Morristown USDA Loans

MORRISTOWN, TN

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 41 lenders originated 200 USDA loans during 2021. The total origination value was $35,550,000, with an average USDA loan value of $177,750.

Morristown USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Morristown averaged 5.32% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.45% and one month ago for the week of 2022-04-08, the average rate was 4.91%.

The average rate one year ago was 2.92%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.14%.

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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Morristown level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
MORTGAGE INVESTORS GROUP, INC. 55 2.89% $5,489
CMG MORTGAGE, INC. 27 3.06% $5,478
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 3.23% $7,108
Citizens Bank 10 2.84% $5,252
BROKER SOLUTIONS, INC. 8 3.11% $4,597
INTERLINC MORTGAGE SERVICES, LLC 7 3.11% $3,259
Hometown Lenders, Inc. 6 3.10% $5,823
FirstBank 6 2.85% $4,921
FIRST COMMUNITY MORTGAGE, INC. 5 3.03% $4,550
ACADEMY MORTGAGE CORPORATION 4 3.38% $7,247
HOME POINT FINANCIAL CORPORATION 4 3.06% $6,851
CALIBER HOME LOANS, INC. 3 2.79% $6,453
DHI MORTGAGE COMPANY, LTD. 3 2.50% $4,489
AMERICAN FINANCIAL RESOURCES, INC. 3 3.33% $6,664
Paramount Residential Mortgage Group, Inc. 3 3.04% $4,898
Bank of England 2 3.19% $5,709
BAY EQUITY LLC 2 3.12% $4,506
Gateway First Bank 2 2.69% $1,904
MOVEMENT MORTGAGE, LLC 2 2.63% $4,815
A Mortgage Boutique, LLC 2 2.94% $4,968
UNION HOME MORTGAGE CORP. 2 2.56% $5,978
U.S. Bank 2 3.56% $4,203
Wolfe Financial, Inc 2 3.00% $5,421
T2 FINANCIAL LLC 1 3.13% $4,977
AMERICAN MORTGAGE SERVICE COMPANY 1 2.75% $5,150
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $5,229
CALCON MUTUAL MORTGAGE LLC 1 3.38% $6,447
Carrington Mortgage Services, LLC 1 3.25% $3,710
CRESCENT MORTGAGE COMPANY 1 2.75% $4,983
First Citizens National Bank 1 2.38% $5,940
First Guaranty Mortgage Corporation 1 2.88% $4,284
GUILD MORTGAGE COMPANY 1 3.38% $5,819
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $5,085
HomeTrust Bank 1 2.25% $3,870
NATIONS DIRECT MORTGAGE, LLC 1 2.75% $7,698
Pinnacle Bank 1 3.13% $4,875
Sierra Pacific Mortgage Company, Inc. 1 3.50% $4,905
STOCKTON MORTGAGE CORPORATION 1 2.50% $3,328
1ST SIGNATURE LENDING, LLC 1 2.75% $9,591
Truist Bank 1 2.63% $5,117
UNITED WHOLESALE MORTGAGE, LLC 1 2.59% $5,208

The top Morristown USDA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with 55 USDA loans originated. Their average total fees are $5,489, which is $12 higher than the next largest lender, CMG MORTGAGE, INC..

The lowest fee Morristown USDA lenders (with over 10 loans originated) are Citizens Bank ($5,252), CMG MORTGAGE, INC. ($5,478), MORTGAGE INVESTORS GROUP, INC. ($5,489), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP ($7,108) and .

The lowest rate Morristown USDA lenders (with over 10 loans originated) are Citizens Bank (2.84%), MORTGAGE INVESTORS GROUP, INC. (2.89%), CMG MORTGAGE, INC. (3.06%), CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (3.23%) and .


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 $266,750 (35.8%) $334,314 (27.0%) 0.00 723
2018-02-01 $267,250 (37.1%) $341,483 (31.4%) 0.00 684
2018-03-01 $259,900 (30.3%) $338,704 (29.9%) 0.00 713
2018-04-01 $266,950 (24.2%) $349,132 (28.0%) 0.00 707
2018-05-01 $267,450 (18.9%) $342,842 (20.5%) 0.00 704
2018-06-01 $274,000 (16.6%) $333,743 (12.9%) 0.00 752
2018-07-01 $254,950 (8.5%) $318,071 (4.1%) 0.00 802
2018-08-01 $252,450 (1.6%) $308,056 (-4.7%) 0.00 777
2018-09-01 $249,900 (0.0%) $312,175 (-4.4%) 0.00 777
2018-10-01 $244,900 (-1.7%) $309,361 (-2.8%) 0.00 774
2018-11-01 $242,400 (0.0%) $300,521 (-5.9%) 0.00 744
2018-12-01 $242,400 (-3.0%) $303,846 (-6.8%) 0.00 674
2019-01-01 $249,450 (-6.5%) $304,807 (-8.8%) 0.00 623
2019-02-01 $249,900 (-6.5%) $309,667 (-9.3%) 0.00 587
2019-03-01 $254,186 (-2.2%) $325,913 (-3.8%) 0.00 570
2019-04-01 $262,400 (-1.7%) $341,377 (-2.2%) 0.00 556
2019-05-01 $262,325 (-1.9%) $359,835 (5.0%) 0.00 603
2019-06-01 $262,650 (-4.1%) $366,540 (9.8%) 0.00 657
2019-07-01 $247,400 (-3.0%) $356,758 (12.2%) 0.00 691
2019-08-01 $244,900 (-3.0%) $350,000 (13.6%) 0.00 676
2019-09-01 $244,900 (-2.0%) $345,706 (10.7%) 0.00 653
2019-10-01 $244,900 (0.0%) $345,476 (11.7%) 0.00 654
2019-11-01 $239,900 (-1.0%) $347,358 (15.6%) 0.00 635
2019-12-01 $241,450 (-0.4%) $352,112 (15.9%) 0.00 561
2020-01-01 $232,450 (-6.8%) $305,769 (0.3%) 0.00 533
2020-02-01 $239,900 (-4.0%) $309,534 (0.0%) 0.00 501
2020-03-01 $236,625 (-6.9%) $312,001 (-4.3%) 0.00 466
2020-04-01 $234,950 (-10.5%) $301,565 (-11.7%) 0.00 448
2020-05-01 $254,900 (-2.8%) $316,691 (-12.0%) 0.00 399
2020-06-01 $259,450 (-1.2%) $325,746 (-11.1%) 0.00 340
2020-07-01 $269,450 (8.9%) $341,778 (-4.2%) 0.00 328
2020-08-01 $279,900 (14.3%) $356,757 (1.9%) 0.00 297
2020-09-01 $284,450 (16.2%) $355,143 (2.7%) 0.00 242
2020-10-01 $255,450 (4.3%) $353,956 (2.5%) 0.00 240
2020-11-01 $249,900 (4.2%) $357,266 (2.9%) 0.00 264
2020-12-01 $242,400 (0.4%) $365,188 (3.7%) 0.00 250
2021-01-01 $244,900 (5.4%) $372,498 (21.8%) 0.00 229
2021-02-01 $299,900 (25.0%) $400,941 (29.5%) 0.00 194
2021-03-01 $334,450 (41.3%) $441,790 (41.6%) 0.00 161
2021-04-01 $325,000 (38.3%) $461,433 (53.0%) 0.00 162
2021-05-01 $339,900 (33.4%) $498,823 (57.5%) 0.00 181
2021-06-01 $319,900 (23.3%) $444,717 (36.5%) 0.00 178
2021-07-01 $334,900 (24.3%) $473,399 (38.5%) 0.00 207
2021-08-01 $319,700 (14.2%) $499,493 (40.0%) 0.00 228
2021-09-01 $312,400 (9.8%) $510,055 (43.6%) 0.00 262
2021-10-01 $314,900 (23.3%) $482,811 (36.4%) 0.00 289
2021-11-01 $330,450 (32.2%) $484,060 (35.5%) 0.00 283
2021-12-01 $332,805 (37.3%) $523,274 (43.3%) 0.00 237
2022-01-01 $329,900 (34.7%) $523,992 (40.7%) 0.00 192
2022-02-01 $344,950 (15.0%) $533,700 (33.1%) 0.00 174
2022-03-01 $349,000 (4.4%) $514,082 (16.4%) 0.00 183
2022-04-01 $369,900 (13.8%) $529,439 (14.7%) 0.00 213
Morristown's median listing price for 2022-04-01 was $369,900, a difference of $44,900 (13.8%) versus the prior year and $20,900 versus the prior month.

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

Morristown's average listing price for 2022-04-01 was $529,439, a difference of $68,006 (14.7%) versus the prior year and $15,357 versus the prior month.

For the 2022-04-01 period, Morristown had 213 MLS listings, a difference of 30 listings (16%) versus the prior month and 51 listings (31%) 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 1,984 sqft
2018-02-01 0 days 2,000 sqft
2018-03-01 0 days 2,046 sqft
2018-04-01 0 days 2,091 sqft
2018-05-01 0 days 2,097 sqft
2018-06-01 0 days 2,144 sqft
2018-07-01 0 days 2,041 sqft
2018-08-01 0 days 2,078 sqft
2018-09-01 0 days 2,088 sqft
2018-10-01 0 days 2,140 sqft
2018-11-01 0 days 2,094 sqft
2018-12-01 0 days 2,080 sqft
2019-01-01 0 days 2,091 sqft
2019-02-01 0 days 2,088 sqft
2019-03-01 0 days 2,194 sqft
2019-04-01 0 days 2,198 sqft
2019-05-01 0 days 2,130 sqft
2019-06-01 0 days 2,160 sqft
2019-07-01 0 days 2,091 sqft
2019-08-01 0 days 2,101 sqft
2019-09-01 0 days 2,125 sqft
2019-10-01 0 days 2,149 sqft
2019-11-01 0 days 2,106 sqft
2019-12-01 0 days 2,134 sqft
2020-01-01 0 days 1,955 sqft
2020-02-01 0 days 1,975 sqft
2020-03-01 0 days 1,987 sqft
2020-04-01 0 days 1,960 sqft
2020-05-01 0 days 2,039 sqft
2020-06-01 0 days 2,038 sqft
2020-07-01 0 days 1,961 sqft
2020-08-01 0 days 2,125 sqft
2020-09-01 0 days 2,088 sqft
2020-10-01 0 days 1,991 sqft
2020-11-01 0 days 1,955 sqft
2020-12-01 0 days 1,912 sqft
2021-01-01 0 days 1,900 sqft
2021-02-01 0 days 1,960 sqft
2021-03-01 0 days 2,043 sqft
2021-04-01 0 days 2,042 sqft
2021-05-01 0 days 1,934 sqft
2021-06-01 0 days 2,036 sqft
2021-07-01 0 days 2,129 sqft
2021-08-01 0 days 1,952 sqft
2021-09-01 0 days 2,167 sqft
2021-10-01 0 days 2,162 sqft
2021-11-01 0 days 2,000 sqft
2021-12-01 0 days 2,113 sqft
2022-01-01 0 days 2,000 sqft
2022-02-01 0 days 2,034 sqft
2022-03-01 0 days 1,991 sqft
2022-04-01 0 days 2,000 sqft
Morristown's median listing age (time on market) for 2022-04-01 was 0 days.

Morristown's median square footage for active listings during the 2022-04-01 period was 2,000 sqft. One year prior, the average listing was 2,042 sqft.