Lubbock USDA Loan Rates, Closing Costs & Stats

LUBBOCK, TX

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.

Lubbock's 9 lenders originated 19 USDA loans during 2021. The total origination value was $3,455,000, with an average USDA loan value of $181,842.

Lubbock USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lubbock averaged 6.5% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Lubbock's average USDA mortgage closing costs are $4,824.

The average rate for the prior week (2022-11-25) was 6.63% and one month ago for the week of 2022-10-28, the average rate was 6.8%.

The average rate one year ago was 3.4%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.23%.

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

Lubbock 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 Lubbock level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 3.15% $5,927
First Bank & Trust 4 3.31% $4,196
Carrington Mortgage Services, LLC 2 4.44% $8,916
HOMETRUST MORTGAGE COMPANY 2 2.81% $6,353
GENEVA FINANCIAL, LLC 1 2.88% $5,104
Stride Bank 1 2.88% $6,484
Bank of England 1 2.63% $6,571
Colten Mortgage, LLC 1 2.38% $4,072
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $7,367

The top Lubbock USDA lender as defined by loan originations is ARK-LA-TEX FINANCIAL SERVICES, LLC., with 5 USDA loans originated. Their average total fees are $5,927, which is $1,731 higher than the next largest lender, First Bank & Trust.

The lowest fee Lubbock USDA lenders (with over 10 loans originated) are .

The lowest rate Lubbock USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lubbock (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 $224,400 (6.9%) $278,567 (1.8%) 0.83 1,030
2018-02-01 $233,863 (5.6%) $291,535 (1.8%) 0.85 1,003
2018-03-01 $235,000 (-4.0%) $296,210 (-0.3%) 0.82 1,009
2018-04-01 $246,750 (-8.6%) $305,278 (-2.4%) 0.84 1,010
2018-05-01 $244,600 (-9.6%) $300,831 (-4.7%) 0.82 1,054
2018-06-01 $238,000 (-10.9%) $298,884 (-3.5%) 0.79 1,151
2018-07-01 $234,950 (-8.7%) $291,869 (-3.9%) 0.78 1,212
2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
2018-09-01 $225,850 (-3.9%) $286,607 (-1.8%) 0.76 1,224
2018-10-01 $219,975 (-6.4%) $280,065 (-3.6%) 0.74 1,239
2018-11-01 $215,600 (-7.3%) $275,023 (-4.8%) 0.73 1,207
2018-12-01 $215,000 (-6.5%) $273,327 (-4.9%) 0.74 1,180
2019-01-01 $217,245 (-3.2%) $275,897 (-1.0%) 0.75 1,110
2019-02-01 $222,213 (-5.0%) $279,169 (-4.2%) 0.75 1,074
2019-03-01 $231,114 (-1.7%) $280,854 (-5.2%) 0.76 1,023
2019-04-01 $240,875 (-2.4%) $286,150 (-6.3%) 0.76 967
2019-05-01 $244,913 (0.1%) $292,953 (-2.6%) 0.77 968
2019-06-01 $249,900 (5.0%) $295,457 (-1.2%) 0.78 973
2019-07-01 $242,500 (3.2%) $292,044 (0.1%) 0.76 961
2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
2019-09-01 $221,591 (-1.9%) $272,957 (-4.8%) 0.71 925
2019-10-01 $216,975 (-1.4%) $266,727 (-4.8%) 0.70 916
2019-11-01 $225,000 (4.4%) $269,528 (-2.0%) 0.74 900
2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
2020-01-01 $235,375 (8.4%) $343,111 (24.4%) 0.79 806
2020-02-01 $236,750 (6.5%) $286,879 (2.8%) 0.77 846
2020-03-01 $239,900 (3.8%) $293,038 (4.3%) 0.75 847
2020-04-01 $242,500 (0.7%) $300,040 (4.9%) 0.76 863
2020-05-01 $249,500 (1.9%) $307,051 (4.8%) 0.76 766
2020-06-01 $250,950 (0.4%) $315,404 (6.8%) 0.74 698
2020-07-01 $249,950 (3.1%) $321,164 (10.0%) 0.72 684
2020-08-01 $263,175 (13.1%) $327,824 (15.8%) 0.75 641
2020-09-01 $262,500 (18.5%) $325,139 (19.1%) 0.75 639
2020-10-01 $246,725 (13.7%) $305,454 (14.5%) 0.71 641
2020-11-01 $232,000 (3.1%) $293,084 (8.7%) 0.68 611
2020-12-01 $237,375 (1.1%) $297,335 (7.1%) 0.71 549
2021-01-01 $259,450 (10.2%) $297,935 (-13.2%) 0.77 492
2021-02-01 $271,900 (14.9%) $315,573 (10.0%) 0.79 402
2021-03-01 $290,000 (20.9%) $334,489 (14.2%) 0.82 343
2021-04-01 $309,975 (27.8%) $358,033 (19.3%) 0.84 347
2021-05-01 $322,990 (29.5%) $367,040 (19.5%) 0.85 369
2021-06-01 $307,450 (22.5%) $359,194 (13.9%) 0.81 444
2021-07-01 $289,400 (15.8%) $357,915 (11.4%) 0.76 514
2021-08-01 $295,625 (12.3%) $350,907 (7.0%) 0.79 544
2021-09-01 $275,975 (5.1%) $335,705 (3.3%) 0.74 555
2021-10-01 $283,250 (14.8%) $336,209 (10.1%) 0.76 539
2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
2021-12-01 $293,000 (23.4%) $346,467 (16.5%) 0.79 434
2022-01-01 $300,000 (15.6%) $351,395 (17.9%) 0.81 377
2022-02-01 $359,175 (32.1%) $396,514 (25.7%) 0.93 312
2022-03-01 $351,475 (21.2%) $397,044 (18.7%) 0.88 319
2022-04-01 $350,999 (13.2%) $403,570 (12.7%) 0.84 343
2022-05-01 $350,000 (8.4%) $394,410 (7.5%) 0.80 456
2022-06-01 $340,000 (10.6%) $385,144 (7.2%) 0.76 554
2022-07-01 $320,000 (10.6%) $367,961 (2.8%) 0.72 710
2022-08-01 $319,305 (8.0%) $358,270 (2.1%) 0.74 795
2022-09-01 $311,738 (13.0%) $358,526 (6.8%) 0.73 851
2022-10-01 $318,000 (12.3%) $365,082 (8.6%) 0.75 902
2022-11-01 $304,362 (4.1%) $359,187 (4.2%) 0.73 939
Lubbock's median listing price for 2022-11-01 was $304,362, a difference of $11,862 (4.1%) versus the prior year and $-13,638 versus the prior month.

Lubbock's median listing price comes in at 73% of the national average.

Lubbock's average listing price for 2022-11-01 was $359,187, a difference of $14,555 (4.2%) versus the prior year and $-5,895 versus the prior month.

For the 2022-11-01 period, Lubbock had 939 MLS listings, a difference of 37 listings (4%) versus the prior month and 444 listings (90%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lubbock (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 57 days 2,261 sqft
2018-02-01 40 days 2,313 sqft
2018-03-01 44 days 2,326 sqft
2018-04-01 44 days 2,374 sqft
2018-05-01 39 days 2,362 sqft
2018-06-01 40 days 2,310 sqft
2018-07-01 43 days 2,265 sqft
2018-08-01 45 days 2,285 sqft
2018-09-01 47 days 2,238 sqft
2018-10-01 46 days 2,200 sqft
2018-11-01 50 days 2,190 sqft
2018-12-01 59 days 2,155 sqft
2019-01-01 65 days 2,153 sqft
2019-02-01 50 days 2,158 sqft
2019-03-01 45 days 2,183 sqft
2019-04-01 45 days 2,225 sqft
2019-05-01 45 days 2,244 sqft
2019-06-01 43 days 2,280 sqft
2019-07-01 46 days 2,277 sqft
2019-08-01 47 days 2,235 sqft
2019-09-01 49 days 2,168 sqft
2019-10-01 50 days 2,129 sqft
2019-11-01 49 days 2,138 sqft
2019-12-01 58 days 2,120 sqft
2020-01-01 61 days 2,106 sqft
2020-02-01 43 days 2,111 sqft
2020-03-01 43 days 2,111 sqft
2020-04-01 48 days 2,143 sqft
2020-05-01 51 days 2,172 sqft
2020-06-01 42 days 2,170 sqft
2020-07-01 37 days 2,169 sqft
2020-08-01 44 days 2,227 sqft
2020-09-01 44 days 2,219 sqft
2020-10-01 43 days 2,113 sqft
2020-11-01 47 days 2,037 sqft
2020-12-01 49 days 2,005 sqft
2021-01-01 50 days 2,047 sqft
2021-02-01 41 days 2,078 sqft
2021-03-01 38 days 2,144 sqft
2021-04-01 26 days 2,192 sqft
2021-05-01 24 days 2,230 sqft
2021-06-01 24 days 2,206 sqft
2021-07-01 29 days 2,200 sqft
2021-08-01 32 days 2,146 sqft
2021-09-01 36 days 2,097 sqft
2021-10-01 43 days 2,110 sqft
2021-11-01 44 days 2,089 sqft
2021-12-01 50 days 2,081 sqft
2022-01-01 44 days 2,117 sqft
2022-02-01 32 days 2,211 sqft
2022-03-01 25 days 2,180 sqft
2022-04-01 23 days 2,143 sqft
2022-05-01 22 days 2,138 sqft
2022-06-01 25 days 2,090 sqft
2022-07-01 28 days 2,090 sqft
2022-08-01 31 days 2,091 sqft
2022-09-01 36 days 2,083 sqft
2022-10-01 38 days 2,100 sqft
2022-11-01 44 days 2,068 sqft
Lubbock's median listing age (time on market) for 2022-11-01 was 44 days. This is 1% longer than the same period one year ago.

Lubbock's median square footage for active listings during the 2022-11-01 period was 2,068 sqft. One year prior, the average listing was 2,089 sqft.