Morristown USDA Loans

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 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.