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 6.44% for the week of 2025-02-14, compared to the national average (all USDA variants) of 6.526% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.4% and one month ago for the week of 2025-01-10, the average rate was 6.14%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.47%.

    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 $236,725 (33.4%) $315,037 (27.5%) 0.00 485
    2018-02-01 $235,000 (34.3%) $322,566 (32.4%) 0.00 460
    2018-03-01 $229,900 (27.8%) $324,806 (32.1%) 0.00 468
    2018-04-01 $247,700 (25.2%) $332,045 (28.4%) 0.00 457
    2018-05-01 $244,538 (17.4%) $324,043 (17.9%) 0.00 470
    2018-06-01 $241,400 (14.8%) $318,997 (13.6%) 0.00 479
    2018-07-01 $229,900 (10.8%) $304,902 (5.7%) 0.00 504
    2018-08-01 $229,900 (10.8%) $298,484 (-0.2%) 0.00 497
    2018-09-01 $229,825 (6.1%) $301,110 (-1.0%) 0.00 512
    2018-10-01 $216,950 (-2.5%) $294,573 (-2.3%) 0.00 518
    2018-11-01 $214,450 (-1.6%) $287,280 (-6.9%) 0.00 493
    2018-12-01 $215,000 (-6.5%) $280,403 (-9.7%) 0.00 455
    2019-01-01 $219,000 (-7.5%) $281,053 (-10.8%) 0.00 420
    2019-02-01 $219,900 (-6.4%) $285,891 (-11.4%) 0.00 395
    2019-03-01 $234,900 (2.2%) $304,159 (-6.4%) 0.00 374
    2019-04-01 $243,650 (-1.6%) $323,516 (-2.6%) 0.00 370
    2019-05-01 $243,650 (-0.4%) $340,703 (5.1%) 0.00 392
    2019-06-01 $245,000 (1.5%) $343,521 (7.7%) 0.00 419
    2019-07-01 $231,450 (0.7%) $336,519 (10.4%) 0.00 442
    2019-08-01 $229,900 (0.0%) $329,839 (10.5%) 0.00 429
    2019-09-01 $229,900 (0.0%) $324,450 (7.8%) 0.00 417
    2019-10-01 $229,923 (6.0%) $321,722 (9.2%) 0.00 409
    2019-11-01 $229,900 (7.2%) $325,301 (13.2%) 0.00 397
    2019-12-01 $233,675 (8.7%) $324,060 (15.6%) 0.00 362
    2020-01-01 $223,900 (2.2%) $303,796 (8.1%) 0.00 347
    2020-02-01 $229,900 (4.6%) $307,479 (7.6%) 0.00 335
    2020-03-01 $229,900 (-2.1%) $309,545 (1.8%) 0.00 316
    2020-04-01 $231,660 (-4.9%) $305,147 (-5.7%) 0.00 300
    2020-05-01 $249,900 (2.6%) $324,607 (-4.7%) 0.00 277
    2020-06-01 $262,225 (7.0%) $345,732 (0.6%) 0.00 236
    2020-07-01 $271,950 (17.5%) $360,605 (7.2%) 0.00 225
    2020-08-01 $279,900 (21.8%) $375,727 (13.9%) 0.00 212
    2020-09-01 $281,800 (22.6%) $372,727 (14.9%) 0.00 182
    2020-10-01 $255,000 (10.9%) $375,362 (16.7%) 0.00 183
    2020-11-01 $251,819 (9.5%) $369,070 (13.5%) 0.00 195
    2020-12-01 $249,900 (6.9%) $381,096 (17.6%) 0.00 186
    2021-01-01 $247,578 (10.6%) $363,678 (19.7%) 0.00 174
    2021-02-01 $293,475 (27.7%) $393,235 (27.9%) 0.00 142
    2021-03-01 $333,900 (45.2%) $454,028 (46.7%) 0.00 123
    2021-04-01 $325,000 (40.3%) $469,937 (54.0%) 0.00 125
    2021-05-01 $324,900 (30.0%) $493,960 (52.2%) 0.00 123
    2021-06-01 $307,175 (17.1%) $442,449 (28.0%) 0.00 137
    2021-07-01 $329,900 (21.3%) $472,123 (30.9%) 0.00 161
    2021-08-01 $332,000 (18.6%) $484,535 (29.0%) 0.00 175
    2021-09-01 $299,800 (6.4%) $464,827 (24.7%) 0.00 191
    2021-10-01 $299,900 (17.6%) $469,181 (25.0%) 0.00 206
    2021-11-01 $328,000 (30.3%) $462,941 (25.4%) 0.00 206
    2021-12-01 $331,451 (32.6%) $484,792 (27.2%) 0.00 173
    2022-01-01 $324,950 (31.3%) $469,806 (29.2%) 0.00 141
    2022-02-01 $354,675 (20.9%) $528,684 (34.4%) 0.00 128
    2022-03-01 $369,900 (10.8%) $524,918 (15.6%) 0.00 149
    2022-04-01 $327,450 (0.8%) $495,078 (5.4%) 0.00 169
    2022-05-01 $361,950 (11.4%) $496,683 (0.6%) 0.00 197
    2022-06-01 $363,450 (18.3%) $517,335 (16.9%) 0.00 222
    2022-07-01 $359,900 (9.1%) $506,570 (7.3%) 0.00 259
    2022-08-01 $359,450 (8.3%) $501,275 (3.5%) 0.00 245
    2022-09-01 $359,900 (20.1%) $495,184 (6.5%) 0.00 234
    2022-10-01 $359,000 (19.7%) $495,368 (5.6%) 0.00 246
    2022-11-01 $349,900 (6.7%) $496,293 (7.2%) 0.00 279
    2022-12-01 $351,950 (6.2%) $512,530 (5.7%) 0.00 247
    2023-01-01 $339,175 (4.4%) $475,266 (1.2%) 0.00 216
    2023-02-01 $344,900 (-2.8%) $476,414 (-9.9%) 0.00 222
    2023-03-01 $361,950 (-2.2%) $508,779 (-3.1%) 0.00 230
    2023-04-01 $398,000 (21.6%) $523,082 (5.7%) 0.00 212
    2023-05-01 $449,925 (24.3%) $569,764 (14.7%) 0.00 207
    2023-06-01 $449,950 (23.8%) $568,747 (9.9%) 0.00 236
    2023-07-01 $479,900 (33.3%) $706,537 (39.5%) 0.00 243
    2023-08-01 $486,950 (35.5%) $732,331 (46.1%) 0.00 247
    2023-09-01 $459,950 (27.8%) $635,210 (28.3%) 0.00 251
    2023-10-01 $449,900 (25.3%) $607,462 (22.6%) 0.00 274
    2023-11-01 $449,900 (28.6%) $608,969 (22.7%) 0.00 273
    2023-12-01 $444,900 (26.4%) $602,714 (17.6%) 0.00 258
    2024-01-01 $449,950 (32.7%) $611,219 (28.6%) 0.00 242
    2024-02-01 $459,925 (33.4%) $599,394 (25.8%) 0.00 242
    2024-03-01 $449,789 (24.3%) $587,274 (15.4%) 0.00 242
    2024-04-01 $438,855 (10.3%) $593,866 (13.5%) 0.00 245
    2024-05-01 $449,675 (-0.1%) $602,600 (5.8%) 0.00 279
    2024-06-01 $470,000 (4.5%) $620,332 (9.1%) 0.00 278
    2024-07-01 $463,500 (-3.4%) $631,071 (-10.7%) 0.00 340
    2024-08-01 $434,750 (-10.7%) $620,254 (-15.3%) 0.00 363
    2024-09-01 $421,175 (-8.4%) $608,680 (-4.2%) 0.00 404
    2024-10-01 $426,000 (-5.3%) $589,864 (-2.9%) 0.00 416
    2024-11-01 $419,450 (-6.8%) $588,886 (-3.3%) 0.00 414
    2024-12-01 $399,950 (-10.1%) $586,307 (-2.7%) 0.00 396
    2025-01-01 $402,225 (-10.6%) $575,193 (-5.9%) 0.00 367
    Morristown's median listing price for 2025-01-01 was $402,225, a difference of $-47,725 (-10.6%) versus the prior year and $2,275 versus the prior month.

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

    Morristown's average listing price for 2025-01-01 was $575,193, a difference of $-36,026 (-5.9%) versus the prior year and $-11,114 versus the prior month.

    For the 2025-01-01 period, Morristown had 367 MLS listings, a difference of -29 listings (-7%) versus the prior month and 125 listings (52%) 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 1,935 sqft
    2018-02-01 0 days 1,922 sqft
    2018-03-01 0 days 1,959 sqft
    2018-04-01 0 days 1,984 sqft
    2018-05-01 0 days 1,993 sqft
    2018-06-01 0 days 2,005 sqft
    2018-07-01 0 days 1,951 sqft
    2018-08-01 0 days 1,971 sqft
    2018-09-01 0 days 1,980 sqft
    2018-10-01 0 days 1,999 sqft
    2018-11-01 0 days 1,968 sqft
    2018-12-01 0 days 1,940 sqft
    2019-01-01 0 days 1,960 sqft
    2019-02-01 0 days 1,963 sqft
    2019-03-01 0 days 2,043 sqft
    2019-04-01 0 days 2,067 sqft
    2019-05-01 0 days 2,012 sqft
    2019-06-01 0 days 2,052 sqft
    2019-07-01 0 days 2,023 sqft
    2019-08-01 0 days 2,030 sqft
    2019-09-01 0 days 2,076 sqft
    2019-10-01 0 days 2,103 sqft
    2019-11-01 0 days 2,048 sqft
    2019-12-01 0 days 2,026 sqft
    2020-01-01 0 days 1,914 sqft
    2020-02-01 0 days 1,949 sqft
    2020-03-01 0 days 1,956 sqft
    2020-04-01 0 days 1,952 sqft
    2020-05-01 0 days 1,991 sqft
    2020-06-01 0 days 2,033 sqft
    2020-07-01 0 days 1,990 sqft
    2020-08-01 0 days 2,125 sqft
    2020-09-01 0 days 2,051 sqft
    2020-10-01 0 days 1,937 sqft
    2020-11-01 0 days 1,888 sqft
    2020-12-01 0 days 1,883 sqft
    2021-01-01 0 days 1,836 sqft
    2021-02-01 0 days 1,913 sqft
    2021-03-01 0 days 2,011 sqft
    2021-04-01 0 days 2,048 sqft
    2021-05-01 0 days 2,000 sqft
    2021-06-01 0 days 1,981 sqft
    2021-07-01 0 days 2,040 sqft
    2021-08-01 0 days 1,981 sqft
    2021-09-01 0 days 2,028 sqft
    2021-10-01 0 days 2,021 sqft
    2021-11-01 0 days 1,972 sqft
    2021-12-01 0 days 1,969 sqft
    2022-01-01 0 days 1,935 sqft
    2022-02-01 0 days 1,938 sqft
    2022-03-01 0 days 1,928 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,905 sqft
    2022-06-01 0 days 1,965 sqft
    2022-07-01 0 days 1,968 sqft
    2022-08-01 0 days 2,002 sqft
    2022-09-01 0 days 2,010 sqft
    2022-10-01 0 days 2,009 sqft
    2022-11-01 0 days 1,948 sqft
    2022-12-01 0 days 1,971 sqft
    2023-01-01 0 days 1,906 sqft
    2023-02-01 0 days 1,964 sqft
    2023-03-01 0 days 1,984 sqft
    2023-04-01 0 days 1,988 sqft
    2023-05-01 0 days 2,140 sqft
    2023-06-01 0 days 2,056 sqft
    2023-07-01 0 days 2,192 sqft
    2023-08-01 0 days 2,164 sqft
    2023-09-01 0 days 2,086 sqft
    2023-10-01 0 days 2,049 sqft
    2023-11-01 0 days 2,084 sqft
    2023-12-01 0 days 2,085 sqft
    2024-01-01 0 days 2,063 sqft
    2024-02-01 0 days 2,017 sqft
    2024-03-01 0 days 2,014 sqft
    2024-04-01 0 days 2,010 sqft
    2024-05-01 0 days 2,025 sqft
    2024-06-01 0 days 2,052 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 2,007 sqft
    2024-11-01 0 days 2,000 sqft
    2024-12-01 0 days 2,000 sqft
    2025-01-01 0 days 2,000 sqft
    Morristown's median listing age (time on market) for 2025-01-01 was 0 days.

    Morristown's median square footage for active listings during the 2025-01-01 period was 2,000 sqft. One year prior, the average listing was 2,063 sqft.