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 55 lenders originated 299 USDA loans during 2021. The total origination value was $58,025,000, with an average USDA loan value of $194,064.

Chattanooga USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Chattanooga averaged 6.68% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Chattanooga's average USDA mortgage closing costs are $5,091.

The average rate for the prior week (2022-11-25) was 6.72% and one month ago for the week of 2022-10-28, the average rate was 7.09%.

The average rate one year ago was 3.48%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.46%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
MORTGAGE INVESTORS GROUP, INC. 35 2.85% $5,576
CALIBER HOME LOANS, INC. 21 3.02% $5,662
FirstBank 20 2.97% $5,218
MOVEMENT MORTGAGE, LLC 19 3.01% $4,724
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 17 2.98% $5,566
TJC Mortgage, Inc. 14 2.94% $5,736
SUMMIT FUNDING, INC. 12 3.36% $6,235
COMMUNITY MORTGAGE CORPORATION 11 2.76% $4,866
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 3.04% $4,980
BROKER SOLUTIONS, INC. 8 2.78% $5,871
DAS Acquisition Company, LLC 7 3.02% $5,047
PANORAMA MORTGAGE GROUP, LLC 6 3.42% $5,785
LEADERONE FINANCIAL CORPORATION 6 3.06% $7,503
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.02% $6,152
Wolfe Financial, Inc 6 2.73% $5,711
STOCKTON MORTGAGE CORPORATION 6 3.27% $5,040
Renasant Bank 6 3.08% $5,598
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 3.18% $5,449
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.09% $5,614
UNION HOME MORTGAGE CORP. 4 2.38% $4,512
GUARANTY HOME MORTGAGE CORPORATION 4 2.84% $4,842
HOMESTAR FINANCIAL CORPORATION 4 3.03% $2,064
Carrington Mortgage Services, LLC 4 4.16% $9,127
Colten Mortgage, LLC 3 2.67% $4,150
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.75% $1,908
CHURCHILL MORTGAGE CORPORATION 3 2.92% $5,689
CMG MORTGAGE, INC. 3 3.29% $6,207
FIRST COMMUNITY MORTGAGE, INC. 3 2.92% $5,866
GENEVA FINANCIAL, LLC 3 3.00% $7,619
PLANET HOME LENDING, LLC 3 3.04% $6,707
Synovus Bank 2 3.19% $4,292
PENNYMAC LOAN SERVICES, LLC 2 3.06% $4,615
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.44% $4,998
First Citizens National Bank 2 2.81% $3,762
SUCCESS MORTGAGE PARTNERS, INC. 2 2.56% $6,535
Bank of England 2 3.38% $4,792
Pinnacle Bank 2 2.94% $5,959
Prosperity Home Mortgage, LLC 1 3.00% $6,541
RELIANCE FIRST CAPITAL, LLC 1 3.00% $5,628
FREEDOM MORTGAGE CORPORATION 1 2.75% $5,278
Sierra Pacific Mortgage Company, Inc. 1 2.88% $5,046
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.38% $2,237
ANGEL OAK HOME LOANS LLC 1 3.00% $5,557
Citizens Bank 1 3.13% $3,149
TOWNE MORTGAGE COMPANY 1 2.63% $7,510
BAYSHORE MORTGAGE FUNDING, LLC 1 3.38% $5,614
UNITED WHOLESALE MORTGAGE, LLC 1 2.75% $5,783
Magnolia Bank 1 2.88% $4,869
LOANDEPOT.COM, LLC 1 2.75% $7,446
MORIA DEVELOPMENT, INC. 1 2.88% $5,479
HOME POINT FINANCIAL CORPORATION 1 3.00% $5,669
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $5,139
GUARANTEED RATE, INC. 1 3.00% $7,709
Y-12 Federal Credit Union 1 3.50% $6,838
GMFS LLC 1 2.88% $2,462

The top Chattanooga USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 35 USDA loans originated. Their average total fees are $5,576, which is $86 lower than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Chattanooga USDA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($4,724), COMMUNITY MORTGAGE CORPORATION ($4,866), FirstBank ($5,218), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($5,566) and MORTGAGE INVESTORS GROUP, INC. ($5,576).

The lowest rate Chattanooga USDA lenders (with over 10 loans originated) are COMMUNITY MORTGAGE CORPORATION (2.76%), MORTGAGE INVESTORS GROUP, INC. (2.85%), TJC Mortgage, Inc. (2.94%), FirstBank (2.97%) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. (2.98%).


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%) $308,125 (6.7%) 0.87 1,817
2018-02-01 $242,200 (9.5%) $320,659 (9.2%) 0.88 1,779
2018-03-01 $250,000 (10.4%) $334,637 (11.0%) 0.88 1,762
2018-04-01 $264,900 (15.2%) $346,083 (11.8%) 0.90 1,754
2018-05-01 $277,500 (15.7%) $355,908 (11.4%) 0.93 1,835
2018-06-01 $275,000 (13.0%) $351,016 (3.0%) 0.92 2,033
2018-07-01 $270,975 (10.6%) $347,919 (2.4%) 0.90 2,177
2018-08-01 $274,800 (14.5%) $348,384 (10.0%) 0.92 2,219
2018-09-01 $269,900 (10.2%) $343,528 (6.5%) 0.91 2,270
2018-10-01 $270,725 (11.4%) $343,251 (6.5%) 0.91 2,281
2018-11-01 $275,000 (17.0%) $345,326 (9.7%) 0.93 2,313
2018-12-01 $271,500 (13.2%) $342,293 (8.7%) 0.94 2,229
2019-01-01 $269,900 (14.9%) $339,291 (10.1%) 0.93 2,087
2019-02-01 $272,000 (12.3%) $339,394 (5.8%) 0.92 2,065
2019-03-01 $283,914 (13.6%) $347,976 (4.0%) 0.93 2,005
2019-04-01 $297,250 (12.2%) $356,637 (3.1%) 0.94 2,001
2019-05-01 $295,175 (6.4%) $362,624 (1.9%) 0.92 2,089
2019-06-01 $294,900 (7.2%) $358,607 (2.2%) 0.92 2,103
2019-07-01 $295,000 (8.9%) $354,911 (2.0%) 0.92 2,187
2019-08-01 $293,609 (6.8%) $348,891 (0.2%) 0.93 2,198
2019-09-01 $291,523 (8.0%) $349,951 (1.9%) 0.93 2,175
2019-10-01 $289,900 (7.1%) $349,597 (1.9%) 0.94 2,174
2019-11-01 $290,000 (5.5%) $350,174 (1.4%) 0.95 2,104
2019-12-01 $295,117 (8.7%) $352,998 (3.1%) 0.98 1,924
2020-01-01 $293,500 (8.7%) $350,853 (3.4%) 0.98 1,734
2020-02-01 $299,900 (10.3%) $363,552 (7.1%) 0.98 1,577
2020-03-01 $309,850 (9.1%) $371,257 (6.7%) 0.97 1,591
2020-04-01 $316,125 (6.4%) $380,560 (6.7%) 0.99 1,593
2020-05-01 $329,900 (11.8%) $403,842 (11.4%) 1.00 1,523
2020-06-01 $337,500 (14.5%) $430,618 (20.1%) 0.99 1,354
2020-07-01 $339,900 (15.2%) $439,522 (23.8%) 0.99 1,230
2020-08-01 $334,900 (14.1%) $430,366 (23.4%) 0.96 1,151
2020-09-01 $329,475 (13.0%) $434,311 (24.1%) 0.94 1,126
2020-10-01 $320,000 (10.4%) $427,087 (22.2%) 0.92 1,051
2020-11-01 $318,950 (10.0%) $426,663 (21.8%) 0.93 1,022
2020-12-01 $312,450 (5.9%) $426,036 (20.7%) 0.93 961
2021-01-01 $319,450 (8.8%) $436,161 (24.3%) 0.95 777
2021-02-01 $333,675 (11.3%) $464,369 (27.7%) 0.97 574
2021-03-01 $347,450 (12.1%) $464,122 (25.0%) 0.99 548
2021-04-01 $351,450 (11.2%) $470,164 (23.6%) 0.95 537
2021-05-01 $349,900 (6.1%) $495,938 (22.8%) 0.93 559
2021-06-01 $350,000 (3.7%) $496,306 (15.3%) 0.92 652
2021-07-01 $335,450 (-1.3%) $459,453 (4.5%) 0.88 757
2021-08-01 $324,925 (-3.0%) $459,815 (6.8%) 0.87 871
2021-09-01 $341,875 (3.8%) $460,142 (6.0%) 0.91 860
2021-10-01 $350,000 (9.4%) $482,496 (13.0%) 0.93 767
2021-11-01 $361,725 (13.4%) $491,937 (15.3%) 0.97 666
2021-12-01 $354,900 (13.6%) $491,681 (15.4%) 0.96 587
2022-01-01 $345,000 (8.0%) $492,195 (12.9%) 0.93 527
2022-02-01 $359,945 (7.9%) $522,044 (12.4%) 0.94 469
2022-03-01 $350,000 (0.7%) $542,500 (16.9%) 0.88 480
2022-04-01 $422,450 (20.2%) $577,078 (22.7%) 1.01 533
2022-05-01 $437,450 (25.0%) $574,568 (15.9%) 1.00 717
2022-06-01 $420,000 (20.0%) $556,688 (12.2%) 0.94 903
2022-07-01 $399,000 (18.9%) $539,862 (17.5%) 0.90 1,116
2022-08-01 $396,900 (22.2%) $517,444 (12.5%) 0.92 1,222
2022-09-01 $399,450 (16.8%) $521,925 (13.4%) 0.93 1,251
2022-10-01 $399,250 (14.1%) $529,530 (9.8%) 0.94 1,316
2022-11-01 $396,500 (9.6%) $520,472 (5.8%) 0.95 1,386
Chattanooga's median listing price for 2022-11-01 was $396,500, a difference of $34,775 (9.6%) versus the prior year and $-2,750 versus the prior month.

Chattanooga's median listing price comes in at 95% of the national average.

Chattanooga's average listing price for 2022-11-01 was $520,472, a difference of $28,535 (5.8%) versus the prior year and $-9,058 versus the prior month.

For the 2022-11-01 period, Chattanooga had 1,386 MLS listings, a difference of 70 listings (5%) versus the prior month and 720 listings (108%) 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 2,079 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 53 days 2,231 sqft
2018-06-01 50 days 2,171 sqft
2018-07-01 52 days 2,177 sqft
2018-08-01 62 days 2,165 sqft
2018-09-01 61 days 2,165 sqft
2018-10-01 67 days 2,165 sqft
2018-11-01 71 days 2,171 sqft
2018-12-01 77 days 2,152 sqft
2019-01-01 87 days 2,158 sqft
2019-02-01 77 days 2,151 sqft
2019-03-01 67 days 2,187 sqft
2019-04-01 54 days 2,220 sqft
2019-05-01 51 days 2,235 sqft
2019-06-01 57 days 2,245 sqft
2019-07-01 59 days 2,240 sqft
2019-08-01 60 days 2,233 sqft
2019-09-01 63 days 2,240 sqft
2019-10-01 66 days 2,238 sqft
2019-11-01 68 days 2,219 sqft
2019-12-01 76 days 2,217 sqft
2020-01-01 82 days 2,200 sqft
2020-02-01 75 days 2,200 sqft
2020-03-01 54 days 2,244 sqft
2020-04-01 56 days 2,250 sqft
2020-05-01 64 days 2,300 sqft
2020-06-01 62 days 2,309 sqft
2020-07-01 62 days 2,261 sqft
2020-08-01 58 days 2,233 sqft
2020-09-01 50 days 2,180 sqft
2020-10-01 52 days 2,100 sqft
2020-11-01 57 days 2,078 sqft
2020-12-01 60 days 2,039 sqft
2021-01-01 72 days 2,068 sqft
2021-02-01 55 days 2,079 sqft
2021-03-01 38 days 2,100 sqft
2021-04-01 36 days 2,104 sqft
2021-05-01 25 days 2,108 sqft
2021-06-01 29 days 2,075 sqft
2021-07-01 26 days 2,034 sqft
2021-08-01 30 days 2,002 sqft
2021-09-01 36 days 2,028 sqft
2021-10-01 43 days 2,065 sqft
2021-11-01 40 days 2,125 sqft
2021-12-01 46 days 2,072 sqft
2022-01-01 51 days 1,991 sqft
2022-02-01 40 days 2,042 sqft
2022-03-01 28 days 2,019 sqft
2022-04-01 22 days 2,150 sqft
2022-05-01 23 days 2,214 sqft
2022-06-01 29 days 2,211 sqft
2022-07-01 31 days 2,135 sqft
2022-08-01 39 days 2,103 sqft
2022-09-01 45 days 2,115 sqft
2022-10-01 49 days 2,125 sqft
2022-11-01 53 days 2,099 sqft
Chattanooga's median listing age (time on market) for 2022-11-01 was 53 days. This is 33% longer than the same period one year ago.

Chattanooga's median square footage for active listings during the 2022-11-01 period was 2,099 sqft. One year prior, the average listing was 2,125 sqft.