Hot Springs USDA Loan Rates, Closing Costs & Stats
HOT SPRINGS, AR
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.
Hot Springs's 15 lenders originated 22 USDA loans during 2023. The total origination value was $3,840,000, with an average USDA loan value of $174,545.
Hot Springs USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Hot Springs
averaged
6.42%
for the week of 2024-10-11, compared to the national average (all USDA variants) of
6.08% for the same period.
Hot Springs's average USDA mortgage closing costs are $3,294.
The average rate for the prior week (2024-10-04) was
6.01% and
one month ago for the week of 2024-09-06, the
average rate was 6.2%.
The average rate one year ago was 7.39%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.48%.
Hot Springs 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 Hot Springs level.
| Name | # of Loans | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| SWBC MORTGAGE CORPORATION | 5 | 7.03% | $2,762 |
| PRIMARY RESIDENTIAL MORTGAGE, INC. | 3 | 6.58% | $3,275 |
| FirstTrust Home Loans, Inc. | 2 | 6.75% | $5,889 |
| Eagle Bank and Trust Company | 1 | 6.38% | $5,542 |
| EVERETT FINANCIAL, INC. | 1 | 6.38% | $6,701 |
| First Security Bank | 1 | 7.13% | $3,503 |
| FLAT BRANCH MORTGAGE, INC. | 1 | 6.75% | $5,761 |
| Magnolia Bank | 1 | 6.00% | $5,259 |
| MORTGAGE INVESTORS GROUP, INC. | 1 | 5.25% | $5,893 |
| Regions Bank | 1 | 6.25% | $4,660 |
| TOP FLITE FINANCIAL, INC. | 1 | 7.00% | $6,185 |
| AMERICAN FINANCIAL NETWORK, INC. | 1 | 6.13% | $8,981 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 5.88% | $5,133 |
| AMERICAN FINANCIAL RESOURCES, INC. | 1 | 7.75% | $5,483 |
| Arvest Bank | 1 | 6.00% | $7,941 |
The top Hot Springs USDA lender as defined by loan originations is SWBC MORTGAGE CORPORATION, with
5 USDA loans originated. Their average total fees are
$2,762, which is $513
lower than the next largest lender,
PRIMARY RESIDENTIAL MORTGAGE, INC..
The lowest fee Hot Springs USDA lenders (with over 10 loans originated) are
.
The lowest rate Hot Springs USDA lenders (with over 10 loans originated) are
.