Mcallen USDA Loan Rates, Closing Costs & Stats

MCALLEN-EDINBURG-MISSION, 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.

Mcallen's 5 lenders originated 5 USDA loans during 2022. The total origination value was $875,000, with an average USDA loan value of $175,000.

Mcallen USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Mcallen averaged -0.08% for the week of 2024-02-23, compared to the national average (all USDA variants) of 0% for the same period.

Mcallen's average USDA mortgage closing costs are $6,217.

The average rate for the prior week (2024-02-16) was 6.6% and one month ago for the week of 2024-01-19, the average rate was 5.99%.

The average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.92%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMCAP MORTGAGE, LTD. 1 5.13% $6,319
ASPIRE FINANCIAL, INC. 1 3.50% $7,827
GENEVA FINANCIAL, LLC 1 4.88% $8,045
PLAZA HOME MORTGAGE, INC. 1 5.88% $7,084
Town Square Mortgage & Investments, Inc. 1 5.63% $9,336

The top Mcallen USDA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 1 USDA loans originated. Their average total fees are $6,319, which is $1,508 lower than the next largest lender, ASPIRE FINANCIAL, INC..

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
Mcallen's median listing price for 2023-12-01 was $279,000, a difference of $-900 (-0.3%) versus the prior year and $-925 versus the prior month.

Mcallen's median listing price comes in at 68% of the national average.

Mcallen's average listing price for 2023-12-01 was $331,910, a difference of $-20,060 (-5.7%) versus the prior year and $-4,801 versus the prior month.

For the 2023-12-01 period, Mcallen had 2,041 MLS listings, a difference of 34 listings (2%) versus the prior month and 508 listings (33%) 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 87 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
Mcallen's median listing age (time on market) for 2023-12-01 was 71 days. This is 6% longer than the same period one year ago.

Mcallen's median square footage for active listings during the 2023-12-01 period was 1,800 sqft. One year prior, the average listing was 1,892 sqft.