Memphis USDA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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.

Memphis's 58 lenders originated 266 USDA loans during 2022. The total origination value was $54,700,000, with an average USDA loan value of $205,639.

Memphis USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Memphis averaged 6.3% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

Memphis's average USDA mortgage closing costs are $4,858.

The average rate for the prior week (2023-03-10) was 6.52% and one month ago for the week of 2023-02-10, the average rate was 5.88%.

The average rate one year ago was 4.07%.

For refis of the same type during the week of 2023-03-17, the average rate was 5.29%.

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

Memphis 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 Memphis level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Patriot Bank 27 4.32% $5,795
Eagle Bank and Trust Company 21 4.88% $5,056
COMMUNITY MORTGAGE CORPORATION 20 4.36% $6,121
MORTGAGE INVESTORS GROUP, INC. 13 4.31% $6,320
EVERETT FINANCIAL, INC. 10 5.00% $3,280
FINANCE OF AMERICA MORTGAGE LLC 10 4.32% $5,518
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 4.53% $8,883
FirstTrust Home Loans, Inc. 9 5.64% $6,473
Flagstar Bank, FSB 9 4.68% $4,657
STOCKTON MORTGAGE CORPORATION 8 4.73% $6,122
Plains Commerce Bank 7 4.14% $6,106
First Citizens National Bank 6 3.60% $4,843
BARTLETT MORTGAGE, INC. 5 3.90% $5,600
Bank of England 5 4.65% $6,391
PLAZA HOME MORTGAGE, INC. 5 5.43% $5,265
LOANDEPOT.COM, LLC 4 5.53% $6,227
DHI MORTGAGE COMPANY, LTD. 4 3.63% $4,689
Hometown Lenders, Inc. 4 3.81% $5,579
Evolve Bank & Trust 4 5.56% $6,645
Trustmark National Bank 4 4.50% $5,823
Community Bank of Mississippi 4 4.72% $4,295
Citizens Bank 4 4.16% $6,907
AMERICAN MORTGAGE SERVICE COMPANY 3 5.25% $5,850
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 6.33% $6,144
HOMESTAR FINANCIAL CORPORATION 3 5.38% $7,421
Nations Lending Corporation 3 5.04% $6,450
PENNYMAC LOAN SERVICES, LLC 3 3.04% $6,769
Pinnacle Bank 3 3.96% $4,976
Renasant Bank 3 4.54% $8,140
Wolfe Financial, Inc 3 5.25% $8,798
Sierra Pacific Mortgage Company, Inc. 2 4.13% $6,193
BROKER SOLUTIONS, INC. 2 5.30% $6,920
BancorpSouth Bank 2 4.25% $5,595
CALIBER HOME LOANS, INC. 2 4.25% $7,020
MORTGAGE FINANCIAL SERVICES, LLC 2 3.81% $7,386
CROSSCOUNTRY MORTGAGE, LLC 2 5.00% $8,348
Regions Bank 2 4.94% $4,532
UNITED WHOLESALE MORTGAGE, LLC 2 5.97% $7,561
GUILD MORTGAGE COMPANY 2 4.44% $7,392
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.38% $6,994
RANLIFE, INC. 1 6.75% $7,199
VILLAGE CAPITAL MORTGAGE 1 3.25% $8,090
AMERIFIRST FINANCIAL CORPORATION 1 4.50% $5,604
T2 FINANCIAL LLC 1 4.75% $10,863
The Home Loan Expert LLC 1 2.75% $4,764
FIRST COMMUNITY MORTGAGE, INC. 1 4.63% $4,007
FREEDOM MORTGAGE CORPORATION 1 4.13% $8,698
GUARANTEED RATE, INC. 1 3.75% $8,981
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.25% $6,963
CMG MORTGAGE, INC. 1 4.00% $7,751
Carrington Mortgage Services, LLC 1 7.13% $8,276
Capital City Home Loans, LLC 1 4.00% $5,317
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.50% $4,169
MOVEMENT MORTGAGE, LLC 1 6.75% $7,600
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $9,727
Paramount Residential Mortgage Group, Inc. 1 6.00% $9,281
UNION HOME MORTGAGE CORP. 1 3.38% $5,915
THRIVE MORTGAGE, LLC 1 6.25% $6,075

The top Memphis USDA lender as defined by loan originations is Patriot Bank, with 27 USDA loans originated. Their average total fees are $5,795, which is $739 higher than the next largest lender, Eagle Bank and Trust Company.

The lowest fee Memphis USDA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($3,280), Eagle Bank and Trust Company ($5,056), FINANCE OF AMERICA MORTGAGE LLC ($5,518), Patriot Bank ($5,795) and COMMUNITY MORTGAGE CORPORATION ($6,121).

The lowest rate Memphis USDA lenders (with over 10 loans originated) are MORTGAGE INVESTORS GROUP, INC. (4.31%), Patriot Bank (4.32%), FINANCE OF AMERICA MORTGAGE LLC (4.32%), COMMUNITY MORTGAGE CORPORATION (4.36%) and Eagle Bank and Trust Company (4.88%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Memphis (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 $186,800 (10.0%) $245,984 (5.7%) 0.69 3,814
2018-02-01 $184,500 (8.6%) $242,839 (5.0%) 0.67 3,798
2018-03-01 $185,000 (6.5%) $248,356 (5.6%) 0.65 3,799
2018-04-01 $193,650 (7.6%) $255,251 (3.6%) 0.66 3,202
2018-05-01 $199,950 (8.1%) $265,181 (5.2%) 0.67 3,161
2018-06-01 $210,950 (8.6%) $267,513 (5.0%) 0.70 3,414
2018-07-01 $212,900 (8.1%) $266,404 (4.4%) 0.71 3,758
2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
2018-09-01 $212,000 (7.0%) $264,535 (4.1%) 0.71 3,761
2018-10-01 $215,000 (11.0%) $267,139 (7.0%) 0.73 3,768
2018-11-01 $210,000 (10.6%) $262,223 (5.1%) 0.71 3,732
2018-12-01 $209,900 (12.6%) $256,634 (3.4%) 0.72 3,470
2019-01-01 $204,925 (9.7%) $254,140 (3.3%) 0.71 3,141
2019-02-01 $208,238 (12.9%) $257,700 (6.1%) 0.70 3,034
2019-03-01 $214,186 (15.8%) $268,985 (8.3%) 0.70 2,973
2019-04-01 $222,375 (14.8%) $280,596 (9.9%) 0.71 2,998
2019-05-01 $230,000 (15.0%) $285,744 (7.8%) 0.72 3,002
2019-06-01 $230,000 (9.0%) $288,824 (8.0%) 0.72 3,103
2019-07-01 $231,075 (8.5%) $289,765 (8.8%) 0.72 3,245
2019-08-01 $232,845 (9.4%) $289,702 (9.2%) 0.74 3,227
2019-09-01 $231,189 (9.1%) $290,408 (9.8%) 0.74 3,194
2019-10-01 $230,134 (7.0%) $291,712 (9.2%) 0.74 3,162
2019-11-01 $232,700 (10.8%) $294,661 (12.4%) 0.76 3,093
2019-12-01 $232,450 (10.7%) $292,234 (13.9%) 0.78 2,936
2020-01-01 $228,200 (11.4%) $289,871 (14.1%) 0.76 2,744
2020-02-01 $230,000 (10.5%) $295,406 (14.6%) 0.75 2,508
2020-03-01 $242,735 (13.3%) $306,363 (13.9%) 0.76 2,390
2020-04-01 $249,073 (12.0%) $312,663 (11.4%) 0.78 2,396
2020-05-01 $249,900 (8.7%) $319,737 (11.9%) 0.76 2,225
2020-06-01 $258,138 (12.2%) $330,546 (14.5%) 0.76 1,991
2020-07-01 $261,900 (13.3%) $342,121 (18.1%) 0.76 1,811
2020-08-01 $264,950 (13.8%) $339,364 (17.1%) 0.76 1,722
2020-09-01 $259,906 (12.4%) $337,050 (16.1%) 0.74 1,614
2020-10-01 $259,900 (12.9%) $339,376 (16.3%) 0.74 1,615
2020-11-01 $257,500 (10.7%) $331,667 (12.6%) 0.75 1,552
2020-12-01 $249,950 (7.5%) $320,577 (9.7%) 0.74 1,434
2021-01-01 $240,000 (5.2%) $317,478 (9.5%) 0.72 1,261
2021-02-01 $234,800 (2.1%) $320,566 (8.5%) 0.68 1,107
2021-03-01 $238,900 (-1.6%) $328,999 (7.4%) 0.68 1,037
2021-04-01 $239,950 (-3.7%) $330,975 (5.9%) 0.65 1,024
2021-05-01 $239,900 (-4.0%) $325,602 (1.8%) 0.63 1,071
2021-06-01 $242,875 (-5.9%) $322,398 (-2.5%) 0.64 1,189
2021-07-01 $245,000 (-6.5%) $320,679 (-6.3%) 0.64 1,333
2021-08-01 $249,900 (-5.7%) $325,344 (-4.1%) 0.66 1,441
2021-09-01 $248,975 (-4.2%) $322,418 (-4.3%) 0.66 1,413
2021-10-01 $265,000 (2.0%) $338,460 (-0.3%) 0.71 1,336
2021-11-01 $257,500 (0.0%) $337,654 (1.8%) 0.69 1,283
2021-12-01 $243,500 (-2.6%) $326,922 (2.0%) 0.66 1,236
2022-01-01 $219,900 (-8.4%) $323,719 (2.0%) 0.59 1,090
2022-02-01 $226,450 (-3.6%) $331,601 (3.4%) 0.59 960
2022-03-01 $227,450 (-4.8%) $326,620 (-0.7%) 0.57 1,055
2022-04-01 $246,700 (2.8%) $340,862 (3.0%) 0.59 1,152
2022-05-01 $292,500 (21.9%) $366,864 (12.7%) 0.67 1,308
2022-06-01 $305,000 (25.6%) $376,587 (16.8%) 0.68 1,586
2022-07-01 $319,900 (30.6%) $376,112 (17.3%) 0.72 2,048
2022-08-01 $313,000 (25.3%) $370,059 (13.7%) 0.72 2,207
2022-09-01 $316,748 (27.2%) $370,859 (15.0%) 0.74 2,330
2022-10-01 $319,950 (20.7%) $367,554 (8.6%) 0.75 2,586
2022-11-01 $324,950 (26.2%) $369,180 (9.3%) 0.78 2,770
2022-12-01 $325,000 (33.5%) $370,937 (13.5%) 0.80 2,658
2023-01-01 $324,950 (47.8%) $364,778 (12.7%) 0.80 2,408
2023-02-01 $323,095 (42.7%) $362,245 (9.2%) 0.78 2,267
Memphis's median listing price for 2023-02-01 was $323,095, a difference of $96,645 (42.7%) versus the prior year and $-1,855 versus the prior month.

Memphis's median listing price comes in at 78% of the national average.

Memphis's average listing price for 2023-02-01 was $362,245, a difference of $30,644 (9.2%) versus the prior year and $-2,533 versus the prior month.

For the 2023-02-01 period, Memphis had 2,267 MLS listings, a difference of -141 listings (-6%) versus the prior month and 1,307 listings (136%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 83 days 2,120 sqft
2018-02-01 76 days 2,106 sqft
2018-03-01 56 days 2,094 sqft
2018-04-01 57 days 2,132 sqft
2018-05-01 55 days 2,159 sqft
2018-06-01 52 days 2,174 sqft
2018-07-01 52 days 2,168 sqft
2018-08-01 59 days 2,213 sqft
2018-09-01 64 days 2,231 sqft
2018-10-01 64 days 2,241 sqft
2018-11-01 67 days 2,265 sqft
2018-12-01 73 days 2,259 sqft
2019-01-01 81 days 2,229 sqft
2019-02-01 76 days 2,234 sqft
2019-03-01 68 days 2,292 sqft
2019-04-01 57 days 2,322 sqft
2019-05-01 53 days 2,341 sqft
2019-06-01 54 days 2,300 sqft
2019-07-01 55 days 2,247 sqft
2019-08-01 55 days 2,265 sqft
2019-09-01 57 days 2,273 sqft
2019-10-01 59 days 2,290 sqft
2019-11-01 63 days 2,300 sqft
2019-12-01 71 days 2,297 sqft
2020-01-01 78 days 2,291 sqft
2020-02-01 79 days 2,303 sqft
2020-03-01 59 days 2,408 sqft
2020-04-01 57 days 2,390 sqft
2020-05-01 60 days 2,374 sqft
2020-06-01 56 days 2,410 sqft
2020-07-01 51 days 2,347 sqft
2020-08-01 48 days 2,444 sqft
2020-09-01 47 days 2,444 sqft
2020-10-01 46 days 2,463 sqft
2020-11-01 49 days 2,455 sqft
2020-12-01 56 days 2,468 sqft
2021-01-01 61 days 2,471 sqft
2021-02-01 61 days 2,297 sqft
2021-03-01 52 days 2,346 sqft
2021-04-01 40 days 2,269 sqft
2021-05-01 37 days 2,396 sqft
2021-06-01 35 days 2,236 sqft
2021-07-01 35 days 2,261 sqft
2021-08-01 40 days 2,286 sqft
2021-09-01 42 days 2,272 sqft
2021-10-01 34 days 2,232 sqft
2021-11-01 39 days 2,254 sqft
2021-12-01 45 days 2,365 sqft
2022-01-01 47 days 2,291 sqft
2022-02-01 40 days 2,242 sqft
2022-03-01 37 days 2,199 sqft
2022-04-01 33 days 2,283 sqft
2022-05-01 31 days 2,450 sqft
2022-06-01 31 days 2,500 sqft
2022-07-01 31 days 2,425 sqft
2022-08-01 39 days 2,393 sqft
2022-09-01 43 days 2,300 sqft
2022-10-01 46 days 2,286 sqft
2022-11-01 50 days 2,251 sqft
2022-12-01 61 days 2,270 sqft
2023-01-01 71 days 2,264 sqft
2023-02-01 69 days 2,248 sqft
Memphis's median listing age (time on market) for 2023-02-01 was 69 days. This is 73% longer than the same period one year ago.

Memphis's median square footage for active listings during the 2023-02-01 period was 2,248 sqft. One year prior, the average listing was 2,242 sqft.