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 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%.

    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 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. 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%) $407,781 (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 for 2022-12-01 was $470,000, a difference of $-29,250 (-5.9%) versus the prior year and $-10,250 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-12-01 was 58 days. This is -5% shorter than the same period one year ago.

    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.