Mobile USDA Loan Rates, Closing Costs & Stats

MOBILE, AL

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    • 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 6.02% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

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

    The average rate for the prior week (2023-05-19) was 6.26% and one month ago for the week of 2023-04-21, the average rate was 5.97%.

    The average rate one year ago was 4.79%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.52%.

    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 Bank 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 (6.9%) 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%) $238,714 (9.6%) 0.58 1,648
    2018-07-01 $169,950 (2.8%) $236,377 (9.6%) 0.57 1,671
    2018-08-01 $169,545 (-0.2%) $235,565 (8.6%) 0.57 1,652
    2018-09-01 $164,900 (-0.1%) $231,036 (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%) $224,817 (4.5%) 0.54 1,449
    2019-03-01 $165,000 (-2.4%) $237,643 (7.2%) 0.55 1,466
    2019-04-01 $169,900 (0.3%) $242,382 (6.6%) 0.54 1,524
    2019-05-01 $169,950 (-0.1%) $238,739 (-9.2%) 0.53 1,553
    2019-06-01 $179,900 (2.9%) $244,671 (2.5%) 0.56 1,547
    2019-07-01 $179,900 (5.9%) $244,990 (3.6%) 0.56 1,538
    2019-08-01 $185,000 (9.1%) $249,729 (6.0%) 0.58 1,530
    2019-09-01 $185,590 (12.6%) $251,106 (8.7%) 0.59 1,431
    2019-10-01 $184,900 (11.9%) $243,971 (5.9%) 0.60 1,502
    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 (14.2%) $241,883 (1.8%) 0.59 1,225
    2020-04-01 $189,450 (11.5%) $244,537 (0.9%) 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 (12.7%) $274,533 (9.9%) 0.60 794
    2020-09-01 $210,201 (13.3%) $283,145 (12.8%) 0.60 778
    2020-10-01 $212,000 (14.7%) $287,042 (17.7%) 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 $199,950 (11.2%) $288,042 (21.7%) 0.58 522
    2021-03-01 $204,950 (8.8%) $285,085 (17.9%) 0.58 515
    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%) $287,570 (6.1%) 0.55 568
    2021-07-01 $210,000 (1.5%) $283,059 (2.6%) 0.55 645
    2021-08-01 $200,058 (-4.1%) $276,219 (0.6%) 0.53 791
    2021-09-01 $199,900 (-4.9%) $279,407 (-1.3%) 0.53 761
    2021-10-01 $199,210 (-6.0%) $287,806 (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%) $272,112 (-2.4%) 0.54 694
    2022-01-01 $199,950 (-4.3%) $280,648 (1.6%) 0.54 609
    2022-02-01 $204,225 (2.1%) $278,086 (-3.5%) 0.53 529
    2022-03-01 $224,900 (9.7%) $292,819 (2.7%) 0.56 500
    2022-04-01 $240,000 (17.4%) $312,200 (12.4%) 0.57 513
    2022-05-01 $254,944 (28.0%) $312,752 (8.1%) 0.58 632
    2022-06-01 $239,900 (14.8%) $299,914 (4.3%) 0.53 715
    2022-07-01 $240,000 (14.3%) $297,119 (5.0%) 0.54 762
    2022-08-01 $248,117 (24.0%) $305,198 (10.5%) 0.57 776
    2022-09-01 $249,450 (24.8%) $311,698 (11.6%) 0.58 753
    2022-10-01 $249,130 (25.1%) $317,051 (10.2%) 0.59 789
    2022-11-01 $247,143 (26.1%) $317,145 (15.7%) 0.59 829
    2022-12-01 $240,000 (20.0%) $313,203 (15.1%) 0.59 805
    2023-01-01 $239,450 (19.8%) $317,474 (13.1%) 0.59 735
    2023-02-01 $239,788 (17.4%) $319,710 (15.0%) 0.58 674
    2023-03-01 $237,500 (5.6%) $317,207 (8.3%) 0.56 680
    2023-04-01 $250,000 (4.2%) $328,485 (5.2%) 0.58 689
    Mobile's median listing price for 2023-04-01 was $250,000, a difference of $10,000 (4.2%) versus the prior year and $12,500 versus the prior month.

    Mobile's median listing price comes in at 58% of the national average.

    Mobile's average listing price for 2023-04-01 was $328,485, a difference of $16,285 (5.2%) versus the prior year and $11,278 versus the prior month.

    For the 2023-04-01 period, Mobile had 689 MLS listings, a difference of 9 listings (1%) versus the prior month and 176 listings (34%) 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
    2018-01-01 101 days 1,810 sqft
    2018-02-01 99 days 1,825 sqft
    2018-03-01 70 days 1,859 sqft
    2018-04-01 65 days 1,867 sqft
    2018-05-01 69 days 1,906 sqft
    2018-06-01 73 days 1,929 sqft
    2018-07-01 78 days 1,909 sqft
    2018-08-01 75 days 1,893 sqft
    2018-09-01 79 days 1,866 sqft
    2018-10-01 81 days 1,857 sqft
    2018-11-01 85 days 1,827 sqft
    2018-12-01 92 days 1,808 sqft
    2019-01-01 90 days 1,777 sqft
    2019-02-01 88 days 1,787 sqft
    2019-03-01 70 days 1,820 sqft
    2019-04-01 64 days 1,832 sqft
    2019-05-01 60 days 1,845 sqft
    2019-06-01 65 days 1,910 sqft
    2019-07-01 68 days 1,900 sqft
    2019-08-01 79 days 1,914 sqft
    2019-09-01 80 days 1,900 sqft
    2019-10-01 73 days 1,900 sqft
    2019-11-01 78 days 1,889 sqft
    2019-12-01 83 days 1,870 sqft
    2020-01-01 83 days 1,855 sqft
    2020-02-01 72 days 1,900 sqft
    2020-03-01 60 days 1,914 sqft
    2020-04-01 61 days 1,896 sqft
    2020-05-01 67 days 1,930 sqft
    2020-06-01 63 days 1,951 sqft
    2020-07-01 58 days 1,974 sqft
    2020-08-01 52 days 2,000 sqft
    2020-09-01 48 days 1,989 sqft
    2020-10-01 57 days 2,025 sqft
    2020-11-01 54 days 2,000 sqft
    2020-12-01 58 days 1,961 sqft
    2021-01-01 60 days 1,933 sqft
    2021-02-01 49 days 1,927 sqft
    2021-03-01 33 days 1,877 sqft
    2021-04-01 29 days 1,809 sqft
    2021-05-01 25 days 1,800 sqft
    2021-06-01 28 days 1,822 sqft
    2021-07-01 28 days 1,787 sqft
    2021-08-01 29 days 1,735 sqft
    2021-09-01 41 days 1,734 sqft
    2021-10-01 44 days 1,722 sqft
    2021-11-01 43 days 1,713 sqft
    2021-12-01 49 days 1,733 sqft
    2022-01-01 50 days 1,754 sqft
    2022-02-01 38 days 1,753 sqft
    2022-03-01 28 days 1,805 sqft
    2022-04-01 28 days 1,798 sqft
    2022-05-01 28 days 1,824 sqft
    2022-06-01 31 days 1,784 sqft
    2022-07-01 40 days 1,826 sqft
    2022-08-01 42 days 1,862 sqft
    2022-09-01 49 days 1,891 sqft
    2022-10-01 47 days 1,894 sqft
    2022-11-01 53 days 1,879 sqft
    2022-12-01 65 days 1,830 sqft
    2023-01-01 69 days 1,802 sqft
    2023-02-01 61 days 1,810 sqft
    2023-03-01 47 days 1,751 sqft
    2023-04-01 43 days 1,842 sqft
    Mobile's median listing age (time on market) for 2023-04-01 was 43 days. This is 54% longer than the same period one year ago.

    Mobile's median square footage for active listings during the 2023-04-01 period was 1,842 sqft. One year prior, the average listing was 1,798 sqft.