Chattanooga USDA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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.

Chattanooga's 46 lenders originated 127 USDA loans during 2022. The total origination value was $24,525,000, with an average USDA loan value of $193,110.

Chattanooga USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Chattanooga averaged 6.29% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Chattanooga's average USDA mortgage closing costs are $5,214.

The average rate for the prior week (2023-05-19) was 6.34% and one month ago for the week of 2023-04-21, the average rate was 6.04%.

The average rate one year ago was 4.76%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.53%.

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

Chattanooga 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 Chattanooga level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CALIBER HOME LOANS, INC. 13 4.88% $6,958
MORTGAGE INVESTORS GROUP, INC. 12 4.00% $6,007
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 6 5.14% $6,931
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 4.77% $7,155
MOVEMENT MORTGAGE, LLC 6 5.23% $7,432
CMG MORTGAGE, INC. 6 4.67% $6,362
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.95% $6,967
LEADERONE FINANCIAL CORPORATION 5 5.27% $6,658
UNITED WHOLESALE MORTGAGE, LLC 4 5.49% $6,919
TJC Mortgage, Inc. 4 4.44% $7,120
PLAZA HOME MORTGAGE, INC. 4 5.63% $6,958
Gateway First Bank 3 4.58% $5,149
PANORAMA MORTGAGE GROUP, LLC 3 5.54% $8,909
SUMMIT FUNDING, INC. 3 4.96% $8,366
Renasant Bank 3 4.92% $6,694
BROKER SOLUTIONS, INC. 3 4.83% $7,151
Pinnacle Bank 3 5.21% $5,014
DAS Acquisition Company, LLC 2 3.81% $5,175
CARDINAL FINANCIAL 2 4.12% $6,269
COMMUNITY MORTGAGE CORPORATION 2 3.94% $5,871
Equity Prime Mortgage LLC 2 4.13% $4,702
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.88% $4,109
FirstBank 2 4.56% $5,927
VAN DYK MORTGAGE CORPORATION 2 4.25% $1,765
HOMESTAR FINANCIAL CORPORATION 1 5.75% $2,470
HOME POINT FINANCIAL CORPORATION 1 5.63% $7,729
NEWREZ LLC 1 6.75% $10,202
GUARANTY HOME MORTGAGE CORPORATION 1 3.25% $4,060
PENNYMAC LOAN SERVICES, LLC 1 3.06% $4,193
GUARANTEED RATE, INC. 1 6.25% $8,973
FREEDOM MORTGAGE CORPORATION 1 5.75% $6,931
Flagstar Bank, FSB 1 4.25% $5,507
Princeton Mortgage Corporation 1 4.00% $6,772
CHURCHILL MORTGAGE CORPORATION 1 2.75% $5,277
South State Bank 1 3.38% $5,661
STOCKTON MORTGAGE CORPORATION 1 6.25% $6,093
SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $10,408
Century Mortgage Company DBA Century Lending Company 1 4.75% $6,672
SWBC MORTGAGE CORPORATION 1 5.50% $7,499
Synovus Bank 1 4.63% $7,533
BAY EQUITY LLC 1 6.75% $8,143
UNION HOME MORTGAGE CORP. 1 6.75% $4,172
United Community Bank 1 4.13% $6,862
Bank of England 1 5.63% $7,119
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.63% $7,216
Independent Bank 1 3.25% $5,672

The top Chattanooga USDA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 13 USDA loans originated. Their average total fees are $6,958, which is $951 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

The lowest fee Chattanooga USDA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($6,007), CALIBER HOME LOANS, INC. ($6,958), .

The lowest rate Chattanooga USDA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. (4.00%), CALIBER HOME LOANS, INC. (4.88%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Chattanooga (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 $235,000 (9.3%) $308,169 (6.7%) 0.87 1,816
2018-02-01 $242,200 (9.5%) $320,468 (9.1%) 0.88 1,777
2018-03-01 $250,000 (10.4%) $334,458 (11.0%) 0.88 1,760
2018-04-01 $264,900 (15.2%) $345,917 (11.7%) 0.90 1,752
2018-05-01 $277,500 (15.7%) $355,524 (11.3%) 0.93 1,833
2018-06-01 $275,000 (13.0%) $350,477 (2.9%) 0.92 2,030
2018-07-01 $270,950 (10.6%) $347,392 (2.2%) 0.90 2,174
2018-08-01 $274,700 (14.4%) $347,864 (9.8%) 0.92 2,216
2018-09-01 $269,900 (10.2%) $343,006 (6.3%) 0.91 2,267
2018-10-01 $270,000 (10.9%) $342,740 (6.3%) 0.91 2,278
2018-11-01 $274,987 (17.0%) $344,823 (9.5%) 0.93 2,310
2018-12-01 $270,000 (12.6%) $341,767 (8.6%) 0.93 2,226
2019-01-01 $269,900 (14.9%) $338,725 (9.9%) 0.93 2,084
2019-02-01 $271,750 (12.2%) $338,827 (5.7%) 0.92 2,062
2019-03-01 $280,000 (12.0%) $347,004 (3.8%) 0.93 1,992
2019-04-01 $295,900 (11.7%) $356,295 (3.0%) 0.94 2,001
2019-05-01 $295,000 (6.3%) $362,204 (1.9%) 0.92 2,082
2019-06-01 $294,800 (7.2%) $358,176 (2.2%) 0.92 2,096
2019-07-01 $295,000 (8.9%) $354,482 (2.0%) 0.92 2,180
2019-08-01 $309,900 (12.8%) $364,201 (4.7%) 0.97 2,160
2019-09-01 $304,950 (13.0%) $367,840 (7.2%) 0.96 1,978
2019-10-01 $289,900 (7.4%) $349,383 (1.9%) 0.94 2,163
2019-11-01 $290,000 (5.5%) $349,839 (1.5%) 0.95 2,096
2019-12-01 $295,117 (9.3%) $352,651 (3.2%) 0.98 1,916
2020-01-01 $293,375 (8.7%) $350,435 (3.5%) 0.98 1,725
2020-02-01 $299,900 (10.4%) $363,132 (7.2%) 0.98 1,568
2020-03-01 $309,800 (10.6%) $370,905 (6.9%) 0.97 1,583
2020-04-01 $316,000 (6.8%) $380,228 (6.7%) 0.99 1,584
2020-05-01 $329,800 (11.8%) $403,602 (11.4%) 1.00 1,514
2020-06-01 $337,500 (14.5%) $430,525 (20.2%) 0.99 1,345
2020-07-01 $339,900 (15.2%) $439,484 (24.0%) 0.99 1,221
2020-08-01 $334,900 (8.1%) $430,254 (18.1%) 0.96 1,142
2020-09-01 $329,450 (8.0%) $434,227 (18.1%) 0.94 1,117
2020-10-01 $320,000 (10.4%) $426,935 (22.2%) 0.92 1,042
2020-11-01 $317,950 (9.6%) $426,505 (21.9%) 0.93 1,013
2020-12-01 $312,450 (5.9%) $425,865 (20.8%) 0.93 952
2021-01-01 $319,000 (8.7%) $436,061 (24.4%) 0.95 768
2021-02-01 $331,175 (10.4%) $464,678 (28.0%) 0.96 565
2021-03-01 $347,225 (12.1%) $464,436 (25.2%) 0.99 539
2021-04-01 $350,725 (11.0%) $470,594 (23.8%) 0.95 528
2021-05-01 $349,900 (6.1%) $496,777 (23.1%) 0.93 550
2021-06-01 $350,000 (3.7%) $497,067 (15.5%) 0.92 644
2021-07-01 $335,450 (-1.3%) $459,256 (4.5%) 0.89 749
2021-08-01 $324,925 (-3.0%) $459,822 (6.9%) 0.87 864
2021-09-01 $341,875 (3.8%) $460,272 (6.0%) 0.91 852
2021-10-01 $350,000 (9.4%) $483,008 (13.1%) 0.93 759
2021-11-01 $361,250 (13.6%) $492,589 (15.5%) 0.97 657
2021-12-01 $354,900 (13.6%) $492,362 (15.6%) 0.96 578
2022-01-01 $345,000 (8.2%) $491,856 (12.8%) 0.93 522
2022-02-01 $358,720 (8.3%) $523,569 (12.7%) 0.93 460
2022-03-01 $350,000 (0.8%) $544,340 (17.2%) 0.88 471
2022-04-01 $419,900 (19.7%) $579,378 (23.1%) 1.00 524
2022-05-01 $437,450 (25.0%) $576,212 (16.0%) 1.00 708
2022-06-01 $419,975 (20.0%) $557,807 (12.2%) 0.94 894
2022-07-01 $399,000 (18.9%) $540,630 (17.7%) 0.90 1,107
2022-08-01 $396,900 (22.2%) $517,976 (12.7%) 0.92 1,213
2022-09-01 $399,450 (16.8%) $522,478 (13.5%) 0.93 1,242
2022-10-01 $399,000 (14.0%) $530,183 (9.8%) 0.94 1,308
2022-11-01 $395,500 (9.5%) $520,970 (5.8%) 0.95 1,377
2022-12-01 $395,000 (11.3%) $520,532 (5.7%) 0.98 1,258
2023-01-01 $398,675 (15.6%) $507,517 (3.2%) 0.99 1,136
2023-02-01 $398,400 (11.1%) $506,652 (-3.2%) 0.96 1,066
2023-03-01 $408,950 (16.8%) $539,108 (-1.0%) 0.96 1,018
2023-04-01 $439,900 (4.8%) $571,997 (-1.3%) 1.02 1,021
Chattanooga's median listing price for 2023-04-01 was $439,900, a difference of $20,000 (4.8%) versus the prior year and $30,950 versus the prior month.

Chattanooga's median listing price comes in at 102% of the national average.

Chattanooga's average listing price for 2023-04-01 was $571,997, a difference of $-7,381 (-1.3%) versus the prior year and $32,889 versus the prior month.

For the 2023-04-01 period, Chattanooga had 1,021 MLS listings, a difference of 3 listings (0%) versus the prior month and 497 listings (95%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Chattanooga (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 2,080 sqft
2018-02-01 79 days 2,090 sqft
2018-03-01 58 days 2,140 sqft
2018-04-01 56 days 2,194 sqft
2018-05-01 52 days 2,228 sqft
2018-06-01 50 days 2,169 sqft
2018-07-01 52 days 2,175 sqft
2018-08-01 62 days 2,165 sqft
2018-09-01 61 days 2,164 sqft
2018-10-01 67 days 2,166 sqft
2018-11-01 71 days 2,172 sqft
2018-12-01 77 days 2,152 sqft
2019-01-01 87 days 2,157 sqft
2019-02-01 76 days 2,151 sqft
2019-03-01 60 days 2,186 sqft
2019-04-01 54 days 2,219 sqft
2019-05-01 51 days 2,229 sqft
2019-06-01 57 days 2,232 sqft
2019-07-01 59 days 2,237 sqft
2019-08-01 72 days 2,327 sqft
2019-09-01 76 days 2,326 sqft
2019-10-01 66 days 2,237 sqft
2019-11-01 68 days 2,218 sqft
2019-12-01 76 days 2,216 sqft
2020-01-01 82 days 2,200 sqft
2020-02-01 75 days 2,200 sqft
2020-03-01 53 days 2,244 sqft
2020-04-01 56 days 2,247 sqft
2020-05-01 64 days 2,300 sqft
2020-06-01 61 days 2,308 sqft
2020-07-01 61 days 2,261 sqft
2020-08-01 57 days 2,230 sqft
2020-09-01 49 days 2,175 sqft
2020-10-01 51 days 2,100 sqft
2020-11-01 55 days 2,072 sqft
2020-12-01 59 days 2,029 sqft
2021-01-01 70 days 2,063 sqft
2021-02-01 51 days 2,074 sqft
2021-03-01 37 days 2,097 sqft
2021-04-01 34 days 2,100 sqft
2021-05-01 24 days 2,104 sqft
2021-06-01 28 days 2,072 sqft
2021-07-01 26 days 2,032 sqft
2021-08-01 29 days 2,002 sqft
2021-09-01 36 days 2,029 sqft
2021-10-01 41 days 2,065 sqft
2021-11-01 39 days 2,123 sqft
2021-12-01 45 days 2,066 sqft
2022-01-01 51 days 1,980 sqft
2022-02-01 38 days 2,030 sqft
2022-03-01 27 days 2,007 sqft
2022-04-01 22 days 2,150 sqft
2022-05-01 23 days 2,212 sqft
2022-06-01 28 days 2,206 sqft
2022-07-01 31 days 2,130 sqft
2022-08-01 38 days 2,102 sqft
2022-09-01 45 days 2,112 sqft
2022-10-01 48 days 2,117 sqft
2022-11-01 53 days 2,095 sqft
2022-12-01 64 days 2,085 sqft
2023-01-01 74 days 2,085 sqft
2023-02-01 62 days 2,093 sqft
2023-03-01 47 days 2,085 sqft
2023-04-01 45 days 2,125 sqft
Chattanooga's median listing age (time on market) for 2023-04-01 was 45 days. This is 105% longer than the same period one year ago.

Chattanooga's median square footage for active listings during the 2023-04-01 period was 2,125 sqft. One year prior, the average listing was 2,150 sqft.