Peoria USDA Loan Rates, Closing Costs & Stats

PEORIA, IL

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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.

    Peoria's 15 lenders originated 41 USDA loans during 2023. The total origination value was $4,405,000, with an average USDA loan value of $107,439.

    Peoria USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Peoria 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.

    Peoria's average USDA mortgage closing costs are $3,523.

    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 6.31%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.92%.

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

    Peoria 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 Peoria level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FLAT BRANCH MORTGAGE, INC. 14 6.94% $3,856
    FIRST STATE MORTGAGE SERVICES, LLC 7 6.41% $4,377
    Flanagan State Bank 5 6.98% $4,448
    Community Mortgage Banc Corporation 2 7.56% $3,487
    NEWREZ LLC 2 6.43% $11,079
    UNITED WHOLESALE MORTGAGE, LLC 2 7.00% $4,093
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $4,639
    Heartland Bank and Trust Company 1 7.00% $4,665
    INB 1 6.00% $4,747
    First Mid Bank & Trust 1 6.50% $3,722
    BROKER SOLUTIONS, INC. 1 7.50% $4,378
    CALIBER HOME LOANS, INC. 1 6.13% $4,399
    DAS Acquisition Company, LLC 1 6.50% $3,981
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $4,887
    FIRST CENTENNIAL MORTGAGE CORPORATION 1 7.25% $3,024

    The top Peoria USDA lender as defined by loan originations is FLAT BRANCH MORTGAGE, INC., with 14 USDA loans originated. Their average total fees are $3,856, which is $521 lower than the next largest lender, FIRST STATE MORTGAGE SERVICES, LLC.

    The lowest fee Peoria USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. ($3,856), .

    The lowest rate Peoria USDA lenders (with over 10 loans originated) are FLAT BRANCH MORTGAGE, INC. (6.94%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Peoria (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 $129,700 (-0.2%) $169,761 (-2.5%) 0.48 2,306
    2018-02-01 $129,900 (0.0%) $170,981 (-2.0%) 0.47 2,301
    2018-03-01 $129,900 (-6.7%) $169,851 (-7.0%) 0.46 2,518
    2018-04-01 $129,900 (-7.2%) $170,758 (-9.1%) 0.44 2,551
    2018-05-01 $131,975 (-6.4%) $172,178 (-10.3%) 0.44 2,647
    2018-06-01 $134,900 (-6.9%) $175,372 (-10.2%) 0.45 2,680
    2018-07-01 $134,900 (-7.5%) $175,535 (-9.2%) 0.45 2,740
    2018-08-01 $134,325 (-6.0%) $175,114 (-7.5%) 0.45 2,744
    2018-09-01 $129,900 (-7.2%) $169,961 (-7.8%) 0.44 2,692
    2018-10-01 $129,700 (-5.3%) $167,374 (-5.7%) 0.44 2,652
    2018-11-01 $125,000 (-7.4%) $165,431 (-6.2%) 0.42 2,433
    2018-12-01 $124,900 (-3.9%) $160,925 (-5.9%) 0.43 2,218
    2019-01-01 $124,900 (-3.7%) $159,211 (-6.2%) 0.43 2,033
    2019-02-01 $125,375 (-3.5%) $160,555 (-6.1%) 0.42 1,994
    2019-03-01 $129,386 (-0.4%) $164,642 (-3.1%) 0.42 2,018
    2019-04-01 $134,200 (3.3%) $170,223 (-0.3%) 0.43 2,065
    2019-05-01 $134,025 (1.6%) $173,603 (0.8%) 0.42 2,157
    2019-06-01 $134,900 (0.0%) $174,082 (-0.7%) 0.42 2,216
    2019-07-01 $134,900 (0.0%) $175,504 (0.0%) 0.42 2,267
    2019-08-01 $133,536 (-0.6%) $173,481 (-0.9%) 0.42 2,332
    2019-09-01 $131,491 (1.2%) $172,189 (1.3%) 0.42 2,355
    2019-10-01 $129,700 (0.0%) $170,971 (2.2%) 0.42 2,375
    2019-11-01 $124,900 (-0.1%) $166,502 (0.7%) 0.41 2,318
    2019-12-01 $119,900 (-4.0%) $160,982 (0.0%) 0.40 2,150
    2020-01-01 $119,900 (-4.0%) $160,236 (0.6%) 0.40 1,982
    2020-02-01 $119,900 (-4.4%) $160,778 (0.1%) 0.39 1,886
    2020-03-01 $123,800 (-4.3%) $164,848 (0.1%) 0.39 1,908
    2020-04-01 $124,900 (-6.9%) $169,204 (-0.6%) 0.39 1,865
    2020-05-01 $127,500 (-4.9%) $177,351 (2.2%) 0.39 1,818
    2020-06-01 $129,313 (-4.1%) $178,410 (2.5%) 0.38 1,676
    2020-07-01 $129,900 (-3.7%) $179,577 (2.3%) 0.38 1,586
    2020-08-01 $124,900 (-6.5%) $172,450 (-0.6%) 0.36 1,531
    2020-09-01 $122,225 (-7.1%) $173,203 (0.6%) 0.35 1,446
    2020-10-01 $119,900 (-7.6%) $172,477 (0.9%) 0.34 1,387
    2020-11-01 $114,900 (-8.0%) $168,261 (1.1%) 0.34 1,334
    2020-12-01 $110,925 (-7.5%) $161,543 (0.4%) 0.33 1,222
    2021-01-01 $109,250 (-8.9%) $158,044 (-1.4%) 0.33 1,113
    2021-02-01 $99,900 (-16.7%) $152,254 (-5.3%) 0.29 972
    2021-03-01 $98,950 (-20.1%) $157,104 (-4.7%) 0.28 872
    2021-04-01 $107,438 (-14.0%) $177,383 (4.8%) 0.29 739
    2021-05-01 $109,900 (-13.8%) $187,571 (5.8%) 0.29 707
    2021-06-01 $111,950 (-13.4%) $192,363 (7.8%) 0.29 758
    2021-07-01 $112,500 (-13.4%) $188,119 (4.8%) 0.30 877
    2021-08-01 $119,563 (-4.3%) $189,360 (9.8%) 0.32 896
    2021-09-01 $117,234 (-4.1%) $187,868 (8.5%) 0.31 942
    2021-10-01 $110,000 (-8.3%) $178,326 (3.4%) 0.29 910
    2021-11-01 $104,950 (-8.7%) $169,928 (1.0%) 0.28 863
    2021-12-01 $99,900 (-9.9%) $167,456 (3.7%) 0.27 727
    2022-01-01 $94,900 (-13.1%) $161,759 (2.4%) 0.26 628
    2022-02-01 $89,900 (-10.0%) $162,619 (6.8%) 0.23 521
    2022-03-01 $99,900 (1.0%) $191,062 (21.6%) 0.25 482
    2022-04-01 $102,400 (-4.7%) $195,563 (10.3%) 0.24 464
    2022-05-01 $136,950 (24.6%) $222,255 (18.5%) 0.31 508
    2022-06-01 $149,900 (33.9%) $221,459 (15.1%) 0.33 602
    2022-07-01 $149,900 (33.2%) $223,641 (18.9%) 0.34 746
    2022-08-01 $154,450 (29.2%) $229,454 (21.2%) 0.36 778
    2022-09-01 $152,300 (29.9%) $230,152 (22.5%) 0.36 788
    2022-10-01 $149,000 (35.5%) $222,664 (24.9%) 0.35 803
    2022-11-01 $144,923 (38.1%) $214,475 (26.2%) 0.35 760
    2022-12-01 $134,900 (35.0%) $203,421 (21.5%) 0.33 678
    2023-01-01 $134,075 (41.3%) $206,323 (27.6%) 0.33 583
    2023-02-01 $129,875 (44.5%) $205,771 (26.5%) 0.31 474
    2023-03-01 $139,200 (39.3%) $219,812 (15.1%) 0.33 414
    2023-04-01 $145,000 (41.6%) $224,004 (14.5%) 0.34 407
    2023-05-01 $148,675 (8.6%) $237,006 (6.6%) 0.34 424
    2023-06-01 $169,675 (13.2%) $246,019 (11.1%) 0.38 431
    2023-07-01 $169,950 (13.4%) $238,137 (6.5%) 0.39 446
    2023-08-01 $162,445 (5.2%) $235,264 (2.5%) 0.37 468
    2023-09-01 $168,950 (10.9%) $238,965 (3.8%) 0.39 513
    2023-10-01 $164,800 (10.6%) $231,967 (4.2%) 0.39 565
    2023-11-01 $149,950 (3.5%) $220,905 (3.0%) 0.36 585
    2023-12-01 $144,900 (7.4%) $212,173 (4.3%) 0.35 562
    2024-01-01 $139,900 (4.3%) $205,758 (-0.3%) 0.34 488
    2024-02-01 $134,950 (3.9%) $207,087 (0.6%) 0.32 478
    2024-03-01 $149,900 (7.7%) $225,585 (2.6%) 0.35 470
    Peoria's median listing price for 2024-03-01 was $149,900, a difference of $10,700 (7.7%) versus the prior year and $14,950 versus the prior month.

    Peoria's median listing price comes in at 35% of the national average.

    Peoria's average listing price for 2024-03-01 was $225,585, a difference of $5,773 (2.6%) versus the prior year and $18,498 versus the prior month.

    For the 2024-03-01 period, Peoria had 470 MLS listings, a difference of -8 listings (-2%) versus the prior month and 56 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Peoria (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 96 days 1,822 sqft
    2018-02-01 95 days 1,832 sqft
    2018-03-01 68 days 1,832 sqft
    2018-04-01 59 days 1,845 sqft
    2018-05-01 65 days 1,856 sqft
    2018-06-01 61 days 1,856 sqft
    2018-07-01 66 days 1,865 sqft
    2018-08-01 68 days 1,856 sqft
    2018-09-01 72 days 1,845 sqft
    2018-10-01 78 days 1,820 sqft
    2018-11-01 80 days 1,810 sqft
    2018-12-01 87 days 1,777 sqft
    2019-01-01 89 days 1,784 sqft
    2019-02-01 92 days 1,760 sqft
    2019-03-01 82 days 1,784 sqft
    2019-04-01 69 days 1,830 sqft
    2019-05-01 59 days 1,785 sqft
    2019-06-01 59 days 1,760 sqft
    2019-07-01 61 days 1,874 sqft
    2019-08-01 62 days 1,859 sqft
    2019-09-01 65 days 1,828 sqft
    2019-10-01 67 days 1,802 sqft
    2019-11-01 73 days 1,783 sqft
    2019-12-01 85 days 1,744 sqft
    2020-01-01 92 days 1,740 sqft
    2020-02-01 94 days 1,732 sqft
    2020-03-01 72 days 1,742 sqft
    2020-04-01 72 days 1,759 sqft
    2020-05-01 72 days 1,772 sqft
    2020-06-01 68 days 1,775 sqft
    2020-07-01 61 days 1,782 sqft
    2020-08-01 53 days 1,766 sqft
    2020-09-01 58 days 1,731 sqft
    2020-10-01 61 days 1,721 sqft
    2020-11-01 58 days 1,634 sqft
    2020-12-01 61 days 1,568 sqft
    2021-01-01 72 days 1,571 sqft
    2021-02-01 73 days 1,519 sqft
    2021-03-01 59 days 1,484 sqft
    2021-04-01 47 days 1,549 sqft
    2021-05-01 41 days 1,533 sqft
    2021-06-01 34 days 1,567 sqft
    2021-07-01 36 days 1,586 sqft
    2021-08-01 39 days 1,617 sqft
    2021-09-01 44 days 1,591 sqft
    2021-10-01 45 days 1,541 sqft
    2021-11-01 47 days 1,454 sqft
    2021-12-01 58 days 1,431 sqft
    2022-01-01 62 days 1,380 sqft
    2022-02-01 57 days 1,333 sqft
    2022-03-01 49 days 1,368 sqft
    2022-04-01 34 days 1,382 sqft
    2022-05-01 30 days 1,562 sqft
    2022-06-01 35 days 1,690 sqft
    2022-07-01 34 days 1,700 sqft
    2022-08-01 42 days 1,737 sqft
    2022-09-01 46 days 1,738 sqft
    2022-10-01 49 days 1,735 sqft
    2022-11-01 51 days 1,720 sqft
    2022-12-01 56 days 1,620 sqft
    2023-01-01 67 days 1,674 sqft
    2023-02-01 59 days 1,595 sqft
    2023-03-01 47 days 1,592 sqft
    2023-04-01 39 days 1,618 sqft
    2023-05-01 36 days 1,649 sqft
    2023-06-01 40 days 1,726 sqft
    2023-07-01 40 days 1,701 sqft
    2023-08-01 37 days 1,692 sqft
    2023-09-01 40 days 1,758 sqft
    2023-10-01 39 days 1,724 sqft
    2023-11-01 41 days 1,687 sqft
    2023-12-01 50 days 1,696 sqft
    2024-01-01 60 days 1,657 sqft
    2024-02-01 48 days 1,579 sqft
    2024-03-01 36 days 1,618 sqft
    Peoria's median listing age (time on market) for 2024-03-01 was 36 days. This is -23% shorter than the same period one year ago.

    Peoria's median square footage for active listings during the 2024-03-01 period was 1,618 sqft. One year prior, the average listing was 1,592 sqft.