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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.