Mcallen USDA Loan Rates, Closing Costs & Stats

MCALLEN-EDINBURG-MISSION, TX

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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.

    Mcallen's 4 lenders originated 5 USDA loans during 2023. The total origination value was $935,000, with an average USDA loan value of $187,000.

    Mcallen USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Mcallen averaged 6.74% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Mcallen's average USDA mortgage closing costs are $6,681.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.67%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.73%.

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

    Mcallen 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 Mcallen level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PLAZA HOME MORTGAGE, INC. 2 6.25% $7,919
    ACADEMY MORTGAGE CORPORATION 1 6.13% $7,713
    CANOPY MORTGAGE, LLC 1 7.00% $13,533
    UNITED WHOLESALE MORTGAGE, LLC 1 6.63% $8,863

    The top Mcallen USDA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 2 USDA loans originated. Their average total fees are $7,919, which is $207 higher than the next largest lender, ACADEMY MORTGAGE CORPORATION.

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcallen (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 $189,000 (2.2%) $243,293 (-1.0%) 0.70 2,103
    2018-02-01 $189,900 (2.7%) $243,498 (-0.9%) 0.69 2,106
    2018-03-01 $189,900 (0.5%) $247,255 (0.6%) 0.67 2,105
    2018-04-01 $195,000 (4.3%) $251,653 (3.2%) 0.66 2,047
    2018-05-01 $195,250 (3.1%) $252,491 (2.8%) 0.65 2,051
    2018-06-01 $198,000 (4.2%) $251,226 (2.1%) 0.66 2,081
    2018-07-01 $195,000 (2.6%) $249,817 (0.1%) 0.65 2,060
    2018-08-01 $195,375 (3.4%) $249,455 (0.9%) 0.65 2,011
    2018-09-01 $196,450 (3.5%) $250,037 (0.2%) 0.66 1,990
    2018-10-01 $192,000 (-0.1%) $243,792 (-2.0%) 0.65 2,022
    2018-11-01 $189,935 (-2.3%) $243,436 (-2.5%) 0.64 2,084
    2018-12-01 $189,900 (0.0%) $241,472 (-1.6%) 0.66 2,050
    2019-01-01 $189,700 (0.4%) $241,879 (-0.6%) 0.66 2,014
    2019-02-01 $189,950 (0.0%) $241,573 (-0.8%) 0.64 2,078
    2019-03-01 $191,857 (1.0%) $242,273 (-2.0%) 0.63 2,109
    2019-04-01 $195,000 (0.0%) $247,171 (-1.8%) 0.62 2,042
    2019-05-01 $197,250 (1.0%) $249,232 (-1.3%) 0.62 1,994
    2019-06-01 $198,970 (0.5%) $252,527 (0.5%) 0.62 2,010
    2019-07-01 $198,250 (1.7%) $256,158 (2.5%) 0.62 2,029
    2019-08-01 $197,182 (0.9%) $256,777 (2.9%) 0.62 2,026
    2019-09-01 $195,955 (-0.3%) $257,539 (3.0%) 0.63 2,014
    2019-10-01 $195,000 (1.6%) $258,477 (6.0%) 0.63 2,005
    2019-11-01 $195,000 (2.7%) $258,292 (6.1%) 0.64 1,960
    2019-12-01 $197,500 (4.0%) $259,832 (7.6%) 0.66 1,913
    2020-01-01 $195,125 (2.9%) $258,965 (7.1%) 0.65 1,849
    2020-02-01 $195,000 (2.7%) $258,596 (7.1%) 0.64 1,882
    2020-03-01 $199,000 (3.7%) $262,597 (8.4%) 0.62 1,850
    2020-04-01 $198,725 (1.9%) $263,046 (6.4%) 0.62 1,861
    2020-05-01 $199,400 (1.1%) $264,869 (6.3%) 0.61 1,708
    2020-06-01 $209,625 (5.4%) $274,497 (8.7%) 0.62 1,450
    2020-07-01 $213,599 (7.7%) $278,648 (8.8%) 0.62 1,279
    2020-08-01 $215,000 (9.0%) $279,508 (8.9%) 0.62 1,169
    2020-09-01 $221,500 (13.0%) $286,987 (11.4%) 0.63 1,061
    2020-10-01 $228,200 (17.0%) $289,883 (12.2%) 0.65 1,093
    2020-11-01 $228,550 (17.2%) $289,765 (12.2%) 0.67 1,154
    2020-12-01 $228,000 (15.4%) $294,272 (13.3%) 0.68 1,159
    2021-01-01 $220,000 (12.8%) $294,057 (13.6%) 0.66 1,116
    2021-02-01 $225,000 (15.4%) $303,697 (17.4%) 0.66 1,044
    2021-03-01 $234,750 (18.0%) $313,789 (19.5%) 0.67 958
    2021-04-01 $239,975 (20.8%) $320,463 (21.8%) 0.65 891
    2021-05-01 $249,950 (25.4%) $336,746 (27.1%) 0.66 816
    2021-06-01 $255,000 (21.7%) $350,306 (27.6%) 0.67 797
    2021-07-01 $260,000 (21.7%) $353,154 (26.7%) 0.69 809
    2021-08-01 $262,125 (21.9%) $354,210 (26.7%) 0.70 822
    2021-09-01 $264,700 (19.5%) $352,923 (23.0%) 0.71 987
    2021-10-01 $265,000 (16.1%) $348,299 (20.2%) 0.71 997
    2021-11-01 $261,475 (14.4%) $343,401 (18.5%) 0.70 1,015
    2021-12-01 $257,000 (12.7%) $339,991 (15.5%) 0.70 1,032
    2022-01-01 $259,000 (17.7%) $340,449 (15.8%) 0.70 943
    2022-02-01 $258,950 (15.1%) $343,963 (13.3%) 0.67 929
    2022-03-01 $258,901 (10.3%) $347,182 (10.6%) 0.65 900
    2022-04-01 $258,495 (7.7%) $352,418 (10.0%) 0.62 886
    2022-05-01 $275,000 (10.0%) $359,535 (6.8%) 0.63 957
    2022-06-01 $272,500 (6.9%) $362,516 (3.5%) 0.61 1,037
    2022-07-01 $270,000 (3.9%) $359,391 (1.8%) 0.61 1,186
    2022-08-01 $275,000 (4.9%) $352,458 (-0.5%) 0.64 1,311
    2022-09-01 $269,000 (1.6%) $342,480 (-3.0%) 0.63 1,422
    2022-10-01 $275,000 (3.8%) $349,334 (0.3%) 0.65 1,458
    2022-11-01 $278,950 (6.7%) $351,414 (2.3%) 0.67 1,537
    2022-12-01 $279,900 (8.9%) $351,970 (3.5%) 0.69 1,533
    2023-01-01 $280,200 (8.2%) $353,702 (3.9%) 0.69 1,562
    2023-02-01 $283,225 (9.4%) $357,112 (3.8%) 0.68 1,563
    2023-03-01 $285,000 (10.1%) $360,249 (3.8%) 0.67 1,540
    2023-04-01 $286,563 (10.9%) $359,355 (2.0%) 0.67 1,534
    2023-05-01 $287,250 (4.5%) $355,313 (-1.2%) 0.65 1,530
    2023-06-01 $289,575 (6.3%) $355,199 (-2.0%) 0.65 1,561
    2023-07-01 $289,000 (7.0%) $349,643 (-2.7%) 0.66 1,661
    2023-08-01 $288,662 (5.0%) $347,237 (-1.5%) 0.66 1,743
    2023-09-01 $285,000 (6.0%) $342,232 (-0.1%) 0.66 1,834
    2023-10-01 $280,000 (1.8%) $337,922 (-3.3%) 0.66 1,937
    2023-11-01 $279,925 (0.4%) $336,711 (-4.2%) 0.67 2,007
    2023-12-01 $279,000 (-0.3%) $331,910 (-5.7%) 0.68 2,041
    2024-01-01 $275,000 (-1.9%) $329,659 (-6.8%) 0.67 2,129
    2024-02-01 $275,000 (-2.9%) $327,182 (-8.4%) 0.66 2,211
    2024-03-01 $278,000 (-2.5%) $329,172 (-8.6%) 0.65 2,288
    Mcallen's median listing price for 2024-03-01 was $278,000, a difference of $-7,000 (-2.5%) versus the prior year and $3,000 versus the prior month.

    Mcallen's median listing price comes in at 65% of the national average.

    Mcallen's average listing price for 2024-03-01 was $329,172, a difference of $-31,077 (-8.6%) versus the prior year and $1,990 versus the prior month.

    For the 2024-03-01 period, Mcallen had 2,288 MLS listings, a difference of 77 listings (3%) versus the prior month and 748 listings (49%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcallen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 2,121 sqft
    2018-02-01 96 days 2,112 sqft
    2018-03-01 87 days 2,119 sqft
    2018-04-01 81 days 2,155 sqft
    2018-05-01 80 days 2,171 sqft
    2018-06-01 87 days 2,177 sqft
    2018-07-01 91 days 2,166 sqft
    2018-08-01 86 days 2,125 sqft
    2018-09-01 87 days 2,131 sqft
    2018-10-01 78 days 2,071 sqft
    2018-11-01 79 days 2,062 sqft
    2018-12-01 85 days 2,051 sqft
    2019-01-01 91 days 2,033 sqft
    2019-02-01 91 days 2,022 sqft
    2019-03-01 74 days 2,006 sqft
    2019-04-01 69 days 2,015 sqft
    2019-05-01 78 days 2,024 sqft
    2019-06-01 79 days 2,058 sqft
    2019-07-01 83 days 2,045 sqft
    2019-08-01 86 days 2,041 sqft
    2019-09-01 87 days 2,027 sqft
    2019-10-01 88 days 2,018 sqft
    2019-11-01 78 days 2,016 sqft
    2019-12-01 80 days 2,047 sqft
    2020-01-01 81 days 2,012 sqft
    2020-02-01 82 days 2,000 sqft
    2020-03-01 62 days 2,034 sqft
    2020-04-01 74 days 2,007 sqft
    2020-05-01 86 days 1,994 sqft
    2020-06-01 97 days 2,021 sqft
    2020-07-01 84 days 2,066 sqft
    2020-08-01 72 days 2,022 sqft
    2020-09-01 65 days 2,100 sqft
    2020-10-01 52 days 2,112 sqft
    2020-11-01 50 days 2,100 sqft
    2020-12-01 60 days 2,028 sqft
    2021-01-01 67 days 1,979 sqft
    2021-02-01 63 days 2,000 sqft
    2021-03-01 56 days 2,025 sqft
    2021-04-01 52 days 2,050 sqft
    2021-05-01 49 days 2,100 sqft
    2021-06-01 44 days 2,079 sqft
    2021-07-01 45 days 2,075 sqft
    2021-08-01 46 days 2,064 sqft
    2021-09-01 47 days 2,075 sqft
    2021-10-01 48 days 2,043 sqft
    2021-11-01 49 days 2,025 sqft
    2021-12-01 52 days 1,994 sqft
    2022-01-01 61 days 1,972 sqft
    2022-02-01 53 days 1,945 sqft
    2022-03-01 40 days 1,892 sqft
    2022-04-01 38 days 1,892 sqft
    2022-05-01 39 days 1,966 sqft
    2022-06-01 40 days 1,984 sqft
    2022-07-01 43 days 1,927 sqft
    2022-08-01 46 days 1,898 sqft
    2022-09-01 49 days 1,852 sqft
    2022-10-01 55 days 1,858 sqft
    2022-11-01 59 days 1,883 sqft
    2022-12-01 67 days 1,892 sqft
    2023-01-01 72 days 1,894 sqft
    2023-02-01 66 days 1,899 sqft
    2023-03-01 58 days 1,901 sqft
    2023-04-01 57 days 1,894 sqft
    2023-05-01 58 days 1,872 sqft
    2023-06-01 57 days 1,882 sqft
    2023-07-01 56 days 1,875 sqft
    2023-08-01 55 days 1,869 sqft
    2023-09-01 56 days 1,847 sqft
    2023-10-01 59 days 1,835 sqft
    2023-11-01 66 days 1,810 sqft
    2023-12-01 71 days 1,800 sqft
    2024-01-01 73 days 1,774 sqft
    2024-02-01 63 days 1,758 sqft
    2024-03-01 59 days 1,769 sqft
    Mcallen's median listing age (time on market) for 2024-03-01 was 59 days. This is 3% longer than the same period one year ago.

    Mcallen's median square footage for active listings during the 2024-03-01 period was 1,769 sqft. One year prior, the average listing was 1,901 sqft.