Knoxville USDA Loan Rates, Closing Costs & Stats

KNOXVILLE, TN

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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.

    Knoxville's 57 lenders originated 349 USDA loans during 2022. The total origination value was $72,625,000, with an average USDA loan value of $208,095.

    Knoxville USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Knoxville averaged 6.85% for the week of 2023-09-22, compared to the national average (all USDA variants) of 7.021% for the same period.

    Knoxville's average USDA mortgage closing costs are $5,365.

    The average rate for the prior week (2023-09-15) was 6.61% and one month ago for the week of 2023-08-18, the average rate was 6.81%.

    The average rate one year ago was 5.74%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.68%.

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

    Knoxville 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 Knoxville level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 113 4.50% $6,579
    CARDINAL FINANCIAL 28 4.99% $8,677
    MOVEMENT MORTGAGE, LLC 19 4.50% $6,508
    FIRST COMMUNITY MORTGAGE, INC. 18 4.31% $6,158
    UNITED WHOLESALE MORTGAGE, LLC 11 4.76% $8,697
    UNION HOME MORTGAGE CORP. 11 4.90% $7,895
    CALIBER HOME LOANS, INC. 11 4.15% $7,578
    Sierra Pacific Mortgage Company, Inc. 10 4.64% $8,461
    LOANDEPOT.COM, LLC 8 3.97% $6,285
    Gateway First Bank 7 4.71% $3,001
    Citizens Bank 7 4.23% $7,011
    AMERICAN FINANCIAL RESOURCES, INC. 7 5.16% $6,578
    EVERETT FINANCIAL, INC. 7 6.55% $4,106
    HOME POINT FINANCIAL CORPORATION 6 3.89% $6,690
    CMG MORTGAGE, INC. 5 4.67% $6,764
    First Guaranty Mortgage Corporation 5 3.55% $4,523
    Hometown Lenders, Inc. 5 3.83% $6,717
    CROSSCOUNTRY MORTGAGE, LLC 4 5.25% $8,799
    Renasant Bank 4 4.03% $5,697
    AMCAP MORTGAGE, LTD. 3 4.92% $6,767
    MID AMERICA MORTGAGE, INC. 3 5.83% $7,161
    NATIONS DIRECT MORTGAGE, LLC 3 3.71% $11,439
    PENNYMAC LOAN SERVICES, LLC 3 3.29% $5,758
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.06% $6,390
    DHI MORTGAGE COMPANY, LTD. 2 4.25% $7,572
    AMERICAN MORTGAGE SERVICE COMPANY 2 3.31% $6,267
    Countybank 2 5.13% $5,215
    Wolfe Financial, Inc 2 5.13% $6,019
    NEWREZ LLC 2 5.18% $14,462
    Regions Bank 2 4.31% $4,503
    BROKER SOLUTIONS, INC. 2 4.69% $7,388
    SOUTHWEST FUNDING, LP 2 5.44% $7,976
    STOCKTON MORTGAGE CORPORATION 2 6.25% $8,569
    TJC Mortgage, Inc. 2 5.69% $8,723
    FirstBank 2 4.88% $6,916
    Northpointe Bank 1 6.25% $7,965
    Paramount Residential Mortgage Group, Inc. 1 5.50% $6,740
    Y-12 Federal Credit Union 1 6.88% $5,285
    Pinnacle Bank 1 5.00% $6,254
    Princeton Mortgage Corporation 1 5.13% $5,620
    TOP FLITE FINANCIAL, INC. 1 3.88% $10,145
    Truist 1 5.13% $3,528
    RUOFF MORTGAGE COMPANY, INC. 1 4.50% $2,747
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.25% $5,590
    Bank of England 1 4.50% $6,977
    Simmons Bank 1 6.13% $9,366
    HOMESTAR FINANCIAL CORPORATION 1 3.00% $7,714
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.00% $10,829
    CRESCENT MORTGAGE COMPANY 1 3.75% $5,618
    Meridian Bank Corporation 1 4.63% $6,566
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $1,697
    Flagstar Bank, FSB 1 4.72% $6,015
    COMMUNITY MORTGAGE CORPORATION 1 5.25% $5,851
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.88% $7,892
    NATIONS RELIABLE LENDING, LLC 1 4.13% $5,492
    GUILD MORTGAGE COMPANY 1 3.38% $7,043
    NFM, INC. 1 5.63% $11,626

    The top Knoxville USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 113 USDA loans originated. Their average total fees are $6,579, which is $2,099 lower than the next largest lender, CARDINAL FINANCIAL.

    The lowest fee Knoxville USDA lenders (with over 10 loans originated) are FIRST COMMUNITY MORTGAGE, INC. ($6,158), MOVEMENT MORTGAGE, LLC ($6,508), MORTGAGE INVESTORS GROUP, INC. ($6,579), CALIBER HOME LOANS, INC. ($7,578) and UNION HOME MORTGAGE CORP. ($7,895).

    The lowest rate Knoxville USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.15%), FIRST COMMUNITY MORTGAGE, INC. (4.31%), MORTGAGE INVESTORS GROUP, INC. (4.50%), MOVEMENT MORTGAGE, LLC (4.50%) and Sierra Pacific Mortgage Company, Inc. (4.64%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Knoxville (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 $250,230 (13.7%) $347,954 (9.9%) 0.93 3,368
    2018-02-01 $253,850 (10.4%) $353,588 (9.4%) 0.92 3,181
    2018-03-01 $265,000 (11.8%) $374,905 (13.2%) 0.93 3,144
    2018-04-01 $275,225 (10.1%) $383,428 (10.6%) 0.93 3,190
    2018-05-01 $279,900 (12.0%) $391,174 (12.1%) 0.93 3,257
    2018-06-01 $279,900 (12.0%) $391,588 (13.0%) 0.93 3,359
    2018-07-01 $274,900 (10.0%) $386,438 (11.6%) 0.92 3,567
    2018-08-01 $269,900 (8.0%) $379,909 (5.1%) 0.90 3,622
    2018-09-01 $268,000 (5.1%) $377,356 (4.0%) 0.90 3,658
    2018-10-01 $262,515 (5.0%) $376,930 (7.0%) 0.89 3,665
    2018-11-01 $264,900 (3.8%) $382,992 (9.6%) 0.90 3,504
    2018-12-01 $260,000 (4.0%) $376,455 (8.5%) 0.90 3,272
    2019-01-01 $267,000 (6.7%) $377,893 (8.6%) 0.92 2,978
    2019-02-01 $269,675 (6.2%) $382,063 (8.1%) 0.91 2,895
    2019-03-01 $278,529 (5.1%) $385,954 (3.0%) 0.91 2,877
    2019-04-01 $292,450 (6.3%) $391,391 (2.1%) 0.93 2,865
    2019-05-01 $299,450 (7.0%) $396,782 (1.4%) 0.94 2,893
    2019-06-01 $299,900 (7.2%) $398,579 (1.8%) 0.94 2,972
    2019-07-01 $299,925 (9.1%) $405,246 (4.9%) 0.94 2,960
    2019-08-01 $295,845 (9.6%) $403,254 (6.1%) 0.94 2,990
    2019-09-01 $289,688 (8.1%) $396,242 (5.0%) 0.93 3,019
    2019-10-01 $285,000 (8.6%) $390,964 (3.7%) 0.92 3,017
    2019-11-01 $285,000 (7.6%) $399,026 (4.2%) 0.93 2,906
    2019-12-01 $283,450 (9.0%) $397,558 (5.6%) 0.95 2,682
    2020-01-01 $280,950 (5.2%) $405,789 (7.4%) 0.94 2,431
    2020-02-01 $287,145 (6.5%) $414,136 (8.4%) 0.94 2,279
    2020-03-01 $302,450 (8.6%) $424,423 (10.0%) 0.95 2,143
    2020-04-01 $299,950 (2.6%) $414,299 (5.9%) 0.94 2,260
    2020-05-01 $314,810 (5.1%) $429,861 (8.3%) 0.96 2,144
    2020-06-01 $325,000 (8.4%) $446,083 (11.9%) 0.96 1,918
    2020-07-01 $329,900 (10.0%) $454,015 (12.0%) 0.96 1,709
    2020-08-01 $329,999 (11.5%) $445,920 (10.6%) 0.95 1,598
    2020-09-01 $322,700 (11.4%) $441,789 (11.5%) 0.92 1,465
    2020-10-01 $319,900 (12.3%) $441,092 (12.8%) 0.92 1,471
    2020-11-01 $310,000 (8.8%) $442,224 (10.8%) 0.91 1,493
    2020-12-01 $302,463 (6.7%) $435,888 (9.6%) 0.90 1,307
    2021-01-01 $314,000 (11.8%) $448,048 (10.4%) 0.94 1,107
    2021-02-01 $310,000 (8.0%) $461,072 (11.3%) 0.90 836
    2021-03-01 $307,495 (1.7%) $469,664 (10.7%) 0.87 719
    2021-04-01 $327,450 (9.2%) $484,829 (17.0%) 0.89 654
    2021-05-01 $335,000 (6.4%) $479,752 (11.6%) 0.89 743
    2021-06-01 $339,950 (4.6%) $478,874 (7.4%) 0.89 883
    2021-07-01 $325,000 (-1.5%) $460,138 (1.4%) 0.86 1,008
    2021-08-01 $329,950 (0.0%) $479,951 (7.6%) 0.88 1,120
    2021-09-01 $328,725 (1.9%) $484,328 (9.6%) 0.88 1,114
    2021-10-01 $325,000 (1.6%) $488,329 (10.7%) 0.87 1,129
    2021-11-01 $332,450 (7.2%) $506,929 (14.6%) 0.89 1,005
    2021-12-01 $339,450 (12.2%) $515,929 (18.4%) 0.92 837
    2022-01-01 $349,950 (11.5%) $542,096 (21.0%) 0.95 693
    2022-02-01 $375,000 (21.0%) $553,526 (20.1%) 0.98 591
    2022-03-01 $367,450 (19.5%) $544,469 (15.9%) 0.92 668
    2022-04-01 $389,000 (18.8%) $547,857 (13.0%) 0.93 754
    2022-05-01 $399,950 (19.4%) $567,221 (18.2%) 0.91 1,008
    2022-06-01 $399,950 (17.7%) $548,593 (14.6%) 0.89 1,289
    2022-07-01 $415,000 (27.7%) $540,824 (17.5%) 0.93 1,535
    2022-08-01 $413,400 (25.3%) $546,833 (13.9%) 0.96 1,603
    2022-09-01 $422,450 (28.5%) $555,682 (14.7%) 0.99 1,658
    2022-10-01 $425,000 (30.8%) $547,797 (12.2%) 1.00 1,750
    2022-11-01 $425,000 (27.8%) $546,371 (7.8%) 1.02 1,790
    2022-12-01 $429,900 (26.7%) $553,001 (7.2%) 1.06 1,534
    2023-01-01 $440,088 (25.8%) $556,710 (2.7%) 1.09 1,366
    2023-02-01 $454,780 (21.3%) $571,882 (3.3%) 1.10 1,183
    2023-03-01 $469,625 (27.8%) $583,758 (7.2%) 1.11 1,132
    2023-04-01 $480,000 (23.4%) $613,870 (12.1%) 1.12 1,074
    2023-05-01 $484,925 (21.3%) $641,597 (13.1%) 1.10 1,115
    2023-06-01 $475,000 (18.8%) $657,687 (19.9%) 1.07 1,236
    2023-07-01 $475,000 (14.5%) $660,471 (22.1%) 1.08 1,384
    2023-08-01 $481,225 (16.4%) $672,121 (22.9%) 1.11 1,486
    Knoxville's median listing price for 2023-08-01 was $481,225, a difference of $67,825 (16.4%) versus the prior year and $6,225 versus the prior month.

    Knoxville's median listing price comes in at 111% of the national average.

    Knoxville's average listing price for 2023-08-01 was $672,121, a difference of $125,288 (22.9%) versus the prior year and $11,650 versus the prior month.

    For the 2023-08-01 period, Knoxville had 1,486 MLS listings, a difference of 102 listings (7%) versus the prior month and -117 listings (-7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 2,203 sqft
    2018-02-01 82 days 2,209 sqft
    2018-03-01 66 days 2,276 sqft
    2018-04-01 56 days 2,309 sqft
    2018-05-01 53 days 2,332 sqft
    2018-06-01 55 days 2,324 sqft
    2018-07-01 57 days 2,324 sqft
    2018-08-01 59 days 2,291 sqft
    2018-09-01 63 days 2,271 sqft
    2018-10-01 67 days 2,274 sqft
    2018-11-01 71 days 2,282 sqft
    2018-12-01 78 days 2,241 sqft
    2019-01-01 85 days 2,232 sqft
    2019-02-01 78 days 2,221 sqft
    2019-03-01 66 days 2,267 sqft
    2019-04-01 57 days 2,332 sqft
    2019-05-01 54 days 2,367 sqft
    2019-06-01 57 days 2,388 sqft
    2019-07-01 59 days 2,400 sqft
    2019-08-01 59 days 2,368 sqft
    2019-09-01 60 days 2,321 sqft
    2019-10-01 61 days 2,290 sqft
    2019-11-01 64 days 2,250 sqft
    2019-12-01 74 days 2,224 sqft
    2020-01-01 84 days 2,203 sqft
    2020-02-01 76 days 2,220 sqft
    2020-03-01 58 days 2,270 sqft
    2020-04-01 56 days 2,292 sqft
    2020-05-01 60 days 2,304 sqft
    2020-06-01 58 days 2,310 sqft
    2020-07-01 55 days 2,329 sqft
    2020-08-01 50 days 2,262 sqft
    2020-09-01 50 days 2,225 sqft
    2020-10-01 46 days 2,200 sqft
    2020-11-01 47 days 2,135 sqft
    2020-12-01 55 days 2,082 sqft
    2021-01-01 68 days 2,088 sqft
    2021-02-01 75 days 2,061 sqft
    2021-03-01 46 days 2,003 sqft
    2021-04-01 42 days 2,056 sqft
    2021-05-01 32 days 2,056 sqft
    2021-06-01 32 days 2,084 sqft
    2021-07-01 34 days 2,007 sqft
    2021-08-01 35 days 2,004 sqft
    2021-09-01 39 days 1,994 sqft
    2021-10-01 39 days 1,987 sqft
    2021-11-01 42 days 1,983 sqft
    2021-12-01 46 days 1,976 sqft
    2022-01-01 49 days 2,000 sqft
    2022-02-01 36 days 2,008 sqft
    2022-03-01 27 days 1,982 sqft
    2022-04-01 25 days 2,031 sqft
    2022-05-01 25 days 2,070 sqft
    2022-06-01 29 days 2,115 sqft
    2022-07-01 32 days 2,147 sqft
    2022-08-01 37 days 2,103 sqft
    2022-09-01 41 days 2,127 sqft
    2022-10-01 43 days 2,154 sqft
    2022-11-01 48 days 2,177 sqft
    2022-12-01 59 days 2,182 sqft
    2023-01-01 67 days 2,208 sqft
    2023-02-01 53 days 2,245 sqft
    2023-03-01 45 days 2,230 sqft
    2023-04-01 39 days 2,221 sqft
    2023-05-01 36 days 2,249 sqft
    2023-06-01 36 days 2,237 sqft
    2023-07-01 35 days 2,228 sqft
    2023-08-01 40 days 2,234 sqft
    Knoxville's median listing age (time on market) for 2023-08-01 was 40 days. This is 8% longer than the same period one year ago.

    Knoxville's median square footage for active listings during the 2023-08-01 period was 2,234 sqft. One year prior, the average listing was 2,103 sqft.