Durham USDA Loans

DURHAM-CHAPEL HILL, NC

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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.

    Durham's 50 lenders originated 137 USDA loans during 2021. The total origination value was $28,775,000, with an average USDA loan value of $210,036.

    Durham USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Durham averaged 5.08% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

    The average rate for the prior week (2022-05-06) was 5.32% and one month ago for the week of 2022-04-08, the average rate was 4.88%.

    The average rate one year ago was 3.29%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.92%.

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

    Durham USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Durham level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Victorian Finance, LLC 15 2.73% $6,757
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 3.29% $5,896
    UNION HOME MORTGAGE CORP. 9 2.68% $6,341
    MOVEMENT MORTGAGE, LLC 8 2.70% $4,865
    GoPrime Mortgage, Inc. 7 3.29% $6,361
    CALIBER HOME LOANS, INC. 6 2.73% $5,109
    Alcova Mortgage LLC 5 2.90% $4,745
    First Heritage Mortgage, LLC 4 3.03% $5,922
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.50% $6,293
    EQUITY RESOURCES, INC. 4 2.84% $5,675
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.31% $7,306
    Wells Fargo Bank 3 3.17% $4,703
    CORNERSTONE HOME LENDING, INC. 3 3.42% $5,270
    FINANCE OF AMERICA MORTGAGE LLC 3 2.96% $7,253
    HOMESPIRE MORTGAGE CORPORATION 2 2.94% $4,853
    Corporate Investors Mortgage Group, Inc. 2 2.56% $5,380
    Keystone Funding, Inc. 2 2.44% $2,014
    ANGEL OAK HOME LOANS LLC 2 2.88% $5,703
    North State Bank 2 3.25% $3,128
    First Guaranty Mortgage Corporation 2 3.13% $4,967
    RAPID MORTGAGE COMPANY 2 2.38% $7,327
    RESIDENTIAL MORTGAGE SERVICES, INC. 2 3.00% $6,117
    American Security Mortgage Corp. 2 3.50% $7,109
    AMERICAN FINANCIAL NETWORK, INC. 2 2.88% $5,923
    Truist Bank 2 3.00% $6,742
    CALCON MUTUAL MORTGAGE LLC 2 3.25% $7,983
    Ameris Bank 2 2.50% $5,507
    Sunflower Bank 1 2.99% $4,723
    American National Bank and Trust Company 1 2.75% $4,474
    AMERIFIRST FINANCIAL CORPORATION 1 2.75% $6,434
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 3.38% $5,090
    BROKER SOLUTIONS, INC. 1 2.75% $4,918
    Citizens Bank 1 2.88% $4,960
    DHI MORTGAGE COMPANY, LTD. 1 2.50% $6,417
    First Horizon Bank 1 2.25% $7,901
    GENEVA FINANCIAL, LLC 1 2.88% $5,051
    HOME POINT FINANCIAL CORPORATION 1 2.63% $6,646
    HOMESIDE FINANCIAL, LLC 1 2.88% $6,475
    INTERCOASTAL MORTGAGE COMPANY 1 2.62% $6,080
    JET HOMELOANS, LLC 1 2.50% $12,314
    KBHS HOME LOANS, LLC 1 3.13% $6,643
    LAND HOME FINANCIAL SERVICES, INC. 1 2.75% $5,913
    MCLEAN MORTGAGE CORPORATION 1 2.75% $5,237
    Mortgage Research Center, LLC 1 2.99% $4,110
    NFM, INC. 1 3.38% $6,778
    Paramount Residential Mortgage Group, Inc. 1 3.38% $6,004
    PENNYMAC LOAN SERVICES, LLC 1 2.63% $6,170
    SIGNATURE MORTGAGE CORPORATION 1 3.25% $7,486
    THE MORTGAGE FIRM, INC. 1 2.88% $6,349
    United Community Bank 1 2.75% $4,025

    The top Durham USDA lender as defined by loan originations is Victorian Finance, LLC, with 15 USDA loans originated. Their average total fees are $6,757, which is $861 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Durham USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,896), Victorian Finance, LLC ($6,757), .

    The lowest rate Durham USDA lenders (with over 10 loans originated) are Victorian Finance, LLC (2.73%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (3.29%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Durham (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 $384,000 (9.7%) $490,755 (12.7%) 1.41 1,186
    2018-02-01 $399,950 (9.6%) $504,610 (13.7%) 1.44 1,140
    2018-03-01 $404,050 (8.6%) $503,091 (10.2%) 1.40 1,302
    2018-04-01 $409,268 (4.9%) $513,744 (7.8%) 1.37 1,358
    2018-05-01 $403,452 (1.1%) $524,149 (8.4%) 1.35 1,402
    2018-06-01 $399,000 (0.4%) $514,748 (7.1%) 1.33 1,475
    2018-07-01 $394,950 (0.8%) $499,471 (3.3%) 1.32 1,560
    2018-08-01 $389,900 (-0.2%) $489,112 (1.7%) 1.30 1,585
    2018-09-01 $387,000 (-0.5%) $487,672 (1.1%) 1.29 1,622
    2018-10-01 $385,000 (0.0%) $484,615 (0.2%) 1.29 1,647
    2018-11-01 $381,950 (-1.1%) $479,236 (-1.6%) 1.28 1,587
    2018-12-01 $379,000 (-1.5%) $478,436 (-2.4%) 1.30 1,472
    2019-01-01 $369,450 (-3.8%) $464,861 (-5.3%) 1.27 1,335
    2019-02-01 $384,500 (-3.9%) $480,353 (-4.8%) 1.29 1,279
    2019-03-01 $400,657 (-0.8%) $497,369 (-1.1%) 1.31 1,371
    2019-04-01 $412,507 (0.8%) $508,088 (-1.1%) 1.30 1,461
    2019-05-01 $404,191 (0.2%) $499,743 (-4.7%) 1.25 1,533
    2019-06-01 $402,000 (0.8%) $491,462 (-4.5%) 1.24 1,644
    2019-07-01 $400,000 (1.3%) $482,100 (-3.5%) 1.24 1,705
    2019-08-01 $394,714 (1.2%) $471,029 (-3.7%) 1.24 1,706
    2019-09-01 $389,000 (0.5%) $466,487 (-4.3%) 1.24 1,689
    2019-10-01 $379,400 (-1.5%) $459,844 (-5.1%) 1.21 1,753
    2019-11-01 $385,000 (0.8%) $460,804 (-3.9%) 1.24 1,653
    2019-12-01 $389,000 (2.6%) $462,788 (-3.3%) 1.30 1,452
    2020-01-01 $394,835 (6.9%) $467,373 (0.5%) 1.32 1,282
    2020-02-01 $408,990 (6.4%) $482,700 (0.5%) 1.32 1,202
    2020-03-01 $425,000 (6.1%) $511,047 (2.8%) 1.33 1,233
    2020-04-01 $399,900 (-3.1%) $487,451 (-4.1%) 1.25 1,287
    2020-05-01 $419,000 (3.7%) $493,820 (-1.2%) 1.27 1,290
    2020-06-01 $429,291 (6.8%) $521,748 (6.2%) 1.25 1,209
    2020-07-01 $437,195 (9.3%) $525,674 (9.0%) 1.25 1,143
    2020-08-01 $440,000 (11.5%) $527,902 (12.1%) 1.26 1,075
    2020-09-01 $433,950 (11.6%) $533,071 (14.3%) 1.24 985
    2020-10-01 $437,425 (15.3%) $548,789 (19.3%) 1.25 949
    2020-11-01 $436,950 (13.5%) $552,459 (19.9%) 1.25 899
    2020-12-01 $429,403 (10.4%) $563,623 (21.8%) 1.26 798
    2021-01-01 $423,990 (7.4%) $552,789 (18.3%) 1.25 675
    2021-02-01 $427,500 (4.5%) $579,733 (20.1%) 1.23 531
    2021-03-01 $440,751 (3.7%) $576,568 (12.8%) 1.24 497
    2021-04-01 $459,900 (15.0%) $612,130 (25.6%) 1.24 459
    2021-05-01 $449,000 (7.2%) $598,340 (21.2%) 1.18 432
    2021-06-01 $450,000 (4.8%) $606,556 (16.3%) 1.17 483
    2021-07-01 $454,250 (3.9%) $594,740 (13.1%) 1.18 542
    2021-08-01 $450,000 (2.3%) $586,542 (11.1%) 1.18 583
    2021-09-01 $450,475 (3.8%) $589,150 (10.5%) 1.19 609
    2021-10-01 $470,000 (7.5%) $608,002 (10.8%) 1.24 616
    2021-11-01 $460,000 (5.3%) $601,119 (8.8%) 1.21 582
    2021-12-01 $465,991 (8.5%) $609,119 (8.1%) 1.24 507
    2022-01-01 $469,760 (10.8%) $621,922 (12.5%) 1.25 436
    2022-02-01 $478,500 (11.9%) $638,308 (10.1%) 1.22 335
    2022-03-01 $486,500 (10.4%) $671,054 (16.4%) 1.20 339
    2022-04-01 $495,000 (7.6%) $693,035 (13.2%) 1.16 377
    Durham's median listing price for 2022-04-01 was $495,000, a difference of $35,100 (7.6%) versus the prior year and $8,500 versus the prior month.

    Durham's median listing price comes in at 116% of the national average.

    Durham's average listing price for 2022-04-01 was $693,035, a difference of $80,905 (13.2%) versus the prior year and $21,981 versus the prior month.

    For the 2022-04-01 period, Durham had 377 MLS listings, a difference of 38 listings (11%) versus the prior month and -82 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 2,421 sqft
    2018-02-01 80 days 2,480 sqft
    2018-03-01 51 days 2,493 sqft
    2018-04-01 51 days 2,491 sqft
    2018-05-01 53 days 2,479 sqft
    2018-06-01 57 days 2,430 sqft
    2018-07-01 58 days 2,450 sqft
    2018-08-01 59 days 2,387 sqft
    2018-09-01 69 days 2,355 sqft
    2018-10-01 74 days 2,348 sqft
    2018-11-01 80 days 2,311 sqft
    2018-12-01 87 days 2,288 sqft
    2019-01-01 92 days 2,226 sqft
    2019-02-01 83 days 2,294 sqft
    2019-03-01 64 days 2,357 sqft
    2019-04-01 49 days 2,406 sqft
    2019-05-01 50 days 2,403 sqft
    2019-06-01 51 days 2,315 sqft
    2019-07-01 58 days 2,258 sqft
    2019-08-01 64 days 2,241 sqft
    2019-09-01 67 days 2,254 sqft
    2019-10-01 67 days 2,230 sqft
    2019-11-01 70 days 2,246 sqft
    2019-12-01 80 days 2,206 sqft
    2020-01-01 85 days 2,199 sqft
    2020-02-01 77 days 2,212 sqft
    2020-03-01 51 days 2,349 sqft
    2020-04-01 51 days 2,195 sqft
    2020-05-01 63 days 2,214 sqft
    2020-06-01 64 days 2,314 sqft
    2020-07-01 58 days 2,319 sqft
    2020-08-01 53 days 2,277 sqft
    2020-09-01 57 days 2,311 sqft
    2020-10-01 56 days 2,263 sqft
    2020-11-01 54 days 2,269 sqft
    2020-12-01 58 days 2,228 sqft
    2021-01-01 63 days 2,201 sqft
    2021-02-01 49 days 2,201 sqft
    2021-03-01 33 days 2,111 sqft
    2021-04-01 32 days 2,166 sqft
    2021-05-01 23 days 2,115 sqft
    2021-06-01 19 days 2,081 sqft
    2021-07-01 24 days 2,030 sqft
    2021-08-01 30 days 2,070 sqft
    2021-09-01 32 days 2,037 sqft
    2021-10-01 31 days 2,079 sqft
    2021-11-01 35 days 1,996 sqft
    2021-12-01 42 days 1,944 sqft
    2022-01-01 55 days 1,902 sqft
    2022-02-01 52 days 1,880 sqft
    2022-03-01 28 days 1,942 sqft
    2022-04-01 16 days 2,004 sqft
    Durham's median listing age (time on market) for 2022-04-01 was 16 days. This is -49% shorter than the same period one year ago.

    Durham's median square footage for active listings during the 2022-04-01 period was 2,004 sqft. One year prior, the average listing was 2,166 sqft.