (0.2%) 0.98 777
    2019-06-01 $309,950 (3.4%) $422,974 (1.1%) 0.97 811
    2019-07-01 $303,750 (1.4%) $427,434 (1.9%) 0.95 853
    2019-08-01 $303,432 (1.3%) $419,832 (-0.9%) 0.96 851
    2019-09-01 $301,080 (1.0%) $402,387 (-1.9%) 0.96 824
    2019-10-01 $297,125 (0.7%) $386,425 (-5.4%) 0.96 804
    2019-11-01 $295,000 (-0.3%) $386,138 (-5.9%) 0.97 729
    2019-12-01 $297,000 (0.7%) $381,963 (-8.7%) 0.99 633
    2020-01-01 $299,948 (2.3%) $390,715 (-7.2%) 1.00 561
    2020-02-01 $299,000 (4.2%) $402,521 (-1.3%) 0.98 540
    2020-03-01 $298,625 (1.7%) $441,768 (8.3%) 0.94 518
    2020-04-01 $318,250 (4.8%) $444,109 (9.8%) 1.00 552
    2020-05-01 $329,900 (4.7%) $459,456 (12.0%) 1.00 540
    2020-06-01 $349,950 (12.9%) $499,149 (18.0%) 1.03 522
    2020-07-01 $349,900 (15.2%) $504,888 (18.1%) 1.01 487
    2020-08-01 $349,900 (15.3%) $513,657 (22.4%) 1.00 451
    2020-09-01 $354,675 (17.8%) $526,750 (30.9%) 1.02 437
    2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
    2020-11-01 $374,510 (27.0%) $603,224 (56.2%) 1.10 334
    2020-12-01 $373,060 (25.6%) $610,669 (59.9%) 1.11 286
    2021-01-01 $379,900 (26.7%) $655,481 (67.8%) 1.13 231
    2021-02-01 $406,175 (35.8%) $678,313 (68.5%) 1.18 175
    2021-03-01 $411,250 (37.7%) $680,869 (54.1%) 1.17 174
    2021-04-01 $376,225 (18.2%) $658,971 (48.4%) 1.02 167
    2021-05-01 $425,000 (28.8%) $649,722 (41.4%) 1.13 182
    2021-06-01 $444,925 (27.1%) $701,724 (40.6%) 1.17 211
    2021-07-01 $449,900 (28.6%) $703,673 (39.4%) 1.19 257
    2021-08-01 $434,700 (24.2%) $651,230 (26.8%) 1.16 289
    2021-09-01 $423,225 (19.3%) $677,128 (28.6%) 1.13 307
    2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
    2021-11-01 $474,975 (26.8%) $841,354 (39.5%) 1.27 224
    2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.35 195
    2022-01-01 $549,900 (44.8%) $911,671 (39.1%) 1.49 150
    2022-02-01 $530,147 (30.5%) $960,074 (41.5%) 1.38 148
    2022-03-01 $440,000 (7.0%) $833,751 (22.5%) 1.10 153
    2022-04-01 $477,450 (26.9%) $794,252 (20.5%) 1.14 170
    2022-05-01 $516,225 (21.5%) $744,007 (14.5%) 1.18 267
    2022-06-01 $512,500 (15.2%) $727,374 (3.7%) 1.14 346
    2022-07-01 $499,406 (11.0%) $701,237 (-0.4%) 1.13 431
    2022-08-01 $487,450 (12.1%) $672,550 (3.3%) 1.13 449
    2022-09-01 $494,450 (16.8%) $668,002 (-1.4%) 1.16 456
    2022-10-01 $499,888 (11.1%) $662,182 (-13.9%) 1.18 463
    2022-11-01 $480,500 (1.2%) $638,707 (-24.1%) 1.16 463
    2022-12-01 $470,000 (-6.0%) $629,590 (-32.1%) 1.16 442
    2023-01-01 $497,950 (-9.5%) $626,755 (-31.3%) 1.23 376
    2023-02-01 $509,200 (-4.0%) $686,536 (-28.5%) 1.23 328
    2023-03-01 $534,450 (21.5%) $720,033 (-13.6%) 1.26 340
    2023-04-01 $529,000 (10.8%) $727,028 (-8.5%) 1.23 371
    2023-05-01 $546,225 (5.8%) $741,930 (-0.3%) 1.24 397
    2023-06-01 $534,450 (4.3%) $736,530 (1.3%) 1.20 473
    2023-07-01 $517,500 (3.6%) $715,902 (2.1%) 1.18 499
    2023-08-01 $499,938 (2.6%) $668,551 (-0.6%) 1.15 545
    2023-09-01 $499,900 (1.1%) $661,209 (-1.0%) 1.16 572
    2023-10-01 $497,750 (-0.4%) $638,325 (-3.6%) 1.17 577
    2023-11-01 $494,500 (2.9%) $633,646 (-0.8%) 1.18 549
    2023-12-01 $484,900 (3.2%) $625,331 (-0.7%) 1.18 524
    2024-01-01 $479,950 (-3.6%) $617,478 (-1.5%) 1.17 485
    2024-02-01 $499,938 (-1.8%) $629,924 (-8.3%) 1.20 428
    2024-03-01 $499,900 (-6.5%) $630,213 (-12.5%) 1.18 427
    Billings's median listing price for 2024-03-01 was $499,900, a difference of $-34,550 (-6.5%) versus the prior year and $-38 versus the prior month.

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

    Billings's average listing price for 2024-03-01 was $630,213, a difference of $-89,820 (-12.5%) versus the prior year and $289 versus the prior month.

    For the 2024-03-01 period, Billings had 427 MLS listings, a difference of -1 listings (0%) versus the prior month and 87 listings (26%) 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 91 days 2,419 sqft
    2018-02-01 84 days 2,407 sqft
    2018-03-01 61 days 2,440 sqft
    2018-04-01 53 days 2,461 sqft
    2018-05-01 50 days 2,473 sqft
    2018-06-01 51 days 2,448 sqft
    2018-07-01 56 days 2,457 sqft
    2018-08-01 62 days 2,400 sqft
    2018-09-01 68 days 2,400 sqft
    2018-10-01 71 days 2,400 sqft
    2018-11-01 80 days 2,380 sqft
    2018-12-01 92 days 2,377 sqft
    2019-01-01 97 days 2,361 sqft
    2019-02-01 88 days 2,275 sqft
    2019-03-01 76 days 2,311 sqft
    2019-04-01 62 days 2,384 sqft
    2019-05-01 48 days 2,363 sqft
    2019-06-01 50 days 2,385 sqft
    2019-07-01 51 days 2,408 sqft
    2019-08-01 55 days 2,364 sqft
    2019-09-01 60 days 2,307 sqft
    2019-10-01 65 days 2,252 sqft
    2019-11-01 67 days 2,220 sqft
    2019-12-01 78 days 2,210 sqft
    2020-01-01 84 days 2,244 sqft
    2020-02-01 75 days 2,230 sqft
    2020-03-01 64 days 2,247 sqft
    2020-04-01 57 days 2,251 sqft
    2020-05-01 53 days 2,365 sqft
    2020-06-01 42 days 2,402 sqft
    2020-07-01 41 days 2,487 sqft
    2020-08-01 38 days 2,433 sqft
    2020-09-01 44 days 2,353 sqft
    2020-10-01 47 days 2,434 sqft
    2020-11-01 49 days 2,483 sqft
    2020-12-01 61 days 2,374 sqft
    2021-01-01 66 days 2,260 sqft
    2021-02-01 45 days 2,370 sqft
    2021-03-01 34 days 2,232 sqft
    2021-04-01 26 days 2,260 sqft
    2021-05-01 21 days 2,261 sqft
    2021-06-01 22 days 2,374 sqft
    2021-07-01 25 days 2,300 sqft
    2021-08-01 29 days 2,227 sqft
    2021-09-01 38 days 2,185 sqft
    2021-10-01 45 days 2,371 sqft
    2021-11-01 60 days 2,376 sqft
    2021-12-01 59 days 2,321 sqft
    2022-01-01 57 days 2,390 sqft
    2022-02-01 38 days 2,480 sqft
    2022-03-01 34 days 2,343 sqft
    2022-04-01 19 days 2,282 sqft
    2022-05-01 19 days 2,426 sqft
    2022-06-01 28 days 2,561 sqft
    2022-07-01 32 days 2,492 sqft
    2022-08-01 43 days 2,386 sqft
    2022-09-01 43 days 2,337 sqft
    2022-10-01 44 days 2,402 sqft
    2022-11-01 44 days 2,297 sqft
    2022-12-01 58 days 2,280 sqft
    2023-01-01 66 days 2,254 sqft
    2023-02-01 64 days 2,305 sqft
    2023-03-01 50 days 2,452 sqft
    2023-04-01 36 days 2,469 sqft
    2023-05-01 33 days 2,543 sqft
    2023-06-01 31 days 2,480 sqft
    2023-07-01 39 days 2,490 sqft
    2023-08-01 40 days 2,449 sqft
    2023-09-01 46 days 2,360 sqft
    2023-10-01 47 days 2,433 sqft
    2023-11-01 58 days 2,390 sqft
    2023-12-01 64 days 2,288 sqft
    2024-01-01 67 days 2,246 sqft
    2024-02-01 64 days 2,269 sqft
    2024-03-01 50 days 2,344 sqft
    Billings's median listing age (time on market) for 2024-03-01 was 50 days. This is 0% longer than the same period one year ago.

    Billings's median square footage for active listings during the 2024-03-01 period was 2,344 sqft. One year prior, the average listing was 2,452 sqft.