Cleveland USDA Loan Rates, Closing Costs & Stats

Cleveland, MS

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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.

    Cleveland's 4 lenders originated 9 USDA loans during 2023. The total origination value was $1,225,000, with an average USDA loan value of $136,111.

    Cleveland USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Cleveland averaged 6.79% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

    Cleveland's average USDA mortgage closing costs are $4,348.

    The average rate for the prior week (2024-04-05) was 6.52% and one month ago for the week of 2024-03-08, the average rate was 6.48%.

    The average rate one year ago was 6.08%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.81%.

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

    Cleveland 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 Cleveland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    BancorpSouth 5 6.38% $5,846
    FIRST COMMUNITY MORTGAGE, INC. 1 5.99% $5,652
    Flagstar Bank, FSB 1 6.63% $4,315
    GMFS LLC 1 6.25% $5,006

    The top Cleveland USDA lender as defined by loan originations is BancorpSouth, with 5 USDA loans originated. Their average total fees are $5,846, which is $193 higher than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (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 $130,000 (4.2%) $198,390 (17.1%) 0.00 51
    2018-02-01 $126,500 (0.6%) $175,747 (0.3%) 0.00 59
    2018-03-01 $128,000 (-7.6%) $174,251 (-0.8%) 0.00 55
    2018-04-01 $128,750 (-13.6%) $168,317 (-10.0%) 0.00 60
    2018-05-01 $139,500 (-3.8%) $176,259 (-4.2%) 0.00 64
    2018-06-01 $160,000 (4.2%) $185,115 (-3.4%) 0.00 62
    2018-07-01 $150,475 (-5.4%) $173,085 (-14.1%) 0.00 71
    2018-08-01 $149,125 (1.2%) $170,846 (-21.3%) 0.00 68
    2018-09-01 $150,750 (11.7%) $174,215 (-16.2%) 0.00 60
    2018-10-01 $150,950 (6.1%) $176,390 (-14.4%) 0.00 62
    2018-11-01 $142,250 (4.5%) $168,158 (-17.2%) 0.00 63
    2018-12-01 $139,900 (7.6%) $167,827 (-14.8%) 0.00 67
    2019-01-01 $131,200 (0.9%) $157,319 (-20.7%) 0.00 75
    2019-02-01 $135,600 (7.2%) $159,755 (-9.1%) 0.00 76
    2019-03-01 $138,664 (8.3%) $157,491 (-9.6%) 0.00 74
    2019-04-01 $135,189 (5.0%) $153,512 (-8.8%) 0.00 68
    2019-05-01 $145,750 (4.5%) $168,263 (-4.5%) 0.00 67
    2019-06-01 $143,000 (-10.6%) $164,223 (-11.3%) 0.00 59
    2019-07-01 $143,500 (-4.6%) $174,870 (1.0%) 0.00 51
    2019-08-01 $145,905 (-2.2%) $178,925 (4.7%) 0.00 49
    2019-09-01 $139,911 (-7.2%) $170,755 (-2.0%) 0.00 49
    2019-10-01 $133,100 (-11.8%) $164,409 (-6.8%) 0.00 49
    2019-11-01 $140,000 (-1.6%) $174,268 (3.6%) 0.00 48
    2019-12-01 $143,750 (2.8%) $181,226 (8.0%) 0.00 51
    2020-01-01 $141,750 (8.0%) $179,136 (13.9%) 0.00 44
    2020-02-01 $137,500 (1.4%) $174,756 (9.4%) 0.00 45
    2020-03-01 $140,500 (1.3%) $186,754 (18.6%) 0.00 47
    2020-04-01 $143,875 (6.4%) $182,801 (19.1%) 0.00 47
    2020-05-01 $137,750 (-5.5%) $177,932 (5.8%) 0.00 42
    2020-06-01 $157,475 (10.1%) $196,240 (19.5%) 0.00 42
    2020-07-01 $157,250 (9.6%) $181,947 (4.1%) 0.00 43
    2020-08-01 $164,500 (12.7%) $194,438 (8.7%) 0.00 35
    2020-09-01 $150,100 (7.3%) $187,392 (9.7%) 0.00 33
    2020-10-01 $146,200 (9.8%) $188,116 (14.4%) 0.00 39
    2020-11-01 $156,800 (12.0%) $181,693 (4.3%) 0.00 51
    2020-12-01 $159,975 (11.3%) $188,247 (3.9%) 0.00 47
    2021-01-01 $138,200 (-2.5%) $181,367 (1.3%) 0.00 37
    2021-02-01 $162,450 (18.2%) $218,629 (25.1%) 0.00 34
    2021-03-01 $188,000 (33.8%) $249,712 (33.7%) 0.00 30
    2021-04-01 $192,125 (33.5%) $249,233 (36.3%) 0.00 28
    2021-05-01 $195,000 (41.6%) $232,038 (30.4%) 0.00 24
    2021-06-01 $177,475 (12.7%) $229,092 (16.7%) 0.00 24
    2021-07-01 $165,000 (4.9%) $202,586 (11.3%) 0.00 21
    2021-08-01 $159,925 (-2.8%) $197,425 (1.5%) 0.00 28
    2021-09-01 $159,925 (6.6%) $187,648 (0.1%) 0.00 28
    2021-10-01 $161,750 (10.6%) $185,722 (-1.3%) 0.00 23
    2021-11-01 $159,375 (1.6%) $193,332 (6.4%) 0.00 30
    2021-12-01 $141,625 (-11.5%) $187,144 (-0.6%) 0.00 30
    2022-01-01 $145,000 (4.9%) $200,334 (10.5%) 0.00 26
    2022-02-01 $164,950 (1.5%) $199,370 (-8.8%) 0.00 39
    2022-03-01 $154,975 (-17.6%) $205,066 (-17.9%) 0.00 42
    2022-04-01 $149,500 (-22.2%) $206,295 (-17.2%) 0.00 37
    2022-05-01 $149,875 (-23.1%) $190,928 (-17.7%) 0.00 39
    2022-06-01 $147,500 (-16.9%) $178,301 (-22.2%) 0.00 42
    2022-07-01 $156,000 (-5.5%) $198,349 (-2.1%) 0.00 45
    2022-08-01 $167,000 (4.4%) $201,537 (2.1%) 0.00 43
    2022-09-01 $169,500 (6.0%) $203,929 (8.7%) 0.00 46
    2022-10-01 $175,000 (8.2%) $210,944 (13.6%) 0.00 39
    2022-11-01 $175,000 (9.8%) $202,376 (4.7%) 0.00 37
    2022-12-01 $179,900 (27.0%) $207,988 (11.1%) 0.00 42
    2023-01-01 $175,000 (20.7%) $215,751 (7.7%) 0.00 36
    2023-02-01 $190,000 (15.2%) $242,315 (21.5%) 0.00 35
    2023-03-01 $190,000 (22.6%) $249,749 (21.8%) 0.00 36
    2023-04-01 $190,000 (27.1%) $254,049 (23.2%) 0.00 43
    2023-05-01 $194,550 (29.8%) $253,380 (32.7%) 0.00 41
    2023-06-01 $206,625 (40.1%) $250,891 (40.7%) 0.00 42
    2023-07-01 $215,000 (37.8%) $243,890 (23.0%) 0.00 43
    2023-08-01 $192,000 (15.0%) $223,071 (10.7%) 0.00 46
    2023-09-01 $158,500 (-6.5%) $191,828 (-5.9%) 0.00 59
    2023-10-01 $166,250 (-5.0%) $184,096 (-12.7%) 0.00 57
    2023-11-01 $152,000 (-13.1%) $173,457 (-14.3%) 0.00 55
    2023-12-01 $150,000 (-16.6%) $176,570 (-15.1%) 0.00 54
    2024-01-01 $145,000 (-17.1%) $175,261 (-18.8%) 0.00 56
    2024-02-01 $147,500 (-22.4%) $180,385 (-25.6%) 0.00 50
    2024-03-01 $150,000 (-21.1%) $188,707 (-24.4%) 0.00 54
    Cleveland's median listing price for 2024-03-01 was $150,000, a difference of $-40,000 (-21.1%) versus the prior year and $2,500 versus the prior month.

    Cleveland's median listing price comes in at 0% of the national average.

    Cleveland's average listing price for 2024-03-01 was $188,707, a difference of $-61,042 (-24.4%) versus the prior year and $8,322 versus the prior month.

    For the 2024-03-01 period, Cleveland had 54 MLS listings, a difference of 4 listings (8%) versus the prior month and 18 listings (50%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,920 sqft
    2018-02-01 0 days 1,691 sqft
    2018-03-01 0 days 1,693 sqft
    2018-04-01 0 days 1,693 sqft
    2018-05-01 0 days 1,760 sqft
    2018-06-01 0 days 1,887 sqft
    2018-07-01 0 days 1,828 sqft
    2018-08-01 0 days 1,763 sqft
    2018-09-01 0 days 1,765 sqft
    2018-10-01 0 days 1,824 sqft
    2018-11-01 0 days 1,748 sqft
    2018-12-01 0 days 1,624 sqft
    2019-01-01 0 days 1,605 sqft
    2019-02-01 0 days 1,683 sqft
    2019-03-01 0 days 1,742 sqft
    2019-04-01 0 days 1,756 sqft
    2019-05-01 0 days 1,767 sqft
    2019-06-01 0 days 1,769 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,887 sqft
    2019-09-01 0 days 1,804 sqft
    2019-10-01 0 days 1,761 sqft
    2019-11-01 0 days 1,865 sqft
    2019-12-01 0 days 1,798 sqft
    2020-01-01 0 days 1,712 sqft
    2020-02-01 0 days 1,723 sqft
    2020-03-01 0 days 1,793 sqft
    2020-04-01 0 days 1,795 sqft
    2020-05-01 0 days 1,764 sqft
    2020-06-01 0 days 1,920 sqft
    2020-07-01 0 days 1,965 sqft
    2020-08-01 0 days 2,078 sqft
    2020-09-01 0 days 2,000 sqft
    2020-10-01 0 days 2,035 sqft
    2020-11-01 0 days 1,875 sqft
    2020-12-01 0 days 1,996 sqft
    2021-01-01 0 days 1,780 sqft
    2021-02-01 0 days 1,873 sqft
    2021-03-01 0 days 2,047 sqft
    2021-04-01 0 days 2,097 sqft
    2021-05-01 0 days 1,963 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 1,964 sqft
    2021-08-01 0 days 1,790 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,790 sqft
    2021-11-01 0 days 1,652 sqft
    2021-12-01 0 days 1,645 sqft
    2022-01-01 0 days 1,751 sqft
    2022-02-01 0 days 1,938 sqft
    2022-03-01 0 days 1,961 sqft
    2022-04-01 0 days 1,938 sqft
    2022-05-01 0 days 1,789 sqft
    2022-06-01 0 days 1,831 sqft
    2022-07-01 0 days 1,793 sqft
    2022-08-01 0 days 1,856 sqft
    2022-09-01 0 days 1,826 sqft
    2022-10-01 0 days 1,851 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 2,046 sqft
    2023-03-01 0 days 1,944 sqft
    2023-04-01 0 days 1,952 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,090 sqft
    2023-07-01 0 days 2,151 sqft
    2023-08-01 0 days 1,994 sqft
    2023-09-01 0 days 1,763 sqft
    2023-10-01 0 days 1,778 sqft
    2023-11-01 0 days 1,654 sqft
    2023-12-01 0 days 1,664 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,500 sqft
    2024-03-01 0 days 1,549 sqft
    Cleveland's median listing age (time on market) for 2024-03-01 was 0 days.

    Cleveland's median square footage for active listings during the 2024-03-01 period was 1,549 sqft. One year prior, the average listing was 1,944 sqft.