Billings USDA Loan Rates, Closing Costs & Stats

BILLINGS, MT

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    • 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 15 lenders originated 17 USDA loans during 2022. The total origination value was $4,995,000, with an average USDA loan value of $293,824.

    Billings USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Billings averaged 6.38% for the week of 2023-09-15, compared to the national average (all USDA variants) of 6.982% for the same period.

    Billings's average USDA mortgage closing costs are $6,563.

    The average rate for the prior week (2023-09-08) was 6.47% and one month ago for the week of 2023-08-11, the average rate was 6.5%.

    The average rate one year ago was 5.12%.

    For refis of the same type during the week of 2023-09-15, the average rate was 5.73%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Opportunity Bank of Montana 3 4.29% $8,454
    CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $8,890
    Equity Prime Mortgage LLC 1 5.00% $10,568
    First Interstate Bank 1 5.63% $7,198
    Flagstar Bank, FSB 1 5.00% $8,979
    Glacier Bank 1 3.50% $7,300
    GUARANTEED RATE, INC. 1 3.75% $6,589
    HOME POINT FINANCIAL CORPORATION 1 4.49% $9,112
    HOMESTAR FINANCIAL CORPORATION 1 5.50% $5,890
    MANN FINANCIAL INC. 1 2.75% $13,801
    Paramount Residential Mortgage Group, Inc. 1 3.50% $9,304
    Stockman Bank of Montana 1 4.00% $9,046
    UNITED WHOLESALE MORTGAGE, LLC 1 5.25% $7,804
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.88% $8,629
    UNIVERSAL LENDING CORPORATION 1 3.13% $5,680

    The top Billings USDA lender as defined by loan originations is Opportunity Bank of Montana, with 3 USDA loans originated. Their average total fees are $8,454, which is $436 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    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%) $407,892 (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%) $514,608 (22.6%) 1.00 451
    2020-09-01 $354,900 (17.9%) $527,005 (31.0%) 1.02 437
    2020-10-01 $365,000 (22.8%) $577,156 (49.4%) 1.05 380
    2020-11-01 $374,900 (27.1%) $603,945 (56.4%) 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 (26.6%) 1.16 289
    2021-09-01 $423,225 (19.3%) $677,128 (28.5%) 1.13 307
    2021-10-01 $449,900 (23.3%) $768,976 (33.2%) 1.20 276
    2021-11-01 $474,975 (26.7%) $841,354 (39.3%) 1.27 224
    2021-12-01 $499,750 (34.0%) $926,917 (51.8%) 1.36 195
    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 $511,950 (-3.4%) $687,205 (-28.4%) 1.24 328
    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%) $742,467 (-0.2%) 1.24 396
    2023-06-01 $534,450 (4.3%) $737,433 (1.4%) 1.20 472
    2023-07-01 $515,000 (3.1%) $714,975 (2.0%) 1.17 500
    2023-08-01 $499,938 (2.6%) $668,551 (-0.6%) 1.15 545
    Billings's median listing price for 2023-08-01 was $499,938, a difference of $12,488 (2.6%) versus the prior year and $-15,062 versus the prior month.

    Billings's median listing price comes in at 115% of the national average.

    Billings's average listing price for 2023-08-01 was $668,551, a difference of $-3,999 (-0.6%) versus the prior year and $-46,424 versus the prior month.

    For the 2023-08-01 period, Billings had 545 MLS listings, a difference of 45 listings (9%) versus the prior month and 96 listings (21%) 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 2,413 sqft
    2018-02-01 84 days 2,405 sqft
    2018-03-01 61 days 2,440 sqft
    2018-04-01 53 days 2,458 sqft
    2018-05-01 50 days 2,468 sqft
    2018-06-01 51 days 2,448 sqft
    2018-07-01 56 days 2,454 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 2,379 sqft
    2018-12-01 92 days 2,376 sqft
    2019-01-01 97 days 2,359 sqft
    2019-02-01 88 days 2,271 sqft
    2019-03-01 76 days 2,310 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 2,356 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 2,390 sqft
    2022-09-01 43 days 2,339 sqft
    2022-10-01 44 days 2,404 sqft
    2022-11-01 44 days 2,298 sqft
    2022-12-01 58 days 2,280 sqft
    2023-01-01 66 days 2,260 sqft
    2023-02-01 64 days 2,309 sqft
    2023-03-01 50 days 2,454 sqft
    2023-04-01 36 days 2,474 sqft
    2023-05-01 33 days 2,545 sqft
    2023-06-01 31 days 2,482 sqft
    2023-07-01 39 days 2,483 sqft
    2023-08-01 40 days 2,450 sqft
    Billings's median listing age (time on market) for 2023-08-01 was 40 days. This is -6% shorter than the same period one year ago.

    Billings's median square footage for active listings during the 2023-08-01 period was 2,450 sqft. One year prior, the average listing was 2,390 sqft.