Modesto USDA Loan Rates, Closing Costs & Stats

MODESTO, CA

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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.

    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.