Palm Bay USDA Loan Rates, Closing Costs & Stats

PALM BAY-MELBOURNE-TITUSVILLE, FL

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.

Palm Bay's 2 lenders originated 2 USDA loans during 2023. The total origination value was $610,000, with an average USDA loan value of $305,000.

Palm Bay USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Palm Bay averaged 6.37% for the week of 2024-06-07, compared to the national average (all USDA variants) of 6.699% for the same period.

Palm Bay's average USDA mortgage closing costs are $6,623.

The average rate for the prior week (2024-05-31) was 6.46% and one month ago for the week of 2024-05-03, the average rate was 6.85%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.87%.

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

Palm Bay 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 Palm Bay level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
AMERICAN BANCSHARES MORTGAGE 1 6.63% $7,981
Mortgage Lenders Investment Trading Corporation 1 6.25% $9,161

The top Palm Bay USDA lender as defined by loan originations is AMERICAN BANCSHARES MORTGAGE, with 1 USDA loans originated. Their average total fees are $7,981, which is $1,180 lower than the next largest lender, Mortgage Lenders Investment Trading Corporation.

The lowest fee Palm Bay USDA lenders (with over 10 loans originated) are .

The lowest rate Palm Bay USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Palm Bay (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 $279,450 (7.5%) $365,951 (1.9%) 1.04 2,906
2018-02-01 $279,950 (4.9%) $369,003 (1.0%) 1.02 2,960
2018-03-01 $286,333 (4.1%) $373,740 (-0.5%) 1.00 2,974
2018-04-01 $294,975 (5.4%) $381,906 (0.7%) 1.00 2,995
2018-05-01 $293,076 (4.7%) $382,452 (0.3%) 0.98 3,099
2018-06-01 $290,000 (0.4%) $381,884 (-1.3%) 0.97 3,187
2018-07-01 $291,654 (4.2%) $383,541 (0.5%) 0.97 3,217
2018-08-01 $289,450 (2.5%) $381,761 (0.1%) 0.97 3,275
2018-09-01 $280,458 (0.2%) $376,802 (0.0%) 0.94 3,379
2018-10-01 $280,128 (0.1%) $375,245 (1.2%) 0.95 3,444
2018-11-01 $279,850 (0.0%) $373,829 (1.0%) 0.95 3,618
2018-12-01 $275,000 (-1.4%) $372,331 (1.5%) 0.95 3,709
2019-01-01 $279,450 (0.0%) $371,159 (1.4%) 0.97 3,749
2019-02-01 $280,715 (0.3%) $374,352 (1.5%) 0.95 3,822
2019-03-01 $287,043 (0.3%) $379,852 (1.6%) 0.94 3,662
2019-04-01 $289,093 (-2.0%) $383,363 (0.4%) 0.92 3,436
2019-05-01 $289,150 (-1.3%) $386,537 (1.1%) 0.90 3,249
2019-06-01 $294,950 (1.7%) $389,831 (2.1%) 0.92 3,156
2019-07-01 $295,000 (1.2%) $389,082 (1.4%) 0.92 3,100
2019-08-01 $293,671 (1.5%) $392,285 (2.8%) 0.93 3,010
2019-09-01 $297,175 (6.0%) $396,229 (5.2%) 0.95 2,972
2019-10-01 $299,900 (7.1%) $398,858 (6.3%) 0.97 2,929
2019-11-01 $299,900 (7.2%) $393,470 (5.3%) 0.98 2,903
2019-12-01 $295,395 (7.4%) $393,488 (5.7%) 0.99 2,875
2020-01-01 $297,056 (6.3%) $404,977 (9.1%) 0.99 2,836
2020-02-01 $294,371 (4.9%) $402,409 (7.5%) 0.96 2,800
2020-03-01 $299,100 (4.2%) $406,709 (7.1%) 0.94 2,837
2020-04-01 $294,907 (2.0%) $397,396 (3.7%) 0.92 3,013
2020-05-01 $296,511 (2.6%) $398,457 (3.1%) 0.90 2,844
2020-06-01 $298,926 (1.4%) $405,791 (4.1%) 0.88 2,394
2020-07-01 $302,500 (2.5%) $412,085 (5.9%) 0.88 2,125
2020-08-01 $310,000 (5.6%) $417,803 (6.5%) 0.89 2,004
2020-09-01 $315,943 (6.3%) $421,636 (6.4%) 0.91 1,775
2020-10-01 $315,612 (5.2%) $422,563 (5.9%) 0.90 1,734
2020-11-01 $307,070 (2.4%) $416,452 (5.8%) 0.90 1,756
2020-12-01 $299,950 (1.5%) $409,597 (4.1%) 0.89 1,677
2021-01-01 $299,900 (1.0%) $416,782 (2.9%) 0.90 1,468
2021-02-01 $299,950 (1.9%) $424,264 (5.4%) 0.87 1,235
2021-03-01 $311,996 (4.3%) $443,071 (8.9%) 0.89 969
2021-04-01 $326,950 (10.9%) $455,747 (14.7%) 0.89 874
2021-05-01 $339,917 (14.6%) $473,249 (18.8%) 0.90 861
2021-06-01 $349,900 (17.1%) $498,739 (22.9%) 0.92 946
2021-07-01 $350,000 (15.7%) $499,714 (21.3%) 0.92 1,150
2021-08-01 $357,175 (15.2%) $490,485 (17.4%) 0.95 1,255
2021-09-01 $359,350 (13.7%) $493,697 (17.1%) 0.96 1,293
2021-10-01 $369,500 (17.1%) $510,270 (20.8%) 0.99 1,191
2021-11-01 $369,900 (20.5%) $521,744 (25.3%) 0.99 1,179
2021-12-01 $365,250 (21.8%) $509,257 (24.3%) 0.99 1,089
2022-01-01 $369,250 (23.1%) $534,763 (28.3%) 1.00 904
2022-02-01 $373,361 (24.5%) $554,890 (30.8%) 0.97 802
2022-03-01 $373,126 (19.6%) $562,284 (26.9%) 0.93 765
2022-04-01 $391,450 (19.7%) $567,574 (24.5%) 0.93 799
2022-05-01 $402,470 (18.4%) $574,065 (21.3%) 0.92 1,064
2022-06-01 $417,000 (19.2%) $569,554 (14.2%) 0.93 1,284
2022-07-01 $399,900 (14.3%) $538,750 (7.8%) 0.90 1,759
2022-08-01 $390,000 (9.2%) $524,538 (6.9%) 0.90 2,027
2022-09-01 $380,000 (5.8%) $516,482 (4.6%) 0.89 2,042
2022-10-01 $379,900 (2.8%) $513,196 (0.6%) 0.89 2,234
2022-11-01 $376,400 (1.8%) $504,857 (-3.2%) 0.90 2,380
2022-12-01 $375,000 (2.7%) $500,953 (-1.6%) 0.93 2,370
2023-01-01 $375,000 (1.6%) $501,696 (-6.2%) 0.93 2,364
2023-02-01 $374,950 (0.4%) $509,149 (-8.2%) 0.90 2,217
2023-03-01 $376,500 (0.9%) $506,208 (-10.0%) 0.89 2,146
2023-04-01 $376,000 (-4.0%) $513,479 (-9.5%) 0.87 2,041
2023-05-01 $382,815 (-4.9%) $519,302 (-9.5%) 0.87 2,050
2023-06-01 $385,950 (-7.5%) $521,684 (-8.4%) 0.87 2,101
2023-07-01 $389,000 (-2.7%) $517,903 (-3.9%) 0.88 2,138
2023-08-01 $395,000 (1.3%) $523,931 (-0.1%) 0.91 2,280
2023-09-01 $390,000 (2.6%) $520,219 (0.7%) 0.91 2,516
2023-10-01 $389,900 (2.6%) $522,630 (1.8%) 0.92 2,834
2023-11-01 $386,250 (2.6%) $516,599 (2.3%) 0.92 3,066
2023-12-01 $380,000 (1.3%) $510,454 (1.9%) 0.93 3,073
2024-01-01 $387,950 (3.5%) $515,361 (2.7%) 0.95 3,195
2024-02-01 $389,950 (4.0%) $525,634 (3.2%) 0.94 3,252
2024-03-01 $388,283 (3.1%) $514,169 (1.6%) 0.91 3,409
2024-04-01 $395,000 (5.1%) $518,994 (1.1%) 0.92 3,568
2024-05-01 $399,000 (4.2%) $522,683 (0.7%) 0.90 3,647
Palm Bay's median listing price for 2024-05-01 was $399,000, a difference of $16,185 (4.2%) versus the prior year and $4,000 versus the prior month.

Palm Bay's median listing price comes in at 90% of the national average.

Palm Bay's average listing price for 2024-05-01 was $522,683, a difference of $3,381 (0.7%) versus the prior year and $3,689 versus the prior month.

For the 2024-05-01 period, Palm Bay had 3,647 MLS listings, a difference of 79 listings (2%) versus the prior month and 1,597 listings (78%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Palm Bay (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 63 days 1,875 sqft
2018-02-01 52 days 1,870 sqft
2018-03-01 50 days 1,876 sqft
2018-04-01 51 days 1,903 sqft
2018-05-01 50 days 1,893 sqft
2018-06-01 51 days 1,898 sqft
2018-07-01 56 days 1,908 sqft
2018-08-01 57 days 1,877 sqft
2018-09-01 57 days 1,854 sqft
2018-10-01 58 days 1,850 sqft
2018-11-01 59 days 1,834 sqft
2018-12-01 63 days 1,824 sqft
2019-01-01 68 days 1,823 sqft
2019-02-01 62 days 1,828 sqft
2019-03-01 59 days 1,840 sqft
2019-04-01 60 days 1,854 sqft
2019-05-01 61 days 1,868 sqft
2019-06-01 63 days 1,885 sqft
2019-07-01 59 days 1,872 sqft
2019-08-01 60 days 1,868 sqft
2019-09-01 63 days 1,874 sqft
2019-10-01 64 days 1,877 sqft
2019-11-01 61 days 1,850 sqft
2019-12-01 67 days 1,850 sqft
2020-01-01 67 days 1,855 sqft
2020-02-01 60 days 1,841 sqft
2020-03-01 54 days 1,858 sqft
2020-04-01 58 days 1,847 sqft
2020-05-01 71 days 1,852 sqft
2020-06-01 75 days 1,841 sqft
2020-07-01 64 days 1,845 sqft
2020-08-01 61 days 1,841 sqft
2020-09-01 61 days 1,844 sqft
2020-10-01 64 days 1,847 sqft
2020-11-01 54 days 1,816 sqft
2020-12-01 54 days 1,776 sqft
2021-01-01 58 days 1,777 sqft
2021-02-01 47 days 1,799 sqft
2021-03-01 55 days 1,808 sqft
2021-04-01 53 days 1,815 sqft
2021-05-01 47 days 1,796 sqft
2021-06-01 41 days 1,775 sqft
2021-07-01 34 days 1,767 sqft
2021-08-01 35 days 1,770 sqft
2021-09-01 40 days 1,785 sqft
2021-10-01 51 days 1,806 sqft
2021-11-01 52 days 1,789 sqft
2021-12-01 59 days 1,785 sqft
2022-01-01 66 days 1,775 sqft
2022-02-01 47 days 1,796 sqft
2022-03-01 33 days 1,752 sqft
2022-04-01 30 days 1,750 sqft
2022-05-01 29 days 1,781 sqft
2022-06-01 30 days 1,795 sqft
2022-07-01 32 days 1,800 sqft
2022-08-01 38 days 1,772 sqft
2022-09-01 45 days 1,754 sqft
2022-10-01 50 days 1,764 sqft
2022-11-01 53 days 1,755 sqft
2022-12-01 59 days 1,756 sqft
2023-01-01 60 days 1,754 sqft
2023-02-01 57 days 1,749 sqft
2023-03-01 52 days 1,753 sqft
2023-04-01 50 days 1,755 sqft
2023-05-01 47 days 1,768 sqft
2023-06-01 47 days 1,767 sqft
2023-07-01 52 days 1,757 sqft
2023-08-01 48 days 1,743 sqft
2023-09-01 47 days 1,736 sqft
2023-10-01 50 days 1,755 sqft
2023-11-01 53 days 1,745 sqft
2023-12-01 60 days 1,731 sqft
2024-01-01 66 days 1,751 sqft
2024-02-01 60 days 1,777 sqft
2024-03-01 54 days 1,773 sqft
2024-04-01 52 days 1,784 sqft
2024-05-01 50 days 1,771 sqft
Palm Bay's median listing age (time on market) for 2024-05-01 was 50 days. This is 6% longer than the same period one year ago.

Palm Bay's median square footage for active listings during the 2024-05-01 period was 1,771 sqft. One year prior, the average listing was 1,768 sqft.