Phoenix USDA Loans
PHOENIX-MESA-CHANDLER, AZ
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.
Phoenix's 61 lenders originated 502 USDA loans during 2021. The total origination value was $167,440,000, with an average USDA loan value of $333,546.
Phoenix USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Phoenix
averaged
5.58%
for the week of 2022-05-13, compared to the national average (all USDA variants) of
5.294% for the same period.
The average rate for the prior week (2022-05-06) was
5.51% and
one month ago for the week of 2022-04-08, the
average rate was 4.87%.
The average rate one year ago was 3.18%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.09%.
Phoenix USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Phoenix level.
The top Phoenix USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with
54 USDA loans originated. Their average total fees are
$5,918, which is $1,538
lower than the next largest lender,
LOANDEPOT.COM, LLC.
The lowest fee Phoenix USDA lenders (with over 10 loans originated) are
NOVA FINANCIAL & INVESTMENT CORPORATION ($3,685), Amerifirst Financial, Inc. ($4,974), DHI MORTGAGE COMPANY, LTD. ($5,918), V.I.P. MORTGAGE, INC. ($6,541) and INSPIRE HOME LOANS INC. ($6,718).
The lowest rate Phoenix USDA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (2.81%), Amerifirst Financial, Inc. (2.84%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.93%), V.I.P. MORTGAGE, INC. (2.94%) and NOVA FINANCIAL & INVESTMENT CORPORATION (3.09%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $339,934 (6.2%) | $584,601 (9.4%) | 1.25 | 15,925 |
2018-02-01 | $350,000 (7.0%) | $598,463 (9.3%) | 1.26 | 15,813 |
2018-03-01 | $364,990 (8.3%) | $616,768 (10.1%) | 1.26 | 15,534 |
2018-04-01 | $364,950 (5.0%) | $617,477 (8.4%) | 1.22 | 15,474 |
2018-05-01 | $366,200 (4.9%) | $610,590 (7.3%) | 1.22 | 14,905 |
2018-06-01 | $359,900 (5.9%) | $592,644 (6.0%) | 1.20 | 14,461 |
2018-07-01 | $349,950 (4.5%) | $563,850 (4.9%) | 1.17 | 14,142 |
2018-08-01 | $345,788 (4.8%) | $550,669 (4.2%) | 1.16 | 14,406 |
2018-09-01 | $345,000 (4.6%) | $549,912 (3.4%) | 1.15 | 14,642 |
2018-10-01 | $341,495 (3.5%) | $553,817 (2.2%) | 1.14 | 16,047 |
2018-11-01 | $344,266 (4.0%) | $571,404 (3.2%) | 1.15 | 16,949 |
2018-12-01 | $345,000 (3.0%) | $579,346 (1.5%) | 1.18 | 16,681 |
2019-01-01 | $349,394 (2.8%) | $587,862 (0.6%) | 1.20 | 17,147 |
2019-02-01 | $350,000 (0.0%) | $592,635 (-1.0%) | 1.17 | 17,747 |
2019-03-01 | $362,549 (-0.7%) | $606,703 (-1.6%) | 1.18 | 17,305 |
2019-04-01 | $373,148 (2.3%) | $620,028 (0.4%) | 1.18 | 16,698 |
2019-05-01 | $376,232 (2.7%) | $624,486 (2.3%) | 1.16 | 15,773 |
2019-06-01 | $384,900 (7.0%) | $632,398 (6.7%) | 1.18 | 14,485 |
2019-07-01 | $386,187 (10.4%) | $631,246 (12.0%) | 1.20 | 13,120 |
2019-08-01 | $391,871 (13.3%) | $638,897 (16.0%) | 1.23 | 12,038 |
2019-09-01 | $391,921 (13.6%) | $646,918 (17.6%) | 1.24 | 11,637 |
2019-10-01 | $386,524 (13.2%) | $643,973 (16.3%) | 1.23 | 12,860 |
2019-11-01 | $385,000 (11.8%) | $650,914 (13.9%) | 1.24 | 12,888 |
2019-12-01 | $384,950 (11.6%) | $664,974 (14.8%) | 1.28 | 11,871 |
2020-01-01 | $396,495 (13.5%) | $687,469 (16.9%) | 1.32 | 11,100 |
2020-02-01 | $400,000 (14.3%) | $704,637 (18.9%) | 1.29 | 10,195 |
2020-03-01 | $405,000 (11.7%) | $705,399 (16.3%) | 1.27 | 9,973 |
2020-04-01 | $376,722 (1.0%) | $625,646 (0.9%) | 1.17 | 12,571 |
2020-05-01 | $385,000 (2.3%) | $646,451 (3.5%) | 1.17 | 11,760 |
2020-06-01 | $434,900 (13.0%) | $753,424 (19.1%) | 1.27 | 8,679 |
2020-07-01 | $449,990 (16.5%) | $790,776 (25.3%) | 1.29 | 7,248 |
2020-08-01 | $449,000 (14.6%) | $786,379 (23.1%) | 1.28 | 7,026 |
2020-09-01 | $441,500 (12.7%) | $784,602 (21.3%) | 1.26 | 7,205 |
2020-10-01 | $439,990 (13.8%) | $780,797 (21.3%) | 1.26 | 7,498 |
2020-11-01 | $417,500 (8.4%) | $749,310 (15.1%) | 1.20 | 7,186 |
2020-12-01 | $412,500 (7.2%) | $739,618 (11.2%) | 1.21 | 6,003 |
2021-01-01 | $414,900 (4.6%) | $781,943 (13.7%) | 1.22 | 5,047 |
2021-02-01 | $418,500 (4.6%) | $806,112 (14.4%) | 1.20 | 3,809 |
2021-03-01 | $420,000 (3.7%) | $807,496 (14.5%) | 1.18 | 3,810 |
2021-04-01 | $432,400 (14.8%) | $815,315 (30.3%) | 1.16 | 4,045 |
2021-05-01 | $450,000 (16.9%) | $823,620 (27.4%) | 1.18 | 4,160 |
2021-06-01 | $464,950 (6.9%) | $810,420 (7.6%) | 1.21 | 4,718 |
2021-07-01 | $472,500 (5.0%) | $790,309 (-0.1%) | 1.23 | 5,449 |
2021-08-01 | $475,000 (5.8%) | $757,157 (-3.7%) | 1.25 | 5,857 |
2021-09-01 | $475,000 (7.6%) | $753,167 (-4.0%) | 1.25 | 6,113 |
2021-10-01 | $485,000 (10.2%) | $760,316 (-2.6%) | 1.28 | 6,283 |
2021-11-01 | $484,731 (16.1%) | $769,681 (2.7%) | 1.28 | 6,129 |
2021-12-01 | $486,000 (17.8%) | $774,932 (4.8%) | 1.30 | 5,483 |
2022-01-01 | $495,000 (19.3%) | $804,557 (2.9%) | 1.32 | 4,533 |
2022-02-01 | $499,900 (19.5%) | $847,843 (5.2%) | 1.27 | 3,970 |
2022-03-01 | $501,500 (19.4%) | $869,310 (7.7%) | 1.24 | 3,900 |
2022-04-01 | $525,000 (21.4%) | $880,312 (8.0%) | 1.24 | 4,452 |
Phoenix's median listing price comes in at 124% of the national average.
Phoenix's average listing price for 2022-04-01 was $880,312, a difference of $64,997 (8.0%) versus the prior year and $11,002 versus the prior month.
For the 2022-04-01 period, Phoenix had 4,452 MLS listings, a difference of 552 listings (14%) versus the prior month and 407 listings (10%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 64 days | 2,157 sqft |
2018-02-01 | 50 days | 2,193 sqft |
2018-03-01 | 46 days | 2,249 sqft |
2018-04-01 | 46 days | 2,248 sqft |
2018-05-01 | 46 days | 2,254 sqft |
2018-06-01 | 48 days | 2,223 sqft |
2018-07-01 | 49 days | 2,183 sqft |
2018-08-01 | 49 days | 2,161 sqft |
2018-09-01 | 48 days | 2,156 sqft |
2018-10-01 | 45 days | 2,139 sqft |
2018-11-01 | 46 days | 2,142 sqft |
2018-12-01 | 55 days | 2,133 sqft |
2019-01-01 | 63 days | 2,129 sqft |
2019-02-01 | 52 days | 2,140 sqft |
2019-03-01 | 50 days | 2,181 sqft |
2019-04-01 | 49 days | 2,223 sqft |
2019-05-01 | 50 days | 2,227 sqft |
2019-06-01 | 52 days | 2,250 sqft |
2019-07-01 | 55 days | 2,268 sqft |
2019-08-01 | 57 days | 2,284 sqft |
2019-09-01 | 49 days | 2,292 sqft |
2019-10-01 | 43 days | 2,242 sqft |
2019-11-01 | 45 days | 2,224 sqft |
2019-12-01 | 55 days | 2,210 sqft |
2020-01-01 | 63 days | 2,220 sqft |
2020-02-01 | 49 days | 2,229 sqft |
2020-03-01 | 43 days | 2,215 sqft |
2020-04-01 | 38 days | 2,104 sqft |
2020-05-01 | 51 days | 2,124 sqft |
2020-06-01 | 60 days | 2,231 sqft |
2020-07-01 | 49 days | 2,219 sqft |
2020-08-01 | 36 days | 2,183 sqft |
2020-09-01 | 32 days | 2,141 sqft |
2020-10-01 | 31 days | 2,126 sqft |
2020-11-01 | 38 days | 2,033 sqft |
2020-12-01 | 43 days | 2,000 sqft |
2021-01-01 | 45 days | 2,002 sqft |
2021-02-01 | 36 days | 1,993 sqft |
2021-03-01 | 32 days | 1,989 sqft |
2021-04-01 | 31 days | 1,989 sqft |
2021-05-01 | 30 days | 2,002 sqft |
2021-06-01 | 29 days | 1,999 sqft |
2021-07-01 | 29 days | 2,001 sqft |
2021-08-01 | 30 days | 2,008 sqft |
2021-09-01 | 32 days | 1,995 sqft |
2021-10-01 | 32 days | 2,007 sqft |
2021-11-01 | 35 days | 2,012 sqft |
2021-12-01 | 38 days | 1,996 sqft |
2022-01-01 | 40 days | 1,990 sqft |
2022-02-01 | 33 days | 1,972 sqft |
2022-03-01 | 30 days | 1,949 sqft |
2022-04-01 | 27 days | 1,975 sqft |
Phoenix's median square footage for active listings during the 2022-04-01 period was 1,975 sqft. One year prior, the average listing was 1,989 sqft.