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%.
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. LouisDate | 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 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. LouisDate | 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 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.