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 8 lenders originated 13 USDA loans during 2021. The total origination value was $3,435,000, with an average USDA loan value of $264,231.

Palm Bay USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Palm Bay averaged 6.48% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Palm Bay's average USDA mortgage closing costs are $6,479.

The average rate for the prior week (2022-11-25) was 6.81% and one month ago for the week of 2022-10-28, the average rate was 7.09%.

The average rate one year ago was 3.38%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.21%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
EMBRACE HOME LOANS, INC. 2 3.00% $5,442
DHI MORTGAGE COMPANY, LTD. 2 2.69% $7,035
CALIBER HOME LOANS, INC. 2 3.00% $11,539
GENEVA FINANCIAL, LLC 1 2.75% $6,611
Plains Commerce Bank 1 2.75% $5,713
RADIUS FINANCIAL GROUP INC. 1 2.25% $3,627
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.38% $6,844
FBC MORTGAGE, LLC 1 2.50% $9,371

The top Palm Bay USDA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 2 USDA loans originated. Their average total fees are $5,442, which is $1,593 lower than the next largest lender, DHI MORTGAGE COMPANY, LTD..

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 $292,500 (4.5%) $382,404 (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%) 0.96 3,749
2019-02-01 $280,715 (0.3%) $374,352 (1.5%) 0.95 3,822
2019-03-01 $287,043 (0.3%) $379,849 (1.6%) 0.94 3,663
2019-04-01 $289,093 (-2.0%) $383,366 (0.4%) 0.92 3,440
2019-05-01 $289,350 (-1.1%) $386,443 (1.1%) 0.90 3,255
2019-06-01 $294,900 (1.7%) $389,623 (2.0%) 0.92 3,162
2019-07-01 $295,000 (1.2%) $388,814 (1.4%) 0.92 3,106
2019-08-01 $293,671 (1.5%) $392,005 (2.7%) 0.93 3,016
2019-09-01 $297,175 (6.0%) $395,934 (5.1%) 0.95 2,978
2019-10-01 $299,900 (7.1%) $398,553 (6.2%) 0.97 2,935
2019-11-01 $299,900 (7.2%) $393,169 (5.2%) 0.98 2,910
2019-12-01 $295,311 (7.4%) $393,186 (5.6%) 0.98 2,882
2020-01-01 $296,993 (6.3%) $404,666 (9.0%) 0.99 2,843
2020-02-01 $294,333 (4.9%) $402,108 (7.4%) 0.96 2,807
2020-03-01 $299,000 (4.2%) $406,365 (7.0%) 0.94 2,844
2020-04-01 $294,900 (2.0%) $397,040 (3.6%) 0.92 3,019
2020-05-01 $296,136 (2.4%) $398,128 (3.0%) 0.90 2,849
2020-06-01 $298,713 (1.3%) $405,411 (4.1%) 0.88 2,399
2020-07-01 $302,500 (2.5%) $411,661 (5.9%) 0.88 2,131
2020-08-01 $310,000 (5.6%) $417,446 (6.5%) 0.89 2,010
2020-09-01 $315,943 (6.3%) $421,240 (6.4%) 0.91 1,781
2020-10-01 $315,612 (5.2%) $422,149 (5.9%) 0.90 1,740
2020-11-01 $307,045 (2.4%) $415,843 (5.8%) 0.90 1,761
2020-12-01 $299,950 (1.6%) $409,158 (4.1%) 0.89 1,681
2021-01-01 $299,900 (1.0%) $416,245 (2.9%) 0.90 1,472
2021-02-01 $299,950 (1.9%) $423,894 (5.4%) 0.87 1,238
2021-03-01 $311,750 (4.3%) $442,499 (8.9%) 0.88 973
2021-04-01 $326,950 (10.9%) $454,827 (14.6%) 0.89 878
2021-05-01 $339,917 (14.8%) $472,305 (18.6%) 0.90 865
2021-06-01 $349,900 (17.1%) $497,794 (22.8%) 0.92 950
2021-07-01 $350,000 (15.7%) $499,040 (21.2%) 0.92 1,153
2021-08-01 $356,950 (15.2%) $489,875 (17.4%) 0.95 1,258
2021-09-01 $359,109 (13.7%) $493,111 (17.1%) 0.96 1,298
2021-10-01 $365,000 (15.7%) $509,187 (20.6%) 0.97 1,196
2021-11-01 $369,071 (20.2%) $521,043 (25.3%) 0.99 1,184
2021-12-01 $365,000 (21.7%) $508,300 (24.2%) 0.99 1,095
2022-01-01 $369,000 (23.0%) $533,420 (28.2%) 1.00 910
2022-02-01 $372,450 (24.2%) $553,302 (30.5%) 0.97 808
2022-03-01 $372,418 (19.5%) $560,695 (26.7%) 0.93 771
2022-04-01 $390,000 (19.3%) $566,002 (24.4%) 0.93 805
2022-05-01 $402,400 (18.4%) $572,736 (21.3%) 0.92 1,070
2022-06-01 $417,070 (19.2%) $569,179 (14.3%) 0.93 1,290
2022-07-01 $399,900 (14.3%) $538,285 (7.9%) 0.90 1,765
2022-08-01 $389,995 (9.3%) $524,111 (7.0%) 0.90 2,034
2022-09-01 $379,995 (5.8%) $515,900 (4.6%) 0.89 2,049
2022-10-01 $379,900 (4.1%) $512,577 (0.7%) 0.89 2,241
2022-11-01 $376,000 (1.9%) $504,507 (-3.2%) 0.90 2,387
Palm Bay's median listing price for 2022-11-01 was $376,000, a difference of $6,929 (1.9%) versus the prior year and $-3,900 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 2022-11-01 was $504,507, a difference of $-16,536 (-3.2%) versus the prior year and $-8,070 versus the prior month.

For the 2022-11-01 period, Palm Bay had 2,387 MLS listings, a difference of 146 listings (7%) versus the prior month and 1,203 listings (102%) 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 66 days 1,874 sqft
2018-02-01 56 days 1,870 sqft
2018-03-01 52 days 1,875 sqft
2018-04-01 54 days 1,903 sqft
2018-05-01 52 days 1,893 sqft
2018-06-01 53 days 1,898 sqft
2018-07-01 58 days 1,908 sqft
2018-08-01 59 days 1,877 sqft
2018-09-01 60 days 1,854 sqft
2018-10-01 61 days 1,850 sqft
2018-11-01 62 days 1,836 sqft
2018-12-01 65 days 1,825 sqft
2019-01-01 71 days 1,824 sqft
2019-02-01 66 days 1,828 sqft
2019-03-01 64 days 1,840 sqft
2019-04-01 64 days 1,854 sqft
2019-05-01 65 days 1,867 sqft
2019-06-01 66 days 1,883 sqft
2019-07-01 61 days 1,872 sqft
2019-08-01 64 days 1,868 sqft
2019-09-01 65 days 1,873 sqft
2019-10-01 67 days 1,876 sqft
2019-11-01 66 days 1,848 sqft
2019-12-01 71 days 1,849 sqft
2020-01-01 70 days 1,854 sqft
2020-02-01 64 days 1,839 sqft
2020-03-01 57 days 1,857 sqft
2020-04-01 60 days 1,845 sqft
2020-05-01 72 days 1,852 sqft
2020-06-01 80 days 1,841 sqft
2020-07-01 68 days 1,844 sqft
2020-08-01 67 days 1,840 sqft
2020-09-01 68 days 1,843 sqft
2020-10-01 71 days 1,845 sqft
2020-11-01 59 days 1,814 sqft
2020-12-01 58 days 1,775 sqft
2021-01-01 60 days 1,776 sqft
2021-02-01 52 days 1,798 sqft
2021-03-01 58 days 1,805 sqft
2021-04-01 60 days 1,810 sqft
2021-05-01 53 days 1,793 sqft
2021-06-01 44 days 1,772 sqft
2021-07-01 36 days 1,762 sqft
2021-08-01 37 days 1,769 sqft
2021-09-01 42 days 1,781 sqft
2021-10-01 53 days 1,805 sqft
2021-11-01 54 days 1,788 sqft
2021-12-01 62 days 1,783 sqft
2022-01-01 68 days 1,772 sqft
2022-02-01 53 days 1,793 sqft
2022-03-01 35 days 1,747 sqft
2022-04-01 32 days 1,748 sqft
2022-05-01 31 days 1,778 sqft
2022-06-01 31 days 1,793 sqft
2022-07-01 34 days 1,800 sqft
2022-08-01 38 days 1,770 sqft
2022-09-01 45 days 1,754 sqft
2022-10-01 51 days 1,764 sqft
2022-11-01 54 days 1,755 sqft
Palm Bay's median listing age (time on market) for 2022-11-01 was 54 days. This is 0% shorter than the same period one year ago.

Palm Bay's median square footage for active listings during the 2022-11-01 period was 1,755 sqft. One year prior, the average listing was 1,788 sqft.