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 6.42% for the week of 2025-02-14, compared to the national average (all USDA variants) of 6.526% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.58% and one month ago for the week of 2025-01-10, the average rate was 6.63%.

    The average rate one year ago was 6.42%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.32%.

    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 $186,000 (9.5%) $245,469 (5.5%) 0.69 3,833
    2018-02-01 $183,888 (8.2%) $242,438 (4.8%) 0.67 3,817
    2018-03-01 $185,000 (6.7%) $247,771 (5.4%) 0.65 3,822
    2018-04-01 $191,975 (6.7%) $254,825 (3.5%) 0.66 3,224
    2018-05-01 $199,925 (8.1%) $264,572 (5.0%) 0.67 3,183
    2018-06-01 $210,000 (8.3%) $266,962 (4.9%) 0.70 3,436
    2018-07-01 $212,450 (8.1%) $265,749 (4.3%) 0.71 3,781
    2018-08-01 $212,163 (8.8%) $264,381 (4.7%) 0.71 3,786
    2018-09-01 $210,000 (6.5%) $263,674 (4.0%) 0.71 3,788
    2018-10-01 $214,950 (11.4%) $266,470 (6.9%) 0.73 3,789
    2018-11-01 $209,988 (10.6%) $261,545 (5.0%) 0.71 3,754
    2018-12-01 $209,900 (13.5%) $256,048 (3.4%) 0.72 3,490
    2019-01-01 $202,975 (9.1%) $253,358 (3.2%) 0.71 3,161
    2019-02-01 $205,838 (11.9%) $256,976 (6.0%) 0.70 3,055
    2019-03-01 $213,043 (15.2%) $268,071 (8.2%) 0.70 2,990
    2019-04-01 $220,400 (14.8%) $279,675 (9.8%) 0.71 3,008
    2019-05-01 $229,350 (14.7%) $284,955 (7.7%) 0.72 3,019
    2019-06-01 $229,900 (9.5%) $288,083 (7.9%) 0.72 3,122
    2019-07-01 $229,950 (8.2%) $289,103 (8.8%) 0.72 3,264
    2019-08-01 $232,082 (9.4%) $289,165 (9.4%) 0.74 3,246
    2019-09-01 $230,855 (9.9%) $289,920 (10.0%) 0.74 3,211
    2019-10-01 $230,086 (7.0%) $291,221 (9.3%) 0.74 3,181
    2019-11-01 $231,565 (10.3%) $294,108 (12.5%) 0.76 3,112
    2019-12-01 $232,000 (10.5%) $291,532 (13.9%) 0.78 2,958
    2020-01-01 $227,534 (12.1%) $289,112 (14.1%) 0.76 2,765
    2020-02-01 $229,900 (11.7%) $294,520 (14.6%) 0.75 2,532
    2020-03-01 $240,997 (13.1%) $305,373 (13.9%) 0.76 2,413
    2020-04-01 $247,950 (12.5%) $311,696 (11.5%) 0.78 2,416
    2020-05-01 $249,900 (9.0%) $318,898 (11.9%) 0.76 2,239
    2020-06-01 $256,813 (11.7%) $329,553 (14.4%) 0.76 2,006
    2020-07-01 $259,923 (13.0%) $340,769 (17.9%) 0.76 1,827
    2020-08-01 $263,900 (13.7%) $338,070 (16.9%) 0.76 1,737
    2020-09-01 $259,900 (12.6%) $335,838 (15.8%) 0.74 1,628
    2020-10-01 $259,900 (13.0%) $338,445 (16.2%) 0.74 1,627
    2020-11-01 $257,450 (11.2%) $330,513 (12.4%) 0.75 1,563
    2020-12-01 $249,495 (7.5%) $319,184 (9.5%) 0.74 1,445
    2021-01-01 $240,000 (5.5%) $315,868 (9.3%) 0.72 1,272
    2021-02-01 $233,995 (1.8%) $319,162 (8.4%) 0.68 1,117
    2021-03-01 $237,250 (-1.6%) $327,646 (7.3%) 0.68 1,047
    2021-04-01 $239,750 (-3.3%) $329,374 (5.7%) 0.65 1,033
    2021-05-01 $239,900 (-4.0%) $324,225 (1.7%) 0.64 1,078
    2021-06-01 $240,000 (-6.6%) $320,885 (-2.6%) 0.64 1,201
    2021-07-01 $245,000 (-5.7%) $319,754 (-6.2%) 0.65 1,342
    2021-08-01 $249,900 (-5.3%) $324,606 (-4.0%) 0.67 1,450
    2021-09-01 $248,200 (-4.5%) $321,860 (-4.2%) 0.66 1,417
    2021-10-01 $265,000 (2.0%) $338,287 (-0.1%) 0.71 1,336
    2021-11-01 $256,875 (-0.2%) $337,405 (2.1%) 0.69 1,286
    2021-12-01 $242,500 (-2.8%) $326,509 (2.3%) 0.66 1,239
    2022-01-01 $219,900 (-8.4%) $323,241 (2.3%) 0.59 1,092
    2022-02-01 $225,000 (-3.8%) $330,575 (3.6%) 0.59 966
    2022-03-01 $224,950 (-5.2%) $325,740 (-0.6%) 0.57 1,062
    2022-04-01 $246,500 (2.8%) $340,495 (3.4%) 0.59 1,156
    2022-05-01 $292,500 (21.9%) $366,244 (13.0%) 0.67 1,312
    2022-06-01 $305,000 (27.1%) $376,023 (17.2%) 0.68 1,590
    2022-07-01 $319,900 (30.6%) $375,743 (17.5%) 0.72 2,052
    2022-08-01 $312,629 (25.1%) $369,716 (13.9%) 0.72 2,214
    2022-09-01 $316,100 (27.4%) $370,436 (15.1%) 0.74 2,337
    2022-10-01 $319,900 (20.7%) $367,170 (8.5%) 0.75 2,592
    2022-11-01 $324,950 (26.5%) $368,782 (9.3%) 0.78 2,779
    2022-12-01 $325,000 (34.0%) $370,398 (13.4%) 0.80 2,668
    2023-01-01 $324,950 (47.8%) $364,280 (12.7%) 0.80 2,416
    2023-02-01 $323,048 (43.6%) $361,857 (9.5%) 0.78 2,274
    2023-03-01 $318,995 (41.8%) $355,549 (9.2%) 0.75 2,299
    2023-04-01 $324,900 (31.8%) $364,844 (7.2%) 0.76 2,340
    2023-05-01 $325,000 (11.1%) $369,099 (0.8%) 0.74 2,411
    2023-06-01 $326,995 (7.2%) $375,003 (-0.3%) 0.74 2,538
    2023-07-01 $325,000 (1.6%) $369,187 (-1.7%) 0.74 2,741
    2023-08-01 $320,000 (2.4%) $367,659 (-0.6%) 0.74 2,899
    2023-09-01 $310,000 (-1.9%) $360,254 (-2.8%) 0.72 3,176
    2023-10-01 $317,995 (-0.6%) $366,047 (-0.3%) 0.75 3,386
    2023-11-01 $319,900 (-1.6%) $368,596 (-0.1%) 0.76 3,480
    2023-12-01 $317,990 (-2.2%) $366,669 (-1.0%) 0.78 3,429
    2024-01-01 $320,225 (-1.5%) $369,306 (1.4%) 0.78 3,114
    2024-02-01 $324,000 (0.3%) $373,526 (3.2%) 0.78 3,081
    2024-03-01 $325,990 (2.2%) $376,715 (6.0%) 0.77 3,181
    2024-04-01 $339,450 (4.5%) $390,523 (7.0%) 0.79 3,261
    2024-05-01 $348,400 (7.2%) $403,885 (9.4%) 0.79 3,514
    2024-06-01 $344,900 (5.5%) $396,477 (5.7%) 0.78 3,886
    2024-07-01 $341,495 (5.1%) $395,804 (7.2%) 0.78 4,079
    2024-08-01 $339,000 (5.9%) $393,627 (7.1%) 0.79 4,193
    2024-09-01 $335,998 (8.4%) $390,303 (8.3%) 0.79 4,332
    2024-10-01 $334,500 (5.2%) $389,298 (6.4%) 0.79 4,421
    2024-11-01 $333,530 (4.3%) $388,067 (5.3%) 0.80 4,472
    2024-12-01 $329,900 (3.8%) $386,783 (5.5%) 0.82 4,064
    2025-01-01 $329,500 (2.9%) $385,625 (4.4%) 0.00 3,833
    Memphis's median listing price for 2025-01-01 was $329,500, a difference of $9,275 (2.9%) versus the prior year and $-400 versus the prior month.

    Memphis's median listing price comes in at 0% of the national average.

    Memphis's average listing price for 2025-01-01 was $385,625, a difference of $16,319 (4.4%) versus the prior year and $-1,158 versus the prior month.

    For the 2025-01-01 period, Memphis had 3,833 MLS listings, a difference of -231 listings (-6%) versus the prior month and 719 listings (23%) 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 2,097 sqft
    2018-02-01 69 days 2,079 sqft
    2018-03-01 50 days 2,057 sqft
    2018-04-01 51 days 2,094 sqft
    2018-05-01 50 days 2,103 sqft
    2018-06-01 47 days 2,124 sqft
    2018-07-01 48 days 2,116 sqft
    2018-08-01 54 days 2,166 sqft
    2018-09-01 57 days 2,183 sqft
    2018-10-01 59 days 2,206 sqft
    2018-11-01 61 days 2,210 sqft
    2018-12-01 67 days 2,200 sqft
    2019-01-01 75 days 2,181 sqft
    2019-02-01 70 days 2,183 sqft
    2019-03-01 60 days 2,214 sqft
    2019-04-01 51 days 2,240 sqft
    2019-05-01 47 days 2,250 sqft
    2019-06-01 51 days 2,217 sqft
    2019-07-01 51 days 2,174 sqft
    2019-08-01 53 days 2,192 sqft
    2019-09-01 54 days 2,197 sqft
    2019-10-01 55 days 2,211 sqft
    2019-11-01 59 days 2,248 sqft
    2019-12-01 67 days 2,232 sqft
    2020-01-01 74 days 2,213 sqft
    2020-02-01 72 days 2,232 sqft
    2020-03-01 55 days 2,299 sqft
    2020-04-01 52 days 2,259 sqft
    2020-05-01 56 days 2,265 sqft
    2020-06-01 52 days 2,274 sqft
    2020-07-01 47 days 2,260 sqft
    2020-08-01 45 days 2,375 sqft
    2020-09-01 44 days 2,336 sqft
    2020-10-01 43 days 2,295 sqft
    2020-11-01 46 days 2,349 sqft
    2020-12-01 52 days 2,199 sqft
    2021-01-01 59 days 2,265 sqft
    2021-02-01 57 days 2,145 sqft
    2021-03-01 50 days 2,167 sqft
    2021-04-01 39 days 2,120 sqft
    2021-05-01 35 days 2,112 sqft
    2021-06-01 34 days 2,075 sqft
    2021-07-01 35 days 2,091 sqft
    2021-08-01 38 days 2,122 sqft
    2021-09-01 40 days 2,124 sqft
    2021-10-01 33 days 2,116 sqft
    2021-11-01 38 days 2,127 sqft
    2021-12-01 44 days 2,152 sqft
    2022-01-01 47 days 2,101 sqft
    2022-02-01 39 days 2,010 sqft
    2022-03-01 36 days 1,965 sqft
    2022-04-01 32 days 2,111 sqft
    2022-05-01 31 days 2,359 sqft
    2022-06-01 30 days 2,429 sqft
    2022-07-01 31 days 2,376 sqft
    2022-08-01 38 days 2,318 sqft
    2022-09-01 42 days 2,232 sqft
    2022-10-01 45 days 2,202 sqft
    2022-11-01 50 days 2,179 sqft
    2022-12-01 61 days 2,200 sqft
    2023-01-01 71 days 2,196 sqft
    2023-02-01 67 days 2,184 sqft
    2023-03-01 53 days 2,166 sqft
    2023-04-01 47 days 2,160 sqft
    2023-05-01 43 days 2,168 sqft
    2023-06-01 44 days 2,202 sqft
    2023-07-01 44 days 2,128 sqft
    2023-08-01 46 days 2,112 sqft
    2023-09-01 46 days 2,050 sqft
    2023-10-01 50 days 2,084 sqft
    2023-11-01 56 days 2,140 sqft
    2023-12-01 63 days 2,156 sqft
    2024-01-01 73 days 2,167 sqft
    2024-02-01 68 days 2,191 sqft
    2024-03-01 51 days 2,196 sqft
    2024-04-01 48 days 2,200 sqft
    2024-05-01 47 days 2,212 sqft
    2024-06-01 49 days 2,226 sqft
    2024-07-01 52 days 2,201 sqft
    2024-08-01 59 days 2,216 sqft
    2024-09-01 62 days 2,175 sqft
    2024-10-01 64 days 2,169 sqft
    2024-11-01 66 days 2,167 sqft
    2024-12-01 73 days 2,200 sqft
    2025-01-01 0 days 2,201 sqft
    Memphis's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Memphis's median square footage for active listings during the 2025-01-01 period was 2,201 sqft. One year prior, the average listing was 2,167 sqft.