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
-0.16%
for the week of 2024-11-15, compared to the national average (all USDA variants) of
0% for the same period.
Billings's average USDA mortgage closing costs are $6,627.
The average rate for the prior week (2024-11-08) was
6.1% and
one month ago for the week of 2024-10-11, the
average rate was 6.16%.
The average rate one year ago was 7.09%.
For refis of the same type during the week of 2024-11-15, the average rate
was -0.37%.
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%) | $639,493 (-13.2%) | 1.12 | 622 |
| 2024-07-01 | $489,900 (-5.3%) | $634,885 (-11.3%) | 1.12 | 679 |
| 2024-08-01 | $485,000 (-3.0%) | $631,205 (-5.6%) | 1.13 | 699 |
| 2024-09-01 | $474,950 (-5.0%) | $625,281 (-5.4%) | 1.12 | 737 |
| 2024-10-01 | $459,900 (-7.6%) | $605,048 (-5.2%) | 1.08 | 765 |
Billings's median listing price comes in at 108% of the national average.
Billings's average listing price for 2024-10-01 was $605,048, a difference of $-33,277 (-5.2%) versus the prior year and $-20,233 versus the prior month.
For the 2024-10-01 period, Billings had 765 MLS listings, a difference of 28 listings (4%) versus the prior month and 188 listings (33%) 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 | 2,333 sqft |
| 2024-07-01 | 43 days | 2,318 sqft |
| 2024-08-01 | 45 days | 2,288 sqft |
| 2024-09-01 | 52 days | 2,288 sqft |
| 2024-10-01 | 54 days | 2,253 sqft |
Billings's median square footage for active listings during the 2024-10-01 period was 2,253 sqft. One year prior, the average listing was 2,433 sqft.