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 63 lenders originated 249 USDA loans during 2023. The total origination value was $52,205,000, with an average USDA loan value of $209,659.

    Birmingham USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Birmingham averaged 6.67% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Birmingham's average USDA mortgage closing costs are $4,631.

    The average rate for the prior week (2024-04-12) was 6.52% and one month ago for the week of 2024-03-15, the average rate was 6.3%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.98%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Hamilton Mortgage Corporation 30 6.54% $6,359
    DHI MORTGAGE COMPANY, LTD. 19 5.18% $5,238
    UNITED WHOLESALE MORTGAGE, LLC 17 6.16% $6,342
    Prosperity Home Mortgage, LLC 16 6.54% $5,428
    Renasant Bank 9 5.96% $8,826
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.11% $6,600
    CORNERSTONE HOME LENDING, INC. 7 6.43% $8,395
    SouthPoint Bank 7 6.16% $4,682
    DAS Acquisition Company, LLC 6 6.83% $7,469
    MOVEMENT MORTGAGE, LLC 6 5.83% $6,837
    Regions Bank 6 5.81% $6,886
    FBC MORTGAGE, LLC 6 6.38% $8,122
    TJC Mortgage, Inc. 6 6.19% $5,876
    Ameris Bank 5 6.45% $5,504
    GUILD MORTGAGE COMPANY 5 6.33% $8,380
    FirstBank 5 6.20% $6,159
    LOANDEPOT.COM, LLC 4 6.25% $6,088
    Trustmark National Bank 4 5.94% $5,967
    Cornerstone First Mortgage, Inc 4 6.88% $6,877
    Bank of England 4 6.19% $7,537
    AMERICAN FINANCIAL NETWORK, INC. 3 6.29% $9,718
    NEWREZ LLC 3 6.35% $8,365
    First Federal Bank, A FSB 3 5.83% $22,039
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.58% $7,830
    HOMESTAR FINANCIAL CORPORATION 3 5.88% $6,258
    GMFS LLC 2 6.06% $3,180
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 5.81% $3,556
    STOCKTON MORTGAGE CORPORATION 2 6.50% $8,727
    Northpointe Bank 2 5.94% $6,699
    THE MORTGAGE FIRM, INC. 2 6.56% $8,309
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 7.25% $8,098
    FIRST COMMUNITY MORTGAGE, INC. 2 5.63% $5,848
    CMG MORTGAGE, INC. 2 6.25% $7,912
    INSPIRE HOME LOANS INC. 2 5.63% $5,696
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $3,931
    Synovus Bank 2 5.88% $8,879
    Plains Commerce Bank 2 5.94% $5,051
    BROKER SOLUTIONS, INC. 2 7.13% $6,168
    MORTGAGE INVESTORS GROUP, INC. 1 6.25% $5,522
    AVADIAN 1 6.63% $5,017
    BAYSHORE MORTGAGE FUNDING, LLC 1 8.75% $6,613
    CANOPY MORTGAGE, LLC 1 6.13% $10,718
    Citizens Bank 1 5.63% $5,224
    EVANSVILLE TEACHERS 1 6.50% $4,728
    EVERETT FINANCIAL, INC. 1 6.63% $5,596
    First Federal Bank 1 6.00% $4,400
    Flagstar Bank, FSB 1 7.00% $6,251
    Goldwater Bank, N.A. 1 6.50% $8,850
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $6,093
    HUNT MORTGAGE CORPORATION 1 6.63% $5,339
    Ixonia Bank 1 7.13% $5,864
    Legends Bank 1 7.13% $3,655
    MICHIGAN MUTUAL, INC. 1 6.13% $10,008
    ACADEMY MORTGAGE CORPORATION 1 6.63% $2,090
    Mortgage Research Center, LLC 1 7.63% $2,005
    PLAZA HOME MORTGAGE, INC. 1 6.25% $6,339
    Princeton Mortgage Corporation 1 6.63% $5,204
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.88% $5,973
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $9,144
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $4,743
    THRIVE MORTGAGE, LLC 1 6.13% $5,520
    UNION HOME MORTGAGE CORP. 1 7.00% $8,576
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $4,284

    The top Birmingham USDA lender as defined by loan originations is Hamilton Mortgage Corporation, with 30 USDA loans originated. Their average total fees are $6,359, which is $1,121 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Birmingham USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($5,238), Prosperity Home Mortgage, LLC ($5,428), UNITED WHOLESALE MORTGAGE, LLC ($6,342), Hamilton Mortgage Corporation ($6,359) and .

    The lowest rate Birmingham USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.18%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), Prosperity Home Mortgage, LLC (6.54%), Hamilton Mortgage Corporation (6.54%) and .

    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 $206,425 (8.7%) $273,109 (8.5%) 0.77 4,315
    2018-02-01 $211,950 (8.7%) $276,809 (7.1%) 0.77 4,210
    2018-03-01 $224,800 (10.7%) $290,746 (8.1%) 0.79 4,125
    2018-04-01 $233,255 (8.5%) $301,721 (8.7%) 0.79 4,207
    2018-05-01 $238,950 (9.1%) $310,198 (8.8%) 0.80 4,314
    2018-06-01 $236,900 (7.7%) $310,770 (8.5%) 0.79 4,412
    2018-07-01 $239,700 (9.5%) $308,879 (8.9%) 0.80 4,548
    2018-08-01 $239,000 (10.7%) $308,465 (10.0%) 0.80 4,619
    2018-09-01 $229,970 (7.0%) $307,409 (11.2%) 0.77 4,561
    2018-10-01 $226,500 (6.1%) $301,108 (8.1%) 0.77 4,538
    2018-11-01 $229,555 (9.3%) $304,774 (11.3%) 0.78 4,376
    2018-12-01 $229,900 (10.0%) $304,991 (12.5%) 0.79 4,077
    2019-01-01 $232,083 (12.4%) $303,517 (11.1%) 0.80 3,797
    2019-02-01 $242,450 (14.4%) $317,618 (14.7%) 0.82 3,722
    2019-03-01 $252,814 (12.5%) $328,650 (13.0%) 0.83 3,703
    2019-04-01 $258,900 (11.0%) $338,450 (12.2%) 0.82 3,728
    2019-05-01 $265,000 (10.9%) $341,088 (10.0%) 0.83 3,743
    2019-06-01 $267,000 (12.7%) $340,616 (9.6%) 0.83 3,958
    2019-07-01 $269,450 (12.4%) $339,701 (10.0%) 0.84 4,093
    2019-08-01 $268,564 (12.4%) $337,314 (9.4%) 0.85 4,094
    2019-09-01 $266,559 (15.9%) $334,348 (8.8%) 0.85 4,057
    2019-10-01 $264,950 (17.0%) $331,853 (10.2%) 0.85 4,004
    2019-11-01 $259,900 (13.2%) $328,140 (7.7%) 0.85 3,810
    2019-12-01 $253,947 (10.5%) $324,858 (6.5%) 0.85 3,505
    2020-01-01 $254,950 (9.9%) $326,851 (7.7%) 0.85 3,225
    2020-02-01 $259,900 (7.2%) $333,600 (5.0%) 0.85 3,181
    2020-03-01 $268,919 (6.4%) $344,516 (4.8%) 0.84 3,110
    2020-04-01 $265,375 (2.5%) $340,959 (0.7%) 0.83 3,178
    2020-05-01 $270,000 (1.9%) $353,414 (3.6%) 0.82 3,111
    2020-06-01 $279,670 (4.8%) $363,276 (6.7%) 0.82 2,925
    2020-07-01 $279,900 (3.9%) $361,870 (6.5%) 0.81 2,777
    2020-08-01 $275,840 (2.7%) $360,629 (6.9%) 0.79 2,633
    2020-09-01 $273,744 (2.7%) $360,549 (7.8%) 0.78 2,537
    2020-10-01 $265,000 (0.0%) $353,362 (6.5%) 0.76 2,567
    2020-11-01 $260,150 (0.1%) $350,572 (6.8%) 0.76 2,462
    2020-12-01 $261,650 (3.0%) $350,037 (7.8%) 0.78 2,263
    2021-01-01 $262,650 (3.0%) $348,962 (6.8%) 0.78 2,057
    2021-02-01 $265,701 (2.2%) $356,979 (7.0%) 0.77 1,717
    2021-03-01 $270,150 (0.5%) $370,590 (7.6%) 0.77 1,647
    2021-04-01 $279,725 (5.4%) $391,304 (14.8%) 0.76 1,558
    2021-05-01 $279,900 (3.7%) $387,387 (9.6%) 0.74 1,449
    2021-06-01 $276,975 (-1.0%) $375,476 (3.4%) 0.73 1,559
    2021-07-01 $275,000 (-1.8%) $367,820 (1.6%) 0.73 1,831
    2021-08-01 $277,233 (0.5%) $367,743 (2.0%) 0.74 1,943
    2021-09-01 $275,000 (0.5%) $369,748 (2.6%) 0.73 1,883
    2021-10-01 $284,900 (7.5%) $375,644 (6.3%) 0.76 1,812
    2021-11-01 $279,900 (7.6%) $374,658 (6.9%) 0.75 1,669
    2021-12-01 $274,063 (4.7%) $370,486 (5.8%) 0.74 1,552
    2022-01-01 $265,000 (0.9%) $363,737 (4.2%) 0.72 1,407
    2022-02-01 $262,400 (-1.2%) $368,930 (3.4%) 0.68 1,421
    2022-03-01 $265,000 (-1.9%) $372,667 (0.6%) 0.66 1,413
    2022-04-01 $275,000 (-1.7%) $387,443 (-1.0%) 0.66 1,494
    2022-05-01 $290,883 (3.9%) $400,885 (3.5%) 0.67 1,619
    2022-06-01 $299,000 (8.0%) $399,817 (6.5%) 0.67 1,941
    2022-07-01 $299,500 (8.9%) $389,369 (5.9%) 0.67 2,389
    2022-08-01 $286,544 (3.4%) $375,821 (2.2%) 0.66 2,483
    2022-09-01 $281,573 (2.4%) $370,277 (0.1%) 0.66 2,462
    2022-10-01 $279,900 (-1.8%) $369,304 (-1.7%) 0.66 2,650
    2022-11-01 $276,477 (-1.2%) $361,809 (-3.4%) 0.66 2,774
    2022-12-01 $274,800 (0.3%) $354,867 (-4.2%) 0.68 2,634
    2023-01-01 $270,000 (1.9%) $353,101 (-2.9%) 0.67 2,457
    2023-02-01 $270,638 (3.1%) $356,052 (-3.5%) 0.65 2,321
    2023-03-01 $278,875 (5.2%) $364,387 (-2.2%) 0.66 2,306
    2023-04-01 $285,000 (3.6%) $373,264 (-3.7%) 0.66 2,265
    2023-05-01 $296,288 (1.9%) $385,616 (-3.8%) 0.67 2,284
    2023-06-01 $299,950 (0.3%) $389,250 (-2.6%) 0.67 2,391
    2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
    2023-08-01 $297,000 (3.7%) $382,795 (1.9%) 0.68 2,741
    2023-09-01 $299,000 (6.2%) $374,753 (1.2%) 0.70 2,856
    2023-10-01 $294,825 (5.3%) $375,899 (1.8%) 0.69 3,031
    2023-11-01 $294,001 (6.3%) $376,633 (4.1%) 0.70 3,113
    2023-12-01 $289,900 (5.5%) $376,201 (6.0%) 0.71 2,986
    2024-01-01 $284,950 (5.5%) $370,068 (4.8%) 0.70 2,851
    2024-02-01 $286,137 (5.7%) $368,796 (3.6%) 0.69 2,882
    2024-03-01 $289,900 (4.0%) $375,261 (3.0%) 0.68 2,941
    Birmingham's median listing price for 2024-03-01 was $289,900, a difference of $11,025 (4.0%) versus the prior year and $3,763 versus the prior month.

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

    Birmingham's average listing price for 2024-03-01 was $375,261, a difference of $10,874 (3.0%) versus the prior year and $6,465 versus the prior month.

    For the 2024-03-01 period, Birmingham had 2,941 MLS listings, a difference of 59 listings (2%) versus the prior month and 635 listings (28%) 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 1,920 sqft
    2018-02-01 86 days 1,919 sqft
    2018-03-01 62 days 1,879 sqft
    2018-04-01 59 days 1,889 sqft
    2018-05-01 54 days 1,916 sqft
    2018-06-01 55 days 1,919 sqft
    2018-07-01 59 days 1,947 sqft
    2018-08-01 60 days 1,939 sqft
    2018-09-01 63 days 1,903 sqft
    2018-10-01 69 days 1,873 sqft
    2018-11-01 72 days 1,879 sqft
    2018-12-01 79 days 1,886 sqft
    2019-01-01 85 days 1,890 sqft
    2019-02-01 73 days 1,920 sqft
    2019-03-01 62 days 1,956 sqft
    2019-04-01 55 days 1,981 sqft
    2019-05-01 51 days 1,989 sqft
    2019-06-01 53 days 1,976 sqft
    2019-07-01 54 days 1,979 sqft
    2019-08-01 57 days 1,979 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 1,954 sqft
    2020-01-01 81 days 2,009 sqft
    2020-02-01 69 days 2,121 sqft
    2020-03-01 59 days 2,154 sqft
    2020-04-01 61 days 2,136 sqft
    2020-05-01 63 days 2,138 sqft
    2020-06-01 62 days 2,139 sqft
    2020-07-01 57 days 2,159 sqft
    2020-08-01 54 days 2,139 sqft
    2020-09-01 54 days 2,124 sqft
    2020-10-01 51 days 2,065 sqft
    2020-11-01 55 days 2,035 sqft
    2020-12-01 66 days 2,000 sqft
    2021-01-01 66 days 1,976 sqft
    2021-02-01 47 days 1,938 sqft
    2021-03-01 42 days 1,964 sqft
    2021-04-01 37 days 2,002 sqft
    2021-05-01 40 days 2,008 sqft
    2021-06-01 36 days 1,939 sqft
    2021-07-01 33 days 1,917 sqft
    2021-08-01 35 days 1,920 sqft
    2021-09-01 41 days 1,907 sqft
    2021-10-01 50 days 1,914 sqft
    2021-11-01 57 days 1,895 sqft
    2021-12-01 55 days 1,872 sqft
    2022-01-01 64 days 1,814 sqft
    2022-02-01 38 days 1,815 sqft
    2022-03-01 32 days 1,807 sqft
    2022-04-01 30 days 1,851 sqft
    2022-05-01 31 days 1,843 sqft
    2022-06-01 29 days 1,861 sqft
    2022-07-01 30 days 1,874 sqft
    2022-08-01 37 days 1,852 sqft
    2022-09-01 45 days 1,843 sqft
    2022-10-01 46 days 1,847 sqft
    2022-11-01 52 days 1,837 sqft
    2022-12-01 63 days 1,801 sqft
    2023-01-01 68 days 1,794 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 1,869 sqft
    2023-06-01 43 days 1,906 sqft
    2023-07-01 44 days 1,912 sqft
    2023-08-01 44 days 1,913 sqft
    2023-09-01 49 days 1,900 sqft
    2023-10-01 51 days 1,900 sqft
    2023-11-01 53 days 1,876 sqft
    2023-12-01 61 days 1,861 sqft
    2024-01-01 71 days 1,821 sqft
    2024-02-01 65 days 1,818 sqft
    2024-03-01 50 days 1,831 sqft
    Birmingham's median listing age (time on market) for 2024-03-01 was 50 days. This is -2% shorter than the same period one year ago.

    Birmingham's median square footage for active listings during the 2024-03-01 period was 1,831 sqft. One year prior, the average listing was 1,808 sqft.