Farmington USDA Loan Rates, Closing Costs & Stats
FARMINGTON, NM
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.
Farmington's 7 lenders originated 11 USDA loans during 2023. The total origination value was $2,105,000, with an average USDA loan value of $191,364.
Farmington USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Farmington
averaged
6.73%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Farmington's average USDA mortgage closing costs are $5,751.
The average rate for the prior week (2024-04-12) was
6.78% and
one month ago for the week of 2024-03-15, the
average rate was 6.66%.
The average rate one year ago was 6.2%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.76%.
Farmington 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 Farmington level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| MORTGAGE SOLUTIONS OF COLORADO, LLC | 3 | 6.13% | $7,325 |
| Century Mortgage Company DBA Century Lending Company | 2 | 6.44% | $10,109 |
| Waterstone Mortgage Corporation | 2 | 5.75% | $7,215 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.49% | $2,710 |
| MID AMERICA MORTGAGE, INC. | 1 | 6.75% | $4,315 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 5.75% | $5,646 |
| AMCAP MORTGAGE, LTD. | 1 | 6.50% | $6,247 |
The top Farmington USDA lender as defined by loan originations is MORTGAGE SOLUTIONS OF COLORADO, LLC, with
3 USDA loans originated. Their average total fees are
$7,325, which is $2,785
lower than the next largest lender,
Century Mortgage Company DBA Century Lending Company.
The lowest fee Farmington USDA lenders (with over 10 loans originated) are
.
The lowest rate Farmington USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Farmington (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 | $207,500 (-0.7%) | $247,120 (-1.3%) | 0.00 | 487 |
| 2018-02-01 | $204,919 (-2.2%) | $243,690 (-3.3%) | 0.00 | 481 |
| 2018-03-01 | $204,900 (-3.0%) | $245,070 (-2.9%) | 0.00 | 486 |
| 2018-04-01 | $199,694 (-7.1%) | $243,662 (-5.3%) | 0.00 | 520 |
| 2018-05-01 | $199,900 (-7.1%) | $248,491 (-3.3%) | 0.00 | 537 |
| 2018-06-01 | $208,000 (-3.3%) | $250,099 (-2.1%) | 0.00 | 548 |
| 2018-07-01 | $209,350 (-2.6%) | $249,946 (-3.2%) | 0.00 | 533 |
| 2018-08-01 | $209,850 (0.0%) | $252,485 (-0.7%) | 0.00 | 528 |
| 2018-09-01 | $210,000 (0.0%) | $257,836 (1.0%) | 0.00 | 524 |
| 2018-10-01 | $209,000 (-0.5%) | $253,824 (-0.5%) | 0.00 | 540 |
| 2018-11-01 | $208,975 (0.5%) | $251,798 (-0.8%) | 0.00 | 517 |
| 2018-12-01 | $214,000 (7.1%) | $250,727 (0.8%) | 0.00 | 486 |
| 2019-01-01 | $214,444 (3.4%) | $249,226 (0.9%) | 0.00 | 446 |
| 2019-02-01 | $209,950 (2.5%) | $243,667 (0.0%) | 0.00 | 453 |
| 2019-03-01 | $216,243 (5.5%) | $253,949 (3.6%) | 0.00 | 455 |
| 2019-04-01 | $219,900 (10.1%) | $264,386 (8.5%) | 0.00 | 456 |
| 2019-05-01 | $219,950 (10.0%) | $262,555 (5.7%) | 0.00 | 462 |
| 2019-06-01 | $219,900 (5.7%) | $261,516 (4.6%) | 0.00 | 481 |
| 2019-07-01 | $219,000 (4.6%) | $260,698 (4.3%) | 0.00 | 507 |
| 2019-08-01 | $218,651 (4.2%) | $261,060 (3.4%) | 0.00 | 503 |
| 2019-09-01 | $216,879 (3.3%) | $260,099 (0.9%) | 0.00 | 495 |
| 2019-10-01 | $215,250 (3.0%) | $258,068 (1.7%) | 0.00 | 486 |
| 2019-11-01 | $215,000 (2.9%) | $259,529 (3.1%) | 0.00 | 434 |
| 2019-12-01 | $215,000 (0.5%) | $261,925 (4.5%) | 0.00 | 398 |
| 2020-01-01 | $209,950 (-2.1%) | $259,907 (4.3%) | 0.00 | 366 |
| 2020-02-01 | $209,650 (-0.1%) | $258,307 (6.0%) | 0.00 | 381 |
| 2020-03-01 | $209,925 (-2.9%) | $257,516 (1.4%) | 0.00 | 394 |
| 2020-04-01 | $210,000 (-4.5%) | $263,799 (-0.2%) | 0.00 | 388 |
| 2020-05-01 | $218,000 (-0.9%) | $270,178 (2.9%) | 0.00 | 364 |
| 2020-06-01 | $209,950 (-4.5%) | $260,280 (-0.5%) | 0.00 | 353 |
| 2020-07-01 | $212,450 (-3.0%) | $258,303 (-0.9%) | 0.00 | 375 |
| 2020-08-01 | $209,900 (-4.0%) | $255,794 (-2.0%) | 0.00 | 370 |
| 2020-09-01 | $204,900 (-5.5%) | $259,136 (-0.4%) | 0.00 | 335 |
| 2020-10-01 | $205,375 (-4.6%) | $266,758 (3.4%) | 0.00 | 311 |
| 2020-11-01 | $207,000 (-3.7%) | $260,486 (0.4%) | 0.00 | 290 |
| 2020-12-01 | $202,750 (-5.7%) | $255,716 (-2.4%) | 0.00 | 273 |
| 2021-01-01 | $205,000 (-2.4%) | $253,691 (-2.4%) | 0.00 | 245 |
| 2021-02-01 | $208,000 (-0.8%) | $263,302 (1.9%) | 0.00 | 252 |
| 2021-03-01 | $213,500 (1.7%) | $265,077 (2.9%) | 0.00 | 237 |
| 2021-04-01 | $211,388 (0.7%) | $273,405 (3.6%) | 0.00 | 203 |
| 2021-05-01 | $219,900 (0.9%) | $295,832 (9.5%) | 0.00 | 207 |
| 2021-06-01 | $222,000 (5.7%) | $320,693 (23.2%) | 0.00 | 200 |
| 2021-07-01 | $222,375 (4.7%) | $330,029 (27.8%) | 0.00 | 206 |
| 2021-08-01 | $225,000 (7.2%) | $335,741 (31.3%) | 0.00 | 212 |
| 2021-09-01 | $230,550 (12.5%) | $330,997 (27.7%) | 0.00 | 218 |
| 2021-10-01 | $245,000 (19.3%) | $360,150 (35.0%) | 0.00 | 193 |
| 2021-11-01 | $259,447 (25.3%) | $363,665 (39.6%) | 0.00 | 185 |
| 2021-12-01 | $272,250 (34.3%) | $368,971 (44.3%) | 0.00 | 163 |
| 2022-01-01 | $289,900 (41.4%) | $394,179 (55.4%) | 0.00 | 116 |
| 2022-02-01 | $273,450 (31.5%) | $375,491 (42.6%) | 0.00 | 111 |
| 2022-03-01 | $261,750 (22.6%) | $345,694 (30.4%) | 0.00 | 117 |
| 2022-04-01 | $299,900 (41.9%) | $410,833 (50.3%) | 0.00 | 115 |
| 2022-05-01 | $318,725 (44.9%) | $432,891 (46.3%) | 0.00 | 108 |
| 2022-06-01 | $317,700 (43.1%) | $404,742 (26.2%) | 0.00 | 144 |
| 2022-07-01 | $287,450 (29.3%) | $381,989 (15.7%) | 0.00 | 148 |
| 2022-08-01 | $299,000 (32.9%) | $405,702 (20.8%) | 0.00 | 131 |
| 2022-09-01 | $300,725 (30.4%) | $425,187 (28.5%) | 0.00 | 113 |
| 2022-10-01 | $299,000 (22.0%) | $385,715 (7.1%) | 0.00 | 102 |
| 2022-11-01 | $302,225 (16.5%) | $404,226 (11.2%) | 0.00 | 98 |
| 2022-12-01 | $285,000 (4.7%) | $405,744 (10.0%) | 0.00 | 96 |
| 2023-01-01 | $320,000 (10.4%) | $429,925 (9.1%) | 0.00 | 85 |
| 2023-02-01 | $349,500 (27.8%) | $486,999 (29.7%) | 0.00 | 66 |
| 2023-03-01 | $350,000 (33.7%) | $477,746 (38.2%) | 0.00 | 66 |
| 2023-04-01 | $342,000 (14.0%) | $466,954 (13.7%) | 0.00 | 69 |
| 2023-05-01 | $333,925 (4.8%) | $464,500 (7.3%) | 0.00 | 89 |
| 2023-06-01 | $330,000 (3.9%) | $456,319 (12.7%) | 0.00 | 107 |
| 2023-07-01 | $333,750 (16.1%) | $476,929 (24.9%) | 0.00 | 121 |
| 2023-08-01 | $350,000 (17.1%) | $502,342 (23.8%) | 0.00 | 127 |
| 2023-09-01 | $349,950 (16.4%) | $477,738 (12.4%) | 0.00 | 140 |
| 2023-10-01 | $338,250 (13.1%) | $478,104 (24.0%) | 0.00 | 146 |
| 2023-11-01 | $337,500 (11.7%) | $460,199 (13.9%) | 0.00 | 148 |
| 2023-12-01 | $332,400 (16.6%) | $468,760 (15.5%) | 0.00 | 137 |
| 2024-01-01 | $335,550 (4.9%) | $453,342 (5.5%) | 0.00 | 120 |
| 2024-02-01 | $349,975 (0.1%) | $465,005 (-4.5%) | 0.00 | 110 |
| 2024-03-01 | $349,900 (0.0%) | $451,133 (-5.6%) | 0.00 | 106 |
Farmington's median listing price comes in at 0% of the national average.
Farmington's average listing price for 2024-03-01 was $451,133, a difference of $-26,613 (-5.6%) versus the prior year and $-13,872 versus the prior month.
For the 2024-03-01 period, Farmington had 106 MLS listings, a difference of -4 listings (-4%) versus the prior month and 40 listings (61%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Farmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,812 sqft |
| 2018-02-01 | 0 days | 1,796 sqft |
| 2018-03-01 | 0 days | 1,803 sqft |
| 2018-04-01 | 0 days | 1,782 sqft |
| 2018-05-01 | 0 days | 1,818 sqft |
| 2018-06-01 | 0 days | 1,864 sqft |
| 2018-07-01 | 0 days | 1,864 sqft |
| 2018-08-01 | 0 days | 1,881 sqft |
| 2018-09-01 | 0 days | 1,895 sqft |
| 2018-10-01 | 0 days | 1,886 sqft |
| 2018-11-01 | 0 days | 1,897 sqft |
| 2018-12-01 | 0 days | 1,901 sqft |
| 2019-01-01 | 0 days | 1,866 sqft |
| 2019-02-01 | 0 days | 1,820 sqft |
| 2019-03-01 | 0 days | 1,848 sqft |
| 2019-04-01 | 0 days | 1,889 sqft |
| 2019-05-01 | 0 days | 1,885 sqft |
| 2019-06-01 | 0 days | 1,883 sqft |
| 2019-07-01 | 0 days | 1,876 sqft |
| 2019-08-01 | 0 days | 1,867 sqft |
| 2019-09-01 | 0 days | 1,850 sqft |
| 2019-10-01 | 0 days | 1,829 sqft |
| 2019-11-01 | 0 days | 1,838 sqft |
| 2019-12-01 | 0 days | 1,881 sqft |
| 2020-01-01 | 0 days | 1,885 sqft |
| 2020-02-01 | 0 days | 1,838 sqft |
| 2020-03-01 | 0 days | 1,812 sqft |
| 2020-04-01 | 0 days | 1,842 sqft |
| 2020-05-01 | 0 days | 1,901 sqft |
| 2020-06-01 | 0 days | 1,863 sqft |
| 2020-07-01 | 0 days | 1,848 sqft |
| 2020-08-01 | 0 days | 1,792 sqft |
| 2020-09-01 | 0 days | 1,770 sqft |
| 2020-10-01 | 0 days | 1,816 sqft |
| 2020-11-01 | 0 days | 1,799 sqft |
| 2020-12-01 | 0 days | 1,717 sqft |
| 2021-01-01 | 0 days | 1,702 sqft |
| 2021-02-01 | 0 days | 1,827 sqft |
| 2021-03-01 | 0 days | 1,853 sqft |
| 2021-04-01 | 0 days | 1,795 sqft |
| 2021-05-01 | 0 days | 1,782 sqft |
| 2021-06-01 | 0 days | 1,790 sqft |
| 2021-07-01 | 0 days | 1,763 sqft |
| 2021-08-01 | 0 days | 1,767 sqft |
| 2021-09-01 | 0 days | 1,778 sqft |
| 2021-10-01 | 0 days | 1,887 sqft |
| 2021-11-01 | 0 days | 1,954 sqft |
| 2021-12-01 | 0 days | 1,972 sqft |
| 2022-01-01 | 0 days | 2,005 sqft |
| 2022-02-01 | 0 days | 1,942 sqft |
| 2022-03-01 | 0 days | 1,844 sqft |
| 2022-04-01 | 0 days | 2,004 sqft |
| 2022-05-01 | 0 days | 2,056 sqft |
| 2022-06-01 | 0 days | 2,052 sqft |
| 2022-07-01 | 0 days | 1,916 sqft |
| 2022-08-01 | 0 days | 2,019 sqft |
| 2022-09-01 | 0 days | 2,078 sqft |
| 2022-10-01 | 0 days | 2,027 sqft |
| 2022-11-01 | 0 days | 2,043 sqft |
| 2022-12-01 | 0 days | 1,950 sqft |
| 2023-01-01 | 0 days | 2,000 sqft |
| 2023-02-01 | 0 days | 2,031 sqft |
| 2023-03-01 | 0 days | 2,030 sqft |
| 2023-04-01 | 0 days | 1,995 sqft |
| 2023-05-01 | 0 days | 1,952 sqft |
| 2023-06-01 | 0 days | 1,973 sqft |
| 2023-07-01 | 0 days | 1,992 sqft |
| 2023-08-01 | 0 days | 2,081 sqft |
| 2023-09-01 | 0 days | 2,114 sqft |
| 2023-10-01 | 0 days | 2,028 sqft |
| 2023-11-01 | 0 days | 2,019 sqft |
| 2023-12-01 | 0 days | 2,000 sqft |
| 2024-01-01 | 0 days | 1,932 sqft |
| 2024-02-01 | 0 days | 2,086 sqft |
| 2024-03-01 | 0 days | 2,005 sqft |
Farmington's median square footage for active listings during the 2024-03-01 period was 2,005 sqft. One year prior, the average listing was 2,030 sqft.