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 5.97% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.3% and one month ago for the week of 2024-11-08, the average rate was 6.52%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.6%.

    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
    2024-05-01 $269,950 (5.0%) $376,501 (13.2%) 0.61 1,081
    2024-06-01 $270,000 (2.6%) $375,969 (11.0%) 0.61 1,161
    2024-07-01 $256,900 (-1.2%) $360,404 (6.3%) 0.59 1,234
    2024-08-01 $260,000 (2.0%) $359,901 (9.4%) 0.60 1,282
    2024-09-01 $267,000 (4.7%) $366,281 (12.2%) 0.63 1,339
    2024-10-01 $270,000 (8.0%) $371,958 (7.2%) 0.64 1,360
    2024-11-01 $269,999 (8.1%) $365,027 (7.0%) 0.65 1,385
    Mobile's median listing price for 2024-11-01 was $269,999, a difference of $20,174 (8.1%) versus the prior year and $-1 versus the prior month.

    Mobile's median listing price comes in at 65% of the national average.

    Mobile's average listing price for 2024-11-01 was $365,027, a difference of $23,891 (7.0%) versus the prior year and $-6,931 versus the prior month.

    For the 2024-11-01 period, Mobile had 1,385 MLS listings, a difference of 25 listings (2%) versus the prior month and 359 listings (35%) 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 1,788 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
    2024-05-01 48 days 1,826 sqft
    2024-06-01 50 days 1,822 sqft
    2024-07-01 52 days 1,791 sqft
    2024-08-01 59 days 1,791 sqft
    2024-09-01 59 days 1,807 sqft
    2024-10-01 64 days 1,835 sqft
    2024-11-01 68 days 1,845 sqft
    Mobile's median listing age (time on market) for 2024-11-01 was 68 days. This is 36% longer than the same period one year ago.

    Mobile's median square footage for active listings during the 2024-11-01 period was 1,845 sqft. One year prior, the average listing was 1,820 sqft.