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 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 6.39% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.48% and one month ago for the week of 2024-05-03, the average rate was 6.57%.

The average rate one year ago was 6.67%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.8%.

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
Memphis's median listing price for 2024-05-01 was $349,900, a difference of $24,900 (7.7%) versus the prior year and $10,450 versus the prior month.

Memphis's median listing price comes in at 79% of the national average.

Memphis's average listing price for 2024-05-01 was $407,429, a difference of $37,859 (10.2%) versus the prior year and $16,680 versus the prior month.

For the 2024-05-01 period, Memphis had 3,503 MLS listings, a difference of 255 listings (8%) versus the prior month and 1,098 listings (46%) 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
Memphis's median listing age (time on market) for 2024-05-01 was 47 days. This is 8% longer than the same period one year ago.

Memphis's median square footage for active listings during the 2024-05-01 period was 2,331 sqft. One year prior, the average listing was 2,243 sqft.