Mcminnville USDA Loan Rates, Closing Costs & Stats

McMinnville, TN

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.

Mcminnville's 17 lenders originated 37 USDA loans during 2023. The total origination value was $8,335,000, with an average USDA loan value of $225,270.

Mcminnville USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Mcminnville averaged 6.65% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Mcminnville's average USDA mortgage closing costs are $5,253.

The average rate for the prior week (2024-05-31) was 6.63% and one month ago for the week of 2024-05-03, the average rate was 6.73%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.7%.

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

Mcminnville 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 Mcminnville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Renasant Bank 8 6.28% $6,658
CMG MORTGAGE, INC. 8 6.14% $8,772
Legends Bank 2 6.75% $7,753
UNITED WHOLESALE MORTGAGE, LLC 2 6.57% $6,351
FIRST COMMUNITY MORTGAGE, INC. 2 6.31% $7,151
BROKER SOLUTIONS, INC. 2 6.19% $8,530
SeaTrust Mortgage Company 2 5.69% $8,479
SWBC MORTGAGE CORPORATION 1 6.75% $5,042
The First National Bank of Middle Tennessee 1 6.38% $11,154
AMCAP MORTGAGE, LTD. 1 5.88% $9,522
U.S. Bank 1 5.88% $7,869
Century Mortgage Company DBA Century Lending Company 1 7.13% $5,703
FirstBank 1 5.63% $8,430
FirstTrust Home Loans, Inc. 1 6.25% $10,289
GUARANTY MORTGAGE SERVICES, L.L.C. 1 7.25% $10,297
Magnolia Bank 1 6.50% $4,559
SECURITYNATIONAL MORTGAGE COMPANY 1 6.00% $12,150

The top Mcminnville USDA lender as defined by loan originations is Renasant Bank, with 8 USDA loans originated. Their average total fees are $6,658, which is $2,114 lower than the next largest lender, CMG MORTGAGE, INC..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mcminnville (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 $182,300 (48.9%) $280,673 (37.5%) 0.00 119
2018-02-01 $189,125 (44.2%) $290,380 (33.6%) 0.00 114
2018-03-01 $197,400 (65.4%) $286,217 (34.2%) 0.00 116
2018-04-01 $191,200 (51.5%) $284,010 (30.3%) 0.00 127
2018-05-01 $194,900 (45.3%) $290,202 (24.5%) 0.00 129
2018-06-01 $190,950 (41.5%) $276,310 (13.3%) 0.00 136
2018-07-01 $199,925 (33.4%) $294,114 (17.4%) 0.00 127
2018-08-01 $201,200 (28.1%) $284,237 (12.3%) 0.00 141
2018-09-01 $185,000 (19.4%) $272,848 (8.0%) 0.00 148
2018-10-01 $193,100 (18.8%) $274,616 (2.6%) 0.00 152
2018-11-01 $199,900 (12.7%) $282,686 (1.1%) 0.00 154
2018-12-01 $199,900 (2.9%) $280,774 (-2.6%) 0.00 151
2019-01-01 $199,900 (9.7%) $283,183 (0.9%) 0.00 138
2019-02-01 $197,725 (4.6%) $281,519 (-3.1%) 0.00 132
2019-03-01 $207,071 (4.9%) $283,122 (-1.1%) 0.00 119
2019-04-01 $200,846 (5.1%) $279,418 (-1.6%) 0.00 117
2019-05-01 $234,400 (20.3%) $295,143 (1.7%) 0.00 126
2019-06-01 $229,900 (20.4%) $295,917 (7.1%) 0.00 115
2019-07-01 $237,075 (18.6%) $301,351 (2.5%) 0.00 112
2019-08-01 $262,564 (30.5%) $316,042 (11.2%) 0.00 110
2019-09-01 $247,734 (33.9%) $310,485 (13.8%) 0.00 120
2019-10-01 $234,350 (21.4%) $303,744 (10.6%) 0.00 128
2019-11-01 $215,000 (7.6%) $290,941 (2.9%) 0.00 129
2019-12-01 $212,000 (6.1%) $294,831 (5.0%) 0.00 116
2020-01-01 $193,225 (-3.3%) $270,442 (-4.5%) 0.00 114
2020-02-01 $188,250 (-4.8%) $265,448 (-5.7%) 0.00 102
2020-03-01 $190,725 (-7.9%) $283,860 (0.3%) 0.00 96
2020-04-01 $194,500 (-3.2%) $288,346 (3.2%) 0.00 97
2020-05-01 $199,000 (-15.1%) $299,984 (1.6%) 0.00 98
2020-06-01 $203,675 (-11.4%) $323,598 (9.4%) 0.00 77
2020-07-01 $212,225 (-10.5%) $342,755 (13.7%) 0.00 76
2020-08-01 $229,900 (-12.4%) $347,617 (10.0%) 0.00 71
2020-09-01 $236,750 (-4.4%) $366,626 (18.1%) 0.00 74
2020-10-01 $245,000 (4.5%) $395,846 (30.3%) 0.00 64
2020-11-01 $247,450 (15.1%) $397,157 (36.5%) 0.00 69
2020-12-01 $264,613 (24.8%) $421,261 (42.9%) 0.00 62
2021-01-01 $249,500 (29.1%) $439,105 (62.4%) 0.00 56
2021-02-01 $251,888 (33.8%) $425,426 (60.3%) 0.00 50
2021-03-01 $309,800 (62.4%) $550,072 (93.8%) 0.00 39
2021-04-01 $349,900 (79.9%) $543,012 (88.3%) 0.00 34
2021-05-01 $339,000 (70.4%) $494,339 (64.8%) 0.00 42
2021-06-01 $307,450 (51.0%) $488,593 (51.0%) 0.00 52
2021-07-01 $294,500 (38.8%) $399,565 (16.6%) 0.00 67
2021-08-01 $321,575 (39.9%) $428,526 (23.3%) 0.00 76
2021-09-01 $349,900 (47.8%) $454,100 (23.9%) 0.00 76
2021-10-01 $329,900 (34.7%) $425,948 (7.6%) 0.00 80
2021-11-01 $256,980 (3.9%) $345,166 (-13.1%) 0.00 83
2021-12-01 $259,675 (-1.9%) $329,154 (-21.9%) 0.00 75
2022-01-01 $269,900 (8.2%) $327,498 (-25.4%) 0.00 69
2022-02-01 $287,175 (14.0%) $378,377 (-11.1%) 0.00 58
2022-03-01 $297,100 (-4.1%) $370,372 (-32.7%) 0.00 60
2022-04-01 $299,900 (-14.3%) $406,669 (-25.1%) 0.00 70
2022-05-01 $307,450 (-9.3%) $442,497 (-10.5%) 0.00 72
2022-06-01 $312,450 (1.6%) $515,228 (5.5%) 0.00 102
2022-07-01 $299,900 (1.8%) $520,660 (30.3%) 0.00 118
2022-08-01 $319,908 (-0.5%) $521,188 (21.6%) 0.00 119
2022-09-01 $321,150 (-8.2%) $511,639 (12.7%) 0.00 124
2022-10-01 $344,900 (4.6%) $522,023 (22.6%) 0.00 132
2022-11-01 $307,475 (19.7%) $470,818 (36.4%) 0.00 164
2022-12-01 $310,000 (19.4%) $463,081 (40.7%) 0.00 148
2023-01-01 $309,450 (14.7%) $447,998 (36.8%) 0.00 143
2023-02-01 $307,400 (7.0%) $419,175 (10.8%) 0.00 138
2023-03-01 $313,975 (5.7%) $404,049 (9.1%) 0.00 120
2023-04-01 $344,900 (15.0%) $428,762 (5.4%) 0.00 122
2023-05-01 $372,425 (21.1%) $448,104 (1.3%) 0.00 119
2023-06-01 $376,150 (20.4%) $452,628 (-12.2%) 0.00 127
2023-07-01 $356,200 (18.8%) $503,772 (-3.2%) 0.00 127
2023-08-01 $359,675 (12.4%) $494,398 (-5.1%) 0.00 133
2023-09-01 $349,700 (8.9%) $478,377 (-6.5%) 0.00 148
2023-10-01 $345,900 (0.3%) $466,752 (-10.6%) 0.00 155
2023-11-01 $345,224 (12.3%) $460,916 (-2.1%) 0.00 159
2023-12-01 $345,450 (11.4%) $459,391 (-0.8%) 0.00 149
2024-01-01 $347,600 (12.3%) $453,389 (1.2%) 0.00 140
2024-02-01 $327,425 (6.5%) $436,010 (4.0%) 0.00 131
2024-03-01 $325,000 (3.5%) $434,148 (7.5%) 0.00 141
2024-04-01 $333,625 (-3.3%) $431,744 (0.7%) 0.00 160
2024-05-01 $331,000 (-11.1%) $419,013 (-6.5%) 0.00 176
Mcminnville's median listing price for 2024-05-01 was $331,000, a difference of $-41,425 (-11.1%) versus the prior year and $-2,625 versus the prior month.

Mcminnville's median listing price comes in at 0% of the national average.

Mcminnville's average listing price for 2024-05-01 was $419,013, a difference of $-29,091 (-6.5%) versus the prior year and $-12,731 versus the prior month.

For the 2024-05-01 period, Mcminnville had 176 MLS listings, a difference of 16 listings (10%) versus the prior month and 57 listings (48%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mcminnville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,870 sqft
2018-02-01 0 days 1,869 sqft
2018-03-01 0 days 1,908 sqft
2018-04-01 0 days 1,945 sqft
2018-05-01 0 days 1,888 sqft
2018-06-01 0 days 1,832 sqft
2018-07-01 0 days 1,928 sqft
2018-08-01 0 days 1,916 sqft
2018-09-01 0 days 1,730 sqft
2018-10-01 0 days 1,720 sqft
2018-11-01 0 days 1,816 sqft
2018-12-01 0 days 1,864 sqft
2019-01-01 0 days 1,918 sqft
2019-02-01 0 days 2,019 sqft
2019-03-01 0 days 1,912 sqft
2019-04-01 0 days 1,831 sqft
2019-05-01 0 days 2,028 sqft
2019-06-01 0 days 2,074 sqft
2019-07-01 0 days 2,082 sqft
2019-08-01 0 days 2,207 sqft
2019-09-01 0 days 2,178 sqft
2019-10-01 0 days 2,153 sqft
2019-11-01 0 days 2,021 sqft
2019-12-01 0 days 1,988 sqft
2020-01-01 0 days 1,814 sqft
2020-02-01 0 days 1,809 sqft
2020-03-01 0 days 1,811 sqft
2020-04-01 0 days 1,776 sqft
2020-05-01 0 days 1,795 sqft
2020-06-01 0 days 1,790 sqft
2020-07-01 0 days 1,867 sqft
2020-08-01 0 days 1,930 sqft
2020-09-01 0 days 1,862 sqft
2020-10-01 0 days 1,840 sqft
2020-11-01 0 days 1,878 sqft
2020-12-01 0 days 1,920 sqft
2021-01-01 0 days 1,924 sqft
2021-02-01 0 days 1,920 sqft
2021-03-01 0 days 2,127 sqft
2021-04-01 0 days 2,182 sqft
2021-05-01 0 days 2,055 sqft
2021-06-01 0 days 1,849 sqft
2021-07-01 0 days 1,766 sqft
2021-08-01 0 days 1,843 sqft
2021-09-01 0 days 1,920 sqft
2021-10-01 0 days 1,892 sqft
2021-11-01 0 days 1,608 sqft
2021-12-01 0 days 1,700 sqft
2022-01-01 0 days 1,728 sqft
2022-02-01 0 days 1,839 sqft
2022-03-01 0 days 1,849 sqft
2022-04-01 0 days 1,691 sqft
2022-05-01 0 days 1,576 sqft
2022-06-01 0 days 1,779 sqft
2022-07-01 0 days 1,743 sqft
2022-08-01 0 days 1,890 sqft
2022-09-01 0 days 1,822 sqft
2022-10-01 0 days 1,924 sqft
2022-11-01 0 days 1,848 sqft
2022-12-01 0 days 1,825 sqft
2023-01-01 0 days 1,777 sqft
2023-02-01 0 days 1,794 sqft
2023-03-01 0 days 1,778 sqft
2023-04-01 0 days 1,846 sqft
2023-05-01 0 days 1,924 sqft
2023-06-01 0 days 1,949 sqft
2023-07-01 0 days 1,929 sqft
2023-08-01 0 days 1,919 sqft
2023-09-01 0 days 1,819 sqft
2023-10-01 0 days 1,809 sqft
2023-11-01 0 days 1,724 sqft
2023-12-01 0 days 1,750 sqft
2024-01-01 0 days 1,712 sqft
2024-02-01 0 days 1,690 sqft
2024-03-01 0 days 1,660 sqft
2024-04-01 0 days 1,632 sqft
2024-05-01 0 days 1,644 sqft
Mcminnville's median listing age (time on market) for 2024-05-01 was 0 days.

Mcminnville's median square footage for active listings during the 2024-05-01 period was 1,644 sqft. One year prior, the average listing was 1,924 sqft.