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 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 6.59% for the week of 2024-07-19, compared to the national average (all USDA variants) of 6.628% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.72% and one month ago for the week of 2024-06-14, the average rate was 6.45%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.93%.

    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 .