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 6.57% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

Hot Springs's average USDA mortgage closing costs are $3,294.

The average rate for the prior week (2024-07-12) was 6.59% and one month ago for the week of 2024-06-14, the average rate was 6.72%.

The average rate one year ago was 6.97%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.73%.

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

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 .