Mcminnville USDA Loan Rates, Closing Costs & Stats

McMinnville, TN

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.36% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 5.99% and one month ago for the week of 2024-11-08, the average rate was 6.21%.

    The average rate one year ago was 6.88%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.5%.

    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
    2024-06-01 $329,900 (-12.3%) $415,725 (-8.2%) 0.00 189
    2024-07-01 $331,150 (-7.0%) $411,826 (-18.3%) 0.00 193
    2024-08-01 $325,000 (-9.6%) $403,042 (-18.5%) 0.00 191
    2024-09-01 $325,000 (-7.1%) $400,238 (-16.3%) 0.00 198
    2024-10-01 $329,900 (-4.6%) $400,422 (-14.2%) 0.00 207
    2024-11-01 $330,000 (-4.4%) $405,812 (-12.0%) 0.00 224
    Mcminnville's median listing price for 2024-11-01 was $330,000, a difference of $-15,224 (-4.4%) versus the prior year and $100 versus the prior month.

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

    Mcminnville's average listing price for 2024-11-01 was $405,812, a difference of $-55,104 (-12.0%) versus the prior year and $5,390 versus the prior month.

    For the 2024-11-01 period, Mcminnville had 224 MLS listings, a difference of 17 listings (8%) versus the prior month and 65 listings (41%) 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
    2024-06-01 0 days 1,662 sqft
    2024-07-01 0 days 1,640 sqft
    2024-08-01 0 days 1,600 sqft
    2024-09-01 0 days 1,647 sqft
    2024-10-01 0 days 1,733 sqft
    2024-11-01 0 days 1,766 sqft
    Mcminnville's median listing age (time on market) for 2024-11-01 was 0 days.

    Mcminnville's median square footage for active listings during the 2024-11-01 period was 1,766 sqft. One year prior, the average listing was 1,724 sqft.