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 3 lenders originated 3 USDA loans during 2022. The total origination value was $745,000, with an average USDA loan value of $248,333.
Palm Bay USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Palm Bay
averaged
6.27%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Palm Bay's average USDA mortgage closing costs are $6,573.
The average rate for the prior week (2023-05-19) was
6.01% and
one month ago for the week of 2023-04-21, the
average rate was 5.92%.
The average rate one year ago was 4.94%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.42%.
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 | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| CALIBER HOME LOANS, INC. | 1 | 4.05% | $5,006 |
| Flagstar Bank, FSB | 1 | 3.00% | $6,438 |
| U.S. Bank | 1 | 4.63% | $15,319 |
The top Palm Bay USDA lender as defined by loan originations is CALIBER HOME LOANS, INC., with
1 USDA loans originated. Their average total fees are
$5,006, which is $1,432
lower than the next largest lender,
Flagstar Bank, FSB.
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%) | 0.97 | 3,749 |
| 2019-02-01 | $280,715 (0.3%) | $374,352 (1.5%) | 0.95 | 3,822 |
| 2019-03-01 | $289,000 (0.9%) | $377,830 (1.1%) | 0.96 | 3,672 |
| 2019-04-01 | $289,125 (-2.0%) | $383,503 (0.4%) | 0.92 | 3,438 |
| 2019-05-01 | $288,950 (-1.2%) | $386,484 (1.1%) | 0.90 | 3,250 |
| 2019-06-01 | $294,900 (1.7%) | $389,776 (2.1%) | 0.92 | 3,157 |
| 2019-07-01 | $295,000 (1.2%) | $389,025 (1.4%) | 0.92 | 3,101 |
| 2019-08-01 | $299,999 (3.6%) | $398,399 (4.4%) | 0.94 | 3,015 |
| 2019-09-01 | $309,664 (10.4%) | $409,536 (8.7%) | 0.98 | 2,738 |
| 2019-10-01 | $299,900 (7.1%) | $398,020 (6.1%) | 0.97 | 2,930 |
| 2019-11-01 | $299,900 (7.2%) | $393,409 (5.2%) | 0.98 | 2,904 |
| 2019-12-01 | $295,339 (7.4%) | $393,427 (5.7%) | 0.98 | 2,876 |
| 2020-01-01 | $296,993 (6.3%) | $404,908 (9.1%) | 0.99 | 2,837 |
| 2020-02-01 | $294,333 (4.9%) | $402,342 (7.5%) | 0.96 | 2,801 |
| 2020-03-01 | $299,000 (3.5%) | $406,596 (7.6%) | 0.94 | 2,838 |
| 2020-04-01 | $294,900 (2.0%) | $397,245 (3.6%) | 0.92 | 3,013 |
| 2020-05-01 | $296,136 (2.5%) | $398,357 (3.1%) | 0.90 | 2,843 |
| 2020-06-01 | $298,713 (1.3%) | $405,682 (4.1%) | 0.88 | 2,393 |
| 2020-07-01 | $302,500 (2.5%) | $411,970 (5.9%) | 0.88 | 2,125 |
| 2020-08-01 | $310,000 (3.3%) | $417,803 (4.9%) | 0.89 | 2,004 |
| 2020-09-01 | $315,943 (2.0%) | $421,636 (3.0%) | 0.91 | 1,775 |
| 2020-10-01 | $315,612 (5.2%) | $422,563 (6.2%) | 0.90 | 1,734 |
| 2020-11-01 | $307,070 (2.4%) | $416,452 (5.9%) | 0.90 | 1,756 |
| 2020-12-01 | $299,950 (1.6%) | $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%) | $424,424 (5.5%) | 0.87 | 1,235 |
| 2021-03-01 | $311,750 (4.3%) | $443,257 (9.0%) | 0.88 | 969 |
| 2021-04-01 | $326,950 (10.9%) | $455,696 (14.7%) | 0.89 | 874 |
| 2021-05-01 | $339,917 (14.8%) | $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 (30.7%) | 0.97 | 802 |
| 2022-03-01 | $373,126 (19.7%) | $562,191 (26.8%) | 0.93 | 765 |
| 2022-04-01 | $391,450 (19.7%) | $567,574 (24.6%) | 0.93 | 799 |
| 2022-05-01 | $402,470 (18.4%) | $574,065 (21.3%) | 0.92 | 1,064 |
| 2022-06-01 | $417,450 (19.3%) | $570,241 (14.3%) | 0.93 | 1,285 |
| 2022-07-01 | $399,900 (14.3%) | $539,054 (7.9%) | 0.90 | 1,759 |
| 2022-08-01 | $390,000 (9.2%) | $524,742 (7.0%) | 0.90 | 2,028 |
| 2022-09-01 | $380,000 (5.8%) | $516,499 (4.6%) | 0.89 | 2,043 |
| 2022-10-01 | $379,900 (2.8%) | $513,136 (0.6%) | 0.89 | 2,235 |
| 2022-11-01 | $376,600 (1.8%) | $505,009 (-3.2%) | 0.90 | 2,381 |
| 2022-12-01 | $375,000 (2.7%) | $502,142 (-1.4%) | 0.93 | 2,371 |
| 2023-01-01 | $375,000 (1.6%) | $501,696 (-6.2%) | 0.93 | 2,364 |
| 2023-02-01 | $374,850 (0.4%) | $509,281 (-8.2%) | 0.90 | 2,217 |
| 2023-03-01 | $376,725 (1.0%) | $506,506 (-9.9%) | 0.89 | 2,146 |
| 2023-04-01 | $376,000 (-4.0%) | $513,560 (-9.5%) | 0.87 | 2,040 |
Palm Bay's median listing price comes in at 87% of the national average.
Palm Bay's average listing price for 2023-04-01 was $513,560, a difference of $-54,014 (-9.5%) versus the prior year and $7,054 versus the prior month.
For the 2023-04-01 period, Palm Bay had 2,040 MLS listings, a difference of -106 listings (-5%) versus the prior month and 1,241 listings (155%) 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 | 1,875 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 | 1,907 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 | 59 days | 1,842 sqft |
| 2019-04-01 | 64 days | 1,855 sqft |
| 2019-05-01 | 65 days | 1,868 sqft |
| 2019-06-01 | 66 days | 1,884 sqft |
| 2019-07-01 | 61 days | 1,872 sqft |
| 2019-08-01 | 68 days | 1,892 sqft |
| 2019-09-01 | 73 days | 1,906 sqft |
| 2019-10-01 | 67 days | 1,875 sqft |
| 2019-11-01 | 66 days | 1,850 sqft |
| 2019-12-01 | 71 days | 1,850 sqft |
| 2020-01-01 | 70 days | 1,854 sqft |
| 2020-02-01 | 63 days | 1,841 sqft |
| 2020-03-01 | 57 days | 1,857 sqft |
| 2020-04-01 | 60 days | 1,846 sqft |
| 2020-05-01 | 72 days | 1,852 sqft |
| 2020-06-01 | 79 days | 1,841 sqft |
| 2020-07-01 | 68 days | 1,844 sqft |
| 2020-08-01 | 67 days | 1,841 sqft |
| 2020-09-01 | 67 days | 1,844 sqft |
| 2020-10-01 | 70 days | 1,847 sqft |
| 2020-11-01 | 58 days | 1,817 sqft |
| 2020-12-01 | 57 days | 1,777 sqft |
| 2021-01-01 | 60 days | 1,777 sqft |
| 2021-02-01 | 52 days | 1,800 sqft |
| 2021-03-01 | 58 days | 1,809 sqft |
| 2021-04-01 | 60 days | 1,815 sqft |
| 2021-05-01 | 53 days | 1,796 sqft |
| 2021-06-01 | 44 days | 1,775 sqft |
| 2021-07-01 | 36 days | 1,768 sqft |
| 2021-08-01 | 37 days | 1,770 sqft |
| 2021-09-01 | 42 days | 1,785 sqft |
| 2021-10-01 | 52 days | 1,806 sqft |
| 2021-11-01 | 54 days | 1,790 sqft |
| 2021-12-01 | 62 days | 1,786 sqft |
| 2022-01-01 | 67 days | 1,775 sqft |
| 2022-02-01 | 52 days | 1,797 sqft |
| 2022-03-01 | 35 days | 1,752 sqft |
| 2022-04-01 | 32 days | 1,750 sqft |
| 2022-05-01 | 31 days | 1,781 sqft |
| 2022-06-01 | 31 days | 1,795 sqft |
| 2022-07-01 | 34 days | 1,800 sqft |
| 2022-08-01 | 38 days | 1,771 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 |
| 2022-12-01 | 60 days | 1,756 sqft |
| 2023-01-01 | 62 days | 1,754 sqft |
| 2023-02-01 | 58 days | 1,749 sqft |
| 2023-03-01 | 53 days | 1,752 sqft |
| 2023-04-01 | 51 days | 1,755 sqft |
Palm Bay's median square footage for active listings during the 2023-04-01 period was 1,755 sqft. One year prior, the average listing was 1,750 sqft.