Durham USDA Loans
DURHAM-CHAPEL HILL, NC
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.