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
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.