Morristown USDA Loan Rates, Closing Costs & Stats

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 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 6.72% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.34% and one month ago for the week of 2024-03-08, the average rate was 6.5%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.55%.

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
Morristown's median listing price for 2024-03-01 was $449,789, a difference of $63,614 (16.5%) versus the prior year and $-16,161 versus the prior month.

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

Morristown's average listing price for 2024-03-01 was $597,323, a difference of $87,631 (17.2%) versus the prior year and $-10,069 versus the prior month.

For the 2024-03-01 period, Morristown had 316 MLS listings, a difference of 3 listings (1%) versus the prior month and 32 listings (11%) 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 2,087 sqft
2024-03-01 0 days 2,014 sqft
Morristown's median listing age (time on market) for 2024-03-01 was 0 days.

Morristown's median square footage for active listings during the 2024-03-01 period was 2,014 sqft. One year prior, the average listing was 2,001 sqft.