Panama City USDA Loan Rates, Closing Costs & Stats

PANAMA CITY, 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.

Panama City's 11 lenders originated 23 USDA loans during 2022. The total origination value was $6,115,000, with an average USDA loan value of $265,870.

Panama City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Panama City averaged 6.39% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Panama City's average USDA mortgage closing costs are $5,812.

The average rate for the prior week (2024-02-09) was 6.03% and one month ago for the week of 2024-01-12, the average rate was 5.95%.

The average rate one year ago was 5.98%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.51%.

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

Panama City 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 Panama City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Trustmark National Bank 5 4.43% $7,105
DHI MORTGAGE COMPANY, LTD. 4 3.12% $6,367
Tyndall Federal Credit Union 4 3.97% $8,051
OPEN MORTGAGE, LLC 2 5.50% $5,975
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.31% $6,950
Centennial Bank 1 3.00% $4,822
UNITED WHOLESALE MORTGAGE, LLC 1 5.50% $4,550
CMG MORTGAGE, INC. 1 3.75% $8,132
HOME POINT FINANCIAL CORPORATION 1 6.99% $7,396
HOMESTAR FINANCIAL CORPORATION 1 3.25% $3,240
LOANDEPOT.COM, LLC 1 5.50% $11,332

The top Panama City USDA lender as defined by loan originations is Trustmark National Bank, with 5 USDA loans originated. Their average total fees are $7,105, which is $738 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Panama City USDA lenders (with over 10 loans originated) are .

The lowest rate Panama City USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Panama City (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 $262,400 (5.0%) $338,925 (6.2%) 0.97 1,720
2018-02-01 $264,950 (6.0%) $339,286 (5.9%) 0.96 1,739
2018-03-01 $269,900 (6.6%) $343,954 (5.2%) 0.95 1,769
2018-04-01 $279,000 (7.4%) $347,390 (3.1%) 0.95 1,829
2018-05-01 $277,000 (3.8%) $351,049 (2.4%) 0.93 1,857
2018-06-01 $280,675 (4.3%) $360,848 (4.5%) 0.94 1,756
2018-07-01 $279,900 (4.1%) $366,088 (5.2%) 0.93 1,763
2018-08-01 $279,950 (5.6%) $366,105 (4.1%) 0.94 1,804
2018-09-01 $279,900 (4.9%) $360,056 (3.5%) 0.94 1,861
2018-10-01 $279,900 (5.7%) $363,883 (5.6%) 0.95 1,766
2018-11-01 $289,563 (8.8%) $376,947 (10.0%) 0.98 1,524
2018-12-01 $301,995 (14.0%) $384,664 (9.9%) 1.04 1,556
2019-01-01 $305,375 (16.4%) $385,450 (13.7%) 1.06 1,504
2019-02-01 $307,875 (16.2%) $392,056 (15.6%) 1.04 1,583
2019-03-01 $316,371 (17.2%) $398,932 (16.0%) 1.03 1,575
2019-04-01 $323,921 (16.1%) $406,558 (17.0%) 1.03 1,558
2019-05-01 $315,000 (13.7%) $408,206 (16.3%) 0.98 1,635
2019-06-01 $315,495 (12.4%) $398,723 (10.5%) 0.99 1,620
2019-07-01 $317,123 (13.3%) $400,918 (9.5%) 0.99 1,648
2019-08-01 $313,545 (12.0%) $393,894 (7.6%) 0.99 1,735
2019-09-01 $305,364 (9.1%) $383,796 (6.6%) 0.98 1,834
2019-10-01 $299,000 (6.8%) $376,731 (3.5%) 0.96 1,901
2019-11-01 $299,000 (3.3%) $373,534 (-0.9%) 0.98 1,917
2019-12-01 $294,000 (-2.7%) $365,351 (-5.0%) 0.98 1,984
2020-01-01 $289,900 (-5.1%) $370,055 (-4.0%) 0.97 1,925
2020-02-01 $287,950 (-6.5%) $367,759 (-6.2%) 0.94 1,944
2020-03-01 $292,450 (-7.6%) $374,083 (-6.2%) 0.92 2,047
2020-04-01 $293,875 (-9.3%) $373,591 (-8.1%) 0.92 2,246
2020-05-01 $296,000 (-6.0%) $377,095 (-7.6%) 0.90 2,176
2020-06-01 $309,700 (-1.8%) $383,307 (-3.9%) 0.91 1,922
2020-07-01 $309,214 (-2.5%) $384,951 (-4.0%) 0.90 1,747
2020-08-01 $309,750 (-1.2%) $388,156 (-1.5%) 0.89 1,629
2020-09-01 $302,450 (-1.0%) $393,998 (2.7%) 0.87 1,454
2020-10-01 $309,500 (3.5%) $400,563 (6.3%) 0.89 1,372
2020-11-01 $305,000 (2.0%) $412,573 (10.5%) 0.89 1,352
2020-12-01 $294,888 (0.3%) $406,944 (11.4%) 0.88 1,441
2021-01-01 $289,145 (-0.3%) $393,447 (6.3%) 0.86 1,444
2021-02-01 $289,219 (0.4%) $408,165 (11.0%) 0.84 1,027
2021-03-01 $296,325 (1.3%) $434,365 (16.1%) 0.84 832
2021-04-01 $315,322 (7.3%) $480,842 (28.7%) 0.85 694
2021-05-01 $335,008 (13.2%) $507,486 (34.6%) 0.89 657
2021-06-01 $355,849 (14.9%) $530,720 (38.5%) 0.94 668
2021-07-01 $375,900 (21.6%) $528,590 (37.3%) 0.99 854
2021-08-01 $398,975 (28.8%) $545,330 (40.5%) 1.06 1,015
2021-09-01 $399,450 (32.1%) $548,501 (39.2%) 1.07 1,064
2021-10-01 $399,250 (29.0%) $548,464 (36.9%) 1.06 1,048
2021-11-01 $385,000 (26.2%) $549,830 (33.3%) 1.03 939
2021-12-01 $367,075 (24.5%) $546,215 (34.2%) 0.99 861
2022-01-01 $369,000 (27.6%) $574,165 (45.9%) 1.00 727
2022-02-01 $402,000 (39.0%) $607,230 (48.8%) 1.05 604
2022-03-01 $426,975 (44.1%) $666,364 (53.4%) 1.07 637
2022-04-01 $459,950 (45.9%) $697,154 (45.0%) 1.10 795
2022-05-01 $484,300 (44.6%) $733,279 (44.5%) 1.11 987
2022-06-01 $497,000 (39.7%) $717,454 (35.2%) 1.11 1,223
2022-07-01 $489,000 (30.1%) $673,920 (27.5%) 1.10 1,523
2022-08-01 $477,500 (19.7%) $651,633 (19.5%) 1.10 1,675
2022-09-01 $452,500 (13.3%) $621,369 (13.3%) 1.06 1,728
2022-10-01 $441,200 (10.5%) $602,487 (9.9%) 1.04 1,800
2022-11-01 $435,000 (13.0%) $582,788 (6.0%) 1.05 1,843
2022-12-01 $430,000 (17.1%) $585,207 (7.1%) 1.06 1,752
2023-01-01 $434,450 (17.7%) $588,973 (2.6%) 1.08 1,621
2023-02-01 $432,300 (7.5%) $584,591 (-3.7%) 1.04 1,540
2023-03-01 $433,650 (1.6%) $595,270 (-10.7%) 1.02 1,530
2023-04-01 $450,000 (-2.2%) $625,997 (-10.2%) 1.05 1,538
2023-05-01 $449,250 (-7.2%) $623,837 (-14.9%) 1.02 1,685
2023-06-01 $454,425 (-8.6%) $636,143 (-11.3%) 1.02 1,723
2023-07-01 $457,500 (-6.4%) $643,449 (-4.5%) 1.04 1,750
2023-08-01 $449,900 (-5.8%) $632,536 (-2.9%) 1.03 1,872
2023-09-01 $450,000 (-0.6%) $630,035 (1.4%) 1.05 1,934
2023-10-01 $450,000 (2.0%) $631,214 (4.8%) 1.06 2,037
2023-11-01 $448,625 (3.1%) $615,544 (5.6%) 1.07 2,188
2023-12-01 $447,000 (4.0%) $609,873 (4.2%) 1.09 2,209
Panama City's median listing price for 2023-12-01 was $447,000, a difference of $17,000 (4.0%) versus the prior year and $-1,625 versus the prior month.

Panama City's median listing price comes in at 109% of the national average.

Panama City's average listing price for 2023-12-01 was $609,873, a difference of $24,666 (4.2%) versus the prior year and $-5,671 versus the prior month.

For the 2023-12-01 period, Panama City had 2,209 MLS listings, a difference of 21 listings (1%) versus the prior month and 457 listings (26%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 89 days 1,618 sqft
2018-02-01 78 days 1,623 sqft
2018-03-01 60 days 1,637 sqft
2018-04-01 59 days 1,650 sqft
2018-05-01 60 days 1,648 sqft
2018-06-01 71 days 1,670 sqft
2018-07-01 72 days 1,681 sqft
2018-08-01 71 days 1,655 sqft
2018-09-01 71 days 1,637 sqft
2018-10-01 85 days 1,632 sqft
2018-11-01 100 days 1,610 sqft
2018-12-01 101 days 1,542 sqft
2019-01-01 88 days 1,542 sqft
2019-02-01 75 days 1,527 sqft
2019-03-01 74 days 1,524 sqft
2019-04-01 65 days 1,513 sqft
2019-05-01 58 days 1,524 sqft
2019-06-01 57 days 1,545 sqft
2019-07-01 60 days 1,564 sqft
2019-08-01 61 days 1,555 sqft
2019-09-01 61 days 1,544 sqft
2019-10-01 63 days 1,540 sqft
2019-11-01 70 days 1,542 sqft
2019-12-01 77 days 1,542 sqft
2020-01-01 79 days 1,542 sqft
2020-02-01 71 days 1,542 sqft
2020-03-01 65 days 1,542 sqft
2020-04-01 67 days 1,542 sqft
2020-05-01 75 days 1,541 sqft
2020-06-01 86 days 1,542 sqft
2020-07-01 73 days 1,561 sqft
2020-08-01 63 days 1,562 sqft
2020-09-01 62 days 1,542 sqft
2020-10-01 56 days 1,562 sqft
2020-11-01 48 days 1,602 sqft
2020-12-01 51 days 1,627 sqft
2021-01-01 60 days 1,604 sqft
2021-02-01 59 days 1,589 sqft
2021-03-01 44 days 1,615 sqft
2021-04-01 40 days 1,648 sqft
2021-05-01 27 days 1,674 sqft
2021-06-01 31 days 1,588 sqft
2021-07-01 29 days 1,541 sqft
2021-08-01 34 days 1,541 sqft
2021-09-01 41 days 1,565 sqft
2021-10-01 52 days 1,605 sqft
2021-11-01 50 days 1,638 sqft
2021-12-01 51 days 1,656 sqft
2022-01-01 54 days 1,688 sqft
2022-02-01 33 days 1,665 sqft
2022-03-01 32 days 1,681 sqft
2022-04-01 32 days 1,593 sqft
2022-05-01 37 days 1,578 sqft
2022-06-01 42 days 1,574 sqft
2022-07-01 45 days 1,560 sqft
2022-08-01 54 days 1,561 sqft
2022-09-01 61 days 1,563 sqft
2022-10-01 64 days 1,563 sqft
2022-11-01 73 days 1,570 sqft
2022-12-01 82 days 1,574 sqft
2023-01-01 87 days 1,587 sqft
2023-02-01 84 days 1,559 sqft
2023-03-01 68 days 1,544 sqft
2023-04-01 60 days 1,490 sqft
2023-05-01 57 days 1,499 sqft
2023-06-01 61 days 1,501 sqft
2023-07-01 67 days 1,483 sqft
2023-08-01 68 days 1,461 sqft
2023-09-01 66 days 1,470 sqft
2023-10-01 67 days 1,462 sqft
2023-11-01 72 days 1,453 sqft
2023-12-01 79 days 1,432 sqft
Panama City's median listing age (time on market) for 2023-12-01 was 79 days. This is -4% shorter than the same period one year ago.

Panama City's median square footage for active listings during the 2023-12-01 period was 1,432 sqft. One year prior, the average listing was 1,574 sqft.