Phoenix USDA Loan Rates, Closing Costs & Stats

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 39 lenders originated 117 USDA loans during 2023. The total origination value was $33,515,000, with an average USDA loan value of $286,453.

Phoenix USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Phoenix averaged 6.41% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Phoenix's average USDA mortgage closing costs are $6,373.

The average rate for the prior week (2024-04-05) was 6.34% and one month ago for the week of 2024-03-08, the average rate was 6.5%.

The average rate one year ago was 6%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.7%.

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

Phoenix 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 Phoenix level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 16 5.26% $8,700
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.45% $10,270
UNITED WHOLESALE MORTGAGE, LLC 10 5.86% $11,584
Paramount Residential Mortgage Group, Inc. 7 6.05% $7,069
AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.19% $12,529
Sierra Pacific Mortgage Company, Inc. 4 5.50% $10,331
NOVA FINANCIAL & INVESTMENT CORPORATION 4 6.06% $8,311
GENEVA FINANCIAL, LLC 4 6.25% $15,789
ACADEMY MORTGAGE CORPORATION 3 6.54% $11,063
CORNERSTONE HOME LENDING, INC. 3 6.25% $6,474
CROSSCOUNTRY MORTGAGE, LLC 3 6.79% $10,719
EAGLE HOME MORTGAGE, LLC 3 4.83% $8,368
GUILD MORTGAGE COMPANY 3 5.71% $11,281
V.I.P. MORTGAGE, INC. 3 6.46% $10,967
GUARANTEED RATE AFFINITY, LLC 2 6.18% $6,945
Loan Simple, Inc. 2 5.81% $12,447
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.88% $17,453
CARDINAL FINANCIAL 2 6.06% $10,733
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.63% $10,113
Century Mortgage Company DBA Century Lending Company 2 6.00% $9,292
ALTITUDE FINANCIAL CORPORATION 2 6.56% $2,761
INTERLINC MORTGAGE SERVICES, LLC 2 6.25% $4,555
Carrington Mortgage Services, LLC 2 6.56% $14,430
KBHS HOME LOANS, LLC 2 5.56% $12,533
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $8,094
AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $6,248
UNION HOME MORTGAGE CORP. 1 6.63% $10,327
VAN DYK MORTGAGE CORPORATION 1 6.75% $9,826
Equity Prime Mortgage LLC 1 6.25% $7,952
Waterstone Mortgage Corporation 1 7.13% $5,058
CALCON MUTUAL MORTGAGE LLC 1 7.25% $11,640
Wallick & Volk, Inc. 1 5.50% $8,124
Hometown Equity Mortgage, LLC 1 5.75% $18,099
LOANDEPOT.COM, LLC 1 7.25% $10,231
NEST HOME LENDING, LLC 1 5.75% $8,278
Bell Bank 1 6.25% $7,915
ON Q FINANCIAL, INC. 1 5.99% $9,267
Bank of England 1 6.25% $10,395
Plains Commerce Bank 1 6.00% $8,300

The top Phoenix USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 16 USDA loans originated. Their average total fees are $8,700, which is $1,570 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Phoenix USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,700), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,270), UNITED WHOLESALE MORTGAGE, LLC ($11,584), .

The lowest rate Phoenix USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.26%), UNITED WHOLESALE MORTGAGE, LLC (5.86%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.45%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Phoenix (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 $339,700 (6.2%) $582,121 (9.1%) 1.26 16,040
2018-02-01 $349,950 (7.0%) $596,230 (9.1%) 1.27 15,903
2018-03-01 $364,900 (8.3%) $614,257 (9.8%) 1.28 15,660
2018-04-01 $364,900 (5.0%) $615,185 (7.8%) 1.24 15,588
2018-05-01 $364,450 (4.4%) $606,681 (6.8%) 1.22 15,053
2018-06-01 $359,000 (5.6%) $589,104 (5.6%) 1.20 14,601
2018-07-01 $349,900 (4.5%) $562,151 (4.7%) 1.17 14,196
2018-08-01 $344,750 (4.5%) $549,091 (4.1%) 1.15 14,585
2018-09-01 $345,000 (4.6%) $548,169 (3.3%) 1.16 14,741
2018-10-01 $340,099 (3.1%) $552,484 (2.3%) 1.15 16,146
2018-11-01 $342,200 (3.7%) $568,839 (3.2%) 1.16 16,970
2018-12-01 $344,828 (3.0%) $575,150 (1.1%) 1.19 16,741
2019-01-01 $347,945 (2.4%) $582,810 (0.1%) 1.20 17,303
2019-02-01 $349,900 (0.0%) $587,222 (-1.5%) 1.18 17,882
2019-03-01 $361,329 (-1.0%) $601,751 (-2.0%) 1.18 17,409
2019-04-01 $371,350 (1.8%) $615,009 (0.0%) 1.18 16,852
2019-05-01 $374,600 (2.8%) $618,035 (1.9%) 1.17 15,913
2019-06-01 $380,000 (5.9%) $626,550 (6.4%) 1.19 14,610
2019-07-01 $382,536 (9.3%) $624,785 (11.1%) 1.20 13,215
2019-08-01 $384,727 (11.6%) $628,020 (14.4%) 1.22 12,659
2019-09-01 $384,318 (11.4%) $631,551 (15.2%) 1.23 12,832
2019-10-01 $384,045 (12.9%) $637,627 (15.4%) 1.24 13,012
2019-11-01 $383,995 (12.2%) $643,327 (13.1%) 1.26 12,980
2019-12-01 $379,990 (10.2%) $659,922 (14.7%) 1.27 11,902
2020-01-01 $392,311 (12.8%) $681,225 (16.9%) 1.31 11,211
2020-02-01 $399,900 (14.3%) $697,431 (18.8%) 1.31 10,356
2020-03-01 $404,264 (11.9%) $698,688 (16.1%) 1.27 10,126
2020-04-01 $375,000 (1.0%) $621,453 (1.1%) 1.17 12,654
2020-05-01 $385,000 (2.8%) $643,224 (4.1%) 1.17 11,855
2020-06-01 $430,250 (13.2%) $747,605 (19.3%) 1.27 8,794
2020-07-01 $448,995 (17.4%) $784,016 (25.5%) 1.30 7,386
2020-08-01 $444,000 (15.4%) $775,732 (23.5%) 1.27 7,165
2020-09-01 $436,304 (13.5%) $773,557 (22.5%) 1.25 7,350
2020-10-01 $435,000 (13.3%) $771,889 (21.1%) 1.25 7,633
2020-11-01 $417,000 (8.6%) $746,886 (16.1%) 1.22 7,216
2020-12-01 $408,500 (7.5%) $736,213 (11.6%) 1.21 5,980
2021-01-01 $414,970 (5.8%) $773,410 (13.5%) 1.24 4,955
2021-02-01 $412,950 (3.3%) $800,100 (14.7%) 1.20 4,019
2021-03-01 $420,000 (3.9%) $800,154 (14.5%) 1.19 3,916
2021-04-01 $427,995 (14.1%) $807,094 (29.9%) 1.16 4,156
2021-05-01 $450,000 (16.9%) $817,309 (27.1%) 1.20 4,275
2021-06-01 $460,000 (6.9%) $801,961 (7.3%) 1.21 4,872
2021-07-01 $475,000 (5.8%) $773,132 (-1.4%) 1.25 5,623
2021-08-01 $475,000 (7.0%) $753,806 (-2.8%) 1.27 6,017
2021-09-01 $476,950 (9.3%) $747,219 (-3.4%) 1.27 6,236
2021-10-01 $484,993 (11.5%) $754,445 (-2.3%) 1.29 6,462
2021-11-01 $482,495 (15.7%) $765,486 (2.5%) 1.29 6,256
2021-12-01 $487,000 (19.2%) $783,838 (6.5%) 1.32 5,573
2022-01-01 $499,000 (20.3%) $815,920 (5.5%) 1.35 4,645
2022-02-01 $499,950 (21.1%) $857,432 (7.2%) 1.30 4,050
2022-03-01 $500,950 (19.3%) $864,079 (8.0%) 1.25 4,029
2022-04-01 $525,000 (22.7%) $877,482 (8.7%) 1.25 4,590
2022-05-01 $549,450 (22.1%) $856,587 (4.8%) 1.26 7,121
2022-06-01 $547,500 (19.0%) $818,345 (2.0%) 1.22 10,236
2022-07-01 $525,000 (10.5%) $746,534 (-3.4%) 1.18 14,297
2022-08-01 $499,950 (5.3%) $709,896 (-5.8%) 1.16 16,371
2022-09-01 $494,475 (3.7%) $700,561 (-6.2%) 1.16 16,733
2022-10-01 $485,000 (0.0%) $709,726 (-5.9%) 1.14 17,772
2022-11-01 $477,000 (-1.1%) $717,207 (-6.3%) 1.15 17,345
2022-12-01 $474,900 (-2.5%) $721,974 (-7.9%) 1.17 14,790
2023-01-01 $479,495 (-3.9%) $758,362 (-7.1%) 1.19 13,487
2023-02-01 $487,000 (-2.6%) $807,832 (-5.8%) 1.18 12,499
2023-03-01 $499,363 (-0.3%) $845,639 (-2.1%) 1.18 11,470
2023-04-01 $516,006 (-1.7%) $884,740 (0.8%) 1.20 10,164
2023-05-01 $529,447 (-3.6%) $916,513 (7.0%) 1.20 9,166
2023-06-01 $539,945 (-1.4%) $928,389 (13.5%) 1.21 8,598
2023-07-01 $539,900 (2.8%) $892,899 (19.6%) 1.23 8,231
2023-08-01 $537,900 (7.6%) $882,775 (24.4%) 1.24 8,700
2023-09-01 $532,000 (7.6%) $867,398 (23.8%) 1.24 9,317
2023-10-01 $529,759 (9.2%) $874,104 (23.2%) 1.25 10,798
2023-11-01 $522,450 (9.5%) $871,475 (21.5%) 1.24 12,000
2023-12-01 $526,725 (10.9%) $885,567 (22.7%) 1.28 11,355
2024-01-01 $535,000 (11.6%) $932,383 (23.0%) 1.31 11,429
2024-02-01 $539,995 (10.9%) $979,418 (21.2%) 1.30 11,947
2024-03-01 $534,990 (7.1%) $948,151 (12.1%) 1.26 13,407
Phoenix's median listing price for 2024-03-01 was $534,990, a difference of $35,627 (7.1%) versus the prior year and $-5,005 versus the prior month.

Phoenix's median listing price comes in at 126% of the national average.

Phoenix's average listing price for 2024-03-01 was $948,151, a difference of $102,512 (12.1%) versus the prior year and $-31,267 versus the prior month.

For the 2024-03-01 period, Phoenix had 13,407 MLS listings, a difference of 1,460 listings (12%) versus the prior month and 1,937 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 59 days 2,154 sqft
2018-02-01 44 days 2,190 sqft
2018-03-01 43 days 2,247 sqft
2018-04-01 43 days 2,243 sqft
2018-05-01 43 days 2,245 sqft
2018-06-01 44 days 2,218 sqft
2018-07-01 45 days 2,180 sqft
2018-08-01 46 days 2,160 sqft
2018-09-01 44 days 2,154 sqft
2018-10-01 43 days 2,137 sqft
2018-11-01 44 days 2,137 sqft
2018-12-01 52 days 2,128 sqft
2019-01-01 59 days 2,122 sqft
2019-02-01 47 days 2,132 sqft
2019-03-01 44 days 2,172 sqft
2019-04-01 44 days 2,210 sqft
2019-05-01 46 days 2,214 sqft
2019-06-01 49 days 2,237 sqft
2019-07-01 51 days 2,254 sqft
2019-08-01 48 days 2,251 sqft
2019-09-01 43 days 2,243 sqft
2019-10-01 39 days 2,236 sqft
2019-11-01 44 days 2,215 sqft
2019-12-01 51 days 2,202 sqft
2020-01-01 57 days 2,205 sqft
2020-02-01 44 days 2,216 sqft
2020-03-01 40 days 2,202 sqft
2020-04-01 36 days 2,100 sqft
2020-05-01 49 days 2,119 sqft
2020-06-01 51 days 2,221 sqft
2020-07-01 41 days 2,208 sqft
2020-08-01 30 days 2,164 sqft
2020-09-01 27 days 2,131 sqft
2020-10-01 28 days 2,113 sqft
2020-11-01 37 days 2,028 sqft
2020-12-01 40 days 1,992 sqft
2021-01-01 42 days 1,997 sqft
2021-02-01 34 days 1,982 sqft
2021-03-01 29 days 1,978 sqft
2021-04-01 27 days 1,972 sqft
2021-05-01 27 days 1,993 sqft
2021-06-01 26 days 1,986 sqft
2021-07-01 27 days 1,990 sqft
2021-08-01 28 days 2,005 sqft
2021-09-01 30 days 1,988 sqft
2021-10-01 30 days 2,002 sqft
2021-11-01 33 days 2,002 sqft
2021-12-01 36 days 1,993 sqft
2022-01-01 37 days 1,990 sqft
2022-02-01 28 days 1,980 sqft
2022-03-01 28 days 1,940 sqft
2022-04-01 24 days 1,963 sqft
2022-05-01 22 days 1,977 sqft
2022-06-01 24 days 1,972 sqft
2022-07-01 30 days 1,942 sqft
2022-08-01 37 days 1,915 sqft
2022-09-01 46 days 1,904 sqft
2022-10-01 51 days 1,908 sqft
2022-11-01 58 days 1,910 sqft
2022-12-01 69 days 1,898 sqft
2023-01-01 74 days 1,918 sqft
2023-02-01 60 days 1,940 sqft
2023-03-01 50 days 1,976 sqft
2023-04-01 50 days 2,010 sqft
2023-05-01 45 days 2,033 sqft
2023-06-01 44 days 2,050 sqft
2023-07-01 45 days 2,039 sqft
2023-08-01 45 days 2,034 sqft
2023-09-01 39 days 2,020 sqft
2023-10-01 37 days 2,010 sqft
2023-11-01 40 days 1,984 sqft
2023-12-01 53 days 2,027 sqft
2024-01-01 60 days 2,041 sqft
2024-02-01 45 days 2,047 sqft
2024-03-01 49 days 2,031 sqft
Phoenix's median listing age (time on market) for 2024-03-01 was 49 days. This is -2% shorter than the same period one year ago.

Phoenix's median square footage for active listings during the 2024-03-01 period was 2,031 sqft. One year prior, the average listing was 1,976 sqft.