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 11 lenders originated 25 USDA loans during 2023. The total origination value was $5,245,000, with an average USDA loan value of $209,800.

Lubbock USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Lubbock averaged 6.83% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Lubbock's average USDA mortgage closing costs are $5,677.

The average rate for the prior week (2024-04-05) was 6.36% and one month ago for the week of 2024-03-08, the average rate was 6.51%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.91%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CARDINAL FINANCIAL 7 5.68% $8,991
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.23% $6,899
T2 FINANCIAL LLC 3 6.63% $6,635
THRIVE MORTGAGE, LLC 2 6.06% $12,522
GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $3,570
Paramount Residential Mortgage Group, Inc. 1 6.88% $6,909
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $11,425
UNITED WHOLESALE MORTGAGE, LLC 1 5.43% $12,083
City Bank 1 6.13% $6,451
DHI MORTGAGE COMPANY, LTD. 1 5.50% $5,744
FLAT BRANCH MORTGAGE, INC. 1 6.75% $6,918

The top Lubbock USDA lender as defined by loan originations is CARDINAL FINANCIAL, with 7 USDA loans originated. Their average total fees are $8,991, which is $2,093 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

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 (1.6%) 0.83 1,030
2018-02-01 $233,863 (5.4%) $291,535 (1.7%) 0.85 1,003
2018-03-01 $235,000 (-4.0%) $296,210 (-0.4%) 0.82 1,009
2018-04-01 $246,125 (-9.1%) $305,280 (-2.5%) 0.83 1,009
2018-05-01 $244,500 (-10.1%) $300,833 (-4.8%) 0.82 1,053
2018-06-01 $238,500 (-10.7%) $299,073 (-3.5%) 0.80 1,150
2018-07-01 $234,950 (-8.7%) $291,951 (-3.8%) 0.78 1,211
2018-08-01 $234,950 (-3.9%) $292,634 (-0.6%) 0.79 1,221
2018-09-01 $226,000 (-3.8%) $286,770 (-1.7%) 0.76 1,223
2018-10-01 $219,975 (-6.4%) $280,302 (-3.6%) 0.75 1,239
2018-11-01 $216,245 (-7.0%) $275,191 (-4.7%) 0.73 1,207
2018-12-01 $215,000 (-6.5%) $273,416 (-4.9%) 0.74 1,181
2019-01-01 $217,500 (-3.1%) $276,153 (-0.9%) 0.75 1,110
2019-02-01 $222,225 (-5.0%) $279,300 (-4.2%) 0.75 1,074
2019-03-01 $231,114 (-1.7%) $280,819 (-5.2%) 0.76 1,022
2019-04-01 $240,875 (-2.1%) $286,107 (-6.3%) 0.76 966
2019-05-01 $244,950 (0.2%) $293,053 (-2.6%) 0.77 969
2019-06-01 $249,900 (4.8%) $295,461 (-1.2%) 0.78 973
2019-07-01 $242,500 (3.2%) $292,044 (0.0%) 0.76 961
2019-08-01 $232,636 (-1.0%) $283,126 (-3.3%) 0.74 935
2019-09-01 $221,591 (-2.0%) $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 (4.1%) $269,528 (-2.1%) 0.74 900
2019-12-01 $234,875 (9.2%) $277,537 (1.5%) 0.78 838
2020-01-01 $235,375 (8.2%) $343,111 (24.3%) 0.79 806
2020-02-01 $236,499 (6.4%) $287,113 (2.8%) 0.77 845
2020-03-01 $239,900 (3.8%) $293,342 (4.5%) 0.75 844
2020-04-01 $242,475 (0.7%) $300,356 (5.0%) 0.76 861
2020-05-01 $249,500 (1.9%) $307,444 (4.9%) 0.76 765
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 (15.0%) $315,573 (9.9%) 0.79 402
2021-03-01 $290,000 (20.9%) $334,073 (13.9%) 0.82 342
2021-04-01 $309,950 (27.8%) $357,286 (19.0%) 0.84 346
2021-05-01 $322,990 (29.5%) $366,352 (19.2%) 0.86 368
2021-06-01 $306,710 (22.2%) $358,594 (13.7%) 0.81 443
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 $281,500 (14.1%) $336,209 (10.1%) 0.75 538
2021-11-01 $292,500 (26.1%) $344,632 (17.6%) 0.78 495
2021-12-01 $292,750 (23.3%) $346,467 (16.5%) 0.79 434
2022-01-01 $300,000 (15.6%) $350,748 (17.7%) 0.81 376
2022-02-01 $358,900 (32.0%) $396,562 (25.7%) 0.93 311
2022-03-01 $350,362 (20.8%) $397,068 (18.9%) 0.88 318
2022-04-01 $350,000 (12.9%) $403,074 (12.8%) 0.83 342
2022-05-01 $348,675 (8.0%) $394,404 (7.7%) 0.80 455
2022-06-01 $340,000 (10.9%) $385,325 (7.5%) 0.76 549
2022-07-01 $320,000 (10.6%) $367,989 (2.8%) 0.72 707
2022-08-01 $318,263 (7.7%) $357,670 (1.9%) 0.74 788
2022-09-01 $312,475 (13.2%) $358,494 (6.8%) 0.73 841
2022-10-01 $317,600 (12.8%) $364,551 (8.4%) 0.75 888
2022-11-01 $303,700 (3.8%) $358,865 (4.1%) 0.73 927
2022-12-01 $296,000 (1.1%) $357,570 (3.2%) 0.73 939
2023-01-01 $297,750 (-0.8%) $351,973 (0.4%) 0.74 915
2023-02-01 $300,000 (-16.4%) $355,159 (-10.4%) 0.72 916
2023-03-01 $300,000 (-14.4%) $354,454 (-10.7%) 0.71 906
2023-04-01 $315,000 (-10.0%) $370,456 (-8.1%) 0.73 882
2023-05-01 $302,248 (-13.3%) $364,671 (-7.5%) 0.69 973
2023-06-01 $308,262 (-9.3%) $361,954 (-6.1%) 0.69 1,023
2023-07-01 $303,850 (-5.1%) $364,806 (-0.9%) 0.69 1,089
2023-08-01 $295,000 (-7.3%) $361,435 (1.1%) 0.68 1,140
2023-09-01 $287,750 (-7.9%) $352,142 (-1.8%) 0.67 1,246
2023-10-01 $273,500 (-13.9%) $342,348 (-6.1%) 0.64 1,267
2023-11-01 $262,125 (-13.7%) $328,269 (-8.5%) 0.62 1,310
2023-12-01 $260,000 (-12.2%) $328,287 (-8.2%) 0.63 1,241
2024-01-01 $260,000 (-12.7%) $327,887 (-6.8%) 0.63 1,200
2024-02-01 $261,000 (-13.0%) $326,514 (-8.1%) 0.63 1,214
2024-03-01 $268,500 (-10.5%) $333,157 (-6.0%) 0.63 1,258
Lubbock's median listing price for 2024-03-01 was $268,500, a difference of $-31,500 (-10.5%) versus the prior year and $7,500 versus the prior month.

Lubbock's median listing price comes in at 63% of the national average.

Lubbock's average listing price for 2024-03-01 was $333,157, a difference of $-21,297 (-6.0%) versus the prior year and $6,643 versus the prior month.

For the 2024-03-01 period, Lubbock had 1,258 MLS listings, a difference of 44 listings (4%) versus the prior month and 352 listings (39%) 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 2,261 sqft
2018-02-01 40 days 2,313 sqft
2018-03-01 43 days 2,326 sqft
2018-04-01 43 days 2,373 sqft
2018-05-01 38 days 2,362 sqft
2018-06-01 40 days 2,310 sqft
2018-07-01 42 days 2,265 sqft
2018-08-01 44 days 2,286 sqft
2018-09-01 46 days 2,238 sqft
2018-10-01 46 days 2,200 sqft
2018-11-01 49 days 2,191 sqft
2018-12-01 58 days 2,155 sqft
2019-01-01 64 days 2,153 sqft
2019-02-01 49 days 2,158 sqft
2019-03-01 45 days 2,184 sqft
2019-04-01 45 days 2,227 sqft
2019-05-01 44 days 2,249 sqft
2019-06-01 40 days 2,281 sqft
2019-07-01 46 days 2,277 sqft
2019-08-01 47 days 2,235 sqft
2019-09-01 47 days 2,168 sqft
2019-10-01 49 days 2,129 sqft
2019-11-01 47 days 2,138 sqft
2019-12-01 57 days 2,120 sqft
2020-01-01 60 days 2,106 sqft
2020-02-01 43 days 2,112 sqft
2020-03-01 42 days 2,111 sqft
2020-04-01 47 days 2,144 sqft
2020-05-01 51 days 2,172 sqft
2020-06-01 42 days 2,170 sqft
2020-07-01 36 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 46 days 2,037 sqft
2020-12-01 47 days 2,005 sqft
2021-01-01 47 days 2,047 sqft
2021-02-01 39 days 2,078 sqft
2021-03-01 37 days 2,142 sqft
2021-04-01 25 days 2,189 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 42 days 2,106 sqft
2021-11-01 44 days 2,089 sqft
2021-12-01 49 days 2,080 sqft
2022-01-01 44 days 2,116 sqft
2022-02-01 31 days 2,212 sqft
2022-03-01 25 days 2,174 sqft
2022-04-01 22 days 2,136 sqft
2022-05-01 21 days 2,120 sqft
2022-06-01 25 days 2,092 sqft
2022-07-01 28 days 2,090 sqft
2022-08-01 31 days 2,087 sqft
2022-09-01 36 days 2,085 sqft
2022-10-01 38 days 2,100 sqft
2022-11-01 44 days 2,068 sqft
2022-12-01 50 days 2,031 sqft
2023-01-01 52 days 2,018 sqft
2023-02-01 41 days 2,039 sqft
2023-03-01 44 days 2,047 sqft
2023-04-01 40 days 2,102 sqft
2023-05-01 33 days 2,063 sqft
2023-06-01 37 days 2,083 sqft
2023-07-01 37 days 2,056 sqft
2023-08-01 44 days 2,040 sqft
2023-09-01 45 days 2,000 sqft
2023-10-01 40 days 1,899 sqft
2023-11-01 47 days 1,866 sqft
2023-12-01 59 days 1,860 sqft
2024-01-01 63 days 1,855 sqft
2024-02-01 48 days 1,847 sqft
2024-03-01 40 days 1,903 sqft
Lubbock's median listing age (time on market) for 2024-03-01 was 40 days. This is -9% shorter than the same period one year ago.

Lubbock's median square footage for active listings during the 2024-03-01 period was 1,903 sqft. One year prior, the average listing was 2,047 sqft.