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 47 lenders originated 193 USDA loans during 2022. The total origination value was $37,345,000, with an average USDA loan value of $193,497.

Mobile USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Mobile averaged -0.21% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

Mobile's average USDA mortgage closing costs are $4,363.

The average rate for the prior week (2023-11-17) was 6.68% and one month ago for the week of 2023-10-20, the average rate was 7.3%.

The average rate one year ago was 5.94%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.41%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Trustmark National Bank 19 4.44% $5,509
DHI MORTGAGE COMPANY, LTD. 19 3.92% $4,888
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 4.98% $5,170
GMFS LLC 18 4.59% $3,214
EMBRACE HOME LOANS, INC. 17 4.82% $5,860
DIRECT MORTGAGE LOANS, LLC 8 4.91% $6,436
Regions Bank 7 4.98% $6,058
CARDINAL FINANCIAL 5 4.65% $6,526
BancorpSouth 5 4.28% $5,253
UNITED WHOLESALE MORTGAGE, LLC 5 5.00% $8,395
Flagstar Bank, FSB 4 4.52% $4,488
Renasant Bank 4 4.53% $6,712
SWBC MORTGAGE CORPORATION 4 4.91% $3,501
HOME POINT FINANCIAL CORPORATION 3 3.88% $7,359
CMG MORTGAGE, INC. 3 5.13% $8,416
Hancock Whitney Bank 3 3.42% $5,806
AMERICAN HOME LENDING USA, LLC 3 4.75% $6,385
HOMETRUST MORTGAGE COMPANY 3 4.92% $4,902
OPEN MORTGAGE, LLC 3 5.29% $10,698
Prosperity Home Mortgage, LLC 3 4.46% $4,541
UNION HOME MORTGAGE CORP. 3 5.92% $6,599
Hometown Lenders, Inc. 2 4.50% $6,325
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.38% $7,928
CALIBER HOME LOANS, INC. 2 3.44% $5,265
CROSSCOUNTRY MORTGAGE, LLC 2 5.75% $4,934
PENNYMAC LOAN SERVICES, LLC 2 3.06% $5,857
MOVEMENT MORTGAGE, LLC 2 4.13% $6,934
NEWREZ LLC 1 3.25% $3,627
Northpointe Bank 1 5.25% $6,669
Tyndall Federal Credit Union 1 2.75% $3,678
Paramount Residential Mortgage Group, Inc. 1 5.25% $7,051
Pinnacle Bank 1 6.50% $4,115
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.25% $6,396
AMERICAN PACIFIC MORTGAGE CORPORATION 1 4.75% $814
CASTLE & COOKE MORTGAGE, LLC 1 5.75% $2,753
RELIANCE FIRST CAPITAL, LLC 1 5.25% $3,116
FirstBank 1 4.75% $4,546
First Federal Bank, A FSB 1 5.50% $4,541
EVERETT FINANCIAL, INC. 1 5.63% $2,756
GoPrime Mortgage, Inc. 1 3.88% $5,459
GUARANTY HOME MORTGAGE CORPORATION 1 7.13% $7,362
GUARANTEED RATE, INC. 1 4.88% $6,070
Bank of England 1 3.38% $6,479
Assurance Financial Group, L.L.C. 1 4.25% $5,242
LOANDEPOT.COM, LLC 1 3.75% $4,564
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $4,590
Nations Lending Corporation 1 5.25% $2,904

The top Mobile USDA lender as defined by loan originations is Trustmark National Bank, with 19 USDA loans originated. Their average total fees are $5,509, which is $621 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Mobile USDA lenders (with over 10 loans originated) are GMFS LLC ($3,214), DHI MORTGAGE COMPANY, LTD. ($4,888), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,170), Trustmark National Bank ($5,509) and EMBRACE HOME LOANS, INC. ($5,860).

The lowest rate Mobile USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.92%), Trustmark National Bank (4.44%), GMFS LLC (4.59%), EMBRACE HOME LOANS, INC. (4.82%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.98%).


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 (5.2%) 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 (22.5%) 0.57 1,645
2018-06-01 $174,900 (6.0%) $238,242 (9.1%) 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 (6.3%) 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%) $241,254 (6.1%) 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 $180,732 (6.6%) $242,232 (2.8%) 0.57 1,539
2019-09-01 $181,980 (10.4%) $242,752 (5.1%) 0.58 1,528
2019-10-01 $183,925 (11.3%) $243,099 (5.6%) 0.59 1,505
2019-11-01 $179,900 (9.0%) $241,700 (5.4%) 0.59 1,429
2019-12-01 $178,525 (9.6%) $233,658 (3.0%) 0.60 1,379
2020-01-01 $176,344 (10.3%) $232,353 (3.0%) 0.59 1,287
2020-02-01 $179,900 (12.5%) $236,600 (5.2%) 0.59 1,253
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 $204,750 (13.8%) $270,936 (10.7%) 0.60 978
2020-07-01 $207,000 (15.1%) $275,831 (12.6%) 0.60 843
2020-08-01 $208,500 (15.4%) $274,533 (13.3%) 0.60 794
2020-09-01 $210,201 (15.5%) $283,145 (16.6%) 0.60 778
2020-10-01 $212,000 (15.3%) $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 (17.1%) $278,918 (19.4%) 0.62 722
2021-01-01 $209,000 (18.5%) $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 (2.1%) $287,536 (6.1%) 0.55 568
2021-07-01 $210,000 (1.5%) $283,036 (2.6%) 0.55 645
2021-08-01 $202,308 (-3.0%) $276,276 (0.6%) 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%) $328,349 (5.3%) 0.58 690
2023-05-01 $257,000 (-0.1%) $332,602 (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
Mobile's median listing price for 2023-10-01 was $250,000, a difference of $736 (0.3%) versus the prior year and $-5,000 versus the prior month.

Mobile's median listing price comes in at 59% of the national average.

Mobile's average listing price for 2023-10-01 was $346,832, a difference of $29,781 (9.4%) versus the prior year and $20,333 versus the prior month.

For the 2023-10-01 period, Mobile had 951 MLS listings, a difference of 84 listings (10%) versus the prior month and 162 listings (21%) 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 1,810 sqft
2018-02-01 89 days 1,824 sqft
2018-03-01 60 days 1,853 sqft
2018-04-01 60 days 1,866 sqft
2018-05-01 64 days 1,906 sqft
2018-06-01 67 days 1,929 sqft
2018-07-01 71 days 1,909 sqft
2018-08-01 68 days 1,892 sqft
2018-09-01 73 days 1,866 sqft
2018-10-01 75 days 1,856 sqft
2018-11-01 79 days 1,827 sqft
2018-12-01 85 days 1,807 sqft
2019-01-01 85 days 1,777 sqft
2019-02-01 81 days 1,786 sqft
2019-03-01 71 days 1,812 sqft
2019-04-01 59 days 1,828 sqft
2019-05-01 57 days 1,845 sqft
2019-06-01 61 days 1,913 sqft
2019-07-01 65 days 1,900 sqft
2019-08-01 66 days 1,898 sqft
2019-09-01 67 days 1,896 sqft
2019-10-01 68 days 1,897 sqft
2019-11-01 72 days 1,888 sqft
2019-12-01 78 days 1,868 sqft
2020-01-01 80 days 1,854 sqft
2020-02-01 68 days 1,900 sqft
2020-03-01 55 days 1,912 sqft
2020-04-01 58 days 1,896 sqft
2020-05-01 63 days 1,930 sqft
2020-06-01 58 days 1,951 sqft
2020-07-01 53 days 1,974 sqft
2020-08-01 47 days 2,000 sqft
2020-09-01 43 days 1,989 sqft
2020-10-01 53 days 2,025 sqft
2020-11-01 50 days 2,000 sqft
2020-12-01 54 days 1,961 sqft
2021-01-01 58 days 1,934 sqft
2021-02-01 47 days 1,927 sqft
2021-03-01 31 days 1,876 sqft
2021-04-01 28 days 1,807 sqft
2021-05-01 24 days 1,800 sqft
2021-06-01 26 days 1,820 sqft
2021-07-01 26 days 1,787 sqft
2021-08-01 29 days 1,735 sqft
2021-09-01 39 days 1,734 sqft
2021-10-01 43 days 1,722 sqft
2021-11-01 41 days 1,713 sqft
2021-12-01 43 days 1,733 sqft
2022-01-01 45 days 1,757 sqft
2022-02-01 36 days 1,755 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 1,862 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 1,827 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 1,842 sqft
2023-10-01 46 days 1,829 sqft
Mobile's median listing age (time on market) for 2023-10-01 was 46 days. This is -1% shorter than the same period one year ago.

Mobile's median square footage for active listings during the 2023-10-01 period was 1,829 sqft. One year prior, the average listing was 1,894 sqft.