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%.
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. LouisDate | 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 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. LouisDate | 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 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.