Merced USDA Loan Rates, Closing Costs & Stats

MERCED, CA

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.

Merced's 5 lenders originated 9 USDA loans during 2023. The total origination value was $2,995,000, with an average USDA loan value of $332,778.

Merced USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Merced averaged 6.33% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Merced's average USDA mortgage closing costs are $7,581.

The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.21%.

The average rate one year ago was 6.12%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.36%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Merced 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 Merced level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 5 5.90% $10,200
AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $9,307
CARDINAL FINANCIAL 1 6.13% $15,572
MLD MORTGAGE INC. 1 6.13% $11,285
OCMBC, INC. 1 5.25% $18,186

The top Merced USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 5 USDA loans originated. Their average total fees are $10,200, which is $893 higher than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

The lowest fee Merced USDA lenders (with over 10 loans originated) are .

The lowest rate Merced USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Merced (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 $299,450 (7.0%) $350,837 (3.5%) 1.11 477
2018-02-01 $298,733 (8.6%) $354,156 (-20.3%) 1.08 457
2018-03-01 $296,170 (8.2%) $346,615 (3.0%) 1.04 460
2018-04-01 $294,925 (5.7%) $339,152 (-0.2%) 1.00 475
2018-05-01 $299,475 (6.0%) $358,718 (2.2%) 1.00 455
2018-06-01 $298,840 (4.9%) $362,682 (0.9%) 1.00 455
2018-07-01 $305,000 (5.2%) $367,378 (3.0%) 1.02 489
2018-08-01 $310,065 (8.6%) $371,008 (7.7%) 1.04 534
2018-09-01 $300,000 (3.6%) $358,518 (3.1%) 1.01 572
2018-10-01 $305,915 (5.6%) $372,978 (8.0%) 1.04 634
2018-11-01 $299,900 (0.5%) $353,721 (1.5%) 1.02 652
2018-12-01 $299,900 (-1.7%) $354,790 (0.9%) 1.03 653
2019-01-01 $299,475 (0.0%) $360,698 (2.8%) 1.03 619
2019-02-01 $305,250 (2.2%) $358,154 (1.1%) 1.03 642
2019-03-01 $311,714 (5.3%) $589,720 (70.1%) 1.02 628
2019-04-01 $318,908 (8.1%) $749,855 (121.1%) 1.01 622
2019-05-01 $325,250 (8.6%) $385,989 (7.6%) 1.02 640
2019-06-01 $329,900 (10.4%) $393,216 (8.4%) 1.03 665
2019-07-01 $333,700 (9.4%) $402,317 (9.5%) 1.04 653
2019-08-01 $329,136 (6.2%) $396,528 (6.9%) 1.04 642
2019-09-01 $324,841 (8.3%) $396,435 (10.6%) 1.04 620
2019-10-01 $321,977 (5.3%) $396,373 (6.3%) 1.04 605
2019-11-01 $320,000 (6.7%) $395,190 (11.7%) 1.05 546
2019-12-01 $319,950 (6.7%) $400,226 (12.8%) 1.07 519
2020-01-01 $316,969 (5.8%) $399,872 (10.9%) 1.06 489
2020-02-01 $329,900 (8.1%) $406,221 (13.4%) 1.08 446
2020-03-01 $337,500 (8.3%) $388,434 (-34.1%) 1.06 429
2020-04-01 $344,500 (8.0%) $387,096 (-48.4%) 1.08 433
2020-05-01 $349,900 (7.6%) $886,825 (129.8%) 1.06 442
2020-06-01 $349,950 (6.1%) $393,833 (0.2%) 1.03 377
2020-07-01 $349,225 (4.7%) $474,433 (17.9%) 1.01 295
2020-08-01 $347,500 (5.6%) $495,306 (24.9%) 1.00 225
2020-09-01 $333,185 (2.6%) $506,156 (27.7%) 0.95 216
2020-10-01 $339,900 (5.6%) $512,485 (29.3%) 0.97 232
2020-11-01 $345,000 (7.8%) $497,379 (25.9%) 1.01 287
2020-12-01 $369,950 (15.6%) $533,576 (33.3%) 1.10 244
2021-01-01 $379,000 (19.6%) $569,047 (42.3%) 1.13 198
2021-02-01 $377,900 (14.6%) $605,898 (49.2%) 1.10 174
2021-03-01 $379,675 (12.5%) $603,936 (55.5%) 1.08 173
2021-04-01 $378,675 (9.9%) $604,881 (56.3%) 1.03 158
2021-05-01 $385,000 (10.0%) $610,046 (-31.2%) 1.02 161
2021-06-01 $390,450 (11.6%) $586,095 (48.8%) 1.03 191
2021-07-01 $395,000 (13.1%) $585,220 (23.4%) 1.04 214
2021-08-01 $400,703 (15.3%) $588,135 (18.7%) 1.07 232
2021-09-01 $399,950 (20.0%) $579,196 (14.4%) 1.07 274
2021-10-01 $412,500 (21.4%) $619,992 (21.0%) 1.10 260
2021-11-01 $424,975 (23.2%) $721,416 (45.0%) 1.14 247
2021-12-01 $429,500 (16.1%) $704,181 (32.0%) 1.16 231
2022-01-01 $437,000 (15.3%) $740,690 (30.2%) 1.18 187
2022-02-01 $449,500 (19.0%) $757,590 (25.0%) 1.17 195
2022-03-01 $447,500 (17.9%) $725,601 (20.2%) 1.12 222
2022-04-01 $450,000 (18.8%) $714,953 (18.2%) 1.07 259
2022-05-01 $471,000 (22.3%) $719,866 (18.0%) 1.08 319
2022-06-01 $469,745 (20.3%) $703,604 (20.1%) 1.05 390
2022-07-01 $445,999 (12.9%) $614,826 (5.1%) 1.00 473
2022-08-01 $433,375 (8.2%) $610,052 (3.7%) 1.00 462
2022-09-01 $435,225 (8.8%) $611,810 (5.6%) 1.02 455
2022-10-01 $428,000 (3.8%) $540,096 (-12.9%) 1.01 450
2022-11-01 $420,000 (-1.2%) $533,140 (-26.1%) 1.01 438
2022-12-01 $428,500 (-0.2%) $514,681 (-26.9%) 1.06 381
2023-01-01 $422,245 (-3.4%) $509,052 (-31.3%) 1.05 332
2023-02-01 $439,500 (-2.2%) $549,859 (-27.4%) 1.06 300
2023-03-01 $437,000 (-2.4%) $543,071 (-25.2%) 1.03 284
2023-04-01 $440,995 (-2.0%) $553,191 (-22.6%) 1.03 245
2023-05-01 $449,985 (-4.5%) $562,926 (-21.8%) 1.02 242
2023-06-01 $449,945 (-4.2%) $556,262 (-20.9%) 1.01 273
2023-07-01 $449,000 (0.7%) $551,192 (-10.4%) 1.02 307
2023-08-01 $458,220 (5.7%) $562,530 (-7.8%) 1.05 315
2023-09-01 $442,439 (1.7%) $529,845 (-13.4%) 1.03 333
2023-10-01 $434,500 (1.5%) $498,041 (-7.8%) 1.02 347
2023-11-01 $434,488 (3.5%) $507,398 (-4.8%) 1.03 342
2023-12-01 $439,975 (2.7%) $549,388 (6.7%) 1.07 312
2024-01-01 $443,498 (5.0%) $554,264 (8.9%) 1.08 274
2024-02-01 $452,495 (3.0%) $569,679 (3.6%) 1.09 254
2024-03-01 $466,514 (6.8%) $585,844 (7.9%) 1.10 269
Merced's median listing price for 2024-03-01 was $466,514, a difference of $29,514 (6.8%) versus the prior year and $14,019 versus the prior month.

Merced's median listing price comes in at 110% of the national average.

Merced's average listing price for 2024-03-01 was $585,844, a difference of $42,773 (7.9%) versus the prior year and $16,165 versus the prior month.

For the 2024-03-01 period, Merced had 269 MLS listings, a difference of 15 listings (6%) versus the prior month and -15 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Merced (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 53 days 1,757 sqft
2018-02-01 49 days 1,757 sqft
2018-03-01 43 days 1,730 sqft
2018-04-01 39 days 1,700 sqft
2018-05-01 40 days 1,744 sqft
2018-06-01 43 days 1,749 sqft
2018-07-01 42 days 1,774 sqft
2018-08-01 44 days 1,733 sqft
2018-09-01 48 days 1,729 sqft
2018-10-01 43 days 1,760 sqft
2018-11-01 52 days 1,720 sqft
2018-12-01 64 days 1,726 sqft
2019-01-01 73 days 1,720 sqft
2019-02-01 66 days 1,776 sqft
2019-03-01 58 days 1,818 sqft
2019-04-01 50 days 1,867 sqft
2019-05-01 46 days 1,870 sqft
2019-06-01 51 days 1,854 sqft
2019-07-01 52 days 1,876 sqft
2019-08-01 55 days 1,843 sqft
2019-09-01 61 days 1,829 sqft
2019-10-01 64 days 1,818 sqft
2019-11-01 65 days 1,814 sqft
2019-12-01 73 days 1,761 sqft
2020-01-01 69 days 1,719 sqft
2020-02-01 62 days 1,772 sqft
2020-03-01 55 days 1,806 sqft
2020-04-01 61 days 1,804 sqft
2020-05-01 69 days 1,844 sqft
2020-06-01 65 days 1,862 sqft
2020-07-01 67 days 1,834 sqft
2020-08-01 52 days 1,827 sqft
2020-09-01 47 days 1,746 sqft
2020-10-01 37 days 1,749 sqft
2020-11-01 32 days 1,729 sqft
2020-12-01 45 days 1,831 sqft
2021-01-01 52 days 1,815 sqft
2021-02-01 31 days 1,683 sqft
2021-03-01 33 days 1,649 sqft
2021-04-01 41 days 1,700 sqft
2021-05-01 40 days 1,700 sqft
2021-06-01 27 days 1,692 sqft
2021-07-01 31 days 1,713 sqft
2021-08-01 34 days 1,739 sqft
2021-09-01 35 days 1,724 sqft
2021-10-01 39 days 1,703 sqft
2021-11-01 43 days 1,593 sqft
2021-12-01 50 days 1,619 sqft
2022-01-01 58 days 1,564 sqft
2022-02-01 36 days 1,568 sqft
2022-03-01 29 days 1,658 sqft
2022-04-01 33 days 1,693 sqft
2022-05-01 35 days 1,775 sqft
2022-06-01 37 days 1,780 sqft
2022-07-01 37 days 1,720 sqft
2022-08-01 49 days 1,702 sqft
2022-09-01 56 days 1,713 sqft
2022-10-01 52 days 1,727 sqft
2022-11-01 59 days 1,731 sqft
2022-12-01 71 days 1,744 sqft
2023-01-01 77 days 1,717 sqft
2023-02-01 79 days 1,790 sqft
2023-03-01 55 days 1,709 sqft
2023-04-01 48 days 1,711 sqft
2023-05-01 43 days 1,738 sqft
2023-06-01 37 days 1,743 sqft
2023-07-01 40 days 1,725 sqft
2023-08-01 44 days 1,719 sqft
2023-09-01 46 days 1,677 sqft
2023-10-01 45 days 1,667 sqft
2023-11-01 50 days 1,694 sqft
2023-12-01 64 days 1,671 sqft
2024-01-01 67 days 1,705 sqft
2024-02-01 44 days 1,722 sqft
2024-03-01 38 days 1,763 sqft
Merced's median listing age (time on market) for 2024-03-01 was 38 days. This is -31% shorter than the same period one year ago.

Merced's median square footage for active listings during the 2024-03-01 period was 1,763 sqft. One year prior, the average listing was 1,709 sqft.