Fort Smith USDA Loan Rates, Closing Costs & Stats

FORT SMITH, AR-OK

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 42 lenders originated 396 USDA loans during 2021. The total origination value was $57,490,000, with an average USDA loan value of $145,177.

Fort Smith USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Fort Smith averaged 6.29% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Fort Smith's average USDA mortgage closing costs are $3,814.

The average rate for the prior week (2022-11-25) was 6.32% and one month ago for the week of 2022-10-28, the average rate was 6.69%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.21%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Firstar Bank 62 2.73% $4,479
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 49 3.37% $5,262
Armstrong Bank 40 2.65% $4,577
Arvest Bank 34 2.96% $3,928
Priority Bank 18 2.75% $5,425
Gateway First Bank 16 2.52% $2,860
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 3.27% $4,385
BancorpSouth Bank 12 2.83% $4,468
MID AMERICA MORTGAGE, INC. 10 3.01% $3,317
SWBC MORTGAGE CORPORATION 10 2.93% $1,442
FirstTrust Home Loans, Inc. 9 3.04% $4,498
Regions Bank 9 3.32% $3,083
First Financial Bank 8 3.02% $4,157
United Fidelity Funding Corp. 7 3.05% $6,725
Bank of England 6 2.67% $4,803
UNITED 6 3.08% $4,176
UNION HOME MORTGAGE CORP. 6 3.02% $5,045
Chickasaw Community Bank 5 2.75% $4,809
Simmons Bank 5 2.63% $4,295
OPEN MORTGAGE, LLC 4 2.78% $5,490
Chambers Bank 4 2.50% $3,541
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.63% $4,552
ARKANSAS Federal Credit Union 3 2.92% $6,233
Centennial Bank 3 2.67% $3,717
AMERICAN FINANCIAL NETWORK, INC. 3 3.04% $6,667
Carrington Mortgage Services, LLC 3 4.08% $4,835
LEADERONE FINANCIAL CORPORATION 2 3.00% $3,356
DAS Acquisition Company, LLC 2 3.25% $4,205
FIRST WESTERN MORTGAGE, INC. 2 2.94% $3,176
GMFS LLC 2 2.94% $3,950
GUILD MORTGAGE COMPANY 1 2.63% $4,487
BancFirst 1 2.75% $3,869
CALIBER HOME LOANS, INC. 1 2.75% $4,041
Eagle Bank and Trust Company 1 3.38% $3,441
EVERETT FINANCIAL, INC. 1 5.13% $2,154
FLAT BRANCH MORTGAGE, INC. 1 2.88% $4,210
GENEVA FINANCIAL, LLC 1 3.25% $4,849
GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $2,886
American Bank of Oklahoma 1 2.88% $5,551
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $5,201
INTERLINC MORTGAGE SERVICES, LLC 1 3.75% $2,408
MORTGAGE FINANCIAL SERVICES, LLC 1 2.88% $4,770

The top Fort Smith USDA lender as defined by loan originations is Firstar Bank, with 62 USDA loans originated. Their average total fees are $4,479, which is $783 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Fort Smith USDA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($1,442), Gateway First Bank ($2,860), MID AMERICA MORTGAGE, INC. ($3,317), Arvest Bank ($3,928) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($4,385).

The lowest rate Fort Smith USDA lenders (with over 10 loans originated) are Gateway First Bank (2.52%), Armstrong Bank (2.65%), Firstar Bank (2.73%), Priority Bank (2.75%) and BancorpSouth Bank (2.83%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fort Smith (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 $150,425 (1.0%) $217,388 (2.7%) 0.56 1,143
2018-02-01 $152,350 (3.1%) $219,335 (5.0%) 0.55 1,116
2018-03-01 $157,700 (5.5%) $225,823 (7.3%) 0.55 1,113
2018-04-01 $157,400 (3.6%) $226,620 (2.2%) 0.53 1,131
2018-05-01 $159,900 (4.2%) $226,723 (-0.2%) 0.53 1,154
2018-06-01 $159,900 (2.1%) $227,961 (-1.8%) 0.53 1,173
2018-07-01 $159,250 (5.5%) $225,059 (0.1%) 0.53 1,195
2018-08-01 $159,900 (7.0%) $225,575 (3.7%) 0.54 1,203
2018-09-01 $157,000 (5.4%) $224,128 (3.3%) 0.53 1,226
2018-10-01 $156,750 (4.9%) $222,524 (2.7%) 0.53 1,235
2018-11-01 $154,950 (3.8%) $218,582 (0.1%) 0.53 1,254
2018-12-01 $154,900 (4.7%) $217,516 (1.1%) 0.53 1,205
2019-01-01 $154,950 (3.0%) $223,542 (2.8%) 0.53 1,161
2019-02-01 $158,350 (3.9%) $226,845 (3.4%) 0.53 1,143
2019-03-01 $161,571 (2.5%) $232,913 (3.1%) 0.53 1,122
2019-04-01 $164,700 (4.6%) $238,319 (5.2%) 0.52 1,123
2019-05-01 $169,313 (5.9%) $240,428 (6.0%) 0.53 1,099
2019-06-01 $169,900 (6.3%) $245,462 (7.7%) 0.53 1,080
2019-07-01 $167,313 (5.1%) $245,553 (9.1%) 0.52 1,076
2019-08-01 $165,000 (3.2%) $239,804 (6.3%) 0.52 1,090
2019-09-01 $165,000 (5.1%) $235,234 (5.0%) 0.53 1,099
2019-10-01 $164,998 (5.3%) $231,389 (4.0%) 0.53 1,098
2019-11-01 $164,700 (6.3%) $229,863 (5.2%) 0.54 1,059
2019-12-01 $159,900 (3.2%) $228,705 (5.1%) 0.53 1,013
2020-01-01 $159,950 (3.2%) $226,738 (1.4%) 0.53 974
2020-02-01 $164,839 (4.1%) $234,319 (3.3%) 0.54 967
2020-03-01 $169,450 (4.9%) $241,203 (3.6%) 0.53 906
2020-04-01 $174,900 (6.2%) $246,402 (3.4%) 0.55 888
2020-05-01 $179,000 (5.7%) $253,788 (5.6%) 0.54 820
2020-06-01 $189,000 (11.2%) $265,179 (8.0%) 0.56 763
2020-07-01 $194,975 (16.5%) $274,424 (11.8%) 0.57 714
2020-08-01 $194,000 (17.6%) $277,983 (15.9%) 0.56 669
2020-09-01 $189,450 (14.8%) $289,282 (23.0%) 0.54 591
2020-10-01 $194,000 (17.6%) $287,572 (24.3%) 0.56 568
2020-11-01 $189,900 (15.3%) $296,789 (29.1%) 0.55 519
2020-12-01 $184,250 (15.2%) $289,113 (26.4%) 0.55 496
2021-01-01 $183,500 (14.7%) $296,853 (30.9%) 0.55 460
2021-02-01 $195,000 (18.3%) $308,637 (31.7%) 0.57 395
2021-03-01 $184,950 (9.2%) $304,502 (26.2%) 0.52 378
2021-04-01 $188,000 (7.5%) $312,773 (26.9%) 0.51 375
2021-05-01 $205,000 (14.5%) $330,346 (30.2%) 0.54 347
2021-06-01 $217,125 (14.9%) $319,891 (20.6%) 0.57 387
2021-07-01 $209,000 (7.2%) $309,912 (12.9%) 0.55 485
2021-08-01 $197,450 (1.8%) $306,914 (10.4%) 0.53 491
2021-09-01 $197,000 (4.0%) $307,099 (6.2%) 0.53 501
2021-10-01 $209,900 (8.2%) $316,427 (10.0%) 0.56 467
2021-11-01 $209,500 (10.3%) $317,305 (6.9%) 0.56 405
2021-12-01 $209,500 (13.7%) $323,892 (12.0%) 0.57 387
2022-01-01 $199,900 (8.9%) $323,556 (9.0%) 0.54 355
2022-02-01 $219,450 (12.5%) $331,852 (7.5%) 0.57 333
2022-03-01 $213,485 (15.4%) $331,027 (8.7%) 0.53 365
2022-04-01 $215,000 (14.4%) $332,443 (6.3%) 0.51 374
2022-05-01 $229,250 (11.8%) $331,254 (0.3%) 0.52 398
2022-06-01 $225,000 (3.6%) $321,579 (0.5%) 0.50 445
2022-07-01 $235,000 (12.4%) $332,955 (7.4%) 0.53 495
2022-08-01 $233,498 (18.3%) $332,291 (8.3%) 0.54 523
2022-09-01 $229,850 (16.7%) $304,973 (-0.7%) 0.54 550
2022-10-01 $239,900 (14.3%) $306,454 (-3.2%) 0.56 588
2022-11-01 $231,250 (10.4%) $316,895 (-0.1%) 0.56 595
Fort Smith's median listing price for 2022-11-01 was $231,250, a difference of $21,750 (10.4%) versus the prior year and $-8,650 versus the prior month.

Fort Smith's median listing price comes in at 56% of the national average.

Fort Smith's average listing price for 2022-11-01 was $316,895, a difference of $-410 (-0.1%) versus the prior year and $10,441 versus the prior month.

For the 2022-11-01 period, Fort Smith had 595 MLS listings, a difference of 7 listings (1%) versus the prior month and 190 listings (47%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fort Smith (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 102 days 1,820 sqft
2018-02-01 103 days 1,832 sqft
2018-03-01 92 days 1,886 sqft
2018-04-01 81 days 1,895 sqft
2018-05-01 75 days 1,909 sqft
2018-06-01 72 days 1,912 sqft
2018-07-01 76 days 1,911 sqft
2018-08-01 82 days 1,927 sqft
2018-09-01 86 days 1,890 sqft
2018-10-01 89 days 1,884 sqft
2018-11-01 89 days 1,843 sqft
2018-12-01 94 days 1,831 sqft
2019-01-01 101 days 1,815 sqft
2019-02-01 100 days 1,818 sqft
2019-03-01 93 days 1,855 sqft
2019-04-01 81 days 1,894 sqft
2019-05-01 74 days 1,916 sqft
2019-06-01 81 days 1,924 sqft
2019-07-01 82 days 1,918 sqft
2019-08-01 81 days 1,898 sqft
2019-09-01 80 days 1,877 sqft
2019-10-01 80 days 1,868 sqft
2019-11-01 82 days 1,856 sqft
2019-12-01 93 days 1,853 sqft
2020-01-01 95 days 1,857 sqft
2020-02-01 89 days 1,847 sqft
2020-03-01 84 days 1,889 sqft
2020-04-01 81 days 1,921 sqft
2020-05-01 82 days 1,976 sqft
2020-06-01 78 days 1,980 sqft
2020-07-01 76 days 2,000 sqft
2020-08-01 74 days 2,000 sqft
2020-09-01 68 days 2,000 sqft
2020-10-01 58 days 2,018 sqft
2020-11-01 60 days 2,007 sqft
2020-12-01 72 days 1,921 sqft
2021-01-01 76 days 1,921 sqft
2021-02-01 68 days 1,935 sqft
2021-03-01 47 days 1,814 sqft
2021-04-01 36 days 1,826 sqft
2021-05-01 40 days 1,885 sqft
2021-06-01 33 days 1,885 sqft
2021-07-01 31 days 1,880 sqft
2021-08-01 37 days 1,853 sqft
2021-09-01 39 days 1,829 sqft
2021-10-01 49 days 1,879 sqft
2021-11-01 52 days 1,816 sqft
2021-12-01 54 days 1,838 sqft
2022-01-01 56 days 1,828 sqft
2022-02-01 41 days 1,824 sqft
2022-03-01 34 days 1,809 sqft
2022-04-01 34 days 1,800 sqft
2022-05-01 35 days 1,782 sqft
2022-06-01 37 days 1,788 sqft
2022-07-01 39 days 1,813 sqft
2022-08-01 44 days 1,823 sqft
2022-09-01 49 days 1,806 sqft
2022-10-01 53 days 1,812 sqft
2022-11-01 60 days 1,824 sqft
Fort Smith's median listing age (time on market) for 2022-11-01 was 60 days. This is 15% longer than the same period one year ago.

Fort Smith's median square footage for active listings during the 2022-11-01 period was 1,824 sqft. One year prior, the average listing was 1,816 sqft.