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 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 6.33% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

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

    The average rate for the prior week (2023-05-19) was 5.98% and one month ago for the week of 2023-04-21, the average rate was 6.18%.

    The average rate one year ago was 4.7%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.05%.

    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 $270,500 (4.4%) $349,728 (5.3%) 1.00 1,635
    2018-02-01 $270,225 (5.0%) $348,625 (4.8%) 0.98 1,663
    2018-03-01 $275,000 (5.8%) $352,232 (3.7%) 0.96 1,693
    2018-04-01 $285,000 (5.6%) $355,983 (2.1%) 0.97 1,752
    2018-05-01 $280,731 (2.5%) $364,455 (2.9%) 0.94 1,784
    2018-06-01 $289,900 (5.4%) $375,519 (4.8%) 0.97 1,681
    2018-07-01 $289,000 (5.1%) $381,350 (5.8%) 0.97 1,684
    2018-08-01 $288,500 (4.9%) $382,098 (4.7%) 0.97 1,715
    2018-09-01 $285,000 (3.7%) $368,168 (2.2%) 0.96 1,773
    2018-10-01 $286,500 (6.1%) $371,489 (4.6%) 0.97 1,688
    2018-11-01 $296,000 (7.7%) $385,855 (9.5%) 1.00 1,461
    2018-12-01 $307,950 (12.1%) $391,748 (8.9%) 1.06 1,502
    2019-01-01 $309,700 (14.5%) $392,062 (12.1%) 1.07 1,460
    2019-02-01 $312,473 (15.6%) $399,836 (14.7%) 1.06 1,536
    2019-03-01 $325,000 (18.2%) $410,403 (16.5%) 1.08 1,477
    2019-04-01 $328,500 (15.3%) $417,637 (17.3%) 1.04 1,517
    2019-05-01 $320,913 (14.3%) $417,582 (14.6%) 1.00 1,593
    2019-06-01 $321,000 (10.7%) $406,790 (8.3%) 1.00 1,580
    2019-07-01 $322,450 (11.6%) $411,029 (7.8%) 1.01 1,603
    2019-08-01 $325,150 (12.7%) $413,336 (8.2%) 1.02 1,624
    2019-09-01 $326,748 (14.7%) $409,498 (11.2%) 1.03 1,680
    2019-10-01 $299,900 (4.7%) $383,933 (3.4%) 0.97 1,861
    2019-11-01 $299,000 (1.0%) $377,174 (-2.3%) 0.98 1,864
    2019-12-01 $295,500 (-4.0%) $370,422 (-5.4%) 0.99 1,932
    2020-01-01 $294,000 (-5.1%) $376,451 (-4.0%) 0.98 1,867
    2020-02-01 $289,500 (-7.4%) $373,248 (-6.7%) 0.95 1,894
    2020-03-01 $296,975 (-8.6%) $381,099 (-7.1%) 0.93 1,997
    2020-04-01 $297,175 (-9.5%) $379,654 (-9.1%) 0.93 2,209
    2020-05-01 $299,000 (-6.8%) $383,193 (-8.2%) 0.91 2,146
    2020-06-01 $313,450 (-2.4%) $388,504 (-4.5%) 0.92 1,901
    2020-07-01 $313,450 (-2.8%) $389,871 (-5.2%) 0.91 1,721
    2020-08-01 $314,900 (-3.2%) $392,667 (-5.0%) 0.90 1,605
    2020-09-01 $310,000 (-5.1%) $400,528 (-2.2%) 0.89 1,424
    2020-10-01 $312,013 (4.0%) $417,351 (8.7%) 0.89 1,346
    2020-11-01 $310,325 (3.8%) $430,510 (14.1%) 0.91 1,322
    2020-12-01 $296,775 (0.4%) $417,316 (12.7%) 0.88 1,411
    2021-01-01 $290,000 (-1.4%) $404,925 (7.6%) 0.87 1,413
    2021-02-01 $291,813 (0.8%) $423,602 (13.5%) 0.85 997
    2021-03-01 $298,123 (0.4%) $449,453 (17.9%) 0.85 807
    2021-04-01 $317,548 (6.9%) $499,363 (31.5%) 0.86 673
    2021-05-01 $339,500 (13.6%) $540,289 (41.0%) 0.90 637
    2021-06-01 $363,575 (16.0%) $572,507 (47.4%) 0.96 651
    2021-07-01 $389,000 (24.1%) $556,863 (42.8%) 1.03 836
    2021-08-01 $404,900 (28.6%) $559,942 (42.6%) 1.08 998
    2021-09-01 $411,250 (32.7%) $566,448 (41.4%) 1.10 1,042
    2021-10-01 $412,700 (32.3%) $560,813 (34.4%) 1.10 1,018
    2021-11-01 $394,750 (27.2%) $558,436 (29.7%) 1.06 910
    2021-12-01 $374,995 (26.4%) $557,394 (33.6%) 1.02 829
    2022-01-01 $379,000 (30.7%) $592,486 (46.3%) 1.02 696
    2022-02-01 $419,888 (43.9%) $631,039 (49.0%) 1.09 569
    2022-03-01 $434,500 (45.8%) $686,372 (52.7%) 1.09 604
    2022-04-01 $475,000 (49.6%) $720,132 (44.2%) 1.13 769
    2022-05-01 $492,125 (45.0%) $747,613 (38.4%) 1.13 959
    2022-06-01 $499,900 (37.5%) $731,418 (27.8%) 1.11 1,186
    2022-07-01 $495,000 (27.3%) $687,028 (23.4%) 1.12 1,473
    2022-08-01 $486,200 (20.1%) $665,965 (18.9%) 1.12 1,616
    2022-09-01 $457,540 (11.3%) $634,387 (12.0%) 1.07 1,672
    2022-10-01 $449,000 (8.8%) $613,190 (9.3%) 1.06 1,737
    2022-11-01 $442,100 (12.0%) $594,711 (6.5%) 1.06 1,776
    2022-12-01 $439,900 (17.3%) $596,564 (7.0%) 1.09 1,689
    2023-01-01 $442,400 (16.7%) $600,895 (1.4%) 1.09 1,569
    2023-02-01 $439,950 (4.8%) $596,448 (-5.5%) 1.06 1,490
    2023-03-01 $439,500 (1.2%) $614,004 (-10.5%) 1.04 1,484
    2023-04-01 $459,000 (-3.4%) $638,393 (-11.4%) 1.07 1,488
    Panama City's median listing price for 2023-04-01 was $459,000, a difference of $-16,000 (-3.4%) versus the prior year and $19,500 versus the prior month.

    Panama City's median listing price comes in at 107% of the national average.

    Panama City's average listing price for 2023-04-01 was $638,393, a difference of $-81,739 (-11.4%) versus the prior year and $24,389 versus the prior month.

    For the 2023-04-01 period, Panama City had 1,488 MLS listings, a difference of 4 listings (0%) versus the prior month and 719 listings (93%) 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
    2018-01-01 100 days 1,602 sqft
    2018-02-01 91 days 1,613 sqft
    2018-03-01 67 days 1,620 sqft
    2018-04-01 67 days 1,627 sqft
    2018-05-01 65 days 1,628 sqft
    2018-06-01 76 days 1,655 sqft
    2018-07-01 79 days 1,678 sqft
    2018-08-01 80 days 1,650 sqft
    2018-09-01 79 days 1,634 sqft
    2018-10-01 93 days 1,624 sqft
    2018-11-01 108 days 1,605 sqft
    2018-12-01 109 days 1,542 sqft
    2019-01-01 107 days 1,542 sqft
    2019-02-01 83 days 1,521 sqft
    2019-03-01 74 days 1,512 sqft
    2019-04-01 76 days 1,506 sqft
    2019-05-01 69 days 1,517 sqft
    2019-06-01 66 days 1,542 sqft
    2019-07-01 68 days 1,562 sqft
    2019-08-01 77 days 1,565 sqft
    2019-09-01 80 days 1,535 sqft
    2019-10-01 70 days 1,522 sqft
    2019-11-01 75 days 1,539 sqft
    2019-12-01 86 days 1,541 sqft
    2020-01-01 89 days 1,542 sqft
    2020-02-01 84 days 1,535 sqft
    2020-03-01 73 days 1,542 sqft
    2020-04-01 75 days 1,542 sqft
    2020-05-01 85 days 1,532 sqft
    2020-06-01 97 days 1,542 sqft
    2020-07-01 94 days 1,561 sqft
    2020-08-01 78 days 1,560 sqft
    2020-09-01 75 days 1,542 sqft
    2020-10-01 67 days 1,560 sqft
    2020-11-01 56 days 1,600 sqft
    2020-12-01 55 days 1,626 sqft
    2021-01-01 63 days 1,600 sqft
    2021-02-01 64 days 1,573 sqft
    2021-03-01 46 days 1,608 sqft
    2021-04-01 43 days 1,640 sqft
    2021-05-01 29 days 1,672 sqft
    2021-06-01 31 days 1,588 sqft
    2021-07-01 29 days 1,539 sqft
    2021-08-01 34 days 1,530 sqft
    2021-09-01 42 days 1,553 sqft
    2021-10-01 53 days 1,593 sqft
    2021-11-01 51 days 1,638 sqft
    2021-12-01 52 days 1,648 sqft
    2022-01-01 54 days 1,701 sqft
    2022-02-01 33 days 1,692 sqft
    2022-03-01 32 days 1,693 sqft
    2022-04-01 32 days 1,594 sqft
    2022-05-01 37 days 1,571 sqft
    2022-06-01 42 days 1,573 sqft
    2022-07-01 45 days 1,558 sqft
    2022-08-01 55 days 1,556 sqft
    2022-09-01 62 days 1,562 sqft
    2022-10-01 65 days 1,560 sqft
    2022-11-01 74 days 1,565 sqft
    2022-12-01 82 days 1,566 sqft
    2023-01-01 88 days 1,587 sqft
    2023-02-01 85 days 1,550 sqft
    2023-03-01 70 days 1,530 sqft
    2023-04-01 64 days 1,477 sqft
    Panama City's median listing age (time on market) for 2023-04-01 was 64 days. This is 100% longer than the same period one year ago.

    Panama City's median square footage for active listings during the 2023-04-01 period was 1,477 sqft. One year prior, the average listing was 1,594 sqft.