Morristown USDA Loan Rates, Closing Costs & Stats

MORRISTOWN, TN

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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.

    Morristown's 25 lenders originated 60 USDA loans during 2023. The total origination value was $12,650,000, with an average USDA loan value of $210,833.

    Morristown USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Morristown averaged 6.11% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Morristown's average USDA mortgage closing costs are $5,729.

    The average rate for the prior week (2024-12-06) was 6.05% and one month ago for the week of 2024-11-08, the average rate was 6.17%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.15%.

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

    Morristown 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 Morristown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MORTGAGE INVESTORS GROUP, INC. 7 6.25% $6,982
    FIRST COMMUNITY MORTGAGE, INC. 4 5.84% $7,406
    Citizens Bank 4 6.78% $7,927
    CARDINAL FINANCIAL 3 6.29% $9,238
    FirstBank 3 5.92% $6,741
    CMG MORTGAGE, INC. 3 5.71% $8,240
    Equity Prime Mortgage LLC 3 5.67% $12,264
    MOVEMENT MORTGAGE, LLC 3 6.38% $6,032
    ACADEMY MORTGAGE CORPORATION 2 7.31% $8,552
    BROKER SOLUTIONS, INC. 2 5.94% $5,603
    DHI MORTGAGE COMPANY, LTD. 2 4.99% $4,922
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $8,745
    HomeTrust Bank 2 6.38% $4,782
    NEWREZ LLC 2 5.69% $13,163
    UNION HOME MORTGAGE CORP. 2 6.56% $11,192
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.00% $6,494
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $5,928
    UNITED WHOLESALE MORTGAGE, LLC 1 5.63% $8,902
    Northpointe Bank 1 5.75% $6,130
    PLAZA HOME MORTGAGE, INC. 1 6.75% $7,366
    Sierra Pacific Mortgage Company, Inc. 1 5.63% $10,428
    STOCKTON MORTGAGE CORPORATION 1 5.50% $9,985
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $11,497
    Century Mortgage Company DBA Century Lending Company 1 6.25% $6,862
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $8,467

    The top Morristown USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 7 USDA loans originated. Their average total fees are $6,982, which is $425 lower than the next largest lender, FIRST COMMUNITY MORTGAGE, INC..

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

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Morristown (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 $224,900 (28.6%) $310,620 (25.4%) 0.00 589
    2018-02-01 $228,450 (29.8%) $315,569 (27.9%) 0.00 559
    2018-03-01 $229,900 (27.8%) $318,865 (27.4%) 0.00 563
    2018-04-01 $235,000 (18.8%) $322,461 (23.4%) 0.00 559
    2018-05-01 $237,200 (17.2%) $315,681 (15.2%) 0.00 586
    2018-06-01 $237,813 (15.6%) $312,233 (11.4%) 0.00 587
    2018-07-01 $229,900 (15.0%) $303,625 (5.9%) 0.00 611
    2018-08-01 $229,975 (11.6%) $299,570 (1.0%) 0.00 607
    2018-09-01 $229,900 (7.0%) $300,457 (-0.5%) 0.00 633
    2018-10-01 $217,400 (-0.2%) $291,761 (-3.0%) 0.00 634
    2018-11-01 $212,425 (-1.4%) $286,210 (-6.9%) 0.00 596
    2018-12-01 $214,900 (0.0%) $279,023 (-9.2%) 0.00 549
    2019-01-01 $215,000 (-4.4%) $279,381 (-10.1%) 0.00 498
    2019-02-01 $219,900 (-3.7%) $284,995 (-9.7%) 0.00 476
    2019-03-01 $231,386 (0.7%) $305,404 (-4.2%) 0.00 451
    2019-04-01 $239,900 (2.1%) $322,426 (0.0%) 0.00 449
    2019-05-01 $249,450 (5.2%) $334,485 (6.0%) 0.00 475
    2019-06-01 $249,900 (5.1%) $341,872 (9.5%) 0.00 498
    2019-07-01 $237,400 (3.3%) $334,237 (10.1%) 0.00 516
    2019-08-01 $233,536 (1.6%) $330,007 (10.2%) 0.00 511
    2019-09-01 $231,491 (0.7%) $324,584 (8.0%) 0.00 506
    2019-10-01 $235,127 (8.2%) $323,112 (10.8%) 0.00 501
    2019-11-01 $235,000 (10.6%) $325,764 (13.8%) 0.00 484
    2019-12-01 $237,200 (10.4%) $325,462 (16.6%) 0.00 438
    2020-01-01 $225,000 (4.7%) $309,086 (10.6%) 0.00 414
    2020-02-01 $232,210 (5.6%) $312,914 (9.8%) 0.00 393
    2020-03-01 $229,900 (-0.6%) $310,395 (1.6%) 0.00 380
    2020-04-01 $237,165 (-1.1%) $311,566 (-3.4%) 0.00 352
    2020-05-01 $249,900 (0.2%) $324,581 (-3.0%) 0.00 332
    2020-06-01 $270,725 (8.3%) $355,835 (4.1%) 0.00 286
    2020-07-01 $278,700 (17.4%) $365,537 (9.4%) 0.00 270
    2020-08-01 $279,900 (19.9%) $372,456 (12.9%) 0.00 250
    2020-09-01 $294,675 (27.3%) $376,851 (16.1%) 0.00 214
    2020-10-01 $255,450 (8.6%) $385,075 (19.2%) 0.00 215
    2020-11-01 $254,900 (8.5%) $373,221 (14.6%) 0.00 238
    2020-12-01 $251,175 (5.9%) $388,901 (19.5%) 0.00 223
    2021-01-01 $249,900 (11.1%) $376,602 (21.8%) 0.00 203
    2021-02-01 $287,450 (23.8%) $384,904 (23.0%) 0.00 163
    2021-03-01 $332,450 (44.6%) $444,308 (43.1%) 0.00 147
    2021-04-01 $336,450 (41.9%) $467,511 (50.1%) 0.00 149
    2021-05-01 $344,900 (38.0%) $506,156 (55.9%) 0.00 150
    2021-06-01 $322,200 (19.0%) $457,727 (28.6%) 0.00 167
    2021-07-01 $339,900 (22.0%) $476,263 (30.3%) 0.00 196
    2021-08-01 $334,800 (19.6%) $485,406 (30.3%) 0.00 217
    2021-09-01 $312,450 (6.0%) $467,009 (23.9%) 0.00 237
    2021-10-01 $314,900 (23.3%) $469,791 (22.0%) 0.00 253
    2021-11-01 $329,000 (29.1%) $466,999 (25.1%) 0.00 244
    2021-12-01 $334,711 (33.3%) $488,153 (25.5%) 0.00 205
    2022-01-01 $329,900 (32.0%) $467,361 (24.1%) 0.00 173
    2022-02-01 $359,675 (25.1%) $517,271 (34.4%) 0.00 149
    2022-03-01 $369,900 (11.3%) $524,227 (18.0%) 0.00 177
    2022-04-01 $359,000 (6.7%) $505,669 (8.2%) 0.00 201
    2022-05-01 $379,900 (10.2%) $501,771 (-0.9%) 0.00 237
    2022-06-01 $381,925 (18.5%) $512,633 (12.0%) 0.00 265
    2022-07-01 $375,000 (10.3%) $505,341 (6.1%) 0.00 307
    2022-08-01 $364,450 (8.9%) $500,143 (3.0%) 0.00 299
    2022-09-01 $370,925 (18.7%) $495,957 (6.2%) 0.00 285
    2022-10-01 $359,000 (14.0%) $491,454 (4.6%) 0.00 307
    2022-11-01 $349,536 (6.2%) $492,586 (5.5%) 0.00 337
    2022-12-01 $350,000 (4.6%) $505,753 (3.6%) 0.00 298
    2023-01-01 $347,559 (5.4%) $471,006 (0.8%) 0.00 268
    2023-02-01 $352,675 (-2.0%) $476,851 (-7.8%) 0.00 278
    2023-03-01 $386,175 (4.4%) $509,692 (-2.8%) 0.00 284
    2023-04-01 $399,900 (11.4%) $520,300 (2.9%) 0.00 257
    2023-05-01 $449,925 (18.4%) $565,455 (12.7%) 0.00 255
    2023-06-01 $451,225 (18.1%) $563,321 (9.9%) 0.00 277
    2023-07-01 $462,500 (23.3%) $680,561 (34.7%) 0.00 286
    2023-08-01 $454,675 (24.8%) $682,377 (36.4%) 0.00 298
    2023-09-01 $454,500 (22.5%) $611,972 (23.4%) 0.00 303
    2023-10-01 $449,900 (25.3%) $599,079 (21.9%) 0.00 328
    2023-11-01 $449,900 (28.7%) $610,857 (24.0%) 0.00 338
    2023-12-01 $449,900 (28.5%) $609,376 (20.5%) 0.00 333
    2024-01-01 $452,450 (30.2%) $612,081 (30.0%) 0.00 318
    2024-02-01 $465,950 (32.1%) $607,392 (27.4%) 0.00 313
    2024-03-01 $449,789 (16.5%) $597,323 (17.2%) 0.00 316
    2024-04-01 $449,900 (12.5%) $605,207 (16.3%) 0.00 321
    2024-05-01 $473,750 (5.3%) $613,952 (8.6%) 0.00 351
    2024-06-01 $483,450 (7.1%) $627,947 (11.5%) 0.00 356
    2024-07-01 $469,375 (1.5%) $636,278 (-6.5%) 0.00 424
    2024-08-01 $450,000 (-1.0%) $627,951 (-8.0%) 0.00 446
    2024-09-01 $430,663 (-5.2%) $609,026 (-0.5%) 0.00 501
    2024-10-01 $433,600 (-3.6%) $594,296 (-0.8%) 0.00 508
    2024-11-01 $429,900 (-4.5%) $586,374 (-4.0%) 0.00 501
    Morristown's median listing price for 2024-11-01 was $429,900, a difference of $-20,000 (-4.5%) versus the prior year and $-3,700 versus the prior month.

    Morristown's median listing price comes in at 0% of the national average.

    Morristown's average listing price for 2024-11-01 was $586,374, a difference of $-24,483 (-4.0%) versus the prior year and $-7,922 versus the prior month.

    For the 2024-11-01 period, Morristown had 501 MLS listings, a difference of -7 listings (-1%) versus the prior month and 163 listings (48%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Morristown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,892 sqft
    2018-02-01 0 days 1,907 sqft
    2018-03-01 0 days 1,920 sqft
    2018-04-01 0 days 1,969 sqft
    2018-05-01 0 days 1,972 sqft
    2018-06-01 0 days 1,980 sqft
    2018-07-01 0 days 1,942 sqft
    2018-08-01 0 days 1,950 sqft
    2018-09-01 0 days 1,968 sqft
    2018-10-01 0 days 1,961 sqft
    2018-11-01 0 days 1,947 sqft
    2018-12-01 0 days 1,936 sqft
    2019-01-01 0 days 1,940 sqft
    2019-02-01 0 days 1,943 sqft
    2019-03-01 0 days 2,015 sqft
    2019-04-01 0 days 2,039 sqft
    2019-05-01 0 days 2,009 sqft
    2019-06-01 0 days 2,048 sqft
    2019-07-01 0 days 2,000 sqft
    2019-08-01 0 days 1,997 sqft
    2019-09-01 0 days 2,017 sqft
    2019-10-01 0 days 2,045 sqft
    2019-11-01 0 days 2,000 sqft
    2019-12-01 0 days 1,973 sqft
    2020-01-01 0 days 1,883 sqft
    2020-02-01 0 days 1,914 sqft
    2020-03-01 0 days 1,881 sqft
    2020-04-01 0 days 1,904 sqft
    2020-05-01 0 days 1,944 sqft
    2020-06-01 0 days 1,992 sqft
    2020-07-01 0 days 1,965 sqft
    2020-08-01 0 days 2,016 sqft
    2020-09-01 0 days 2,037 sqft
    2020-10-01 0 days 1,900 sqft
    2020-11-01 0 days 1,859 sqft
    2020-12-01 0 days 1,876 sqft
    2021-01-01 0 days 1,820 sqft
    2021-02-01 0 days 1,842 sqft
    2021-03-01 0 days 1,963 sqft
    2021-04-01 0 days 2,047 sqft
    2021-05-01 0 days 2,007 sqft
    2021-06-01 0 days 1,967 sqft
    2021-07-01 0 days 2,022 sqft
    2021-08-01 0 days 1,983 sqft
    2021-09-01 0 days 2,031 sqft
    2021-10-01 0 days 2,112 sqft
    2021-11-01 0 days 2,024 sqft
    2021-12-01 0 days 2,046 sqft
    2022-01-01 0 days 1,920 sqft
    2022-02-01 0 days 1,903 sqft
    2022-03-01 0 days 1,967 sqft
    2022-04-01 0 days 1,821 sqft
    2022-05-01 0 days 1,928 sqft
    2022-06-01 0 days 1,971 sqft
    2022-07-01 0 days 1,980 sqft
    2022-08-01 0 days 1,984 sqft
    2022-09-01 0 days 2,008 sqft
    2022-10-01 0 days 1,971 sqft
    2022-11-01 0 days 1,907 sqft
    2022-12-01 0 days 1,948 sqft
    2023-01-01 0 days 1,861 sqft
    2023-02-01 0 days 1,966 sqft
    2023-03-01 0 days 2,001 sqft
    2023-04-01 0 days 2,048 sqft
    2023-05-01 0 days 2,171 sqft
    2023-06-01 0 days 2,082 sqft
    2023-07-01 0 days 2,200 sqft
    2023-08-01 0 days 2,146 sqft
    2023-09-01 0 days 2,088 sqft
    2023-10-01 0 days 2,078 sqft
    2023-11-01 0 days 2,091 sqft
    2023-12-01 0 days 2,099 sqft
    2024-01-01 0 days 2,088 sqft
    2024-02-01 0 days 2,086 sqft
    2024-03-01 0 days 2,014 sqft
    2024-04-01 0 days 2,048 sqft
    2024-05-01 0 days 2,047 sqft
    2024-06-01 0 days 2,065 sqft
    2024-07-01 0 days 2,000 sqft
    2024-08-01 0 days 2,000 sqft
    2024-09-01 0 days 2,000 sqft
    2024-10-01 0 days 2,032 sqft
    2024-11-01 0 days 2,010 sqft
    Morristown's median listing age (time on market) for 2024-11-01 was 0 days.

    Morristown's median square footage for active listings during the 2024-11-01 period was 2,010 sqft. One year prior, the average listing was 2,091 sqft.