Memphis USDA Loans
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 83 lenders originated 623 USDA loans during 2021. The total origination value was $125,685,000, with an average USDA loan value of $201,742.
Memphis USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Memphis
averaged
5.54%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
5.37% and
one month ago for the week of 2022-04-08, the
average rate was 4.93%.
The average rate one year ago was 2.94%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.09%.
Memphis USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Memphis level.
The top Memphis USDA lender as defined by loan originations is Eagle Bank and Trust Company, with
71 USDA loans originated. Their average total fees are
$4,472, which is $451
lower than the next largest lender,
Patriot Bank.
The lowest fee Memphis USDA lenders (with over 10 loans originated) are
Flagstar Bank, FSB ($4,352), Eagle Bank and Trust Company ($4,472), Trustmark National Bank ($4,899), Patriot Bank ($4,924) and First Horizon Bank ($4,967).
The lowest rate Memphis USDA lenders (with over 10 loans originated) are
Patriot Bank (2.53%), Trustmark National Bank (2.61%), First Citizens National Bank (2.63%), COMMUNITY MORTGAGE CORPORATION (2.65%) and BARTLETT MORTGAGE, INC. (2.66%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $188,250 (10.8%) | $245,305 (4.6%) | 0.69 | 3,900 |
2018-02-01 | $185,000 (8.1%) | $242,658 (4.7%) | 0.67 | 3,882 |
2018-03-01 | $185,000 (5.4%) | $247,593 (4.8%) | 0.64 | 3,885 |
2018-04-01 | $195,000 (6.9%) | $254,992 (3.2%) | 0.65 | 3,286 |
2018-05-01 | $202,425 (8.4%) | $265,309 (5.0%) | 0.68 | 3,238 |
2018-06-01 | $215,000 (10.3%) | $268,259 (5.2%) | 0.72 | 3,506 |
2018-07-01 | $214,950 (8.6%) | $266,062 (4.1%) | 0.72 | 3,886 |
2018-08-01 | $214,950 (10.2%) | $265,662 (5.0%) | 0.72 | 3,878 |
2018-09-01 | $215,000 (8.1%) | $266,004 (4.8%) | 0.72 | 3,889 |
2018-10-01 | $217,900 (11.8%) | $268,398 (7.4%) | 0.73 | 3,894 |
2018-11-01 | $213,900 (11.8%) | $263,227 (5.5%) | 0.72 | 3,845 |
2018-12-01 | $210,000 (11.9%) | $257,565 (3.7%) | 0.72 | 3,573 |
2019-01-01 | $206,100 (9.5%) | $254,767 (3.9%) | 0.71 | 3,227 |
2019-02-01 | $209,900 (13.5%) | $258,248 (6.4%) | 0.70 | 3,110 |
2019-03-01 | $215,829 (16.7%) | $269,738 (8.9%) | 0.70 | 3,025 |
2019-04-01 | $222,500 (14.1%) | $280,887 (10.2%) | 0.70 | 3,024 |
2019-05-01 | $231,950 (14.6%) | $286,602 (8.0%) | 0.71 | 3,035 |
2019-06-01 | $230,000 (7.0%) | $289,335 (7.9%) | 0.71 | 3,141 |
2019-07-01 | $231,500 (7.7%) | $289,338 (8.8%) | 0.72 | 3,296 |
2019-08-01 | $233,714 (8.7%) | $290,677 (9.4%) | 0.74 | 3,269 |
2019-09-01 | $232,214 (8.0%) | $290,677 (9.3%) | 0.74 | 3,241 |
2019-10-01 | $231,200 (6.1%) | $291,371 (8.6%) | 0.74 | 3,213 |
2019-11-01 | $235,000 (9.9%) | $295,162 (12.1%) | 0.76 | 3,179 |
2019-12-01 | $232,900 (10.9%) | $290,529 (12.8%) | 0.78 | 3,013 |
2020-01-01 | $229,400 (11.3%) | $288,076 (13.1%) | 0.76 | 2,795 |
2020-02-01 | $231,900 (10.5%) | $294,070 (13.9%) | 0.75 | 2,525 |
2020-03-01 | $243,450 (12.8%) | $305,118 (13.1%) | 0.76 | 2,422 |
2020-04-01 | $249,700 (12.2%) | $310,475 (10.5%) | 0.78 | 2,429 |
2020-05-01 | $250,000 (7.8%) | $319,676 (11.5%) | 0.76 | 2,227 |
2020-06-01 | $257,945 (12.2%) | $328,921 (13.7%) | 0.75 | 1,997 |
2020-07-01 | $259,950 (12.3%) | $340,411 (17.7%) | 0.74 | 1,820 |
2020-08-01 | $265,000 (13.4%) | $339,594 (16.8%) | 0.76 | 1,725 |
2020-09-01 | $261,950 (12.8%) | $339,250 (16.7%) | 0.75 | 1,628 |
2020-10-01 | $263,770 (14.1%) | $343,021 (17.7%) | 0.75 | 1,635 |
2020-11-01 | $262,000 (11.5%) | $333,770 (13.1%) | 0.75 | 1,572 |
2020-12-01 | $252,250 (8.3%) | $323,190 (11.2%) | 0.74 | 1,447 |
2021-01-01 | $240,000 (4.6%) | $318,610 (10.6%) | 0.71 | 1,265 |
2021-02-01 | $235,000 (1.3%) | $321,362 (9.3%) | 0.68 | 1,105 |
2021-03-01 | $237,900 (-2.3%) | $330,557 (8.3%) | 0.67 | 1,041 |
2021-04-01 | $239,750 (-4.0%) | $329,167 (6.0%) | 0.64 | 1,020 |
2021-05-01 | $235,000 (-6.0%) | $324,724 (1.6%) | 0.62 | 1,066 |
2021-06-01 | $238,950 (-7.4%) | $318,338 (-3.2%) | 0.62 | 1,178 |
2021-07-01 | $240,000 (-7.7%) | $319,323 (-6.2%) | 0.62 | 1,308 |
2021-08-01 | $249,200 (-6.0%) | $325,345 (-4.2%) | 0.66 | 1,419 |
2021-09-01 | $249,450 (-4.8%) | $324,015 (-4.5%) | 0.66 | 1,399 |
2021-10-01 | $265,000 (0.5%) | $340,284 (-0.8%) | 0.70 | 1,352 |
2021-11-01 | $261,800 (-0.1%) | $339,422 (1.7%) | 0.69 | 1,269 |
2021-12-01 | $242,500 (-3.9%) | $328,000 (1.5%) | 0.65 | 1,234 |
2022-01-01 | $220,500 (-8.1%) | $326,366 (2.4%) | 0.59 | 1,075 |
2022-02-01 | $226,000 (-3.8%) | $332,469 (3.5%) | 0.58 | 948 |
2022-03-01 | $226,950 (-4.6%) | $326,743 (-1.2%) | 0.56 | 1,039 |
2022-04-01 | $242,900 (1.3%) | $342,551 (4.1%) | 0.57 | 1,143 |
Memphis's median listing price comes in at 57% of the national average.
Memphis's average listing price for 2022-04-01 was $342,551, a difference of $13,384 (4.1%) versus the prior year and $15,808 versus the prior month.
For the 2022-04-01 period, Memphis had 1,143 MLS listings, a difference of 104 listings (10%) versus the prior month and 123 listings (12%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 82 days | 2,137 sqft |
2018-02-01 | 75 days | 2,137 sqft |
2018-03-01 | 56 days | 2,155 sqft |
2018-04-01 | 57 days | 2,202 sqft |
2018-05-01 | 55 days | 2,231 sqft |
2018-06-01 | 51 days | 2,301 sqft |
2018-07-01 | 52 days | 2,262 sqft |
2018-08-01 | 58 days | 2,286 sqft |
2018-09-01 | 63 days | 2,279 sqft |
2018-10-01 | 64 days | 2,323 sqft |
2018-11-01 | 67 days | 2,344 sqft |
2018-12-01 | 72 days | 2,354 sqft |
2019-01-01 | 80 days | 2,301 sqft |
2019-02-01 | 77 days | 2,320 sqft |
2019-03-01 | 57 days | 2,370 sqft |
2019-04-01 | 57 days | 2,397 sqft |
2019-05-01 | 53 days | 2,403 sqft |
2019-06-01 | 55 days | 2,370 sqft |
2019-07-01 | 54 days | 2,300 sqft |
2019-08-01 | 56 days | 2,332 sqft |
2019-09-01 | 58 days | 2,322 sqft |
2019-10-01 | 57 days | 2,350 sqft |
2019-11-01 | 60 days | 2,330 sqft |
2019-12-01 | 68 days | 2,366 sqft |
2020-01-01 | 77 days | 2,351 sqft |
2020-02-01 | 79 days | 2,367 sqft |
2020-03-01 | 60 days | 2,510 sqft |
2020-04-01 | 57 days | 2,482 sqft |
2020-05-01 | 59 days | 2,500 sqft |
2020-06-01 | 58 days | 2,490 sqft |
2020-07-01 | 51 days | 2,412 sqft |
2020-08-01 | 48 days | 2,433 sqft |
2020-09-01 | 47 days | 2,433 sqft |
2020-10-01 | 44 days | 2,500 sqft |
2020-11-01 | 49 days | 2,533 sqft |
2020-12-01 | 52 days | 2,550 sqft |
2021-01-01 | 60 days | 2,520 sqft |
2021-02-01 | 57 days | 2,426 sqft |
2021-03-01 | 49 days | 2,405 sqft |
2021-04-01 | 43 days | 2,382 sqft |
2021-05-01 | 37 days | 2,537 sqft |
2021-06-01 | 36 days | 2,405 sqft |
2021-07-01 | 36 days | 2,410 sqft |
2021-08-01 | 37 days | 2,400 sqft |
2021-09-01 | 39 days | 2,400 sqft |
2021-10-01 | 33 days | 2,400 sqft |
2021-11-01 | 38 days | 2,404 sqft |
2021-12-01 | 45 days | 2,630 sqft |
2022-01-01 | 49 days | 2,585 sqft |
2022-02-01 | 40 days | 2,341 sqft |
2022-03-01 | 39 days | 2,334 sqft |
2022-04-01 | 35 days | 2,450 sqft |
Memphis's median square footage for active listings during the 2022-04-01 period was 2,450 sqft. One year prior, the average listing was 2,382 sqft.