Chattanooga USDA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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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.

    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.