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 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 6.47% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.59% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

The average rate one year ago was 6.58%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.55%.

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
2024-04-01 $519,900 (-1.7%) $644,738 (-11.3%) 1.21 456
2024-05-01 $503,675 (-7.8%) $629,029 (-15.2%) 1.14 513
2024-06-01 $499,444 (-6.6%) $639,952 (-13.1%) 1.12 622
Billings's median listing price for 2024-06-01 was $499,444, a difference of $-35,006 (-6.6%) versus the prior year and $-4,231 versus the prior month.

Billings's median listing price comes in at 112% of the national average.

Billings's average listing price for 2024-06-01 was $639,952, a difference of $-96,578 (-13.1%) versus the prior year and $10,923 versus the prior month.

For the 2024-06-01 period, Billings had 622 MLS listings, a difference of 109 listings (21%) versus the prior month and 149 listings (32%) 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
2024-04-01 37 days 2,384 sqft
2024-05-01 33 days 2,309 sqft
2024-06-01 33 days 2,330 sqft
Billings's median listing age (time on market) for 2024-06-01 was 33 days. This is 6% longer than the same period one year ago.

Billings's median square footage for active listings during the 2024-06-01 period was 2,330 sqft. One year prior, the average listing was 2,480 sqft.