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 42 lenders originated 97 USDA loans during 2023. The total origination value was $20,205,000, with an average USDA loan value of $208,299.

    Chattanooga USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Chattanooga averaged 6.38% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Chattanooga's average USDA mortgage closing costs are $5,372.

    The average rate for the prior week (2024-12-06) was 6.52% and one month ago for the week of 2024-11-08, the average rate was 6.34%.

    The average rate one year ago was 7%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.29%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNION HOME MORTGAGE CORP. 9 6.81% $9,375
    MORTGAGE INVESTORS GROUP, INC. 9 6.26% $7,974
    LEADERONE FINANCIAL CORPORATION 7 7.03% $7,944
    Renasant Bank 6 6.46% $5,927
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.58% $6,452
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 7.06% $6,853
    FirstBank 4 6.34% $8,180
    UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $8,877
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $7,921
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.42% $9,630
    CMG MORTGAGE, INC. 2 6.81% $9,488
    COMMUNITY MORTGAGE CORPORATION 2 6.50% $9,668
    CROSSCOUNTRY MORTGAGE, LLC 2 6.44% $9,141
    STOCKTON MORTGAGE CORPORATION 2 6.25% $10,134
    TJC Mortgage, Inc. 2 6.38% $7,212
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $5,313
    MEMBER FIRST MORTGAGE, LLC 1 6.13% $5,882
    MOVEMENT MORTGAGE, LLC 1 6.00% $10,380
    NFM, INC. 1 7.13% $6,239
    PLAZA HOME MORTGAGE, INC. 1 7.25% $15,375
    SeaTrust Mortgage Company 1 5.63% $10,012
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.63% $2,177
    SUMMIT FUNDING, INC. 1 7.13% $10,712
    Synovus Bank 1 5.75% $8,323
    VAN DYK MORTGAGE CORPORATION 1 7.13% $2,422
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.38% $6,641
    Wolfe Financial, Inc 1 6.00% $8,038
    ALAMEDA MORTGAGE CORPORATION 1 7.13% $8,669
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $6,345
    AmRes Corporation 1 6.75% $9,028
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.50% $7,601
    BROKER SOLUTIONS, INC. 1 6.63% $10,107
    Century Mortgage Company DBA Century Lending Company 1 7.25% $5,546
    DAS Acquisition Company, LLC 1 7.63% $7,138
    FIRST COMMUNITY MORTGAGE, INC. 1 6.38% $5,012
    First Vision Bank of Tennessee 1 6.50% $8,323
    Flagstar Bank, FSB 1 7.25% $8,984
    GUARANTEED RATE, INC. 1 6.75% $7,788
    HOMESTAR FINANCIAL CORPORATION 1 5.63% $2,359
    Independent Bank 1 6.88% $6,444
    Legends Bank 1 6.50% $6,893
    Magnolia Bank 1 7.75% $6,477

    The top Chattanooga USDA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 9 USDA loans originated. Their average total fees are $9,375, which is $1,401 higher than the next largest lender, MORTGAGE INVESTORS GROUP, INC..

    The lowest fee Chattanooga USDA lenders (with over 10 loans originated) are .

    The lowest rate Chattanooga USDA lenders (with over 10 loans originated) are .

    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 (6.6%) 0.87 1,816
    2018-02-01 $242,200 (9.5%) $320,468 (9.0%) 0.88 1,777
    2018-03-01 $250,000 (10.3%) $334,458 (10.9%) 0.88 1,760
    2018-04-01 $264,900 (15.2%) $345,917 (11.6%) 0.90 1,752
    2018-05-01 $277,500 (15.7%) $355,545 (11.2%) 0.93 1,832
    2018-06-01 $274,950 (12.8%) $350,493 (2.8%) 0.92 2,029
    2018-07-01 $270,550 (10.4%) $347,369 (2.1%) 0.90 2,174
    2018-08-01 $274,600 (14.2%) $347,879 (9.7%) 0.92 2,215
    2018-09-01 $269,900 (10.2%) $343,019 (6.2%) 0.91 2,266
    2018-10-01 $270,000 (10.9%) $342,753 (6.2%) 0.91 2,277
    2018-11-01 $274,975 (17.0%) $344,837 (9.4%) 0.93 2,309
    2018-12-01 $270,000 (12.6%) $341,780 (8.6%) 0.93 2,225
    2019-01-01 $269,900 (14.9%) $338,737 (9.9%) 0.93 2,083
    2019-02-01 $271,500 (12.1%) $338,840 (5.7%) 0.92 2,061
    2019-03-01 $283,871 (13.6%) $347,651 (3.9%) 0.93 2,001
    2019-04-01 $296,750 (12.0%) $356,381 (3.0%) 0.94 1,997
    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 (9.0%) $354,482 (2.1%) 0.92 2,180
    2019-08-01 $293,573 (6.9%) $348,480 (0.2%) 0.93 2,191
    2019-09-01 $291,507 (8.0%) $349,588 (1.9%) 0.93 2,167
    2019-10-01 $289,900 (7.4%) $349,260 (1.9%) 0.94 2,166
    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 (10.5%) $363,132 (7.2%) 0.98 1,568
    2020-03-01 $309,800 (9.1%) $370,905 (6.7%) 0.97 1,583
    2020-04-01 $316,000 (6.5%) $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 (14.1%) $430,254 (23.5%) 0.96 1,142
    2020-09-01 $329,450 (13.0%) $434,227 (24.2%) 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 $350,000 (10.8%) $470,351 (23.7%) 0.95 527
    2021-05-01 $349,900 (6.1%) $496,480 (23.0%) 0.93 549
    2021-06-01 $350,000 (3.7%) $496,799 (15.4%) 0.92 643
    2021-07-01 $335,000 (-1.4%) $459,406 (4.5%) 0.88 748
    2021-08-01 $324,900 (-3.0%) $459,580 (6.8%) 0.87 863
    2021-09-01 $341,800 (3.8%) $460,030 (5.9%) 0.91 851
    2021-10-01 $350,000 (9.4%) $482,500 (13.0%) 0.93 759
    2021-11-01 $360,000 (13.2%) $492,456 (15.5%) 0.96 657
    2021-12-01 $354,900 (13.6%) $492,361 (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%) $544,116 (17.2%) 0.88 471
    2022-04-01 $419,900 (20.0%) $579,378 (23.2%) 1.00 524
    2022-05-01 $437,450 (25.0%) $576,212 (16.1%) 1.00 708
    2022-06-01 $419,975 (20.0%) $557,807 (12.3%) 0.94 894
    2022-07-01 $399,000 (19.1%) $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 (16.9%) $522,478 (13.6%) 0.93 1,242
    2022-10-01 $399,000 (14.0%) $530,089 (9.9%) 0.94 1,307
    2022-11-01 $395,000 (9.7%) $520,857 (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 $408,450 (16.7%) $538,999 (-0.9%) 0.96 1,018
    2023-04-01 $439,900 (4.8%) $572,673 (-1.2%) 1.02 1,021
    2023-05-01 $438,950 (0.3%) $567,581 (-1.5%) 1.00 1,098
    2023-06-01 $438,783 (4.5%) $560,013 (0.4%) 0.99 1,160
    2023-07-01 $437,500 (9.7%) $560,011 (3.6%) 0.99 1,250
    2023-08-01 $437,500 (10.2%) $563,449 (8.8%) 1.00 1,281
    2023-09-01 $430,000 (7.7%) $553,637 (6.0%) 1.00 1,338
    2023-10-01 $418,700 (4.9%) $531,571 (0.3%) 0.99 1,474
    2023-11-01 $415,000 (5.1%) $530,721 (1.9%) 0.99 1,533
    2023-12-01 $409,900 (3.8%) $526,634 (1.2%) 1.00 1,519
    2024-01-01 $399,923 (0.3%) $526,969 (3.8%) 0.98 1,430
    2024-02-01 $402,498 (1.0%) $529,830 (4.6%) 0.97 1,444
    2024-03-01 $425,000 (4.1%) $547,972 (1.7%) 1.00 1,442
    2024-04-01 $425,000 (-3.4%) $559,037 (-2.4%) 0.99 1,486
    2024-05-01 $429,550 (-2.1%) $560,051 (-1.3%) 0.97 1,530
    2024-06-01 $425,000 (-3.1%) $539,002 (-3.8%) 0.96 1,673
    2024-07-01 $409,950 (-6.3%) $525,324 (-6.2%) 0.94 1,869
    2024-08-01 $399,900 (-8.6%) $519,774 (-7.8%) 0.93 1,991
    2024-09-01 $402,404 (-6.4%) $518,452 (-6.4%) 0.95 2,096
    2024-10-01 $399,450 (-4.6%) $511,105 (-3.9%) 0.94 2,407
    2024-11-01 $399,000 (-3.9%) $502,494 (-5.3%) 0.96 2,172
    Chattanooga's median listing price for 2024-11-01 was $399,000, a difference of $-16,000 (-3.9%) versus the prior year and $-450 versus the prior month.

    Chattanooga's median listing price comes in at 96% of the national average.

    Chattanooga's average listing price for 2024-11-01 was $502,494, a difference of $-28,227 (-5.3%) versus the prior year and $-8,611 versus the prior month.

    For the 2024-11-01 period, Chattanooga had 2,172 MLS listings, a difference of -235 listings (-10%) versus the prior month and 639 listings (42%) 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 78 days 2,080 sqft
    2018-02-01 73 days 2,090 sqft
    2018-03-01 55 days 2,140 sqft
    2018-04-01 53 days 2,194 sqft
    2018-05-01 50 days 2,231 sqft
    2018-06-01 47 days 2,169 sqft
    2018-07-01 50 days 2,175 sqft
    2018-08-01 59 days 2,165 sqft
    2018-09-01 58 days 2,160 sqft
    2018-10-01 64 days 2,164 sqft
    2018-11-01 67 days 2,170 sqft
    2018-12-01 73 days 2,152 sqft
    2019-01-01 83 days 2,154 sqft
    2019-02-01 72 days 2,151 sqft
    2019-03-01 63 days 2,186 sqft
    2019-04-01 51 days 2,219 sqft
    2019-05-01 50 days 2,229 sqft
    2019-06-01 53 days 2,232 sqft
    2019-07-01 56 days 2,237 sqft
    2019-08-01 57 days 2,230 sqft
    2019-09-01 61 days 2,237 sqft
    2019-10-01 63 days 2,236 sqft
    2019-11-01 64 days 2,218 sqft
    2019-12-01 73 days 2,216 sqft
    2020-01-01 79 days 2,200 sqft
    2020-02-01 71 days 2,200 sqft
    2020-03-01 50 days 2,244 sqft
    2020-04-01 52 days 2,247 sqft
    2020-05-01 60 days 2,300 sqft
    2020-06-01 57 days 2,308 sqft
    2020-07-01 58 days 2,260 sqft
    2020-08-01 52 days 2,230 sqft
    2020-09-01 46 days 2,176 sqft
    2020-10-01 49 days 2,100 sqft
    2020-11-01 53 days 2,070 sqft
    2020-12-01 56 days 2,029 sqft
    2021-01-01 66 days 2,063 sqft
    2021-02-01 44 days 2,073 sqft
    2021-03-01 34 days 2,097 sqft
    2021-04-01 33 days 2,100 sqft
    2021-05-01 23 days 2,100 sqft
    2021-06-01 25 days 2,068 sqft
    2021-07-01 24 days 2,032 sqft
    2021-08-01 28 days 2,001 sqft
    2021-09-01 34 days 2,028 sqft
    2021-10-01 39 days 2,063 sqft
    2021-11-01 39 days 2,123 sqft
    2021-12-01 43 days 2,066 sqft
    2022-01-01 49 days 1,980 sqft
    2022-02-01 36 days 2,030 sqft
    2022-03-01 25 days 2,007 sqft
    2022-04-01 20 days 2,145 sqft
    2022-05-01 22 days 2,212 sqft
    2022-06-01 26 days 2,206 sqft
    2022-07-01 31 days 2,130 sqft
    2022-08-01 38 days 2,102 sqft
    2022-09-01 44 days 2,111 sqft
    2022-10-01 47 days 2,121 sqft
    2022-11-01 52 days 2,094 sqft
    2022-12-01 63 days 2,085 sqft
    2023-01-01 73 days 2,085 sqft
    2023-02-01 60 days 2,092 sqft
    2023-03-01 47 days 2,084 sqft
    2023-04-01 44 days 2,125 sqft
    2023-05-01 43 days 2,130 sqft
    2023-06-01 42 days 2,137 sqft
    2023-07-01 40 days 2,088 sqft
    2023-08-01 44 days 2,065 sqft
    2023-09-01 46 days 2,073 sqft
    2023-10-01 49 days 2,050 sqft
    2023-11-01 52 days 2,021 sqft
    2023-12-01 57 days 1,980 sqft
    2024-01-01 66 days 1,927 sqft
    2024-02-01 53 days 1,935 sqft
    2024-03-01 44 days 1,999 sqft
    2024-04-01 50 days 2,000 sqft
    2024-05-01 45 days 2,008 sqft
    2024-06-01 47 days 2,012 sqft
    2024-07-01 48 days 1,968 sqft
    2024-08-01 50 days 1,935 sqft
    2024-09-01 53 days 1,940 sqft
    2024-10-01 59 days 1,917 sqft
    2024-11-01 66 days 1,910 sqft
    Chattanooga's median listing age (time on market) for 2024-11-01 was 66 days. This is 28% longer than the same period one year ago.

    Chattanooga's median square footage for active listings during the 2024-11-01 period was 1,910 sqft. One year prior, the average listing was 2,021 sqft.