Modesto USDA Loan Rates, Closing Costs & Stats

MODESTO, CA

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.

Modesto's 16 lenders originated 33 USDA loans during 2021. The total origination value was $10,985,000, with an average USDA loan value of $332,879.

Modesto USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Modesto averaged 6.07% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Modesto's average USDA mortgage closing costs are $8,185.

The average rate for the prior week (2023-01-20) was 6.46% and one month ago for the week of 2022-12-23, the average rate was 6.39%.

The average rate one year ago was 4.04%.

For refis of the same type during the week of 2023-01-27, the average rate was 6.22%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Modesto 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 Modesto level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
SCENIC OAKS FUNDING, INC. 4 2.47% $9,022
AMERICAN PACIFIC MORTGAGE CORPORATION 3 2.67% $8,911
MASON MCDUFFIE MORTGAGE CORPORATION 3 3.38% $7,350
HOME POINT FINANCIAL CORPORATION 3 2.88% $7,002
ACADEMY MORTGAGE CORPORATION 2 2.88% $7,036
AMERICAN FINANCIAL NETWORK, INC. 2 2.81% $8,725
CROSSCOUNTRY MORTGAGE, LLC 2 2.63% $9,921
FINANCE OF AMERICA MORTGAGE LLC 2 2.63% $8,151
RESIDENTIAL BANCORP. 2 3.31% $13,724
FBC MORTGAGE, LLC 1 3.25% $7,955
MOVEMENT MORTGAGE, LLC 1 3.50% $9,097
RANLIFE, INC. 1 3.13% $6,511
SUMMIT FUNDING, INC. 1 2.38% $15,968
CMG MORTGAGE, INC. 1 2.75% $13,245
STEARNS LENDING, LLC 1 3.63% $10,653
GUILD MORTGAGE COMPANY 1 2.88% $8,421

The top Modesto USDA lender as defined by loan originations is SCENIC OAKS FUNDING, INC., with 4 USDA loans originated. Their average total fees are $9,022, which is $111 higher than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

The lowest fee Modesto USDA lenders (with over 10 loans originated) are .

The lowest rate Modesto USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Modesto (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 $346,500 (14.6%) $435,301 (9.6%) 1.28 643
2018-02-01 $346,875 (11.9%) $423,147 (4.2%) 1.26 681
2018-03-01 $353,000 (10.8%) $449,092 (10.6%) 1.24 722
2018-04-01 $359,500 (10.6%) $454,420 (10.9%) 1.22 753
2018-05-01 $364,950 (10.8%) $450,889 (9.2%) 1.22 842
2018-06-01 $355,000 (6.1%) $430,577 (4.4%) 1.18 957
2018-07-01 $354,900 (7.6%) $425,979 (2.7%) 1.18 1,005
2018-08-01 $350,000 (7.0%) $423,132 (1.6%) 1.17 1,106
2018-09-01 $349,000 (5.8%) $420,435 (2.2%) 1.17 1,086
2018-10-01 $339,913 (3.0%) $411,327 (0.3%) 1.15 1,102
2018-11-01 $339,900 (0.9%) $416,682 (0.9%) 1.15 1,079
2018-12-01 $340,000 (0.0%) $413,623 (-3.2%) 1.17 1,026
2019-01-01 $339,985 (-1.9%) $413,501 (-5.0%) 1.17 925
2019-02-01 $344,611 (-0.7%) $416,321 (-1.6%) 1.16 887
2019-03-01 $356,371 (1.0%) $426,391 (-5.1%) 1.17 836
2019-04-01 $365,000 (1.5%) $441,712 (-2.8%) 1.16 806
2019-05-01 $365,000 (0.0%) $441,618 (-2.1%) 1.14 865
2019-06-01 $369,950 (4.2%) $456,559 (6.0%) 1.16 879
2019-07-01 $374,400 (5.5%) $463,568 (8.8%) 1.17 852
2019-08-01 $375,836 (7.4%) $461,878 (9.2%) 1.19 871
2019-09-01 $369,741 (5.9%) $449,105 (6.8%) 1.18 898
2019-10-01 $367,677 (8.2%) $442,499 (7.6%) 1.19 887
2019-11-01 $369,000 (8.6%) $439,150 (5.4%) 1.21 795
2019-12-01 $369,000 (8.5%) $450,506 (8.9%) 1.23 641
2020-01-01 $372,688 (9.6%) $453,808 (9.8%) 1.25 576
2020-02-01 $375,240 (8.9%) $475,158 (14.1%) 1.23 539
2020-03-01 $389,675 (9.4%) $474,748 (11.3%) 1.22 611
2020-04-01 $377,250 (3.4%) $457,508 (3.6%) 1.18 668
2020-05-01 $377,000 (3.3%) $466,432 (5.6%) 1.15 662
2020-06-01 $392,475 (6.1%) $480,898 (5.3%) 1.16 487
2020-07-01 $402,450 (7.5%) $530,943 (14.5%) 1.17 412
2020-08-01 $419,450 (11.6%) $548,879 (18.8%) 1.20 357
2020-09-01 $417,450 (12.9%) $537,931 (19.8%) 1.20 375
2020-10-01 $418,944 (13.9%) $552,161 (24.8%) 1.20 400
2020-11-01 $422,500 (14.5%) $558,110 (27.1%) 1.23 411
2020-12-01 $431,868 (17.0%) $590,632 (31.1%) 1.28 355
2021-01-01 $439,475 (17.9%) $620,528 (36.7%) 1.31 300
2021-02-01 $429,975 (14.6%) $623,936 (31.3%) 1.25 266
2021-03-01 $444,500 (14.1%) $641,390 (35.1%) 1.26 268
2021-04-01 $446,238 (18.3%) $610,704 (33.5%) 1.21 300
2021-05-01 $449,850 (19.3%) $615,597 (32.0%) 1.19 321
2021-06-01 $449,463 (14.5%) $600,127 (24.8%) 1.18 380
2021-07-01 $449,900 (11.8%) $585,239 (10.2%) 1.18 452
2021-08-01 $460,000 (9.7%) $580,900 (5.8%) 1.23 495
2021-09-01 $464,500 (11.3%) $570,740 (6.1%) 1.24 481
2021-10-01 $472,450 (12.8%) $580,038 (5.1%) 1.26 526
2021-11-01 $482,700 (14.3%) $592,847 (6.2%) 1.29 468
2021-12-01 $481,758 (11.6%) $599,149 (1.4%) 1.31 353
2022-01-01 $479,950 (9.2%) $602,203 (-3.0%) 1.30 291
2022-02-01 $489,500 (13.8%) $614,292 (-1.6%) 1.27 280
2022-03-01 $494,672 (11.3%) $625,462 (-2.5%) 1.24 292
2022-04-01 $499,000 (11.8%) $631,615 (3.4%) 1.19 338
2022-05-01 $499,963 (11.1%) $640,842 (4.1%) 1.14 476
2022-06-01 $494,500 (10.0%) $598,833 (-0.2%) 1.10 608
2022-07-01 $480,000 (6.7%) $554,085 (-5.3%) 1.09 763
2022-08-01 $475,000 (3.3%) $549,854 (-5.3%) 1.10 825
2022-09-01 $472,500 (1.7%) $545,275 (-4.5%) 1.11 790
2022-10-01 $470,000 (-0.5%) $552,761 (-4.7%) 1.11 744
2022-11-01 $472,500 (-2.1%) $565,389 (-4.6%) 1.14 654
2022-12-01 $479,000 (-0.6%) $582,655 (-2.8%) 1.20 554
Modesto's median listing price for 2022-12-01 was $479,000, a difference of $-2,758 (-0.6%) versus the prior year and $6,500 versus the prior month.

Modesto's median listing price comes in at 120% of the national average.

Modesto's average listing price for 2022-12-01 was $582,655, a difference of $-16,494 (-2.8%) versus the prior year and $17,266 versus the prior month.

For the 2022-12-01 period, Modesto had 554 MLS listings, a difference of -100 listings (-15%) versus the prior month and 201 listings (57%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Modesto (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 58 days 1,837 sqft
2018-02-01 38 days 1,778 sqft
2018-03-01 35 days 1,837 sqft
2018-04-01 36 days 1,862 sqft
2018-05-01 34 days 1,870 sqft
2018-06-01 34 days 1,835 sqft
2018-07-01 37 days 1,829 sqft
2018-08-01 38 days 1,810 sqft
2018-09-01 39 days 1,767 sqft
2018-10-01 42 days 1,715 sqft
2018-11-01 45 days 1,704 sqft
2018-12-01 54 days 1,712 sqft
2019-01-01 58 days 1,695 sqft
2019-02-01 48 days 1,713 sqft
2019-03-01 42 days 1,755 sqft
2019-04-01 39 days 1,816 sqft
2019-05-01 40 days 1,813 sqft
2019-06-01 39 days 1,849 sqft
2019-07-01 43 days 1,863 sqft
2019-08-01 44 days 1,867 sqft
2019-09-01 44 days 1,841 sqft
2019-10-01 45 days 1,824 sqft
2019-11-01 53 days 1,844 sqft
2019-12-01 66 days 1,836 sqft
2020-01-01 70 days 1,834 sqft
2020-02-01 47 days 1,857 sqft
2020-03-01 36 days 1,890 sqft
2020-04-01 45 days 1,830 sqft
2020-05-01 57 days 1,856 sqft
2020-06-01 67 days 1,883 sqft
2020-07-01 60 days 1,905 sqft
2020-08-01 37 days 1,951 sqft
2020-09-01 33 days 1,845 sqft
2020-10-01 32 days 1,838 sqft
2020-11-01 38 days 1,852 sqft
2020-12-01 43 days 1,844 sqft
2021-01-01 47 days 1,846 sqft
2021-02-01 35 days 1,789 sqft
2021-03-01 33 days 1,841 sqft
2021-04-01 30 days 1,850 sqft
2021-05-01 27 days 1,789 sqft
2021-06-01 25 days 1,742 sqft
2021-07-01 26 days 1,755 sqft
2021-08-01 27 days 1,790 sqft
2021-09-01 30 days 1,724 sqft
2021-10-01 30 days 1,762 sqft
2021-11-01 37 days 1,751 sqft
2021-12-01 42 days 1,776 sqft
2022-01-01 41 days 1,766 sqft
2022-02-01 29 days 1,741 sqft
2022-03-01 27 days 1,752 sqft
2022-04-01 25 days 1,719 sqft
2022-05-01 23 days 1,757 sqft
2022-06-01 25 days 1,725 sqft
2022-07-01 30 days 1,695 sqft
2022-08-01 37 days 1,663 sqft
2022-09-01 44 days 1,662 sqft
2022-10-01 46 days 1,664 sqft
2022-11-01 54 days 1,663 sqft
2022-12-01 65 days 1,682 sqft
Modesto's median listing age (time on market) for 2022-12-01 was 65 days. This is 55% longer than the same period one year ago.

Modesto's median square footage for active listings during the 2022-12-01 period was 1,682 sqft. One year prior, the average listing was 1,776 sqft.