Panama City USDA Loan Rates, Closing Costs & Stats

PANAMA CITY, FL

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    • 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 6.83% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.67%.

    The average rate one year ago was 6.41%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.18%.

    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
    Panama City's median listing price for 2024-03-01 was $449,000, a difference of $10,000 (2.3%) versus the prior year and $8,650 versus the prior month.

    Panama City's median listing price comes in at 106% of the national average.

    Panama City's average listing price for 2024-03-01 was $610,974, a difference of $7,414 (1.2%) versus the prior year and $1,454 versus the prior month.

    For the 2024-03-01 period, Panama City had 2,362 MLS listings, a difference of 146 listings (7%) versus the prior month and 878 listings (59%) 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
    Panama City's median listing age (time on market) for 2024-03-01 was 75 days. This is 10% longer than the same period one year ago.

    Panama City's median square footage for active listings during the 2024-03-01 period was 1,404 sqft. One year prior, the average listing was 1,530 sqft.