Memphis USDA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.