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 12 lenders originated 15 USDA loans during 2023. The total origination value was $3,855,000, with an average USDA loan value of $257,000.

Panama City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Panama City averaged 6.41% for the week of 2024-07-05, compared to the national average (all USDA variants) of 6.738% for the same period.

Panama City's average USDA mortgage closing costs are $5,933.

The average rate for the prior week (2024-06-28) was 6.59% and one month ago for the week of 2024-05-31, the average rate was 6.85%.

The average rate one year ago was 6.73%.

For refis of the same type during the week of 2024-07-05, the average rate was 7.25%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Trustmark National Bank 3 6.25% $7,679
DHI MORTGAGE COMPANY, LTD. 2 5.38% $5,499
CMG MORTGAGE, INC. 1 6.50% $8,683
GUARANTEED RATE, INC. 1 6.15% $9,849
METROPLEX MORTGAGE SERVICES, INC. 1 6.50% $9,208
MORTGAGE INVESTORS GROUP, INC. 1 6.25% $8,536
Northpointe Bank 1 5.75% $7,649
PLAZA HOME MORTGAGE, INC. 1 6.25% $7,368
SmartBank 1 6.38% $7,487
BROKER SOLUTIONS, INC. 1 6.10% $9,617
UNITED WHOLESALE MORTGAGE, LLC 1 7.13% $10,114
CARDINAL FINANCIAL 1 6.50% $7,506

The top Panama City USDA lender as defined by loan originations is Trustmark National Bank, with 3 USDA loans originated. Their average total fees are $7,679, which is $2,180 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 $269,500 (4.1%) $347,027 (6.4%) 1.00 1,619
2018-02-01 $270,000 (5.2%) $346,524 (5.9%) 0.98 1,648
2018-03-01 $275,000 (5.8%) $351,065 (4.9%) 0.96 1,679
2018-04-01 $284,950 (5.6%) $353,949 (2.7%) 0.97 1,740
2018-05-01 $280,000 (2.4%) $357,514 (2.2%) 0.94 1,772
2018-06-01 $289,900 (5.4%) $368,241 (4.2%) 0.97 1,673
2018-07-01 $289,000 (5.1%) $374,542 (5.2%) 0.97 1,675
2018-08-01 $285,675 (4.4%) $375,124 (3.8%) 0.96 1,707
2018-09-01 $285,000 (4.0%) $368,025 (3.0%) 0.96 1,767
2018-10-01 $285,000 (5.6%) $371,545 (5.1%) 0.97 1,683
2018-11-01 $295,450 (7.5%) $384,845 (9.6%) 1.00 1,455
2018-12-01 $307,000 (12.0%) $390,661 (9.0%) 1.06 1,496
2019-01-01 $309,250 (14.8%) $391,198 (12.7%) 1.07 1,452
2019-02-01 $312,350 (15.7%) $398,621 (15.0%) 1.06 1,530
2019-03-01 $320,514 (16.6%) $405,163 (15.4%) 1.05 1,528
2019-04-01 $327,064 (14.8%) $412,571 (16.6%) 1.04 1,511
2019-05-01 $319,950 (14.3%) $413,684 (15.7%) 1.00 1,584
2019-06-01 $319,900 (10.4%) $402,662 (9.4%) 1.00 1,572
2019-07-01 $322,450 (11.6%) $405,862 (8.4%) 1.01 1,590
2019-08-01 $317,970 (11.3%) $398,138 (6.1%) 1.01 1,671
2019-09-01 $307,426 (7.9%) $386,830 (5.1%) 0.98 1,770
2019-10-01 $299,550 (5.1%) $378,823 (2.0%) 0.97 1,835
2019-11-01 $299,000 (1.2%) $375,545 (-2.4%) 0.98 1,848
2019-12-01 $295,000 (-3.9%) $367,317 (-6.0%) 0.98 1,914
2020-01-01 $293,631 (-5.1%) $373,579 (-4.5%) 0.98 1,852
2020-02-01 $289,000 (-7.5%) $370,127 (-7.2%) 0.95 1,878
2020-03-01 $295,668 (-7.8%) $378,018 (-6.7%) 0.93 1,981
2020-04-01 $295,000 (-9.8%) $376,533 (-8.7%) 0.92 2,187
2020-05-01 $299,000 (-6.6%) $379,824 (-8.2%) 0.91 2,125
2020-06-01 $309,963 (-3.1%) $385,941 (-4.2%) 0.91 1,883
2020-07-01 $310,963 (-3.6%) $388,274 (-4.3%) 0.90 1,708
2020-08-01 $312,025 (-1.9%) $391,937 (-1.6%) 0.89 1,593
2020-09-01 $309,438 (0.7%) $398,944 (3.1%) 0.89 1,414
2020-10-01 $310,500 (3.7%) $404,115 (6.7%) 0.89 1,339
2020-11-01 $309,500 (3.5%) $416,889 (11.0%) 0.91 1,316
2020-12-01 $296,344 (0.5%) $410,702 (11.8%) 0.88 1,407
2021-01-01 $289,998 (-1.2%) $396,567 (6.2%) 0.87 1,407
2021-02-01 $290,531 (0.5%) $413,220 (11.6%) 0.85 994
2021-03-01 $297,919 (0.8%) $440,105 (16.4%) 0.85 803
2021-04-01 $315,923 (7.1%) $484,398 (28.7%) 0.86 670
2021-05-01 $337,724 (13.0%) $512,575 (35.0%) 0.90 632
2021-06-01 $359,900 (16.1%) $537,509 (39.3%) 0.95 641
2021-07-01 $384,000 (23.5%) $533,949 (37.5%) 1.01 827
2021-08-01 $399,950 (28.2%) $551,069 (40.6%) 1.07 985
2021-09-01 $404,750 (30.8%) $556,127 (39.4%) 1.08 1,034
2021-10-01 $406,247 (30.8%) $557,206 (37.9%) 1.08 1,012
2021-11-01 $389,950 (26.0%) $557,849 (33.8%) 1.04 904
2021-12-01 $370,750 (25.1%) $556,633 (35.5%) 1.00 824
2022-01-01 $376,700 (29.9%) $588,365 (48.4%) 1.02 692
2022-02-01 $419,950 (44.6%) $627,367 (51.8%) 1.09 567
2022-03-01 $434,325 (45.8%) $686,081 (55.9%) 1.09 602
2022-04-01 $475,000 (50.4%) $717,041 (48.0%) 1.13 765
2022-05-01 $489,500 (44.9%) $747,289 (45.8%) 1.12 954
2022-06-01 $499,700 (38.8%) $731,071 (36.0%) 1.11 1,180
2022-07-01 $495,000 (28.9%) $686,244 (28.5%) 1.12 1,468
2022-08-01 $484,925 (21.3%) $662,483 (20.2%) 1.12 1,612
2022-09-01 $457,075 (12.9%) $630,773 (13.4%) 1.07 1,665
2022-10-01 $449,000 (10.5%) $610,451 (9.6%) 1.06 1,732
2022-11-01 $439,900 (12.8%) $593,532 (6.4%) 1.06 1,770
2022-12-01 $439,700 (18.6%) $595,897 (7.1%) 1.09 1,688
2023-01-01 $442,400 (17.4%) $599,035 (1.8%) 1.10 1,569
2023-02-01 $439,950 (4.8%) $594,983 (-5.2%) 1.06 1,488
2023-03-01 $439,000 (1.1%) $603,560 (-12.0%) 1.04 1,484
2023-04-01 $459,000 (-3.4%) $635,978 (-11.3%) 1.07 1,488
2023-05-01 $452,200 (-7.6%) $633,731 (-15.2%) 1.03 1,631
2023-06-01 $459,565 (-8.0%) $645,800 (-11.7%) 1.03 1,666
2023-07-01 $464,450 (-6.2%) $654,536 (-4.6%) 1.06 1,687
2023-08-01 $454,900 (-6.2%) $643,127 (-2.9%) 1.04 1,805
2023-09-01 $459,000 (0.4%) $640,843 (1.6%) 1.07 1,863
2023-10-01 $457,000 (1.8%) $640,087 (4.9%) 1.08 1,972
2023-11-01 $449,988 (2.3%) $624,714 (5.3%) 1.07 2,118
2023-12-01 $449,900 (2.3%) $617,508 (3.6%) 1.10 2,149
2024-01-01 $447,375 (1.1%) $608,943 (1.7%) 1.09 2,127
2024-02-01 $440,350 (0.1%) $609,520 (2.4%) 1.06 2,216
2024-03-01 $449,000 (2.3%) $610,974 (1.2%) 1.06 2,362
2024-04-01 $449,948 (-2.0%) $616,735 (-3.0%) 1.05 2,480
2024-05-01 $450,000 (-0.5%) $621,027 (-2.0%) 1.02 2,584
2024-06-01 $450,000 (-2.1%) $623,267 (-3.5%) 1.01 2,640
Panama City's median listing price for 2024-06-01 was $450,000, a difference of $-9,565 (-2.1%) versus the prior year and $0 versus the prior month.

Panama City's median listing price comes in at 101% of the national average.

Panama City's average listing price for 2024-06-01 was $623,267, a difference of $-22,533 (-3.5%) versus the prior year and $2,240 versus the prior month.

For the 2024-06-01 period, Panama City had 2,640 MLS listings, a difference of 56 listings (2%) versus the prior month and 974 listings (58%) 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 91 days 1,601 sqft
2018-02-01 77 days 1,613 sqft
2018-03-01 59 days 1,620 sqft
2018-04-01 59 days 1,629 sqft
2018-05-01 58 days 1,629 sqft
2018-06-01 70 days 1,655 sqft
2018-07-01 71 days 1,677 sqft
2018-08-01 71 days 1,648 sqft
2018-09-01 71 days 1,632 sqft
2018-10-01 85 days 1,621 sqft
2018-11-01 100 days 1,604 sqft
2018-12-01 101 days 1,542 sqft
2019-01-01 89 days 1,542 sqft
2019-02-01 75 days 1,516 sqft
2019-03-01 74 days 1,514 sqft
2019-04-01 66 days 1,506 sqft
2019-05-01 59 days 1,517 sqft
2019-06-01 57 days 1,542 sqft
2019-07-01 60 days 1,561 sqft
2019-08-01 61 days 1,547 sqft
2019-09-01 61 days 1,527 sqft
2019-10-01 63 days 1,518 sqft
2019-11-01 70 days 1,535 sqft
2019-12-01 77 days 1,538 sqft
2020-01-01 79 days 1,542 sqft
2020-02-01 70 days 1,532 sqft
2020-03-01 65 days 1,542 sqft
2020-04-01 67 days 1,542 sqft
2020-05-01 75 days 1,525 sqft
2020-06-01 85 days 1,542 sqft
2020-07-01 73 days 1,552 sqft
2020-08-01 63 days 1,559 sqft
2020-09-01 61 days 1,542 sqft
2020-10-01 56 days 1,558 sqft
2020-11-01 47 days 1,599 sqft
2020-12-01 51 days 1,624 sqft
2021-01-01 60 days 1,600 sqft
2021-02-01 61 days 1,573 sqft
2021-03-01 43 days 1,605 sqft
2021-04-01 40 days 1,636 sqft
2021-05-01 27 days 1,670 sqft
2021-06-01 31 days 1,582 sqft
2021-07-01 29 days 1,530 sqft
2021-08-01 34 days 1,532 sqft
2021-09-01 41 days 1,549 sqft
2021-10-01 52 days 1,593 sqft
2021-11-01 50 days 1,638 sqft
2021-12-01 51 days 1,648 sqft
2022-01-01 53 days 1,697 sqft
2022-02-01 32 days 1,690 sqft
2022-03-01 31 days 1,699 sqft
2022-04-01 32 days 1,594 sqft
2022-05-01 37 days 1,572 sqft
2022-06-01 41 days 1,573 sqft
2022-07-01 45 days 1,557 sqft
2022-08-01 54 days 1,556 sqft
2022-09-01 61 days 1,561 sqft
2022-10-01 64 days 1,560 sqft
2022-11-01 73 days 1,564 sqft
2022-12-01 82 days 1,565 sqft
2023-01-01 87 days 1,587 sqft
2023-02-01 83 days 1,549 sqft
2023-03-01 68 days 1,530 sqft
2023-04-01 61 days 1,477 sqft
2023-05-01 57 days 1,482 sqft
2023-06-01 60 days 1,493 sqft
2023-07-01 66 days 1,466 sqft
2023-08-01 68 days 1,454 sqft
2023-09-01 65 days 1,457 sqft
2023-10-01 67 days 1,450 sqft
2023-11-01 71 days 1,441 sqft
2023-12-01 79 days 1,417 sqft
2024-01-01 87 days 1,404 sqft
2024-02-01 89 days 1,403 sqft
2024-03-01 75 days 1,404 sqft
2024-04-01 74 days 1,400 sqft
2024-05-01 73 days 1,403 sqft
2024-06-01 82 days 1,404 sqft
Panama City's median listing age (time on market) for 2024-06-01 was 82 days. This is 37% longer than the same period one year ago.

Panama City's median square footage for active listings during the 2024-06-01 period was 1,404 sqft. One year prior, the average listing was 1,493 sqft.