Jackson USDA Loan Rates, Closing Costs & Stats

JACKSON, MS

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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.

    Jackson's 33 lenders originated 192 USDA loans during 2023. The total origination value was $39,440,000, with an average USDA loan value of $205,417.

    Jackson USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Jackson averaged 6.96% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Jackson's average USDA mortgage closing costs are $5,143.

    The average rate for the prior week (2024-04-12) was 6.61% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.2%.

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

    Jackson 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 Jackson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    OPEN MORTGAGE, LLC 24 6.68% $7,753
    BancorpSouth 21 6.07% $7,226
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 6.44% $6,087
    Trustmark National Bank 13 6.55% $5,914
    PLANET HOME LENDING, LLC 12 6.85% $6,942
    UNITED WHOLESALE MORTGAGE, LLC 10 6.49% $7,441
    Community Bank of Mississippi 10 6.45% $5,201
    Renasant Bank 10 6.41% $5,816
    CROSSCOUNTRY MORTGAGE, LLC 7 6.82% $6,464
    Origin Bank 6 6.48% $6,208
    STOCKTON MORTGAGE CORPORATION 5 6.73% $7,875
    MORTGAGE INVESTORS GROUP, INC. 4 6.53% $5,778
    Bank of England 4 6.83% $7,956
    BankPlus 3 5.79% $5,501
    FIRST COMMUNITY MORTGAGE, INC. 2 6.63% $5,792
    EVANSVILLE TEACHERS 2 5.75% $5,701
    Regions Bank 2 6.19% $4,971
    LOANDEPOT.COM, LLC 2 6.44% $5,616
    UNION HOME MORTGAGE CORP. 2 6.56% $5,424
    GUILD MORTGAGE COMPANY 1 6.63% $5,727
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $8,755
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $10,687
    CMG MORTGAGE, INC. 1 6.13% $6,754
    Equity Prime Mortgage LLC 1 7.38% $8,968
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.13% $7,543
    First Horizon Bank 1 6.50% $5,657
    GENEVA FINANCIAL, LLC 1 6.38% $13,302
    ACADEMY MORTGAGE CORPORATION 1 7.25% $9,413
    Nations Lending Corporation 1 7.75% $5,473
    NEWREZ LLC 1 6.13% $7,415
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $3,802
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,736
    SWBC MORTGAGE CORPORATION 1 6.13% $6,777

    The top Jackson USDA lender as defined by loan originations is OPEN MORTGAGE, LLC, with 24 USDA loans originated. Their average total fees are $7,753, which is $527 higher than the next largest lender, BancorpSouth.

    The lowest fee Jackson USDA lenders (with over 10 loans originated) are Community Bank of Mississippi ($5,201), Renasant Bank ($5,816), Trustmark National Bank ($5,914), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,087) and PLANET HOME LENDING, LLC ($6,942).

    The lowest rate Jackson USDA lenders (with over 10 loans originated) are BancorpSouth (6.07%), Renasant Bank (6.41%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.44%), Community Bank of Mississippi (6.45%) and UNITED WHOLESALE MORTGAGE, LLC (6.49%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Jackson (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 $230,950 (7.5%) $293,197 (2.4%) 0.86 2,456
    2018-02-01 $229,975 (4.3%) $290,380 (0.2%) 0.83 2,550
    2018-03-01 $235,000 (3.6%) $295,824 (0.7%) 0.82 2,687
    2018-04-01 $239,250 (4.5%) $301,497 (2.6%) 0.81 2,844
    2018-05-01 $252,925 (10.1%) $326,327 (11.9%) 0.84 2,312
    2018-06-01 $259,000 (12.6%) $329,107 (12.2%) 0.86 2,332
    2018-07-01 $252,500 (9.8%) $328,095 (12.0%) 0.84 2,319
    2018-08-01 $249,700 (6.6%) $321,979 (9.6%) 0.84 2,336
    2018-09-01 $244,900 (4.8%) $316,100 (6.8%) 0.82 2,336
    2018-10-01 $238,325 (2.6%) $304,020 (2.9%) 0.81 2,340
    2018-11-01 $238,063 (3.6%) $307,286 (4.8%) 0.81 2,254
    2018-12-01 $235,000 (0.3%) $306,020 (3.3%) 0.81 2,178
    2019-01-01 $234,950 (1.7%) $306,046 (4.4%) 0.81 2,031
    2019-02-01 $239,925 (4.3%) $315,425 (8.6%) 0.81 2,006
    2019-03-01 $246,407 (4.9%) $320,941 (8.5%) 0.81 2,033
    2019-04-01 $255,475 (6.8%) $325,745 (8.0%) 0.81 2,085
    2019-05-01 $256,250 (1.3%) $327,379 (0.3%) 0.80 2,103
    2019-06-01 $255,250 (-1.5%) $329,593 (0.2%) 0.80 2,111
    2019-07-01 $252,350 (-0.1%) $324,965 (-1.0%) 0.79 2,136
    2019-08-01 $251,273 (0.6%) $324,730 (0.9%) 0.80 2,100
    2019-09-01 $250,557 (2.3%) $324,344 (2.6%) 0.80 2,062
    2019-10-01 $249,750 (4.8%) $322,970 (6.2%) 0.81 2,033
    2019-11-01 $248,900 (4.6%) $317,423 (3.3%) 0.82 2,030
    2019-12-01 $249,900 (6.3%) $315,581 (3.1%) 0.83 1,954
    2020-01-01 $252,500 (7.5%) $318,751 (4.2%) 0.84 1,777
    2020-02-01 $252,850 (5.4%) $314,422 (-0.3%) 0.83 1,760
    2020-03-01 $259,950 (5.5%) $321,087 (0.1%) 0.81 1,767
    2020-04-01 $263,700 (3.2%) $318,347 (-2.3%) 0.83 1,715
    2020-05-01 $269,900 (5.3%) $332,012 (1.4%) 0.82 1,605
    2020-06-01 $283,500 (11.1%) $346,806 (5.2%) 0.84 1,483
    2020-07-01 $298,300 (18.2%) $354,131 (9.0%) 0.86 1,357
    2020-08-01 $301,900 (20.2%) $362,077 (11.5%) 0.87 1,268
    2020-09-01 $303,500 (21.1%) $381,771 (17.7%) 0.87 1,155
    2020-10-01 $294,000 (17.7%) $378,092 (17.1%) 0.84 1,089
    2020-11-01 $285,000 (14.5%) $378,551 (19.3%) 0.83 1,028
    2020-12-01 $277,200 (10.9%) $370,118 (17.3%) 0.82 924
    2021-01-01 $275,000 (8.9%) $369,056 (15.8%) 0.82 831
    2021-02-01 $278,925 (10.3%) $369,733 (17.6%) 0.81 785
    2021-03-01 $274,825 (5.7%) $364,027 (13.4%) 0.78 709
    2021-04-01 $277,225 (5.1%) $387,251 (21.6%) 0.75 597
    2021-05-01 $279,900 (3.7%) $394,713 (18.9%) 0.74 591
    2021-06-01 $269,425 (-5.0%) $386,790 (11.5%) 0.71 640
    2021-07-01 $275,000 (-7.8%) $379,297 (7.1%) 0.73 708
    2021-08-01 $272,000 (-9.9%) $369,804 (2.1%) 0.73 755
    2021-09-01 $273,725 (-9.8%) $375,416 (-1.7%) 0.73 728
    2021-10-01 $299,000 (1.7%) $402,227 (6.4%) 0.80 712
    2021-11-01 $269,925 (-5.3%) $386,607 (2.1%) 0.72 691
    2021-12-01 $265,500 (-4.2%) $378,482 (2.3%) 0.72 639
    2022-01-01 $271,500 (-1.3%) $382,040 (3.5%) 0.73 562
    2022-02-01 $299,800 (7.5%) $385,599 (4.3%) 0.78 537
    2022-03-01 $312,450 (13.7%) $401,443 (10.3%) 0.78 587
    2022-04-01 $307,450 (10.9%) $409,000 (5.6%) 0.73 623
    2022-05-01 $284,825 (1.8%) $388,155 (-1.7%) 0.65 716
    2022-06-01 $284,875 (5.7%) $375,351 (-3.0%) 0.63 791
    2022-07-01 $310,000 (12.7%) $389,374 (2.7%) 0.70 904
    2022-08-01 $300,025 (10.3%) $379,382 (2.6%) 0.69 966
    2022-09-01 $297,875 (8.8%) $367,443 (-2.1%) 0.70 1,018
    2022-10-01 $299,000 (0.0%) $356,427 (-11.4%) 0.70 1,107
    2022-11-01 $305,957 (13.4%) $357,104 (-7.6%) 0.74 1,127
    2022-12-01 $325,000 (22.4%) $366,806 (-3.1%) 0.80 1,114
    2023-01-01 $320,000 (17.9%) $352,788 (-7.7%) 0.79 1,046
    2023-02-01 $324,850 (8.4%) $360,172 (-6.6%) 0.78 1,054
    2023-03-01 $299,450 (-4.2%) $349,331 (-13.0%) 0.71 1,141
    2023-04-01 $284,889 (-7.3%) $342,584 (-16.2%) 0.66 1,135
    2023-05-01 $289,900 (1.8%) $350,752 (-9.6%) 0.66 1,100
    2023-06-01 $289,625 (1.7%) $352,781 (-6.0%) 0.65 1,162
    2023-07-01 $284,325 (-8.3%) $338,738 (-13.0%) 0.65 1,225
    2023-08-01 $287,000 (-4.3%) $341,419 (-10.0%) 0.66 1,313
    2023-09-01 $288,500 (-3.2%) $344,536 (-6.2%) 0.67 1,380
    2023-10-01 $284,224 (-4.9%) $341,919 (-4.1%) 0.67 1,445
    2023-11-01 $284,225 (-7.1%) $345,195 (-3.3%) 0.68 1,508
    2023-12-01 $285,000 (-12.3%) $349,581 (-4.7%) 0.70 1,471
    2024-01-01 $292,425 (-8.6%) $350,291 (-0.7%) 0.71 1,361
    2024-02-01 $297,175 (-8.5%) $349,967 (-2.8%) 0.72 1,304
    2024-03-01 $299,999 (0.2%) $358,446 (2.6%) 0.71 1,365
    Jackson's median listing price for 2024-03-01 was $299,999, a difference of $549 (0.2%) versus the prior year and $2,824 versus the prior month.

    Jackson's median listing price comes in at 71% of the national average.

    Jackson's average listing price for 2024-03-01 was $358,446, a difference of $9,115 (2.6%) versus the prior year and $8,479 versus the prior month.

    For the 2024-03-01 period, Jackson had 1,365 MLS listings, a difference of 61 listings (5%) versus the prior month and 224 listings (20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Jackson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 2,183 sqft
    2018-02-01 91 days 2,153 sqft
    2018-03-01 74 days 2,198 sqft
    2018-04-01 64 days 2,207 sqft
    2018-05-01 65 days 2,364 sqft
    2018-06-01 67 days 2,392 sqft
    2018-07-01 70 days 2,379 sqft
    2018-08-01 72 days 2,339 sqft
    2018-09-01 77 days 2,292 sqft
    2018-10-01 82 days 2,225 sqft
    2018-11-01 90 days 2,240 sqft
    2018-12-01 95 days 2,228 sqft
    2019-01-01 102 days 2,212 sqft
    2019-02-01 100 days 2,262 sqft
    2019-03-01 82 days 2,296 sqft
    2019-04-01 64 days 2,331 sqft
    2019-05-01 63 days 2,338 sqft
    2019-06-01 71 days 2,341 sqft
    2019-07-01 74 days 2,283 sqft
    2019-08-01 79 days 2,272 sqft
    2019-09-01 79 days 2,279 sqft
    2019-10-01 81 days 2,282 sqft
    2019-11-01 83 days 2,267 sqft
    2019-12-01 90 days 2,257 sqft
    2020-01-01 97 days 2,257 sqft
    2020-02-01 94 days 2,254 sqft
    2020-03-01 72 days 2,307 sqft
    2020-04-01 74 days 2,301 sqft
    2020-05-01 78 days 2,342 sqft
    2020-06-01 75 days 2,401 sqft
    2020-07-01 65 days 2,429 sqft
    2020-08-01 64 days 2,426 sqft
    2020-09-01 63 days 2,421 sqft
    2020-10-01 61 days 2,351 sqft
    2020-11-01 61 days 2,347 sqft
    2020-12-01 71 days 2,272 sqft
    2021-01-01 82 days 2,287 sqft
    2021-02-01 70 days 2,301 sqft
    2021-03-01 58 days 2,311 sqft
    2021-04-01 52 days 2,443 sqft
    2021-05-01 37 days 2,368 sqft
    2021-06-01 37 days 2,227 sqft
    2021-07-01 43 days 2,326 sqft
    2021-08-01 41 days 2,246 sqft
    2021-09-01 47 days 2,320 sqft
    2021-10-01 52 days 2,355 sqft
    2021-11-01 22 days 2,240 sqft
    2021-12-01 50 days 2,186 sqft
    2022-01-01 57 days 2,179 sqft
    2022-02-01 44 days 2,195 sqft
    2022-03-01 32 days 2,135 sqft
    2022-04-01 35 days 2,216 sqft
    2022-05-01 37 days 2,146 sqft
    2022-06-01 40 days 2,107 sqft
    2022-07-01 43 days 2,200 sqft
    2022-08-01 50 days 2,129 sqft
    2022-09-01 56 days 2,126 sqft
    2022-10-01 56 days 2,114 sqft
    2022-11-01 60 days 2,128 sqft
    2022-12-01 71 days 2,150 sqft
    2023-01-01 78 days 2,115 sqft
    2023-02-01 74 days 2,107 sqft
    2023-03-01 54 days 2,063 sqft
    2023-04-01 53 days 2,000 sqft
    2023-05-01 59 days 2,002 sqft
    2023-06-01 60 days 1,998 sqft
    2023-07-01 57 days 1,974 sqft
    2023-08-01 56 days 2,006 sqft
    2023-09-01 54 days 2,015 sqft
    2023-10-01 58 days 1,998 sqft
    2023-11-01 65 days 2,009 sqft
    2023-12-01 70 days 2,006 sqft
    2024-01-01 78 days 2,007 sqft
    2024-02-01 77 days 2,025 sqft
    2024-03-01 56 days 2,052 sqft
    Jackson's median listing age (time on market) for 2024-03-01 was 56 days. This is 5% longer than the same period one year ago.

    Jackson's median square footage for active listings during the 2024-03-01 period was 2,052 sqft. One year prior, the average listing was 2,063 sqft.