Fort Smith USDA Loan Rates, Closing Costs & Stats

FORT SMITH, AR-OK

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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.

    Fort Smith's 27 lenders originated 115 USDA loans during 2023. The total origination value was $18,865,000, with an average USDA loan value of $164,043.

    Fort Smith USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Fort Smith averaged 6.4% for the week of 2024-11-08, compared to the national average (all USDA variants) of 6.477% for the same period.

    Fort Smith's average USDA mortgage closing costs are $4,080.

    The average rate for the prior week (2024-11-01) was 6.28% and one month ago for the week of 2024-10-04, the average rate was 5.7%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.07%.

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

    Fort Smith 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 Fort Smith level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Firstar Bank 36 6.20% $5,096
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.19% $7,487
    UNITED 6 6.94% $4,766
    Arvest Bank 5 6.83% $5,429
    OPEN MORTGAGE, LLC 5 6.65% $8,396
    FLAT BRANCH MORTGAGE, INC. 4 6.78% $6,217
    First Financial Bank 4 6.56% $5,557
    Bank of England 4 6.25% $3,243
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.71% $6,598
    STOCKTON MORTGAGE CORPORATION 3 6.42% $7,104
    Chambers Bank 3 6.54% $5,269
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 6.63% $5,250
    Chickasaw Community Bank 2 6.44% $8,592
    Armstrong Bank 2 5.69% $7,717
    Priority Bank 2 6.31% $7,002
    Simmons Bank 2 6.50% $3,795
    Regions Bank 2 6.50% $5,957
    FirstTrust Home Loans, Inc. 2 6.88% $7,878
    U.S. Bank 1 7.25% $4,154
    ASSOCIATED MORTGAGE CORPORATION 1 7.13% $5,358
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.00% $6,156
    GMFS LLC 1 5.25% $4,635
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $2,984
    Sierra Pacific Mortgage Company, Inc. 1 7.25% $6,023
    UNION HOME MORTGAGE CORP. 1 6.63% $5,463
    UNITED WHOLESALE MORTGAGE, LLC 1 6.21% $8,105
    AMERICAN FINANCIAL NETWORK, INC. 1 6.49% $6,529

    The top Fort Smith USDA lender as defined by loan originations is Firstar Bank, with 36 USDA loans originated. Their average total fees are $5,096, which is $2,392 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Fort Smith USDA lenders (with over 10 loans originated) are Firstar Bank ($5,096), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,487), .

    The lowest rate Fort Smith USDA lenders (with over 10 loans originated) are Firstar Bank (6.20%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.19%), .