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 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 6.52% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Phoenix's average USDA mortgage closing costs are $5,731.

The average rate for the prior week (2022-11-25) was 6.86% and one month ago for the week of 2022-10-28, the average rate was 6.93%.

The average rate one year ago was 3.32%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.13%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 54 2.81% $5,918
LOANDEPOT.COM, LLC 23 3.28% $7,457
NOVA FINANCIAL & INVESTMENT CORPORATION 16 3.09% $3,685
INSPIRE HOME LOANS INC. 14 3.27% $6,718
Amerifirst Financial, Inc. 13 2.84% $4,974
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 2.93% $7,143
V.I.P. MORTGAGE, INC. 10 2.94% $6,541
CITYWIDE HOME LOANS, LLC 9 3.46% $7,012
SUNSTREET MORTGAGE, LLC 8 2.75% $5,162
HOMEAMERICAN MORTGAGE CORPORATION 8 2.61% $3,451
GUILD MORTGAGE COMPANY 8 2.98% $7,138
CALIBER HOME LOANS, INC. 7 2.91% $5,618
FINANCE OF AMERICA MORTGAGE LLC 6 3.33% $7,147
STARBOARD FINANCIAL MANAGEMENT, LLC 5 3.20% $7,306
Paramount Residential Mortgage Group, Inc. 5 2.68% $6,747
UNITED WHOLESALE MORTGAGE, LLC 4 2.88% $7,546
CMG MORTGAGE, INC. 4 3.09% $7,173
Loan Simple, Inc. 3 2.79% $6,135
LEADERONE FINANCIAL CORPORATION 3 2.88% $4,182
HOME POINT FINANCIAL CORPORATION 3 2.75% $6,416
Waterstone Mortgage Corporation 3 2.50% $6,904
SUN AMERICAN MORTGAGE COMPANY 2 2.75% $5,421
Carrington Mortgage Services, LLC 2 3.50% $4,903
First Guaranty Mortgage Corporation 2 2.88% $8,585
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $8,651
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 2.75% $6,917
LAKEVIEW LOAN SERVICING, LLC 2 2.75% $3,820
Lend Smart Mortgage, LLC 2 3.56% $7,958
LHM FINANCIAL CORPORATION 2 2.75% $5,854
MICHIGAN MUTUAL, INC. 2 3.00% $3,875
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.69% $7,695
ACADEMY MORTGAGE CORPORATION 2 3.50% $7,734
Wallick & Volk, Inc. 2 3.13% $11,438
ENVOY MORTGAGE, LTD 1 3.13% $9,365
TOWNE MORTGAGE COMPANY 1 2.75% $7,122
UNION HOME MORTGAGE CORP. 1 2.75% $6,098
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $8,106
CORNERSTONE HOME LENDING, INC. 1 2.75% $14,108
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $5,451
MORIA DEVELOPMENT, INC. 1 3.88% $5,249
MOUNTAIN WEST FINANCIAL, INC. 1 3.13% $5,065
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $6,221
Neighborhood Loans, Inc. 1 2.75% $7,136
Colten Mortgage, LLC 1 2.63% $4,272
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $10,147
PENNYMAC LOAN SERVICES, LLC 1 2.75% $5,548
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.63% $5,997
AMERICAN FINANCIAL NETWORK, INC. 1 3.00% $6,718
PULTE MORTGAGE LLC 1 3.00% $3,088
SECURITYNATIONAL MORTGAGE COMPANY 1 3.00% $8,590
BNC National Bank 1 3.25% $4,371
STEARNS LENDING, LLC 1 2.88% $6,815
GUARANTEED RATE, INC. 1 2.50% $7,396
GENEVA FINANCIAL, LLC 1 2.63% $6,101
SUMMIT FUNDING, INC. 1 2.88% $9,264
ALTITUDE FINANCIAL CORPORATION 1 2.75% $4,328
FISHER FINANCIAL GROUP, INCORPORATED 1 2.88% $4,832
Hometown Lenders, Inc. 1 3.00% $8,563
FBC MORTGAGE, LLC 1 2.75% $5,476
KBHS HOME LOANS, LLC 1 3.25% $6,758
Austin Capital Bank SSB 1 3.00% $6,495

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. 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%) $582,422 (9.2%) 1.26 16,044
2018-02-01 $349,950 (7.0%) $596,504 (9.1%) 1.27 15,908
2018-03-01 $364,900 (8.3%) $614,556 (9.8%) 1.28 15,665
2018-04-01 $364,900 (5.0%) $615,538 (7.8%) 1.24 15,592
2018-05-01 $364,450 (4.5%) $606,922 (6.8%) 1.22 15,057
2018-06-01 $359,000 (5.6%) $589,359 (5.6%) 1.20 14,605
2018-07-01 $349,900 (4.5%) $562,454 (4.7%) 1.17 14,198
2018-08-01 $344,750 (4.5%) $549,464 (4.1%) 1.15 14,589
2018-09-01 $345,000 (4.6%) $548,239 (3.2%) 1.16 14,746
2018-10-01 $340,099 (3.1%) $552,532 (2.2%) 1.15 16,149
2018-11-01 $342,125 (3.7%) $568,884 (3.1%) 1.16 16,973
2018-12-01 $344,828 (3.0%) $575,188 (1.1%) 1.19 16,744
2019-01-01 $347,919 (2.4%) $582,791 (0.1%) 1.20 17,305
2019-02-01 $349,900 (0.0%) $587,164 (-1.6%) 1.18 17,885
2019-03-01 $361,329 (-1.0%) $601,668 (-2.1%) 1.18 17,419
2019-04-01 $371,300 (1.8%) $614,863 (-0.1%) 1.18 16,872
2019-05-01 $374,450 (2.7%) $617,709 (1.8%) 1.17 15,948
2019-06-01 $380,000 (5.9%) $626,092 (6.2%) 1.19 14,650
2019-07-01 $382,450 (9.3%) $624,057 (11.0%) 1.20 13,257
2019-08-01 $384,455 (11.5%) $627,264 (14.2%) 1.22 12,706
2019-09-01 $383,636 (11.2%) $630,829 (15.1%) 1.23 12,881
2019-10-01 $383,091 (12.6%) $636,936 (15.3%) 1.24 13,062
2019-11-01 $383,000 (12.0%) $642,782 (13.0%) 1.26 13,034
2019-12-01 $379,950 (10.2%) $659,244 (14.6%) 1.27 11,954
2020-01-01 $391,900 (12.6%) $680,503 (16.8%) 1.31 11,261
2020-02-01 $399,900 (14.3%) $696,639 (18.6%) 1.31 10,405
2020-03-01 $404,225 (11.9%) $697,905 (16.0%) 1.27 10,176
2020-04-01 $375,000 (1.0%) $621,044 (1.0%) 1.17 12,704
2020-05-01 $385,000 (2.8%) $642,737 (4.1%) 1.17 11,904
2020-06-01 $430,000 (13.2%) $746,309 (19.2%) 1.27 8,844
2020-07-01 $446,220 (16.7%) $782,120 (25.3%) 1.29 7,437
2020-08-01 $440,900 (14.7%) $774,100 (23.4%) 1.26 7,211
2020-09-01 $435,000 (13.4%) $772,044 (22.4%) 1.25 7,397
2020-10-01 $434,900 (13.5%) $770,447 (21.0%) 1.25 7,680
2020-11-01 $417,000 (8.9%) $745,576 (16.0%) 1.22 7,266
2020-12-01 $407,500 (7.3%) $734,754 (11.5%) 1.21 6,031
2021-01-01 $414,000 (5.6%) $771,249 (13.3%) 1.24 5,004
2021-02-01 $410,000 (2.5%) $797,526 (14.5%) 1.19 4,066
2021-03-01 $419,950 (3.9%) $797,696 (14.3%) 1.19 3,967
2021-04-01 $427,500 (14.0%) $804,813 (29.6%) 1.16 4,206
2021-05-01 $450,000 (16.9%) $815,262 (26.8%) 1.19 4,323
2021-06-01 $457,500 (6.4%) $799,592 (7.1%) 1.20 4,920
2021-07-01 $474,995 (6.5%) $771,542 (-1.4%) 1.25 5,666
2021-08-01 $475,000 (7.7%) $752,457 (-2.8%) 1.27 6,058
2021-09-01 $472,500 (8.6%) $746,169 (-3.4%) 1.26 6,278
2021-10-01 $481,000 (10.6%) $753,066 (-2.3%) 1.28 6,506
2021-11-01 $482,450 (15.7%) $764,230 (2.5%) 1.29 6,302
2021-12-01 $486,031 (19.3%) $782,459 (6.5%) 1.32 5,619
2022-01-01 $498,013 (20.3%) $814,074 (5.6%) 1.35 4,688
2022-02-01 $499,900 (21.9%) $854,885 (7.2%) 1.30 4,096
2022-03-01 $499,950 (19.1%) $861,731 (8.0%) 1.25 4,077
2022-04-01 $525,000 (22.8%) $875,135 (8.7%) 1.25 4,638
2022-05-01 $549,250 (22.1%) $855,021 (4.9%) 1.26 7,169
2022-06-01 $547,500 (19.7%) $817,245 (2.2%) 1.22 10,285
2022-07-01 $525,000 (10.5%) $746,108 (-3.3%) 1.19 14,344
2022-08-01 $499,950 (5.3%) $709,361 (-5.7%) 1.16 16,417
2022-09-01 $493,500 (4.4%) $700,074 (-6.2%) 1.16 16,779
2022-10-01 $485,000 (0.8%) $709,304 (-5.8%) 1.14 17,818
2022-11-01 $477,000 (-1.1%) $716,494 (-6.3%) 1.15 17,392
Phoenix's median listing price for 2022-11-01 was $477,000, a difference of $-5,450 (-1.1%) versus the prior year and $-8,000 versus the prior month.

Phoenix's median listing price comes in at 115% of the national average.

Phoenix's average listing price for 2022-11-01 was $716,494, a difference of $-47,736 (-6.3%) versus the prior year and $7,190 versus the prior month.

For the 2022-11-01 period, Phoenix had 17,392 MLS listings, a difference of -426 listings (-2%) versus the prior month and 11,090 listings (176%) 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 62 days 2,154 sqft
2018-02-01 48 days 2,190 sqft
2018-03-01 45 days 2,247 sqft
2018-04-01 44 days 2,243 sqft
2018-05-01 44 days 2,245 sqft
2018-06-01 46 days 2,218 sqft
2018-07-01 48 days 2,180 sqft
2018-08-01 48 days 2,160 sqft
2018-09-01 46 days 2,154 sqft
2018-10-01 44 days 2,137 sqft
2018-11-01 45 days 2,137 sqft
2018-12-01 54 days 2,128 sqft
2019-01-01 61 days 2,122 sqft
2019-02-01 50 days 2,132 sqft
2019-03-01 46 days 2,171 sqft
2019-04-01 46 days 2,210 sqft
2019-05-01 48 days 2,214 sqft
2019-06-01 50 days 2,237 sqft
2019-07-01 53 days 2,253 sqft
2019-08-01 50 days 2,250 sqft
2019-09-01 44 days 2,242 sqft
2019-10-01 41 days 2,235 sqft
2019-11-01 45 days 2,214 sqft
2019-12-01 54 days 2,201 sqft
2020-01-01 59 days 2,205 sqft
2020-02-01 46 days 2,216 sqft
2020-03-01 42 days 2,200 sqft
2020-04-01 38 days 2,100 sqft
2020-05-01 50 days 2,120 sqft
2020-06-01 55 days 2,218 sqft
2020-07-01 44 days 2,206 sqft
2020-08-01 32 days 2,162 sqft
2020-09-01 29 days 2,130 sqft
2020-10-01 29 days 2,113 sqft
2020-11-01 38 days 2,029 sqft
2020-12-01 42 days 1,993 sqft
2021-01-01 43 days 1,997 sqft
2021-02-01 34 days 1,983 sqft
2021-03-01 30 days 1,980 sqft
2021-04-01 28 days 1,973 sqft
2021-05-01 28 days 1,994 sqft
2021-06-01 27 days 1,988 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 1,994 sqft
2022-01-01 38 days 1,990 sqft
2022-02-01 28 days 1,981 sqft
2022-03-01 29 days 1,942 sqft
2022-04-01 25 days 1,963 sqft
2022-05-01 22 days 1,977 sqft
2022-06-01 24 days 1,973 sqft
2022-07-01 31 days 1,942 sqft
2022-08-01 38 days 1,915 sqft
2022-09-01 47 days 1,905 sqft
2022-10-01 51 days 1,907 sqft
2022-11-01 58 days 1,910 sqft
Phoenix's median listing age (time on market) for 2022-11-01 was 58 days. This is 76% longer than the same period one year ago.

Phoenix's median square footage for active listings during the 2022-11-01 period was 1,910 sqft. One year prior, the average listing was 2,002 sqft.