Mobile USDA Loan Rates, Closing Costs & Stats

MOBILE, AL

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 6.85% for the week of 2024-05-10, compared to the national average (all USDA variants) of 6.785% for the same period.

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

The average rate for the prior week (2024-05-03) was 6.94% and one month ago for the week of 2024-04-05, the average rate was 6.69%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.79%.

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 $159,775 (6.6%) $213,900 (6.8%) 0.59 1,647
2018-02-01 $162,334 (8.2%) $215,065 (5.3%) 0.59 1,673
2018-03-01 $169,000 (8.0%) $221,608 (6.6%) 0.59 1,699
2018-04-01 $169,450 (4.3%) $227,491 (6.3%) 0.57 1,669
2018-05-01 $170,046 (6.4%) $263,010 (22.6%) 0.57 1,645
2018-06-01 $174,900 (6.0%) $238,242 (9.2%) 0.58 1,648
2018-07-01 $169,950 (2.7%) $236,377 (9.6%) 0.57 1,671
2018-08-01 $169,545 (-0.2%) $235,565 (8.1%) 0.57 1,652
2018-09-01 $164,900 (-0.1%) $230,997 (6.5%) 0.55 1,652
2018-10-01 $165,269 (3.2%) $230,284 (6.4%) 0.56 1,662
2018-11-01 $165,000 (3.2%) $229,329 (6.4%) 0.56 1,610
2018-12-01 $162,900 (1.9%) $226,865 (4.7%) 0.56 1,535
2019-01-01 $159,900 (0.1%) $225,660 (5.5%) 0.55 1,474
2019-02-01 $159,950 (-1.5%) $225,012 (4.6%) 0.54 1,449
2019-03-01 $165,900 (-1.8%) $234,038 (5.6%) 0.54 1,475
2019-04-01 $169,900 (0.3%) $241,242 (6.0%) 0.54 1,522
2019-05-01 $169,950 (-0.1%) $238,739 (-9.2%) 0.53 1,553
2019-06-01 $179,900 (2.9%) $244,849 (2.8%) 0.56 1,547
2019-07-01 $179,900 (5.9%) $244,990 (3.6%) 0.56 1,538
2019-08-01 $180,936 (6.7%) $242,231 (2.8%) 0.57 1,540
2019-09-01 $182,491 (10.7%) $242,750 (5.1%) 0.58 1,530
2019-10-01 $184,300 (11.5%) $243,096 (5.6%) 0.59 1,508
2019-11-01 $179,900 (9.0%) $241,701 (5.4%) 0.59 1,431
2019-12-01 $178,800 (9.8%) $233,671 (3.0%) 0.60 1,381
2020-01-01 $176,623 (10.5%) $232,366 (3.0%) 0.59 1,289
2020-02-01 $179,900 (12.5%) $236,600 (5.2%) 0.59 1,255
2020-03-01 $188,375 (13.6%) $241,883 (3.4%) 0.59 1,225
2020-04-01 $189,450 (11.5%) $244,537 (1.4%) 0.59 1,212
2020-05-01 $199,000 (17.1%) $260,154 (9.0%) 0.60 1,077
2020-06-01 $205,000 (14.0%) $270,915 (10.7%) 0.60 979
2020-07-01 $207,050 (15.1%) $275,788 (12.6%) 0.60 845
2020-08-01 $208,500 (15.2%) $274,504 (13.3%) 0.60 795
2020-09-01 $210,201 (15.2%) $283,145 (16.6%) 0.60 778
2020-10-01 $212,000 (15.0%) $287,042 (18.1%) 0.61 741
2020-11-01 $209,450 (16.4%) $285,389 (18.1%) 0.61 719
2020-12-01 $209,000 (16.9%) $278,918 (19.4%) 0.62 722
2021-01-01 $209,000 (18.3%) $276,173 (18.9%) 0.62 647
2021-02-01 $204,450 (13.7%) $287,686 (21.6%) 0.60 522
2021-03-01 $206,450 (9.6%) $285,006 (17.8%) 0.59 515
2021-04-01 $204,475 (7.9%) $277,709 (13.6%) 0.55 527
2021-05-01 $199,219 (0.1%) $289,365 (11.2%) 0.53 529
2021-06-01 $209,000 (2.0%) $287,536 (6.1%) 0.55 568
2021-07-01 $210,000 (1.4%) $283,036 (2.6%) 0.55 645
2021-08-01 $202,308 (-3.0%) $276,276 (0.7%) 0.54 791
2021-09-01 $199,900 (-4.9%) $279,383 (-1.3%) 0.53 761
2021-10-01 $199,225 (-6.0%) $287,762 (0.3%) 0.53 736
2021-11-01 $195,950 (-6.5%) $274,191 (-3.9%) 0.52 694
2021-12-01 $199,950 (-4.3%) $272,161 (-2.4%) 0.54 694
2022-01-01 $199,950 (-4.3%) $280,708 (1.6%) 0.54 609
2022-02-01 $204,600 (0.1%) $278,176 (-3.3%) 0.53 529
2022-03-01 $224,900 (8.9%) $292,819 (2.7%) 0.56 500
2022-04-01 $240,000 (17.4%) $311,951 (12.3%) 0.57 513
2022-05-01 $257,358 (29.2%) $312,711 (8.1%) 0.59 632
2022-06-01 $239,950 (14.8%) $299,903 (4.3%) 0.53 715
2022-07-01 $240,000 (14.3%) $297,143 (5.0%) 0.54 762
2022-08-01 $248,567 (22.9%) $305,198 (10.5%) 0.57 776
2022-09-01 $249,900 (25.0%) $311,698 (11.6%) 0.58 753
2022-10-01 $249,264 (25.1%) $317,051 (10.2%) 0.59 789
2022-11-01 $247,143 (26.1%) $317,135 (15.7%) 0.59 829
2022-12-01 $240,000 (20.0%) $313,203 (15.1%) 0.59 805
2023-01-01 $239,563 (19.8%) $317,474 (13.1%) 0.59 735
2023-02-01 $239,950 (17.3%) $319,587 (14.9%) 0.58 674
2023-03-01 $238,567 (6.1%) $317,158 (8.3%) 0.56 680
2023-04-01 $250,000 (4.2%) $328,470 (5.3%) 0.58 689
2023-05-01 $257,072 (-0.1%) $332,663 (6.4%) 0.58 697
2023-06-01 $263,250 (9.7%) $338,656 (12.9%) 0.59 696
2023-07-01 $259,950 (8.3%) $338,985 (14.1%) 0.59 758
2023-08-01 $254,950 (2.6%) $328,900 (7.8%) 0.59 811
2023-09-01 $255,000 (2.0%) $326,499 (4.8%) 0.59 867
2023-10-01 $250,000 (0.3%) $346,832 (9.4%) 0.59 951
2023-11-01 $249,825 (1.1%) $341,136 (7.6%) 0.59 1,026
2023-12-01 $249,900 (4.1%) $338,365 (8.0%) 0.61 1,039
2024-01-01 $249,450 (4.1%) $330,308 (4.0%) 0.61 1,003
2024-02-01 $249,950 (4.2%) $333,360 (4.3%) 0.60 1,025
2024-03-01 $259,000 (8.6%) $352,667 (11.2%) 0.61 1,011
2024-04-01 $259,925 (4.0%) $355,127 (8.1%) 0.60 1,040
Mobile's median listing price for 2024-04-01 was $259,925, a difference of $9,925 (4.0%) versus the prior year and $925 versus the prior month.

Mobile's median listing price comes in at 60% of the national average.

Mobile's average listing price for 2024-04-01 was $355,127, a difference of $26,657 (8.1%) versus the prior year and $2,460 versus the prior month.

For the 2024-04-01 period, Mobile had 1,040 MLS listings, a difference of 29 listings (3%) versus the prior month and 351 listings (51%) 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 1,811 sqft
2018-02-01 89 days 1,825 sqft
2018-03-01 60 days 1,860 sqft
2018-04-01 60 days 1,866 sqft
2018-05-01 64 days 1,906 sqft
2018-06-01 67 days 1,930 sqft
2018-07-01 71 days 1,910 sqft
2018-08-01 68 days 1,894 sqft
2018-09-01 73 days 1,867 sqft
2018-10-01 75 days 1,858 sqft
2018-11-01 79 days 1,828 sqft
2018-12-01 85 days 1,809 sqft
2019-01-01 85 days 1,777 sqft
2019-02-01 81 days 1,787 sqft
2019-03-01 71 days 1,812 sqft
2019-04-01 59 days 1,827 sqft
2019-05-01 57 days 1,848 sqft
2019-06-01 61 days 1,914 sqft
2019-07-01 65 days 1,901 sqft
2019-08-01 66 days 1,900 sqft
2019-09-01 67 days 1,899 sqft
2019-10-01 68 days 1,899 sqft
2019-11-01 72 days 1,890 sqft
2019-12-01 78 days 1,873 sqft
2020-01-01 80 days 1,862 sqft
2020-02-01 68 days 1,900 sqft
2020-03-01 55 days 1,916 sqft
2020-04-01 58 days 1,897 sqft
2020-05-01 63 days 1,931 sqft
2020-06-01 58 days 1,952 sqft
2020-07-01 53 days 1,978 sqft
2020-08-01 47 days 2,001 sqft
2020-09-01 43 days 1,995 sqft
2020-10-01 53 days 2,025 sqft
2020-11-01 50 days 2,000 sqft
2020-12-01 54 days 1,964 sqft
2021-01-01 58 days 1,934 sqft
2021-02-01 47 days 1,930 sqft
2021-03-01 31 days 1,877 sqft
2021-04-01 28 days 1,806 sqft
2021-05-01 24 days 1,800 sqft
2021-06-01 26 days 1,819 sqft
2021-07-01 26 days 1,791 sqft
2021-08-01 29 days 1,735 sqft
2021-09-01 39 days 1,734 sqft
2021-10-01 43 days 1,726 sqft
2021-11-01 41 days 1,715 sqft
2021-12-01 43 days 1,733 sqft
2022-01-01 45 days 1,760 sqft
2022-02-01 36 days 1,763 sqft
2022-03-01 26 days 1,805 sqft
2022-04-01 28 days 1,798 sqft
2022-05-01 26 days 1,835 sqft
2022-06-01 30 days 1,785 sqft
2022-07-01 39 days 1,826 sqft
2022-08-01 42 days 1,861 sqft
2022-09-01 47 days 1,891 sqft
2022-10-01 46 days 1,894 sqft
2022-11-01 53 days 1,879 sqft
2022-12-01 60 days 1,830 sqft
2023-01-01 68 days 1,802 sqft
2023-02-01 59 days 1,810 sqft
2023-03-01 45 days 1,750 sqft
2023-04-01 41 days 1,840 sqft
2023-05-01 41 days 1,828 sqft
2023-06-01 45 days 1,862 sqft
2023-07-01 42 days 1,848 sqft
2023-08-01 40 days 1,820 sqft
2023-09-01 45 days 1,844 sqft
2023-10-01 46 days 1,829 sqft
2023-11-01 50 days 1,820 sqft
2023-12-01 59 days 1,814 sqft
2024-01-01 67 days 1,789 sqft
2024-02-01 64 days 1,791 sqft
2024-03-01 47 days 1,791 sqft
2024-04-01 46 days 1,796 sqft
Mobile's median listing age (time on market) for 2024-04-01 was 46 days. This is 11% longer than the same period one year ago.

Mobile's median square footage for active listings during the 2024-04-01 period was 1,796 sqft. One year prior, the average listing was 1,840 sqft.