Birmingham USDA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

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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.

    Birmingham's 71 lenders originated 335 USDA loans during 2022. The total origination value was $68,495,000, with an average USDA loan value of $204,463.

    Birmingham USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Birmingham averaged 6.77% for the week of 2023-09-22, compared to the national average (all USDA variants) of 7.021% for the same period.

    Birmingham's average USDA mortgage closing costs are $4,452.

    The average rate for the prior week (2023-09-15) was 6.43% and one month ago for the week of 2023-08-18, the average rate was 6.73%.

    The average rate one year ago was 5.56%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.47%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Birmingham 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 Birmingham level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Hamilton Mortgage Corporation 43 4.59% $4,630
    UNITED WHOLESALE MORTGAGE, LLC 22 4.38% $6,491
    Prosperity Home Mortgage, LLC 20 4.46% $5,543
    MOVEMENT MORTGAGE, LLC 19 4.85% $5,868
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 4.65% $4,707
    Regions Bank 12 5.11% $5,145
    GUILD MORTGAGE COMPANY 11 5.03% $6,402
    Renasant Bank 11 4.84% $8,151
    FirstBank 10 3.81% $6,432
    First Federal Bank, A FSB 9 4.49% $6,096
    LEADERONE FINANCIAL CORPORATION 8 5.11% $5,852
    DHI MORTGAGE COMPANY, LTD. 8 3.58% $6,885
    Ameris Bank 8 4.42% $7,032
    HOMEBRIDGE FINANCIAL SERVICES, INC. 8 4.19% $6,852
    Hometown Lenders, Inc. 7 5.36% $7,657
    SouthPoint Bank 7 4.84% $6,850
    INTERLINC MORTGAGE SERVICES, LLC 6 4.46% $4,911
    HOME POINT FINANCIAL CORPORATION 6 4.73% $6,251
    MORTGAGE INVESTORS GROUP, INC. 5 3.93% $4,851
    AMERIFIRST FINANCIAL CORPORATION 5 5.43% $5,239
    GMFS LLC 4 3.75% $2,372
    Assurance Financial Group, L.L.C. 4 4.81% $6,232
    BancorpSouth 4 4.38% $6,725
    THE MORTGAGE FIRM, INC. 4 4.69% $5,953
    Trustmark National Bank 4 5.16% $7,790
    UNION HOME MORTGAGE CORP. 4 5.66% $5,495
    Gateway First Bank 4 3.72% $3,321
    CORNERSTONE HOME LENDING, INC. 3 6.04% $11,095
    CALIBER HOME LOANS, INC. 3 5.02% $5,838
    Bank of England 3 4.96% $5,069
    Northpointe Bank 3 5.25% $9,228
    Synovus Bank 2 5.69% $5,390
    LOANDEPOT.COM, LLC 2 4.88% $9,497
    FBC MORTGAGE, LLC 2 4.38% $8,412
    Paramount Residential Mortgage Group, Inc. 2 3.75% $4,799
    RELIANCE FIRST CAPITAL, LLC 2 5.69% $3,311
    HUNT MORTGAGE CORPORATION 2 3.63% $3,657
    TJC Mortgage, Inc. 2 3.50% $5,529
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.31% $4,800
    Goldwater Bank, N.A. 2 5.19% $10,000
    GUARANTY HOME MORTGAGE CORPORATION 2 4.94% $4,698
    HOMESTAR FINANCIAL CORPORATION 2 6.50% $5,972
    SOUTHWEST FUNDING, LP 1 5.63% $7,064
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $7,698
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $5,684
    BROKER SOLUTIONS, INC. 1 5.63% $5,701
    Carrington Mortgage Services, LLC 1 2.75% $4,105
    CB&S Bank, Inc. 1 2.88% $5,322
    CHURCHILL MORTGAGE CORPORATION 1 5.63% $6,203
    CIS Financial Services, Inc. 1 3.50% $5,966
    Consumer First Mortgage, Inc. 1 5.00% $6,552
    DELMAR FINANCIAL COMPANY 1 5.75% $5,708
    Equity Prime Mortgage LLC 1 6.00% $7,095
    EVERETT FINANCIAL, INC. 1 6.13% $3,695
    FIRST COMMUNITY MORTGAGE, INC. 1 4.38% $5,839
    First Horizon Bank 1 4.88% $6,632
    First Option Mortgage, LLC 1 3.25% $6,548
    Flagstar Bank, FSB 1 4.15% $4,647
    FREEDOM MORTGAGE CORPORATION 1 3.25% $4,326
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $8,610
    HOMESIDE FINANCIAL, LLC 1 4.63% $4,675
    HOMETRUST MORTGAGE COMPANY 1 3.25% $4,574
    KELLER MORTGAGE, LLC 1 4.75% $4,161
    MICHIGAN MUTUAL, INC. 1 4.00% $6,015
    PENNYMAC LOAN SERVICES, LLC 1 3.25% $4,476
    Plains Commerce Bank 1 4.13% $3,487
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.63% $10,581
    Princeton Mortgage Corporation 1 6.00% $11,258
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.38% $8,410
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $5,183
    Truist 1 4.50% $4,141

    The top Birmingham USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 43 USDA loans originated. Their average total fees are $4,630, which is $1,861 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Birmingham USDA lenders (with over 10 loans originated) are Hamilton Mortgage Corporation ($4,630), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,707), Regions Bank ($5,145), Prosperity Home Mortgage, LLC ($5,543) and MOVEMENT MORTGAGE, LLC ($5,868).

    The lowest rate Birmingham USDA lenders (with over 10 loans originated) are FirstBank (3.81%), UNITED WHOLESALE MORTGAGE, LLC (4.38%), Prosperity Home Mortgage, LLC (4.46%), Hamilton Mortgage Corporation (4.59%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.65%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Birmingham (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 $206,500 (8.7%) $273,129 (8.4%) 0.77 4,316
    2018-02-01 $211,950 (8.6%) $276,829 (7.0%) 0.77 4,211
    2018-03-01 $224,833 (9.9%) $290,770 (8.1%) 0.79 4,127
    2018-04-01 $233,255 (8.5%) $301,728 (8.7%) 0.79 4,209
    2018-05-01 $238,950 (9.0%) $310,201 (8.8%) 0.80 4,316
    2018-06-01 $236,900 (7.7%) $310,773 (8.4%) 0.79 4,413
    2018-07-01 $239,700 (9.0%) $308,905 (8.9%) 0.80 4,548
    2018-08-01 $239,000 (10.7%) $308,466 (10.0%) 0.80 4,619
    2018-09-01 $229,990 (7.0%) $307,440 (11.2%) 0.77 4,560
    2018-10-01 $226,574 (5.9%) $301,115 (8.1%) 0.77 4,540
    2018-11-01 $229,355 (9.2%) $304,510 (11.2%) 0.78 4,382
    2018-12-01 $229,900 (9.8%) $304,695 (12.4%) 0.79 4,087
    2019-01-01 $231,160 (11.9%) $303,237 (11.0%) 0.80 3,806
    2019-02-01 $242,450 (14.4%) $317,444 (14.7%) 0.82 3,728
    2019-03-01 $252,478 (12.3%) $328,445 (13.0%) 0.83 3,707
    2019-04-01 $258,508 (10.8%) $338,235 (12.1%) 0.82 3,732
    2019-05-01 $264,950 (10.9%) $340,924 (9.9%) 0.83 3,746
    2019-06-01 $266,635 (12.6%) $340,369 (9.5%) 0.83 3,963
    2019-07-01 $269,450 (12.4%) $339,666 (10.0%) 0.84 4,091
    2019-08-01 $268,564 (12.4%) $337,302 (9.4%) 0.85 4,090
    2019-09-01 $266,559 (15.9%) $334,380 (8.8%) 0.85 4,051
    2019-10-01 $264,950 (16.9%) $331,883 (10.2%) 0.86 3,996
    2019-11-01 $259,900 (13.3%) $328,114 (7.8%) 0.85 3,802
    2019-12-01 $253,888 (10.4%) $324,725 (6.6%) 0.85 3,500
    2020-01-01 $254,925 (10.3%) $326,635 (7.7%) 0.85 3,222
    2020-02-01 $259,900 (7.2%) $333,178 (5.0%) 0.85 3,189
    2020-03-01 $267,563 (6.0%) $343,784 (4.7%) 0.84 3,118
    2020-04-01 $265,000 (2.5%) $340,372 (0.6%) 0.83 3,183
    2020-05-01 $269,995 (1.9%) $352,843 (3.5%) 0.82 3,116
    2020-06-01 $279,375 (4.8%) $362,653 (6.6%) 0.82 2,930
    2020-07-01 $279,700 (3.8%) $361,435 (6.4%) 0.81 2,779
    2020-08-01 $275,000 (2.4%) $360,164 (6.8%) 0.79 2,635
    2020-09-01 $273,594 (2.6%) $360,198 (7.7%) 0.78 2,542
    2020-10-01 $265,000 (0.0%) $353,019 (6.4%) 0.76 2,573
    2020-11-01 $260,000 (0.0%) $350,078 (6.7%) 0.76 2,474
    2020-12-01 $260,741 (2.7%) $349,667 (7.7%) 0.78 2,270
    2021-01-01 $260,650 (2.3%) $348,621 (6.7%) 0.78 2,064
    2021-02-01 $264,043 (1.6%) $356,570 (7.0%) 0.77 1,722
    2021-03-01 $269,889 (0.9%) $370,331 (7.7%) 0.77 1,653
    2021-04-01 $279,950 (5.6%) $391,023 (14.9%) 0.76 1,563
    2021-05-01 $279,900 (3.7%) $387,256 (9.8%) 0.74 1,453
    2021-06-01 $277,225 (-0.8%) $375,410 (3.5%) 0.73 1,564
    2021-07-01 $275,000 (-1.7%) $367,919 (1.8%) 0.73 1,836
    2021-08-01 $277,450 (0.9%) $367,787 (2.1%) 0.74 1,949
    2021-09-01 $275,250 (0.6%) $369,809 (2.7%) 0.73 1,889
    2021-10-01 $285,000 (7.6%) $375,782 (6.5%) 0.76 1,825
    2021-11-01 $279,900 (7.7%) $374,789 (7.1%) 0.75 1,679
    2021-12-01 $274,950 (5.5%) $370,689 (6.0%) 0.75 1,559
    2022-01-01 $265,000 (1.7%) $363,737 (4.3%) 0.72 1,415
    2022-02-01 $262,400 (-0.6%) $368,930 (3.5%) 0.68 1,421
    2022-03-01 $265,000 (-1.8%) $372,653 (0.6%) 0.66 1,414
    2022-04-01 $278,750 (-0.4%) $387,302 (-1.0%) 0.66 1,498
    2022-05-01 $292,390 (4.5%) $400,702 (3.5%) 0.67 1,626
    2022-06-01 $299,000 (7.9%) $399,715 (6.5%) 0.67 1,947
    2022-07-01 $299,500 (8.9%) $389,321 (5.8%) 0.67 2,387
    2022-08-01 $285,560 (2.9%) $375,776 (2.2%) 0.66 2,481
    2022-09-01 $281,785 (2.4%) $370,296 (0.1%) 0.66 2,458
    2022-10-01 $279,900 (-1.8%) $369,222 (-1.8%) 0.66 2,648
    2022-11-01 $275,625 (-1.5%) $361,698 (-3.5%) 0.66 2,771
    2022-12-01 $274,450 (-0.2%) $354,724 (-4.3%) 0.68 2,633
    2023-01-01 $270,000 (1.9%) $353,062 (-2.9%) 0.67 2,455
    2023-02-01 $270,550 (3.1%) $356,015 (-3.5%) 0.65 2,320
    2023-03-01 $278,875 (5.2%) $364,396 (-2.2%) 0.66 2,305
    2023-04-01 $285,000 (2.2%) $373,253 (-3.6%) 0.66 2,264
    2023-05-01 $296,938 (1.6%) $385,845 (-3.7%) 0.67 2,286
    2023-06-01 $300,346 (0.5%) $389,292 (-2.6%) 0.67 2,390
    2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
    2023-08-01 $297,000 (4.0%) $382,795 (1.9%) 0.68 2,741
    Birmingham's median listing price for 2023-08-01 was $297,000, a difference of $11,440 (4.0%) versus the prior year and $-2,000 versus the prior month.

    Birmingham's median listing price comes in at 68% of the national average.

    Birmingham's average listing price for 2023-08-01 was $382,795, a difference of $7,019 (1.9%) versus the prior year and $-1,849 versus the prior month.

    For the 2023-08-01 period, Birmingham had 2,741 MLS listings, a difference of 120 listings (5%) versus the prior month and 260 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Birmingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,911 sqft
    2018-02-01 86 days 1,909 sqft
    2018-03-01 62 days 1,880 sqft
    2018-04-01 59 days 1,889 sqft
    2018-05-01 54 days 1,915 sqft
    2018-06-01 55 days 1,919 sqft
    2018-07-01 59 days 1,947 sqft
    2018-08-01 60 days 1,940 sqft
    2018-09-01 63 days 1,903 sqft
    2018-10-01 69 days 1,874 sqft
    2018-11-01 72 days 1,878 sqft
    2018-12-01 78 days 1,883 sqft
    2019-01-01 84 days 1,887 sqft
    2019-02-01 74 days 1,917 sqft
    2019-03-01 62 days 1,951 sqft
    2019-04-01 54 days 1,978 sqft
    2019-05-01 51 days 1,986 sqft
    2019-06-01 53 days 1,974 sqft
    2019-07-01 55 days 1,978 sqft
    2019-08-01 57 days 1,977 sqft
    2019-09-01 62 days 1,968 sqft
    2019-10-01 66 days 1,961 sqft
    2019-11-01 72 days 1,973 sqft
    2019-12-01 80 days 1,953 sqft
    2020-01-01 81 days 2,008 sqft
    2020-02-01 69 days 2,120 sqft
    2020-03-01 59 days 2,150 sqft
    2020-04-01 61 days 2,133 sqft
    2020-05-01 64 days 2,131 sqft
    2020-06-01 62 days 2,135 sqft
    2020-07-01 57 days 2,158 sqft
    2020-08-01 54 days 2,138 sqft
    2020-09-01 54 days 2,122 sqft
    2020-10-01 51 days 2,064 sqft
    2020-11-01 55 days 2,034 sqft
    2020-12-01 66 days 1,999 sqft
    2021-01-01 67 days 1,974 sqft
    2021-02-01 47 days 1,937 sqft
    2021-03-01 41 days 1,964 sqft
    2021-04-01 36 days 2,002 sqft
    2021-05-01 40 days 2,008 sqft
    2021-06-01 36 days 1,941 sqft
    2021-07-01 33 days 1,919 sqft
    2021-08-01 35 days 1,922 sqft
    2021-09-01 41 days 1,907 sqft
    2021-10-01 50 days 1,927 sqft
    2021-11-01 58 days 1,904 sqft
    2021-12-01 56 days 1,880 sqft
    2022-01-01 64 days 1,818 sqft
    2022-02-01 38 days 1,816 sqft
    2022-03-01 32 days 1,809 sqft
    2022-04-01 30 days 1,854 sqft
    2022-05-01 31 days 1,849 sqft
    2022-06-01 29 days 1,863 sqft
    2022-07-01 30 days 1,874 sqft
    2022-08-01 37 days 1,851 sqft
    2022-09-01 45 days 1,843 sqft
    2022-10-01 46 days 1,847 sqft
    2022-11-01 51 days 1,836 sqft
    2022-12-01 62 days 1,801 sqft
    2023-01-01 68 days 1,793 sqft
    2023-02-01 63 days 1,800 sqft
    2023-03-01 51 days 1,808 sqft
    2023-04-01 45 days 1,820 sqft
    2023-05-01 43 days 1,871 sqft
    2023-06-01 43 days 1,906 sqft
    2023-07-01 44 days 1,912 sqft
    2023-08-01 44 days 1,914 sqft
    Birmingham's median listing age (time on market) for 2023-08-01 was 44 days. This is 21% longer than the same period one year ago.

    Birmingham's median square footage for active listings during the 2023-08-01 period was 1,914 sqft. One year prior, the average listing was 1,851 sqft.