Mobile USDA Loan Rates, Closing Costs & Stats

MOBILE, AL

  • 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.

    Mobile's 38 lenders originated 107 USDA loans during 2023. The total origination value was $21,765,000, with an average USDA loan value of $203,411.

    Mobile USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Mobile averaged 6.39% for the week of 2025-02-14, compared to the national average (all USDA variants) of 6.526% for the same period.

    Mobile's average USDA mortgage closing costs are $4,494.

    The average rate for the prior week (2025-02-07) was 6.45% and one month ago for the week of 2025-01-10, the average rate was 6.6%.

    The average rate one year ago was 6.49%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.73%.

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

    Mobile 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 Mobile level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.34% $6,281
    Trustmark National Bank 12 5.83% $6,463
    EMBRACE HOME LOANS, INC. 11 6.51% $7,712
    DHI MORTGAGE COMPANY, LTD. 10 5.04% $4,460
    GMFS LLC 7 6.04% $3,926
    BancorpSouth 4 6.41% $5,203
    SWBC MORTGAGE CORPORATION 4 6.72% $2,972
    UNITED WHOLESALE MORTGAGE, LLC 3 6.92% $6,570
    First Federal Bank, A FSB 3 6.04% $6,698
    Regions Bank 3 6.50% $8,606
    DIRECT MORTGAGE LOANS, LLC 3 6.71% $6,972
    FirstBank 3 6.79% $6,405
    Flagstar Bank, FSB 2 6.59% $4,321
    NEWREZ LLC 2 5.44% $4,361
    CARDINAL FINANCIAL 2 6.75% $8,267
    UNION HOME MORTGAGE CORP. 2 5.81% $10,029
    Plains Commerce Bank 2 7.44% $9,955
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.75% $8,393
    STOCKTON MORTGAGE CORPORATION 1 7.63% $7,397
    Truist 1 5.75% $4,392
    Tyndall Federal Credit Union 1 6.75% $5,303
    Keystone Funding, Inc. 1 7.00% $6,573
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $5,419
    CMG MORTGAGE, INC. 1 6.25% $4,736
    FIDELITY BANK 1 7.50% $7,749
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $5,905
    First Horizon Bank 1 5.63% $8,798
    GUARANTEED RATE, INC. 1 6.88% $7,574
    Hancock Whitney Bank 1 5.75% $5,961
    HOMETRUST MORTGAGE COMPANY 1 6.88% $6,268
    Assurance Financial Group, L.L.C. 1 7.62% $8,890
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $7,435
    MOVEMENT MORTGAGE, LLC 1 6.63% $7,885
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $8,369
    OPEN MORTGAGE, LLC 1 6.13% $8,608
    Paramount Residential Mortgage Group, Inc. 1 6.63% $6,418
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $9,168
    Renasant Bank 1 6.38% $6,717

    The top Mobile USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 13 USDA loans originated. Their average total fees are $6,281, which is $182 lower than the next largest lender, Trustmark National Bank.

    The lowest fee Mobile USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($4,460), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,281), Trustmark National Bank ($6,463), EMBRACE HOME LOANS, INC. ($7,712) and .

    The lowest rate Mobile USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.04%), Trustmark National Bank (5.83%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.34%), EMBRACE HOME LOANS, INC. (6.51%) and .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mobile (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 $159,900 (6.7%) $214,773 (7.8%) 0.59 1,631
    2018-02-01 $162,540 (7.6%) $215,832 (6.1%) 0.59 1,656
    2018-03-01 $169,179 (7.7%) $221,236 (6.9%) 0.59 1,684
    2018-04-01 $169,700 (4.4%) $227,018 (6.5%) 0.57 1,656
    2018-05-01 $170,269 (6.5%) $262,993 (23.2%) 0.57 1,632
    2018-06-01 $174,900 (6.0%) $237,835 (9.0%) 0.58 1,636
    2018-07-01 $169,950 (1.2%) $235,718 (9.0%) 0.57 1,657
    2018-08-01 $169,700 (-0.1%) $235,075 (7.6%) 0.57 1,636
    2018-09-01 $164,900 (-0.7%) $230,569 (6.0%) 0.55 1,633
    2018-10-01 $165,450 (3.2%) $229,615 (5.8%) 0.56 1,639
    2018-11-01 $165,000 (3.1%) $228,479 (5.6%) 0.56 1,591
    2018-12-01 $162,900 (1.9%) $226,055 (3.9%) 0.56 1,518
    2019-01-01 $159,900 (0.0%) $225,404 (5.0%) 0.55 1,458
    2019-02-01 $159,950 (-1.6%) $225,242 (4.4%) 0.54 1,438
    2019-03-01 $165,918 (-1.9%) $234,469 (6.0%) 0.54 1,460
    2019-04-01 $169,900 (0.1%) $241,871 (6.5%) 0.54 1,504
    2019-05-01 $169,950 (-0.2%) $239,535 (-8.9%) 0.53 1,533
    2019-06-01 $179,900 (2.9%) $245,897 (3.4%) 0.56 1,527
    2019-07-01 $179,900 (5.9%) $246,320 (4.5%) 0.56 1,515
    2019-08-01 $180,964 (6.6%) $243,557 (3.6%) 0.57 1,515
    2019-09-01 $182,559 (10.7%) $244,028 (5.8%) 0.58 1,502
    2019-10-01 $184,350 (11.4%) $244,342 (6.4%) 0.59 1,477
    2019-11-01 $179,900 (9.0%) $242,866 (6.3%) 0.59 1,404
    2019-12-01 $178,900 (9.8%) $234,130 (3.6%) 0.60 1,360
    2020-01-01 $176,544 (10.4%) $232,896 (3.3%) 0.59 1,269
    2020-02-01 $180,000 (12.5%) $237,852 (5.6%) 0.59 1,229
    2020-03-01 $188,750 (13.8%) $243,050 (3.7%) 0.59 1,201
    2020-04-01 $189,450 (11.5%) $245,623 (1.6%) 0.59 1,189
    2020-05-01 $199,209 (17.2%) $261,286 (9.1%) 0.60 1,059
    2020-06-01 $208,725 (16.0%) $272,842 (11.0%) 0.60 959
    2020-07-01 $209,450 (16.4%) $277,800 (12.8%) 0.60 825
    2020-08-01 $209,000 (15.5%) $276,825 (13.7%) 0.60 773
    2020-09-01 $214,440 (17.5%) $286,362 (17.4%) 0.60 756
    2020-10-01 $215,000 (16.6%) $290,731 (19.0%) 0.61 715
    2020-11-01 $209,950 (16.7%) $288,431 (18.8%) 0.61 694
    2020-12-01 $209,000 (16.8%) $281,710 (20.3%) 0.62 699
    2021-01-01 $210,240 (19.1%) $279,629 (20.1%) 0.62 624
    2021-02-01 $212,050 (17.8%) $291,881 (22.7%) 0.60 504
    2021-03-01 $209,057 (10.8%) $288,723 (18.8%) 0.59 500
    2021-04-01 $206,999 (9.3%) $280,287 (14.1%) 0.55 513
    2021-05-01 $199,900 (0.4%) $291,503 (11.6%) 0.53 517
    2021-06-01 $209,450 (0.4%) $288,971 (5.9%) 0.55 557
    2021-07-01 $209,950 (0.2%) $283,443 (2.0%) 0.55 634
    2021-08-01 $202,063 (-3.3%) $276,729 (0.0%) 0.54 779
    2021-09-01 $199,925 (-6.8%) $280,005 (-2.2%) 0.53 750
    2021-10-01 $199,225 (-7.3%) $288,371 (-0.8%) 0.53 727
    2021-11-01 $196,600 (-6.4%) $274,659 (-4.8%) 0.52 687
    2021-12-01 $199,950 (-4.3%) $271,763 (-3.5%) 0.54 688
    2022-01-01 $199,925 (-4.9%) $279,853 (0.1%) 0.54 604
    2022-02-01 $200,110 (-5.6%) $277,151 (-5.1%) 0.53 522
    2022-03-01 $224,700 (7.5%) $292,593 (1.3%) 0.56 492
    2022-04-01 $239,640 (15.8%) $304,859 (8.8%) 0.57 505
    2022-05-01 $257,638 (28.9%) $310,871 (6.6%) 0.59 625
    2022-06-01 $242,127 (15.6%) $301,210 (4.2%) 0.53 704
    2022-07-01 $244,950 (16.7%) $297,042 (4.8%) 0.54 751
    2022-08-01 $249,000 (23.2%) $305,067 (10.2%) 0.57 766
    2022-09-01 $249,500 (24.8%) $308,347 (10.1%) 0.58 740
    2022-10-01 $249,264 (25.1%) $312,039 (8.2%) 0.59 774
    2022-11-01 $248,950 (26.6%) $313,598 (14.2%) 0.59 815
    2022-12-01 $240,000 (20.0%) $308,411 (13.5%) 0.59 786
    2023-01-01 $239,838 (20.0%) $313,277 (11.9%) 0.59 718
    2023-02-01 $239,800 (19.8%) $314,702 (13.6%) 0.58 656
    2023-03-01 $237,488 (5.7%) $312,378 (6.8%) 0.56 663
    2023-04-01 $250,000 (4.3%) $322,328 (5.7%) 0.58 677
    2023-05-01 $256,488 (-0.5%) $330,293 (6.3%) 0.58 682
    2023-06-01 $262,500 (8.4%) $336,854 (11.8%) 0.59 680
    2023-07-01 $260,000 (6.1%) $337,311 (13.6%) 0.59 739
    2023-08-01 $255,000 (2.4%) $328,271 (7.6%) 0.59 794
    2023-09-01 $255,265 (2.3%) $328,468 (6.5%) 0.59 852
    2023-10-01 $250,000 (0.3%) $336,462 (7.8%) 0.59 937
    2023-11-01 $249,900 (0.4%) $331,352 (5.7%) 0.59 1,010
    2023-12-01 $249,900 (4.1%) $328,605 (6.6%) 0.61 1,024
    2024-01-01 $249,516 (4.0%) $320,186 (2.2%) 0.61 985
    2024-02-01 $249,900 (4.2%) $323,457 (2.8%) 0.60 1,007
    2024-03-01 $259,000 (9.1%) $340,414 (9.0%) 0.61 985
    2024-04-01 $259,700 (3.9%) $343,742 (6.6%) 0.60 1,022
    2024-05-01 $267,425 (4.3%) $358,339 (8.5%) 0.61 1,065
    2024-06-01 $269,145 (2.5%) $354,718 (5.3%) 0.61 1,144
    2024-07-01 $257,425 (-1.0%) $343,652 (1.9%) 0.59 1,214
    2024-08-01 $260,000 (2.0%) $343,358 (4.6%) 0.60 1,262
    2024-09-01 $266,950 (4.6%) $349,972 (6.6%) 0.63 1,315
    2024-10-01 $270,000 (8.0%) $355,932 (5.8%) 0.64 1,337
    2024-11-01 $269,950 (8.0%) $348,154 (5.1%) 0.65 1,363
    2024-12-01 $269,450 (7.8%) $348,574 (6.1%) 0.67 1,286
    2025-01-01 $264,538 (6.0%) $345,334 (7.9%) 0.00 1,230
    Mobile's median listing price for 2025-01-01 was $264,538, a difference of $15,022 (6.0%) versus the prior year and $-4,912 versus the prior month.

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

    Mobile's average listing price for 2025-01-01 was $345,334, a difference of $25,148 (7.9%) versus the prior year and $-3,240 versus the prior month.

    For the 2025-01-01 period, Mobile had 1,230 MLS listings, a difference of -56 listings (-4%) versus the prior month and 245 listings (25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mobile (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,809 sqft
    2018-02-01 89 days 1,824 sqft
    2018-03-01 60 days 1,856 sqft
    2018-04-01 60 days 1,865 sqft
    2018-05-01 64 days 1,906 sqft
    2018-06-01 67 days 1,929 sqft
    2018-07-01 71 days 1,906 sqft
    2018-08-01 68 days 1,894 sqft
    2018-09-01 73 days 1,866 sqft
    2018-10-01 75 days 1,857 sqft
    2018-11-01 79 days 1,827 sqft
    2018-12-01 85 days 1,802 sqft
    2019-01-01 85 days 1,771 sqft
    2019-02-01 81 days 1,783 sqft
    2019-03-01 71 days 1,811 sqft
    2019-04-01 59 days 1,825 sqft
    2019-05-01 57 days 1,843 sqft
    2019-06-01 61 days 1,912 sqft
    2019-07-01 65 days 1,900 sqft
    2019-08-01 66 days 1,897 sqft
    2019-09-01 67 days 1,892 sqft
    2019-10-01 68 days 1,892 sqft
    2019-11-01 72 days 1,887 sqft
    2019-12-01 78 days 1,864 sqft
    2020-01-01 80 days 1,845 sqft
    2020-02-01 68 days 1,900 sqft
    2020-03-01 55 days 1,909 sqft
    2020-04-01 58 days 1,893 sqft
    2020-05-01 63 days 1,930 sqft
    2020-06-01 58 days 1,950 sqft
    2020-07-01 53 days 1,975 sqft
    2020-08-01 47 days 2,000 sqft
    2020-09-01 43 days 1,995 sqft
    2020-10-01 53 days 2,017 sqft
    2020-11-01 50 days 1,994 sqft
    2020-12-01 54 days 1,947 sqft
    2021-01-01 58 days 1,928 sqft
    2021-02-01 47 days 1,919 sqft
    2021-03-01 31 days 1,877 sqft
    2021-04-01 28 days 1,805 sqft
    2021-05-01 24 days 1,803 sqft
    2021-06-01 26 days 1,824 sqft
    2021-07-01 26 days 1,789 sqft
    2021-08-01 29 days 1,734 sqft
    2021-09-01 39 days 1,730 sqft
    2021-10-01 43 days 1,717 sqft
    2021-11-01 41 days 1,712 sqft
    2021-12-01 43 days 1,724 sqft
    2022-01-01 45 days 1,754 sqft
    2022-02-01 36 days 1,746 sqft
    2022-03-01 26 days 1,799 sqft
    2022-04-01 28 days 1,792 sqft
    2022-05-01 26 days 1,824 sqft
    2022-06-01 30 days 1,779 sqft
    2022-07-01 39 days 1,823 sqft
    2022-08-01 42 days 1,858 sqft
    2022-09-01 47 days 1,882 sqft
    2022-10-01 46 days 1,890 sqft
    2022-11-01 53 days 1,873 sqft
    2022-12-01 60 days 1,828 sqft
    2023-01-01 68 days 1,797 sqft
    2023-02-01 59 days 1,805 sqft
    2023-03-01 45 days 1,736 sqft
    2023-04-01 41 days 1,838 sqft
    2023-05-01 41 days 1,823 sqft
    2023-06-01 45 days 1,849 sqft
    2023-07-01 42 days 1,838 sqft
    2023-08-01 40 days 1,812 sqft
    2023-09-01 45 days 1,837 sqft
    2023-10-01 46 days 1,826 sqft
    2023-11-01 50 days 1,820 sqft
    2023-12-01 59 days 1,812 sqft
    2024-01-01 67 days 1,779 sqft
    2024-02-01 64 days 1,779 sqft
    2024-03-01 47 days 1,787 sqft
    2024-04-01 46 days 1,792 sqft
    2024-05-01 48 days 1,813 sqft
    2024-06-01 50 days 1,814 sqft
    2024-07-01 52 days 1,791 sqft
    2024-08-01 59 days 1,791 sqft
    2024-09-01 59 days 1,800 sqft
    2024-10-01 64 days 1,830 sqft
    2024-11-01 68 days 1,840 sqft
    2024-12-01 75 days 1,830 sqft
    2025-01-01 0 days 1,804 sqft
    Mobile'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.

    Mobile's median square footage for active listings during the 2025-01-01 period was 1,804 sqft. One year prior, the average listing was 1,779 sqft.