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 34 lenders originated 147 USDA loans during 2023. The total origination value was $32,245,000, with an average USDA loan value of $219,354.

    Knoxville USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Knoxville averaged 6.6% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

    Knoxville's average USDA mortgage closing costs are $5,456.

    The average rate for the prior week (2024-07-12) was 6.53% and one month ago for the week of 2024-06-14, the average rate was 6.76%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.42%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 35 6.21% $6,978
    UNITED WHOLESALE MORTGAGE, LLC 13 6.00% $11,001
    FIRST COMMUNITY MORTGAGE, INC. 12 6.10% $7,308
    AMERICAN FINANCIAL RESOURCES, INC. 9 6.39% $8,249
    MOVEMENT MORTGAGE, LLC 8 6.53% $7,950
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.88% $6,868
    AMERICAN FINANCIAL NETWORK, INC. 6 6.60% $3,468
    DHI MORTGAGE COMPANY, LTD. 5 6.20% $5,660
    Equity Prime Mortgage LLC 5 6.55% $12,670
    CARDINAL FINANCIAL 4 6.84% $9,882
    Gateway First Bank 4 6.53% $7,110
    UNION HOME MORTGAGE CORP. 3 6.17% $9,000
    EVERETT FINANCIAL, INC. 3 6.96% $3,912
    Renasant Bank 3 6.33% $5,865
    Sierra Pacific Mortgage Company, Inc. 3 6.38% $9,545
    CMG MORTGAGE, INC. 3 6.08% $8,482
    MID AMERICA MORTGAGE, INC. 3 6.79% $7,832
    LOANDEPOT.COM, LLC 2 5.94% $9,093
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.75% $5,411
    STOCKTON MORTGAGE CORPORATION 2 6.69% $6,696
    Northpointe Bank 2 5.44% $7,902
    VAN DYK MORTGAGE CORPORATION 1 7.00% $1,616
    Century Mortgage Company DBA Century Lending Company 1 6.00% $6,588
    CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $11,337
    First Horizon Bank 1 5.50% $4,750
    Mortgage Research Center, LLC 1 6.75% $6,881
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.63% $6,511
    NEWREZ LLC 1 6.75% $5,210
    NFM, INC. 1 5.50% $3,414
    Paramount Residential Mortgage Group, Inc. 1 6.38% $9,509
    POLARIS HOME FUNDING CORP. 1 7.63% $8,696
    Regions Bank 1 6.25% $9,593
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $11,096
    AMCAP MORTGAGE, LTD. 1 6.25% $5,743

    The top Knoxville USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 35 USDA loans originated. Their average total fees are $6,978, which is $4,023 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Knoxville USDA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. ($6,978), FIRST COMMUNITY MORTGAGE, INC. ($7,308), UNITED WHOLESALE MORTGAGE, LLC ($11,001), .

    The lowest rate Knoxville USDA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.00%), FIRST COMMUNITY MORTGAGE, INC. (6.10%), MORTGAGE INVESTORS GROUP, INC. (6.21%), .