Myrtle Beach USDA Loan Rates, Closing Costs & Stats

MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC

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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.

    Myrtle Beach's 35 lenders originated 63 USDA loans during 2023. The total origination value was $17,035,000, with an average USDA loan value of $270,397.

    Myrtle Beach USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Myrtle Beach averaged 6.57% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Myrtle Beach's average USDA mortgage closing costs are $5,537.

    The average rate for the prior week (2024-04-12) was 6.63% and one month ago for the week of 2024-03-15, the average rate was 6.31%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.26%.

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

    Myrtle Beach 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 Myrtle Beach level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 16 5.17% $5,346
    UNITED WHOLESALE MORTGAGE, LLC 3 5.71% $11,320
    NEWREZ LLC 3 6.04% $7,201
    INSPIRE HOME LOANS INC. 3 5.50% $6,035
    First Palmetto Bank 2 6.94% $6,726
    MORTGAGE INVESTORS GROUP, INC. 2 6.88% $8,706
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.00% $9,144
    CARDINAL FINANCIAL 2 5.81% $8,381
    Truist 2 5.69% $7,581
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.38% $8,708
    GUARANTEED RATE, INC. 2 5.63% $10,655
    Gateway First Bank 1 7.25% $9,523
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $13,782
    HOMESIDE FINANCIAL, LLC 1 6.00% $3,276
    INTERCOASTAL MORTGAGE COMPANY 1 6.38% $5,967
    Ixonia Bank 1 6.13% $18,901
    LOANDEPOT.COM, LLC 1 6.63% $4,908
    Magnolia Bank 1 5.38% $9,210
    MOVEMENT MORTGAGE, LLC 1 7.00% $9,592
    Renasant Bank 1 6.13% $5,925
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.63% $6,786
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $3,812
    The Central Trust Bank 1 6.63% $5,858
    UNION HOME MORTGAGE CORP. 1 7.13% $7,809
    GUILD MORTGAGE COMPANY 1 6.63% $5,519
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $10,145
    Ameris Bank 1 6.25% $13,023
    Atlantic Coast Mortgage, LLC 1 6.25% $9,698
    Bank of England 1 6.63% $4,060
    CMG MORTGAGE, INC. 1 5.63% $9,804
    CROSSCOUNTRY MORTGAGE, LLC 1 4.75% $9,927
    EAGLE HOME MORTGAGE, LLC 1 5.99% $3,971
    EQUITY RESOURCES, INC. 1 6.00% $5,634
    FIRST COMMUNITY MORTGAGE, INC. 1 5.50% $11,867
    FREEDOM MORTGAGE CORPORATION 1 7.25% $7,577

    The top Myrtle Beach USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 16 USDA loans originated. Their average total fees are $5,346, which is $5,974 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Myrtle Beach USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($5,346), .

    The lowest rate Myrtle Beach USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.17%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Myrtle Beach (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 $245,345 (6.7%) $318,253 (7.4%) 0.91 6,641
    2018-02-01 $247,531 (7.7%) $316,233 (6.2%) 0.90 6,823
    2018-03-01 $249,000 (6.0%) $319,276 (5.5%) 0.87 7,024
    2018-04-01 $249,900 (4.6%) $326,046 (4.7%) 0.85 7,034
    2018-05-01 $252,498 (5.3%) $329,157 (4.6%) 0.84 6,969
    2018-06-01 $259,900 (7.7%) $335,091 (4.2%) 0.87 6,870
    2018-07-01 $260,213 (6.3%) $335,520 (4.8%) 0.87 6,710
    2018-08-01 $259,168 (4.8%) $332,222 (3.2%) 0.87 6,759
    2018-09-01 $257,500 (3.4%) $332,379 (2.8%) 0.87 6,671
    2018-10-01 $249,988 (0.4%) $324,731 (0.7%) 0.85 6,660
    2018-11-01 $250,950 (2.4%) $323,931 (0.4%) 0.85 6,630
    2018-12-01 $250,000 (2.0%) $321,139 (-0.1%) 0.86 6,596
    2019-01-01 $251,695 (2.6%) $319,625 (0.4%) 0.87 6,529
    2019-02-01 $253,050 (2.2%) $322,489 (2.0%) 0.85 6,791
    2019-03-01 $255,449 (2.6%) $324,972 (1.8%) 0.84 7,012
    2019-04-01 $259,900 (4.0%) $329,551 (1.1%) 0.83 7,209
    2019-05-01 $264,200 (4.6%) $334,994 (1.8%) 0.83 7,160
    2019-06-01 $263,500 (1.4%) $334,669 (-0.1%) 0.82 7,110
    2019-07-01 $260,000 (-0.1%) $334,427 (-0.3%) 0.81 7,030
    2019-08-01 $262,155 (1.2%) $336,308 (1.2%) 0.83 6,949
    2019-09-01 $265,386 (3.1%) $337,239 (1.5%) 0.85 6,879
    2019-10-01 $266,898 (6.8%) $337,202 (3.8%) 0.86 6,836
    2019-11-01 $265,000 (5.6%) $336,929 (4.0%) 0.87 6,796
    2019-12-01 $264,900 (6.0%) $335,154 (4.4%) 0.88 6,596
    2020-01-01 $259,900 (3.3%) $331,222 (3.6%) 0.87 6,376
    2020-02-01 $262,000 (3.5%) $332,703 (3.2%) 0.86 6,431
    2020-03-01 $261,200 (2.3%) $335,754 (3.3%) 0.82 6,621
    2020-04-01 $259,900 (0.0%) $331,226 (0.5%) 0.81 6,894
    2020-05-01 $261,995 (-0.8%) $336,674 (0.5%) 0.80 6,652
    2020-06-01 $264,900 (0.5%) $339,381 (1.4%) 0.78 5,962
    2020-07-01 $262,450 (0.9%) $339,663 (1.6%) 0.76 5,620
    2020-08-01 $260,444 (-0.7%) $339,148 (0.8%) 0.75 5,405
    2020-09-01 $260,120 (-2.0%) $341,248 (1.2%) 0.75 5,068
    2020-10-01 $262,990 (-1.5%) $346,093 (2.6%) 0.75 4,835
    2020-11-01 $264,200 (-0.3%) $344,601 (2.3%) 0.77 4,582
    2020-12-01 $259,995 (-1.9%) $339,941 (1.4%) 0.77 4,469
    2021-01-01 $259,900 (0.0%) $337,006 (1.8%) 0.78 4,104
    2021-02-01 $262,896 (0.3%) $341,440 (2.6%) 0.77 3,484
    2021-03-01 $273,015 (4.5%) $358,533 (6.8%) 0.77 2,947
    2021-04-01 $291,175 (12.0%) $380,422 (14.9%) 0.79 2,476
    2021-05-01 $311,185 (18.8%) $415,825 (23.5%) 0.83 1,986
    2021-06-01 $329,000 (24.2%) $438,907 (29.3%) 0.87 1,883
    2021-07-01 $358,900 (36.8%) $456,133 (34.3%) 0.95 1,966
    2021-08-01 $358,198 (37.5%) $456,808 (34.7%) 0.96 2,211
    2021-09-01 $356,348 (37.0%) $453,854 (33.0%) 0.95 2,343
    2021-10-01 $366,045 (39.2%) $464,347 (34.2%) 0.98 2,391
    2021-11-01 $365,539 (38.4%) $464,570 (34.8%) 0.98 2,302
    2021-12-01 $370,533 (42.5%) $468,922 (37.9%) 1.00 1,999
    2022-01-01 $372,000 (43.1%) $471,861 (40.0%) 1.01 1,785
    2022-02-01 $394,808 (50.2%) $512,079 (50.0%) 1.03 1,362
    2022-03-01 $399,555 (46.4%) $520,708 (45.2%) 1.00 1,358
    2022-04-01 $399,000 (37.0%) $522,855 (37.4%) 0.95 1,570
    2022-05-01 $389,900 (25.3%) $514,022 (23.6%) 0.89 2,152
    2022-06-01 $389,655 (18.4%) $510,846 (16.4%) 0.87 2,705
    2022-07-01 $383,663 (6.9%) $498,701 (9.3%) 0.86 3,337
    2022-08-01 $381,175 (6.4%) $488,608 (7.0%) 0.88 3,645
    2022-09-01 $382,675 (7.4%) $487,642 (7.4%) 0.89 3,909
    2022-10-01 $379,370 (3.6%) $480,837 (3.6%) 0.89 4,153
    2022-11-01 $374,172 (2.4%) $470,550 (1.3%) 0.90 4,443
    2022-12-01 $365,815 (-1.3%) $462,487 (-1.4%) 0.90 4,478
    2023-01-01 $362,500 (-2.6%) $458,294 (-2.9%) 0.90 4,288
    2023-02-01 $364,059 (-7.8%) $458,158 (-10.5%) 0.88 4,042
    2023-03-01 $365,095 (-8.6%) $462,122 (-11.3%) 0.86 3,929
    2023-04-01 $366,948 (-8.0%) $470,655 (-10.0%) 0.85 3,857
    2023-05-01 $365,974 (-6.1%) $466,433 (-9.3%) 0.83 3,968
    2023-06-01 $365,151 (-6.3%) $468,436 (-8.3%) 0.82 4,037
    2023-07-01 $359,900 (-6.2%) $464,469 (-6.9%) 0.82 4,169
    2023-08-01 $355,784 (-6.7%) $494,873 (1.3%) 0.82 4,349
    2023-09-01 $350,000 (-8.5%) $458,571 (-6.0%) 0.81 4,508
    2023-10-01 $350,000 (-7.7%) $459,288 (-4.5%) 0.82 4,814
    2023-11-01 $350,000 (-6.5%) $456,685 (-3.0%) 0.83 5,141
    2023-12-01 $349,900 (-4.4%) $448,667 (-3.0%) 0.85 5,232
    2024-01-01 $345,884 (-4.6%) $445,109 (-2.9%) 0.84 5,367
    2024-02-01 $345,875 (-5.0%) $446,242 (-2.6%) 0.83 5,702
    2024-03-01 $346,900 (-5.0%) $449,433 (-2.8%) 0.82 5,951
    Myrtle Beach's median listing price for 2024-03-01 was $346,900, a difference of $-18,195 (-5.0%) versus the prior year and $1,025 versus the prior month.

    Myrtle Beach's median listing price comes in at 82% of the national average.

    Myrtle Beach's average listing price for 2024-03-01 was $449,433, a difference of $-12,689 (-2.8%) versus the prior year and $3,191 versus the prior month.

    For the 2024-03-01 period, Myrtle Beach had 5,951 MLS listings, a difference of 249 listings (4%) versus the prior month and 2,022 listings (51%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Myrtle Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 99 days 1,701 sqft
    2018-02-01 94 days 1,701 sqft
    2018-03-01 75 days 1,701 sqft
    2018-04-01 73 days 1,701 sqft
    2018-05-01 73 days 1,701 sqft
    2018-06-01 79 days 1,701 sqft
    2018-07-01 85 days 1,701 sqft
    2018-08-01 82 days 1,701 sqft
    2018-09-01 87 days 1,701 sqft
    2018-10-01 91 days 1,650 sqft
    2018-11-01 95 days 1,647 sqft
    2018-12-01 102 days 1,651 sqft
    2019-01-01 94 days 1,626 sqft
    2019-02-01 89 days 1,605 sqft
    2019-03-01 79 days 1,539 sqft
    2019-04-01 74 days 1,451 sqft
    2019-05-01 76 days 1,451 sqft
    2019-06-01 81 days 1,451 sqft
    2019-07-01 82 days 1,501 sqft
    2019-08-01 84 days 1,511 sqft
    2019-09-01 84 days 1,526 sqft
    2019-10-01 85 days 1,536 sqft
    2019-11-01 86 days 1,550 sqft
    2019-12-01 90 days 1,601 sqft
    2020-01-01 96 days 1,636 sqft
    2020-02-01 93 days 1,651 sqft
    2020-03-01 71 days 1,650 sqft
    2020-04-01 76 days 1,650 sqft
    2020-05-01 86 days 1,651 sqft
    2020-06-01 92 days 1,686 sqft
    2020-07-01 77 days 1,677 sqft
    2020-08-01 68 days 1,660 sqft
    2020-09-01 68 days 1,650 sqft
    2020-10-01 68 days 1,650 sqft
    2020-11-01 68 days 1,637 sqft
    2020-12-01 72 days 1,620 sqft
    2021-01-01 75 days 1,610 sqft
    2021-02-01 73 days 1,600 sqft
    2021-03-01 56 days 1,605 sqft
    2021-04-01 52 days 1,652 sqft
    2021-05-01 46 days 1,671 sqft
    2021-06-01 41 days 1,687 sqft
    2021-07-01 37 days 1,723 sqft
    2021-08-01 35 days 1,729 sqft
    2021-09-01 39 days 1,741 sqft
    2021-10-01 41 days 1,831 sqft
    2021-11-01 44 days 1,805 sqft
    2021-12-01 57 days 1,812 sqft
    2022-01-01 64 days 1,821 sqft
    2022-02-01 48 days 1,814 sqft
    2022-03-01 37 days 1,804 sqft
    2022-04-01 29 days 1,726 sqft
    2022-05-01 26 days 1,710 sqft
    2022-06-01 32 days 1,700 sqft
    2022-07-01 39 days 1,673 sqft
    2022-08-01 45 days 1,672 sqft
    2022-09-01 52 days 1,693 sqft
    2022-10-01 58 days 1,702 sqft
    2022-11-01 65 days 1,702 sqft
    2022-12-01 67 days 1,711 sqft
    2023-01-01 77 days 1,701 sqft
    2023-02-01 79 days 1,713 sqft
    2023-03-01 62 days 1,720 sqft
    2023-04-01 53 days 1,715 sqft
    2023-05-01 51 days 1,701 sqft
    2023-06-01 51 days 1,674 sqft
    2023-07-01 55 days 1,648 sqft
    2023-08-01 55 days 1,618 sqft
    2023-09-01 55 days 1,618 sqft
    2023-10-01 57 days 1,600 sqft
    2023-11-01 59 days 1,601 sqft
    2023-12-01 66 days 1,580 sqft
    2024-01-01 72 days 1,576 sqft
    2024-02-01 62 days 1,561 sqft
    2024-03-01 57 days 1,554 sqft
    Myrtle Beach's median listing age (time on market) for 2024-03-01 was 57 days. This is -7% shorter than the same period one year ago.

    Myrtle Beach's median square footage for active listings during the 2024-03-01 period was 1,554 sqft. One year prior, the average listing was 1,720 sqft.