Midland USDA Loan Rates, Closing Costs & Stats

MIDLAND, TX

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.

Midland's 2 lenders originated 2 USDA loans during 2022. The total origination value was $580,000, with an average USDA loan value of $290,000.

Midland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Midland averaged 6.55% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Midland's average USDA mortgage closing costs are $11,129.

The average rate for the prior week (2024-02-23) was 6.4% and one month ago for the week of 2024-01-26, the average rate was 6.36%.

The average rate one year ago was 6.02%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.29%.

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

Midland 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 Midland level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMCAP MORTGAGE, LTD. 1 4.25% $16,309
DRAPER AND KRAMER MORTGAGE CORP. 1 5.25% $6,861

The top Midland USDA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 1 USDA loans originated. Their average total fees are $16,309, which is $9,448 higher than the next largest lender, DRAPER AND KRAMER MORTGAGE CORP..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Midland (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 $325,000 (30.0%) $405,687 (23.2%) 1.20 275
2018-02-01 $346,700 (33.6%) $477,639 (38.6%) 1.26 258
2018-03-01 $399,000 (43.0%) $541,274 (49.0%) 1.40 227
2018-04-01 $366,825 (22.3%) $525,930 (36.6%) 1.24 244
2018-05-01 $378,750 (31.5%) $543,953 (48.1%) 1.26 265
2018-06-01 $360,000 (25.9%) $520,583 (42.3%) 1.20 312
2018-07-01 $362,450 (25.0%) $510,589 (38.9%) 1.21 377
2018-08-01 $356,000 (21.7%) $496,171 (36.7%) 1.19 400
2018-09-01 $359,900 (22.0%) $498,830 (34.4%) 1.21 398
2018-10-01 $372,500 (20.2%) $506,553 (31.4%) 1.26 401
2018-11-01 $372,225 (19.2%) $497,633 (26.5%) 1.26 415
2018-12-01 $359,950 (10.8%) $497,080 (23.9%) 1.24 376
2019-01-01 $359,225 (10.5%) $491,512 (21.2%) 1.24 360
2019-02-01 $359,950 (3.8%) $496,544 (4.0%) 1.22 352
2019-03-01 $369,371 (-7.4%) $487,957 (-9.9%) 1.21 348
2019-04-01 $390,950 (6.6%) $501,284 (-4.7%) 1.24 354
2019-05-01 $413,200 (9.1%) $509,093 (-6.4%) 1.29 409
2019-06-01 $399,900 (11.1%) $478,307 (-8.1%) 1.25 473
2019-07-01 $399,450 (10.2%) $480,480 (-5.9%) 1.25 516
2019-08-01 $394,473 (10.8%) $469,004 (-5.5%) 1.25 577
2019-09-01 $386,332 (7.3%) $451,859 (-9.4%) 1.24 630
2019-10-01 $379,850 (2.0%) $437,748 (-13.6%) 1.23 679
2019-11-01 $370,000 (-0.6%) $427,804 (-14.0%) 1.21 666
2019-12-01 $369,000 (2.5%) $428,602 (-13.8%) 1.23 602
2020-01-01 $370,093 (3.0%) $431,398 (-12.2%) 1.24 575
2020-02-01 $384,900 (6.9%) $450,219 (-9.3%) 1.26 559
2020-03-01 $387,625 (4.9%) $452,975 (-7.2%) 1.22 633
2020-04-01 $369,950 (-5.4%) $435,024 (-13.2%) 1.16 733
2020-05-01 $359,999 (-12.9%) $433,472 (-14.9%) 1.09 837
2020-06-01 $350,000 (-12.5%) $429,276 (-10.3%) 1.03 850
2020-07-01 $342,500 (-14.3%) $410,876 (-14.5%) 0.99 875
2020-08-01 $329,950 (-16.4%) $405,857 (-13.5%) 0.95 872
2020-09-01 $331,500 (-14.2%) $410,062 (-9.3%) 0.95 824
2020-10-01 $329,000 (-13.4%) $403,374 (-7.9%) 0.94 787
2020-11-01 $329,675 (-10.9%) $400,897 (-6.3%) 0.96 801
2020-12-01 $328,000 (-11.1%) $401,776 (-6.3%) 0.98 784
2021-01-01 $325,000 (-12.2%) $401,446 (-6.9%) 0.97 755
2021-02-01 $324,900 (-15.6%) $410,628 (-8.8%) 0.95 771
2021-03-01 $324,000 (-16.4%) $418,176 (-7.7%) 0.92 741
2021-04-01 $326,663 (-11.7%) $428,448 (-1.5%) 0.88 678
2021-05-01 $333,000 (-7.5%) $428,417 (-1.2%) 0.88 640
2021-06-01 $329,350 (-5.9%) $425,168 (-1.0%) 0.87 656
2021-07-01 $338,000 (-1.3%) $417,915 (1.7%) 0.89 695
2021-08-01 $335,385 (1.7%) $413,803 (2.0%) 0.89 712
2021-09-01 $329,000 (-0.8%) $410,178 (0.0%) 0.88 694
2021-10-01 $325,000 (-1.2%) $402,923 (-0.1%) 0.87 696
2021-11-01 $325,000 (-1.4%) $391,480 (-2.4%) 0.87 671
2021-12-01 $325,000 (-0.9%) $384,481 (-4.3%) 0.88 627
2022-01-01 $325,000 (0.0%) $384,062 (-4.3%) 0.88 562
2022-02-01 $325,000 (0.0%) $380,400 (-7.4%) 0.85 493
2022-03-01 $330,000 (1.9%) $395,379 (-5.5%) 0.83 452
2022-04-01 $340,030 (4.1%) $419,008 (-2.2%) 0.81 493
2022-05-01 $342,258 (2.8%) $425,370 (-0.7%) 0.78 524
2022-06-01 $350,000 (6.3%) $426,296 (0.3%) 0.78 556
2022-07-01 $345,523 (2.2%) $418,264 (0.1%) 0.78 615
2022-08-01 $340,000 (1.4%) $411,807 (-0.5%) 0.79 639
2022-09-01 $349,375 (6.2%) $418,406 (2.0%) 0.82 656
2022-10-01 $355,000 (9.2%) $434,982 (8.0%) 0.84 654
2022-11-01 $351,725 (8.2%) $433,685 (10.8%) 0.85 659
2022-12-01 $360,000 (10.8%) $437,602 (13.8%) 0.89 591
2023-01-01 $364,625 (12.2%) $434,677 (13.2%) 0.90 507
2023-02-01 $366,500 (12.8%) $438,414 (15.3%) 0.88 451
2023-03-01 $399,250 (21.0%) $486,471 (23.0%) 0.94 426
2023-04-01 $409,000 (20.3%) $510,720 (21.9%) 0.95 417
2023-05-01 $405,000 (18.3%) $520,495 (22.4%) 0.92 430
2023-06-01 $400,313 (14.4%) $510,773 (19.8%) 0.90 450
2023-07-01 $409,900 (18.6%) $527,284 (26.1%) 0.93 471
2023-08-01 $399,925 (17.6%) $525,564 (27.6%) 0.92 475
2023-09-01 $399,900 (14.5%) $512,702 (22.5%) 0.93 493
2023-10-01 $396,900 (11.8%) $492,577 (13.2%) 0.93 501
2023-11-01 $392,000 (11.5%) $487,183 (12.3%) 0.93 506
2023-12-01 $389,000 (8.1%) $492,181 (12.5%) 0.95 484
2024-01-01 $389,995 (7.0%) $501,625 (15.4%) 0.95 451
Midland's median listing price for 2024-01-01 was $389,995, a difference of $25,370 (7.0%) versus the prior year and $995 versus the prior month.

Midland's median listing price comes in at 95% of the national average.

Midland's average listing price for 2024-01-01 was $501,625, a difference of $66,948 (15.4%) versus the prior year and $9,444 versus the prior month.

For the 2024-01-01 period, Midland had 451 MLS listings, a difference of -33 listings (-7%) versus the prior month and -56 listings (-11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Midland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 55 days 2,371 sqft
2018-02-01 34 days 2,441 sqft
2018-03-01 33 days 2,686 sqft
2018-04-01 28 days 2,523 sqft
2018-05-01 26 days 2,594 sqft
2018-06-01 26 days 2,506 sqft
2018-07-01 29 days 2,494 sqft
2018-08-01 34 days 2,457 sqft
2018-09-01 43 days 2,454 sqft
2018-10-01 40 days 2,476 sqft
2018-11-01 43 days 2,512 sqft
2018-12-01 51 days 2,481 sqft
2019-01-01 49 days 2,390 sqft
2019-02-01 42 days 2,391 sqft
2019-03-01 39 days 2,455 sqft
2019-04-01 34 days 2,530 sqft
2019-05-01 32 days 2,590 sqft
2019-06-01 35 days 2,562 sqft
2019-07-01 38 days 2,504 sqft
2019-08-01 38 days 2,475 sqft
2019-09-01 40 days 2,432 sqft
2019-10-01 42 days 2,401 sqft
2019-11-01 49 days 2,357 sqft
2019-12-01 60 days 2,343 sqft
2020-01-01 62 days 2,395 sqft
2020-02-01 40 days 2,442 sqft
2020-03-01 42 days 2,431 sqft
2020-04-01 46 days 2,355 sqft
2020-05-01 51 days 2,349 sqft
2020-06-01 51 days 2,328 sqft
2020-07-01 51 days 2,289 sqft
2020-08-01 51 days 2,240 sqft
2020-09-01 57 days 2,248 sqft
2020-10-01 58 days 2,221 sqft
2020-11-01 59 days 2,209 sqft
2020-12-01 60 days 2,207 sqft
2021-01-01 60 days 2,182 sqft
2021-02-01 49 days 2,185 sqft
2021-03-01 53 days 2,153 sqft
2021-04-01 48 days 2,170 sqft
2021-05-01 51 days 2,171 sqft
2021-06-01 44 days 2,171 sqft
2021-07-01 38 days 2,159 sqft
2021-08-01 45 days 2,168 sqft
2021-09-01 52 days 2,141 sqft
2021-10-01 46 days 2,100 sqft
2021-11-01 47 days 2,067 sqft
2021-12-01 59 days 2,073 sqft
2022-01-01 64 days 2,050 sqft
2022-02-01 49 days 2,017 sqft
2022-03-01 42 days 2,043 sqft
2022-04-01 33 days 2,085 sqft
2022-05-01 38 days 2,114 sqft
2022-06-01 37 days 2,171 sqft
2022-07-01 38 days 2,185 sqft
2022-08-01 43 days 2,133 sqft
2022-09-01 47 days 2,147 sqft
2022-10-01 50 days 2,148 sqft
2022-11-01 50 days 2,150 sqft
2022-12-01 62 days 2,240 sqft
2023-01-01 68 days 2,233 sqft
2023-02-01 45 days 2,251 sqft
2023-03-01 45 days 2,403 sqft
2023-04-01 41 days 2,422 sqft
2023-05-01 39 days 2,455 sqft
2023-06-01 42 days 2,419 sqft
2023-07-01 38 days 2,435 sqft
2023-08-01 41 days 2,359 sqft
2023-09-01 43 days 2,367 sqft
2023-10-01 46 days 2,306 sqft
2023-11-01 48 days 2,302 sqft
2023-12-01 54 days 2,257 sqft
2024-01-01 65 days 2,247 sqft
Midland's median listing age (time on market) for 2024-01-01 was 65 days. This is -5% shorter than the same period one year ago.

Midland's median square footage for active listings during the 2024-01-01 period was 2,247 sqft. One year prior, the average listing was 2,233 sqft.