Memphis USDA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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    • 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 46 lenders originated 172 USDA loans during 2023. The total origination value was $35,740,000, with an average USDA loan value of $207,791.

    Memphis USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Memphis averaged 6% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Memphis's average USDA mortgage closing costs are $4,998.

    The average rate for the prior week (2024-12-06) was 6.03% and one month ago for the week of 2024-11-08, the average rate was 6.35%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.4%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Eagle Bank and Trust Company 17 6.49% $7,051
    COMMUNITY MORTGAGE CORPORATION 12 5.96% $7,752
    Patriot Bank 10 6.16% $5,966
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.37% $6,810
    FirstTrust Home Loans, Inc. 8 6.86% $7,142
    THRIVE MORTGAGE, LLC 7 5.84% $6,443
    UNITED WHOLESALE MORTGAGE, LLC 6 5.51% $10,490
    GMFS LLC 5 6.55% $8,097
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 7.00% $6,242
    CROSSCOUNTRY MORTGAGE, LLC 5 7.13% $8,589
    Regions Bank 5 6.73% $6,376
    STOCKTON MORTGAGE CORPORATION 4 5.03% $8,739
    EVERETT FINANCIAL, INC. 4 6.75% $9,120
    Evolve Bank & Trust 4 6.38% $6,091
    Trustmark National Bank 4 6.16% $6,839
    Citizens Bank 4 6.41% $7,227
    Bank of England 4 6.31% $8,678
    Flagstar Bank, FSB 4 6.53% $2,264
    SWBC MORTGAGE CORPORATION 3 6.51% $6,591
    MORTGAGE FINANCIAL SERVICES, LLC 3 6.79% $7,267
    Nations Lending Corporation 3 6.58% $5,078
    MORTGAGE INVESTORS GROUP, INC. 3 6.13% $6,225
    GUILD MORTGAGE COMPANY 2 6.56% $6,456
    CARDINAL FINANCIAL 2 6.50% $9,992
    First Citizens National Bank 2 6.94% $5,585
    Leaders Credit Union 2 7.25% $4,098
    Plains Commerce Bank 2 6.44% $7,499
    Renasant Bank 2 6.50% $6,601
    MID AMERICA MORTGAGE, INC. 1 6.50% $2,118
    GUARANTEED RATE, INC. 1 7.00% $14,106
    GERSHMAN INVESTMENT CORP. 1 6.25% $4,548
    FREEDOM MORTGAGE CORPORATION 1 6.75% $8,663
    NFM, INC. 1 6.50% $7,980
    Paramount Residential Mortgage Group, Inc. 1 7.63% $9,250
    First Horizon Bank 1 6.88% $5,226
    Pinnacle Bank 1 5.63% $6,358
    BankPlus 1 7.00% $6,467
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.00% $6,723
    Equity Prime Mortgage LLC 1 5.38% $6,514
    Wolfe Financial, Inc 1 5.75% $10,556
    DHI MORTGAGE COMPANY, LTD. 1 5.50% $4,363
    CMG MORTGAGE, INC. 1 6.63% $14,800
    BROKER SOLUTIONS, INC. 1 7.25% $8,316
    LAND HOME FINANCIAL SERVICES, INC. 1 6.63% $7,809
    BARTLETT MORTGAGE, INC. 1 5.99% $5,451
    LOANDEPOT.COM, LLC 1 6.25% $5,784

    The top Memphis USDA lender as defined by loan originations is Eagle Bank and Trust Company, with 17 USDA loans originated. Their average total fees are $7,051, which is $701 lower than the next largest lender, COMMUNITY MORTGAGE CORPORATION.

    The lowest fee Memphis USDA lenders (with over 10 loans originated) are Patriot Bank ($5,966), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,810), Eagle Bank and Trust Company ($7,051), COMMUNITY MORTGAGE CORPORATION ($7,752) and .

    The lowest rate Memphis USDA lenders (with over 10 loans originated) are COMMUNITY MORTGAGE CORPORATION (5.96%), Patriot Bank (6.16%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.37%), Eagle Bank and Trust Company (6.49%) and .

    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 $186,375 (9.7%) $245,918 (5.7%) 0.69 3,814
    2018-02-01 $184,350 (8.5%) $242,774 (5.0%) 0.67 3,798
    2018-03-01 $185,000 (6.5%) $248,291 (5.6%) 0.65 3,799
    2018-04-01 $193,450 (7.5%) $255,176 (3.6%) 0.66 3,202
    2018-05-01 $199,950 (8.1%) $265,105 (5.2%) 0.67 3,161
    2018-06-01 $210,875 (8.5%) $267,469 (5.0%) 0.70 3,415
    2018-07-01 $212,700 (8.1%) $266,363 (4.4%) 0.71 3,759
    2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
    2018-09-01 $212,000 (7.1%) $264,535 (4.2%) 0.71 3,761
    2018-10-01 $215,000 (11.2%) $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 (12.9%) $256,634 (3.4%) 0.72 3,470
    2019-01-01 $204,925 (10.0%) $254,140 (3.3%) 0.71 3,141
    2019-02-01 $208,244 (13.0%) $257,728 (6.2%) 0.70 3,034
    2019-03-01 $214,186 (15.8%) $269,000 (8.3%) 0.70 2,968
    2019-04-01 $222,325 (14.9%) $280,584 (10.0%) 0.71 2,987
    2019-05-01 $230,000 (15.0%) $285,812 (7.8%) 0.72 3,001
    2019-06-01 $230,000 (9.1%) $288,883 (8.0%) 0.72 3,102
    2019-07-01 $231,075 (8.6%) $289,796 (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 (14.4%) 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%) $331,027 (5.9%) 0.65 1,024
    2021-05-01 $239,900 (-4.0%) $325,602 (1.8%) 0.64 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%) 0.65 1,333
    2021-08-01 $249,900 (-5.7%) $325,344 (-4.1%) 0.67 1,441
    2021-09-01 $248,975 (-4.2%) $322,490 (-4.3%) 0.66 1,412
    2021-10-01 $265,000 (2.0%) $338,544 (-0.2%) 0.71 1,335
    2021-11-01 $257,500 (0.0%) $337,716 (1.8%) 0.69 1,283
    2021-12-01 $243,375 (-2.6%) $326,952 (2.0%) 0.66 1,235
    2022-01-01 $219,900 (-8.4%) $323,754 (2.0%) 0.59 1,089
    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%) $366,848 (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%) $369,982 (13.7%) 0.72 2,207
    2022-09-01 $316,748 (27.2%) $370,822 (15.0%) 0.74 2,330
    2022-10-01 $319,950 (20.7%) $367,511 (8.6%) 0.75 2,586
    2022-11-01 $324,950 (26.2%) $369,171 (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 $323,190 (42.7%) $362,229 (9.2%) 0.78 2,267
    2023-03-01 $319,000 (40.3%) $355,899 (9.0%) 0.75 2,293
    2023-04-01 $324,900 (31.7%) $365,244 (7.2%) 0.76 2,334
    2023-05-01 $325,000 (11.1%) $369,570 (0.7%) 0.74 2,405
    2023-06-01 $327,138 (7.3%) $375,526 (-0.3%) 0.74 2,529
    2023-07-01 $325,000 (1.6%) $369,793 (-1.7%) 0.74 2,727
    2023-08-01 $320,950 (2.5%) $368,137 (-0.5%) 0.74 2,886
    2023-09-01 $310,000 (-2.1%) $360,107 (-2.9%) 0.72 3,159
    2023-10-01 $318,500 (-0.5%) $365,974 (-0.4%) 0.75 3,370
    2023-11-01 $319,925 (-1.6%) $368,490 (-0.2%) 0.76 3,464
    2023-12-01 $318,900 (-1.9%) $366,710 (-1.1%) 0.78 3,412
    2024-01-01 $320,450 (-1.4%) $369,275 (1.2%) 0.78 3,101
    2024-02-01 $324,500 (0.4%) $373,827 (3.2%) 0.78 3,070
    2024-03-01 $326,900 (2.5%) $377,008 (5.9%) 0.77 3,169
    2024-04-01 $339,450 (4.5%) $390,749 (7.0%) 0.79 3,248
    2024-05-01 $349,900 (7.7%) $407,429 (10.2%) 0.79 3,503
    2024-06-01 $347,935 (6.4%) $399,876 (6.5%) 0.78 3,876
    2024-07-01 $341,498 (5.1%) $395,880 (7.1%) 0.78 4,063
    2024-08-01 $339,000 (5.6%) $393,935 (7.0%) 0.79 4,176
    2024-09-01 $336,225 (8.5%) $390,577 (8.5%) 0.79 4,314
    2024-10-01 $334,900 (5.2%) $389,477 (6.4%) 0.79 4,402
    2024-11-01 $333,845 (4.4%) $388,264 (5.4%) 0.80 4,454
    Memphis's median listing price for 2024-11-01 was $333,845, a difference of $13,920 (4.4%) versus the prior year and $-1,055 versus the prior month.

    Memphis's median listing price comes in at 80% of the national average.

    Memphis's average listing price for 2024-11-01 was $388,264, a difference of $19,774 (5.4%) versus the prior year and $-1,213 versus the prior month.

    For the 2024-11-01 period, Memphis had 4,454 MLS listings, a difference of 52 listings (1%) versus the prior month and 990 listings (29%) 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 76 days 2,115 sqft
    2018-02-01 69 days 2,096 sqft
    2018-03-01 50 days 2,084 sqft
    2018-04-01 51 days 2,102 sqft
    2018-05-01 50 days 2,116 sqft
    2018-06-01 47 days 2,157 sqft
    2018-07-01 48 days 2,147 sqft
    2018-08-01 54 days 2,186 sqft
    2018-09-01 57 days 2,200 sqft
    2018-10-01 59 days 2,223 sqft
    2018-11-01 61 days 2,247 sqft
    2018-12-01 67 days 2,228 sqft
    2019-01-01 75 days 2,200 sqft
    2019-02-01 70 days 2,201 sqft
    2019-03-01 60 days 2,230 sqft
    2019-04-01 51 days 2,265 sqft
    2019-05-01 47 days 2,279 sqft
    2019-06-01 51 days 2,244 sqft
    2019-07-01 51 days 2,193 sqft
    2019-08-01 53 days 2,205 sqft
    2019-09-01 54 days 2,212 sqft
    2019-10-01 55 days 2,234 sqft
    2019-11-01 59 days 2,258 sqft
    2019-12-01 67 days 2,257 sqft
    2020-01-01 74 days 2,240 sqft
    2020-02-01 72 days 2,250 sqft
    2020-03-01 55 days 2,328 sqft
    2020-04-01 52 days 2,303 sqft
    2020-05-01 56 days 2,300 sqft
    2020-06-01 52 days 2,317 sqft
    2020-07-01 47 days 2,278 sqft
    2020-08-01 45 days 2,409 sqft
    2020-09-01 44 days 2,399 sqft
    2020-10-01 43 days 2,403 sqft
    2020-11-01 46 days 2,415 sqft
    2020-12-01 52 days 2,367 sqft
    2021-01-01 59 days 2,400 sqft
    2021-02-01 57 days 2,226 sqft
    2021-03-01 50 days 2,256 sqft
    2021-04-01 39 days 2,196 sqft
    2021-05-01 35 days 2,269 sqft
    2021-06-01 34 days 2,146 sqft
    2021-07-01 35 days 2,170 sqft
    2021-08-01 38 days 2,200 sqft
    2021-09-01 40 days 2,225 sqft
    2021-10-01 33 days 2,186 sqft
    2021-11-01 38 days 2,192 sqft
    2021-12-01 44 days 2,313 sqft
    2022-01-01 47 days 2,249 sqft
    2022-02-01 39 days 2,129 sqft
    2022-03-01 36 days 2,090 sqft
    2022-04-01 32 days 2,200 sqft
    2022-05-01 31 days 2,428 sqft
    2022-06-01 30 days 2,500 sqft
    2022-07-01 31 days 2,451 sqft
    2022-08-01 38 days 2,418 sqft
    2022-09-01 42 days 2,312 sqft
    2022-10-01 45 days 2,285 sqft
    2022-11-01 50 days 2,245 sqft
    2022-12-01 61 days 2,274 sqft
    2023-01-01 71 days 2,277 sqft
    2023-02-01 67 days 2,248 sqft
    2023-03-01 53 days 2,248 sqft
    2023-04-01 47 days 2,250 sqft
    2023-05-01 43 days 2,243 sqft
    2023-06-01 44 days 2,262 sqft
    2023-07-01 44 days 2,225 sqft
    2023-08-01 46 days 2,209 sqft
    2023-09-01 46 days 2,169 sqft
    2023-10-01 50 days 2,200 sqft
    2023-11-01 56 days 2,210 sqft
    2023-12-01 63 days 2,250 sqft
    2024-01-01 73 days 2,262 sqft
    2024-02-01 68 days 2,225 sqft
    2024-03-01 51 days 2,236 sqft
    2024-04-01 48 days 2,258 sqft
    2024-05-01 47 days 2,331 sqft
    2024-06-01 49 days 2,376 sqft
    2024-07-01 52 days 2,249 sqft
    2024-08-01 59 days 2,284 sqft
    2024-09-01 62 days 2,217 sqft
    2024-10-01 64 days 2,216 sqft
    2024-11-01 66 days 2,200 sqft
    Memphis's median listing age (time on market) for 2024-11-01 was 66 days. This is 19% longer than the same period one year ago.

    Memphis's median square footage for active listings during the 2024-11-01 period was 2,200 sqft. One year prior, the average listing was 2,210 sqft.