Lynchburg USDA Loan Rates, Closing Costs & Stats
LYNCHBURG, VA
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.
Lynchburg's 43 lenders originated 211 USDA loans during 2022. The total origination value was $41,645,000, with an average USDA loan value of $197,370.
Lynchburg USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Lynchburg
averaged
6.29%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Lynchburg's average USDA mortgage closing costs are $5,142.
The average rate for the prior week (2023-05-19) was
6.33% and
one month ago for the week of 2023-04-21, the
average rate was 6.24%.
The average rate one year ago was 5.06%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.66%.
Lynchburg 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 Lynchburg level.
The top Lynchburg USDA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with
31 USDA loans originated. Their average total fees are
$5,991, which is $1,604
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Lynchburg USDA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($2,761), EMBRACE HOME LOANS, INC. ($5,991), UNITED WHOLESALE MORTGAGE, LLC ($6,613), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($6,767) and NATION ONE MORTGAGE CORPORATION ($7,382).
The lowest rate Lynchburg USDA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (3.82%), Integrity Home Mortgage Corp (4.13%), MOVEMENT MORTGAGE, LLC (4.24%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (4.62%) and NATION ONE MORTGAGE CORPORATION (4.64%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $219,900 (15.8%) | $285,047 (10.3%) | 0.82 | 996 |
2018-02-01 | $221,950 (13.9%) | $283,114 (7.2%) | 0.81 | 990 |
2018-03-01 | $229,900 (15.0%) | $289,916 (6.3%) | 0.81 | 1,065 |
2018-04-01 | $232,700 (16.4%) | $293,423 (8.3%) | 0.79 | 1,119 |
2018-05-01 | $135,450 (-35.5%) | $212,946 (-23.1%) | 0.45 | 2,094 |
2018-06-01 | $137,900 (-34.2%) | $214,915 (-21.8%) | 0.46 | 2,179 |
2018-07-01 | $137,225 (-33.0%) | $212,978 (-23.0%) | 0.46 | 2,215 |
2018-08-01 | $134,900 (-35.8%) | $210,350 (-24.8%) | 0.45 | 2,207 |
2018-09-01 | $134,883 (-40.0%) | $207,917 (-28.0%) | 0.45 | 2,259 |
2018-10-01 | $129,950 (-40.9%) | $204,453 (-29.0%) | 0.44 | 2,240 |
2018-11-01 | $125,000 (-43.2%) | $199,731 (-29.7%) | 0.42 | 2,206 |
2018-12-01 | $119,900 (-45.5%) | $193,661 (-31.3%) | 0.41 | 2,097 |
2019-01-01 | $119,124 (-45.8%) | $192,284 (-32.5%) | 0.41 | 1,915 |
2019-02-01 | $112,450 (-49.3%) | $191,025 (-32.5%) | 0.38 | 1,878 |
2019-03-01 | $232,000 (0.9%) | $293,547 (1.3%) | 0.77 | 931 |
2019-04-01 | $239,900 (3.1%) | $296,903 (1.2%) | 0.76 | 977 |
2019-05-01 | $241,475 (78.3%) | $302,943 (42.3%) | 0.75 | 993 |
2019-06-01 | $239,900 (74.0%) | $306,638 (42.7%) | 0.75 | 991 |
2019-07-01 | $241,200 (75.8%) | $311,116 (46.1%) | 0.76 | 998 |
2019-08-01 | $239,500 (77.5%) | $309,394 (47.1%) | 0.75 | 1,002 |
2019-09-01 | $247,400 (83.4%) | $326,554 (57.1%) | 0.78 | 987 |
2019-10-01 | $239,700 (84.5%) | $331,610 (62.2%) | 0.77 | 1,019 |
2019-11-01 | $235,000 (88.0%) | $334,357 (67.4%) | 0.77 | 990 |
2019-12-01 | $230,750 (92.5%) | $302,603 (56.3%) | 0.77 | 904 |
2020-01-01 | $238,800 (100.5%) | $305,099 (58.7%) | 0.80 | 820 |
2020-02-01 | $249,500 (121.9%) | $312,731 (63.7%) | 0.82 | 771 |
2020-03-01 | $252,450 (8.8%) | $321,585 (9.6%) | 0.79 | 764 |
2020-04-01 | $253,925 (5.9%) | $326,605 (10.0%) | 0.80 | 782 |
2020-05-01 | $255,000 (5.6%) | $337,205 (11.3%) | 0.78 | 684 |
2020-06-01 | $266,150 (10.9%) | $350,866 (14.4%) | 0.78 | 621 |
2020-07-01 | $261,950 (8.6%) | $404,291 (30.0%) | 0.76 | 579 |
2020-08-01 | $259,900 (8.5%) | $407,743 (31.8%) | 0.74 | 553 |
2020-09-01 | $259,000 (4.7%) | $400,536 (22.7%) | 0.74 | 551 |
2020-10-01 | $249,450 (4.1%) | $406,541 (22.6%) | 0.71 | 557 |
2020-11-01 | $249,900 (6.3%) | $409,298 (22.4%) | 0.73 | 544 |
2020-12-01 | $244,900 (6.1%) | $421,923 (39.4%) | 0.73 | 493 |
2021-01-01 | $249,900 (4.7%) | $438,230 (43.6%) | 0.75 | 412 |
2021-02-01 | $253,450 (1.6%) | $475,270 (52.0%) | 0.74 | 338 |
2021-03-01 | $257,400 (2.0%) | $472,960 (47.1%) | 0.73 | 352 |
2021-04-01 | $277,325 (9.2%) | $507,128 (55.3%) | 0.75 | 332 |
2021-05-01 | $274,950 (7.8%) | $464,859 (37.9%) | 0.73 | 343 |
2021-06-01 | $287,400 (8.0%) | $468,050 (33.4%) | 0.76 | 366 |
2021-07-01 | $279,900 (6.9%) | $445,862 (10.3%) | 0.74 | 434 |
2021-08-01 | $277,675 (6.8%) | $439,546 (7.8%) | 0.74 | 448 |
2021-09-01 | $290,550 (12.2%) | $450,514 (12.5%) | 0.77 | 457 |
2021-10-01 | $289,900 (16.2%) | $447,683 (10.1%) | 0.77 | 445 |
2021-11-01 | $293,750 (17.6%) | $455,259 (11.2%) | 0.79 | 391 |
2021-12-01 | $289,900 (18.4%) | $402,527 (-4.6%) | 0.79 | 337 |
2022-01-01 | $284,900 (14.0%) | $355,839 (-18.8%) | 0.77 | 279 |
2022-02-01 | $297,000 (17.2%) | $363,157 (-23.6%) | 0.77 | 266 |
2022-03-01 | $322,425 (25.3%) | $387,139 (-18.2%) | 0.81 | 263 |
2022-04-01 | $324,500 (17.0%) | $386,147 (-23.9%) | 0.77 | 262 |
2022-05-01 | $327,450 (19.1%) | $394,427 (-15.2%) | 0.75 | 326 |
2022-06-01 | $333,325 (16.0%) | $395,753 (-15.5%) | 0.74 | 391 |
2022-07-01 | $329,900 (17.9%) | $411,435 (-7.7%) | 0.75 | 461 |
2022-08-01 | $334,450 (20.5%) | $412,310 (-6.2%) | 0.77 | 458 |
2022-09-01 | $317,225 (9.2%) | $401,472 (-10.9%) | 0.74 | 434 |
2022-10-01 | $329,900 (13.8%) | $409,933 (-8.4%) | 0.78 | 427 |
2022-11-01 | $336,975 (14.7%) | $419,967 (-7.8%) | 0.81 | 435 |
2022-12-01 | $329,000 (13.5%) | $403,007 (0.1%) | 0.81 | 396 |
2023-01-01 | $324,625 (13.9%) | $400,708 (12.6%) | 0.80 | 369 |
2023-02-01 | $329,900 (11.1%) | $406,751 (12.0%) | 0.80 | 334 |
2023-03-01 | $339,450 (5.3%) | $418,526 (8.1%) | 0.80 | 348 |
2023-04-01 | $334,900 (3.2%) | $420,821 (9.0%) | 0.78 | 379 |
Lynchburg's median listing price comes in at 78% of the national average.
Lynchburg's average listing price for 2023-04-01 was $420,821, a difference of $34,674 (9.0%) versus the prior year and $2,295 versus the prior month.
For the 2023-04-01 period, Lynchburg had 379 MLS listings, a difference of 31 listings (9%) versus the prior month and 117 listings (45%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 102 days | 1,973 sqft |
2018-02-01 | 98 days | 1,976 sqft |
2018-03-01 | 72 days | 1,990 sqft |
2018-04-01 | 61 days | 2,023 sqft |
2018-05-01 | 100 days | 2,052 sqft |
2018-06-01 | 110 days | 2,090 sqft |
2018-07-01 | 112 days | 2,052 sqft |
2018-08-01 | 109 days | 2,017 sqft |
2018-09-01 | 113 days | 2,010 sqft |
2018-10-01 | 117 days | 1,990 sqft |
2018-11-01 | 122 days | 1,952 sqft |
2018-12-01 | 136 days | 1,930 sqft |
2019-01-01 | 142 days | 1,957 sqft |
2019-02-01 | 149 days | 1,962 sqft |
2019-03-01 | 85 days | 2,000 sqft |
2019-04-01 | 61 days | 2,008 sqft |
2019-05-01 | 61 days | 2,002 sqft |
2019-06-01 | 64 days | 2,072 sqft |
2019-07-01 | 67 days | 2,109 sqft |
2019-08-01 | 73 days | 2,065 sqft |
2019-09-01 | 79 days | 2,052 sqft |
2019-10-01 | 76 days | 2,015 sqft |
2019-11-01 | 81 days | 1,988 sqft |
2019-12-01 | 89 days | 1,959 sqft |
2020-01-01 | 94 days | 1,960 sqft |
2020-02-01 | 85 days | 1,973 sqft |
2020-03-01 | 63 days | 1,986 sqft |
2020-04-01 | 61 days | 1,992 sqft |
2020-05-01 | 71 days | 2,010 sqft |
2020-06-01 | 71 days | 2,097 sqft |
2020-07-01 | 64 days | 2,094 sqft |
2020-08-01 | 56 days | 2,088 sqft |
2020-09-01 | 56 days | 2,035 sqft |
2020-10-01 | 55 days | 1,890 sqft |
2020-11-01 | 64 days | 1,907 sqft |
2020-12-01 | 68 days | 1,861 sqft |
2021-01-01 | 75 days | 1,844 sqft |
2021-02-01 | 76 days | 1,850 sqft |
2021-03-01 | 50 days | 1,842 sqft |
2021-04-01 | 44 days | 1,888 sqft |
2021-05-01 | 44 days | 1,875 sqft |
2021-06-01 | 42 days | 1,892 sqft |
2021-07-01 | 40 days | 1,880 sqft |
2021-08-01 | 43 days | 1,932 sqft |
2021-09-01 | 45 days | 1,899 sqft |
2021-10-01 | 48 days | 1,881 sqft |
2021-11-01 | 53 days | 1,878 sqft |
2021-12-01 | 59 days | 1,795 sqft |
2022-01-01 | 64 days | 1,730 sqft |
2022-02-01 | 48 days | 1,748 sqft |
2022-03-01 | 38 days | 1,862 sqft |
2022-04-01 | 38 days | 1,865 sqft |
2022-05-01 | 34 days | 1,897 sqft |
2022-06-01 | 33 days | 1,950 sqft |
2022-07-01 | 39 days | 1,952 sqft |
2022-08-01 | 50 days | 1,934 sqft |
2022-09-01 | 53 days | 1,852 sqft |
2022-10-01 | 53 days | 1,822 sqft |
2022-11-01 | 53 days | 1,872 sqft |
2022-12-01 | 62 days | 1,800 sqft |
2023-01-01 | 64 days | 1,794 sqft |
2023-02-01 | 47 days | 1,734 sqft |
2023-03-01 | 45 days | 1,817 sqft |
2023-04-01 | 39 days | 1,800 sqft |
Lynchburg's median square footage for active listings during the 2023-04-01 period was 1,800 sqft. One year prior, the average listing was 1,865 sqft.