Lubbock USDA Loans

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 5.35% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.49% and one month ago for the week of 2022-04-08, the average rate was 4.85%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.18%.

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 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. Total Fees
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 $224,875 (6.7%) $277,320 (0.4%) 0.83 1,006
2018-02-01 $234,700 (5.5%) $289,294 (0.5%) 0.85 987
2018-03-01 $235,000 (-4.0%) $292,864 (-2.6%) 0.81 986
2018-04-01 $248,000 (-8.1%) $303,147 (-4.0%) 0.83 994
2018-05-01 $244,750 (-9.7%) $298,730 (-4.9%) 0.82 1,033
2018-06-01 $239,000 (-10.6%) $295,209 (-4.1%) 0.80 1,118
2018-07-01 $234,925 (-8.9%) $288,451 (-3.9%) 0.78 1,185
2018-08-01 $235,000 (-4.9%) $289,003 (-0.6%) 0.79 1,199
2018-09-01 $229,000 (-2.6%) $282,220 (-2.7%) 0.77 1,207
2018-10-01 $221,250 (-6.2%) $276,234 (-4.3%) 0.74 1,219
2018-11-01 $218,250 (-7.4%) $272,382 (-5.4%) 0.73 1,194
2018-12-01 $217,000 (-5.6%) $271,187 (-4.9%) 0.74 1,173
2019-01-01 $219,450 (-2.4%) $273,971 (-1.2%) 0.76 1,107
2019-02-01 $225,000 (-4.1%) $277,905 (-3.9%) 0.75 1,068
2019-03-01 $233,529 (-0.6%) $281,039 (-4.0%) 0.76 1,006
2019-04-01 $247,400 (-0.2%) $289,488 (-4.5%) 0.78 950
2019-05-01 $249,450 (1.9%) $296,574 (-0.7%) 0.77 959
2019-06-01 $249,900 (4.6%) $298,207 (1.0%) 0.77 960
2019-07-01 $242,900 (3.4%) $292,757 (1.5%) 0.75 947
2019-08-01 $233,529 (-0.6%) $280,395 (-3.0%) 0.73 920
2019-09-01 $224,950 (-1.8%) $271,430 (-3.8%) 0.71 907
2019-10-01 $220,950 (-0.1%) $267,416 (-3.2%) 0.70 897
2019-11-01 $225,000 (3.1%) $269,424 (-1.1%) 0.73 887
2019-12-01 $234,750 (8.2%) $276,374 (1.9%) 0.78 828
2020-01-01 $237,651 (8.3%) $343,660 (25.4%) 0.79 791
2020-02-01 $239,900 (6.6%) $290,338 (4.5%) 0.77 826
2020-03-01 $243,250 (4.2%) $294,966 (5.0%) 0.76 821
2020-04-01 $245,000 (-1.0%) $302,342 (4.4%) 0.76 842
2020-05-01 $249,000 (-0.2%) $310,292 (4.6%) 0.75 744
2020-06-01 $257,750 (3.1%) $318,942 (7.0%) 0.75 679
2020-07-01 $252,500 (4.0%) $326,099 (11.4%) 0.72 663
2020-08-01 $265,000 (13.5%) $329,955 (17.7%) 0.76 624
2020-09-01 $265,000 (17.8%) $330,478 (21.8%) 0.76 621
2020-10-01 $249,750 (13.0%) $311,224 (16.4%) 0.71 620
2020-11-01 $242,750 (7.9%) $296,933 (10.2%) 0.70 585
2020-12-01 $244,750 (4.3%) $299,625 (8.4%) 0.72 526
2021-01-01 $259,900 (9.4%) $300,889 (-12.5%) 0.76 453
2021-02-01 $274,500 (14.4%) $314,883 (8.5%) 0.79 384
2021-03-01 $292,500 (20.3%) $336,976 (14.2%) 0.82 330
2021-04-01 $315,000 (28.6%) $364,389 (20.5%) 0.85 323
2021-05-01 $325,800 (30.8%) $368,517 (18.8%) 0.86 350
2021-06-01 $315,990 (22.6%) $363,457 (14.0%) 0.82 422
2021-07-01 $297,475 (17.8%) $360,038 (10.4%) 0.77 489
2021-08-01 $299,000 (12.8%) $351,855 (6.6%) 0.79 528
2021-09-01 $275,000 (3.8%) $338,095 (2.3%) 0.72 537
2021-10-01 $281,500 (12.7%) $338,522 (8.8%) 0.74 530
2021-11-01 $290,000 (19.5%) $342,561 (15.4%) 0.76 480
2021-12-01 $295,500 (20.7%) $346,511 (15.7%) 0.79 419
2022-01-01 $300,000 (15.4%) $350,764 (16.6%) 0.80 366
2022-02-01 $356,450 (29.9%) $389,508 (23.7%) 0.91 293
2022-03-01 $344,750 (17.9%) $386,757 (14.8%) 0.85 305
2022-04-01 $350,000 (11.1%) $388,541 (6.6%) 0.82 326
Lubbock's median listing price for 2022-04-01 was $350,000, a difference of $35,000 (11.1%) versus the prior year and $5,250 versus the prior month.

Lubbock's median listing price comes in at 82% of the national average.

Lubbock's average listing price for 2022-04-01 was $388,541, a difference of $24,152 (6.6%) versus the prior year and $1,784 versus the prior month.

For the 2022-04-01 period, Lubbock had 326 MLS listings, a difference of 21 listings (7%) versus the prior month and 3 listings (1%) 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 56 days 2,287 sqft
2018-02-01 40 days 2,321 sqft
2018-03-01 43 days 2,327 sqft
2018-04-01 44 days 2,379 sqft
2018-05-01 39 days 2,369 sqft
2018-06-01 40 days 2,321 sqft
2018-07-01 41 days 2,276 sqft
2018-08-01 44 days 2,291 sqft
2018-09-01 46 days 2,240 sqft
2018-10-01 46 days 2,202 sqft
2018-11-01 48 days 2,195 sqft
2018-12-01 58 days 2,170 sqft
2019-01-01 64 days 2,173 sqft
2019-02-01 50 days 2,175 sqft
2019-03-01 46 days 2,198 sqft
2019-04-01 44 days 2,251 sqft
2019-05-01 43 days 2,260 sqft
2019-06-01 42 days 2,283 sqft
2019-07-01 43 days 2,275 sqft
2019-08-01 44 days 2,232 sqft
2019-09-01 47 days 2,184 sqft
2019-10-01 48 days 2,136 sqft
2019-11-01 46 days 2,135 sqft
2019-12-01 56 days 2,130 sqft
2020-01-01 59 days 2,111 sqft
2020-02-01 42 days 2,129 sqft
2020-03-01 42 days 2,127 sqft
2020-04-01 47 days 2,154 sqft
2020-05-01 51 days 2,173 sqft
2020-06-01 42 days 2,190 sqft
2020-07-01 35 days 2,178 sqft
2020-08-01 43 days 2,240 sqft
2020-09-01 45 days 2,241 sqft
2020-10-01 43 days 2,138 sqft
2020-11-01 44 days 2,059 sqft
2020-12-01 47 days 2,030 sqft
2021-01-01 52 days 2,057 sqft
2021-02-01 41 days 2,083 sqft
2021-03-01 38 days 2,156 sqft
2021-04-01 29 days 2,214 sqft
2021-05-01 24 days 2,260 sqft
2021-06-01 24 days 2,233 sqft
2021-07-01 29 days 2,218 sqft
2021-08-01 33 days 2,157 sqft
2021-09-01 37 days 2,108 sqft
2021-10-01 42 days 2,117 sqft
2021-11-01 44 days 2,095 sqft
2021-12-01 51 days 2,094 sqft
2022-01-01 48 days 2,085 sqft
2022-02-01 34 days 2,215 sqft
2022-03-01 27 days 2,153 sqft
2022-04-01 27 days 2,134 sqft
Lubbock's median listing age (time on market) for 2022-04-01 was 27 days. This is -5% shorter than the same period one year ago.

Lubbock's median square footage for active listings during the 2022-04-01 period was 2,134 sqft. One year prior, the average listing was 2,214 sqft.