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 44 lenders originated 132 USDA loans during 2022. The total origination value was $35,430,000, with an average USDA loan value of $268,409.

Phoenix USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Phoenix averaged 6.08% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Phoenix's average USDA mortgage closing costs are $6,033.

The average rate for the prior week (2023-05-19) was 6.12% and one month ago for the week of 2023-04-21, the average rate was 6.13%.

The average rate one year ago was 4.75%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.14%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
INSPIRE HOME LOANS INC. 16 5.22% $8,266
DHI MORTGAGE COMPANY, LTD. 15 4.08% $7,264
UNITED WHOLESALE MORTGAGE, LLC 8 4.60% $8,350
HOME POINT FINANCIAL CORPORATION 8 4.95% $8,380
V.I.P. MORTGAGE, INC. 6 4.48% $7,682
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.39% $9,536
CARDINAL FINANCIAL 6 4.81% $8,664
NOVA FINANCIAL & INVESTMENT CORPORATION 5 4.70% $6,409
LOANDEPOT.COM, LLC 4 4.47% $8,417
ACADEMY MORTGAGE CORPORATION 3 4.63% $10,942
GENEVA FINANCIAL, LLC 3 4.79% $10,422
SUN AMERICAN MORTGAGE COMPANY 3 5.25% $7,381
Sierra Pacific Mortgage Company, Inc. 3 4.83% $9,778
CALIBER HOME LOANS, INC. 2 4.06% $7,731
Hometown Lenders, Inc. 2 5.19% $13,429
FIRST COLONY MORTGAGE CORPORATION 2 4.00% $6,860
CITYWIDE HOME LOANS, LLC 2 4.88% $9,855
Loan Simple, Inc. 2 4.94% $9,464
ON Q FINANCIAL, INC. 2 3.50% $14,519
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.87% $7,796
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 4.44% $8,986
UNION HOME MORTGAGE CORP. 2 5.69% $8,946
Amerifirst Financial, Inc. 2 4.25% $9,262
GUILD MORTGAGE COMPANY 2 5.00% $10,845
Waterstone Mortgage Corporation 1 3.38% $7,012
ALTITUDE FINANCIAL CORPORATION 1 6.13% $2,491
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $11,581
Bell Bank 1 6.00% $8,482
CALCON MUTUAL MORTGAGE LLC 1 5.63% $9,095
Century Mortgage Company DBA Century Lending Company 1 4.38% $11,779
CMG MORTGAGE, INC. 1 3.50% $6,983
CORNERSTONE HOME LENDING, INC. 1 5.25% $7,073
CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $5,467
First Option Mortgage, LLC 1 5.50% $9,110
Flagstar Bank, FSB 1 3.38% $9,838
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.63% $8,907
GoPrime Mortgage, Inc. 1 3.25% $10,951
GUARANTEED RATE, INC. 1 5.25% $7,374
HOMEAMERICAN MORTGAGE CORPORATION 1 3.13% $7,991
KBHS HOME LOANS, LLC 1 4.50% $13,585
Lend Smart Mortgage, LLC 1 3.75% $7,281
STARBOARD FINANCIAL MANAGEMENT, LLC 1 5.25% $10,439
SUNSTREET MORTGAGE, LLC 1 4.50% $5,880
Wallick & Volk, Inc. 1 3.75% $14,822

The top Phoenix USDA lender as defined by loan originations is INSPIRE HOME LOANS INC., with 16 USDA loans originated. Their average total fees are $8,266, which is $1,002 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Phoenix USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,264), INSPIRE HOME LOANS INC. ($8,266), .

The lowest rate Phoenix USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.08%), INSPIRE HOME LOANS INC. (5.22%), .


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%) $582,430 (9.2%) 1.26 16,043
2018-02-01 $349,950 (7.0%) $596,508 (9.1%) 1.27 15,908
2018-03-01 $364,900 (8.3%) $614,504 (9.8%) 1.28 15,664
2018-04-01 $364,900 (5.0%) $615,486 (7.8%) 1.24 15,591
2018-05-01 $364,450 (4.5%) $606,867 (6.8%) 1.22 15,056
2018-06-01 $359,000 (5.6%) $589,302 (5.6%) 1.20 14,604
2018-07-01 $349,900 (4.5%) $562,394 (4.7%) 1.17 14,197
2018-08-01 $344,750 (4.5%) $549,397 (4.1%) 1.15 14,588
2018-09-01 $345,000 (4.6%) $548,172 (3.2%) 1.16 14,745
2018-10-01 $339,974 (3.1%) $552,471 (2.2%) 1.15 16,148
2018-11-01 $342,125 (3.7%) $568,819 (3.1%) 1.16 16,972
2018-12-01 $344,753 (2.9%) $575,128 (1.1%) 1.19 16,743
2019-01-01 $347,938 (2.4%) $582,777 (0.1%) 1.20 17,306
2019-02-01 $349,900 (0.0%) $587,151 (-1.6%) 1.18 17,886
2019-03-01 $364,900 (0.0%) $604,679 (-1.6%) 1.22 17,467
2019-04-01 $371,250 (1.7%) $614,895 (-0.1%) 1.18 16,865
2019-05-01 $374,450 (2.7%) $617,921 (1.8%) 1.17 15,918
2019-06-01 $380,000 (5.9%) $626,446 (6.3%) 1.19 14,614
2019-07-01 $382,450 (9.3%) $624,669 (11.1%) 1.20 13,218
2019-08-01 $389,900 (13.1%) $631,890 (15.0%) 1.22 12,040
2019-09-01 $407,450 (18.1%) $678,409 (23.8%) 1.29 10,459
2019-10-01 $383,196 (12.7%) $637,482 (15.4%) 1.24 13,015
2019-11-01 $383,897 (12.2%) $643,234 (13.1%) 1.26 12,987
2019-12-01 $379,975 (10.2%) $659,754 (14.7%) 1.27 11,907
2020-01-01 $392,236 (12.7%) $681,132 (16.9%) 1.31 11,214
2020-02-01 $399,900 (14.3%) $697,352 (18.8%) 1.31 10,358
2020-03-01 $404,250 (10.8%) $698,594 (15.5%) 1.27 10,129
2020-04-01 $375,000 (1.0%) $621,373 (1.1%) 1.17 12,657
2020-05-01 $385,000 (2.8%) $643,136 (4.1%) 1.17 11,858
2020-06-01 $430,123 (13.2%) $747,398 (19.3%) 1.27 8,797
2020-07-01 $448,489 (17.3%) $783,652 (25.5%) 1.30 7,390
2020-08-01 $443,000 (13.6%) $775,542 (22.7%) 1.27 7,165
2020-09-01 $436,293 (7.1%) $773,425 (14.0%) 1.25 7,352
2020-10-01 $435,000 (13.5%) $771,753 (21.1%) 1.25 7,635
2020-11-01 $417,000 (8.6%) $746,740 (16.1%) 1.22 7,220
2020-12-01 $408,350 (7.5%) $735,976 (11.6%) 1.21 5,984
2021-01-01 $414,925 (5.8%) $773,187 (13.5%) 1.24 4,959
2021-02-01 $412,950 (3.3%) $800,106 (14.7%) 1.20 4,020
2021-03-01 $420,000 (3.9%) $799,830 (14.5%) 1.19 3,920
2021-04-01 $427,500 (14.0%) $806,862 (29.9%) 1.16 4,158
2021-05-01 $450,000 (16.9%) $817,252 (27.1%) 1.19 4,278
2021-06-01 $460,000 (7.0%) $801,647 (7.3%) 1.21 4,875
2021-07-01 $475,000 (5.9%) $773,108 (-1.4%) 1.25 5,625
2021-08-01 $475,000 (7.2%) $753,747 (-2.8%) 1.27 6,019
2021-09-01 $476,950 (9.3%) $747,412 (-3.4%) 1.27 6,238
2021-10-01 $484,900 (11.5%) $754,298 (-2.3%) 1.29 6,465
2021-11-01 $482,495 (15.7%) $765,634 (2.5%) 1.29 6,258
2021-12-01 $487,000 (19.3%) $784,070 (6.5%) 1.32 5,574
2022-01-01 $499,000 (20.3%) $816,259 (5.6%) 1.35 4,645
2022-02-01 $499,950 (21.1%) $857,630 (7.2%) 1.30 4,050
2022-03-01 $499,950 (19.0%) $864,207 (8.1%) 1.25 4,031
2022-04-01 $525,000 (22.8%) $877,383 (8.7%) 1.25 4,592
2022-05-01 $549,450 (22.1%) $856,546 (4.8%) 1.26 7,123
2022-06-01 $547,500 (19.0%) $818,385 (2.1%) 1.22 10,239
2022-07-01 $525,000 (10.5%) $746,938 (-3.4%) 1.19 14,301
2022-08-01 $499,950 (5.3%) $710,114 (-5.8%) 1.15 16,376
2022-09-01 $494,500 (3.7%) $700,700 (-6.3%) 1.16 16,739
2022-10-01 $485,000 (0.0%) $709,952 (-5.9%) 1.14 17,776
2022-11-01 $477,000 (-1.1%) $717,189 (-6.3%) 1.15 17,348
2022-12-01 $474,900 (-2.5%) $723,091 (-7.8%) 1.17 14,792
2023-01-01 $479,495 (-3.9%) $758,688 (-7.1%) 1.19 13,489
2023-02-01 $487,000 (-2.6%) $808,936 (-5.7%) 1.17 12,500
2023-03-01 $499,250 (-0.1%) $846,696 (-2.0%) 1.18 11,471
2023-04-01 $518,850 (-1.2%) $886,232 (1.0%) 1.21 10,164
Phoenix's median listing price for 2023-04-01 was $518,850, a difference of $-6,150 (-1.2%) versus the prior year and $19,600 versus the prior month.

Phoenix's median listing price comes in at 121% of the national average.

Phoenix's average listing price for 2023-04-01 was $886,232, a difference of $8,849 (1.0%) versus the prior year and $39,536 versus the prior month.

For the 2023-04-01 period, Phoenix had 10,164 MLS listings, a difference of -1,307 listings (-11%) versus the prior month and 5,572 listings (121%) 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 49 days 2,181 sqft
2019-04-01 48 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 2,254 sqft
2019-08-01 64 days 2,271 sqft
2019-09-01 58 days 2,345 sqft
2019-10-01 42 days 2,231 sqft
2019-11-01 45 days 2,214 sqft
2019-12-01 53 days 2,202 sqft
2020-01-01 59 days 2,205 sqft
2020-02-01 45 days 2,216 sqft
2020-03-01 41 days 2,201 sqft
2020-04-01 38 days 2,100 sqft
2020-05-01 50 days 2,119 sqft
2020-06-01 55 days 2,220 sqft
2020-07-01 44 days 2,207 sqft
2020-08-01 31 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 41 days 1,992 sqft
2021-01-01 43 days 1,997 sqft
2021-02-01 34 days 1,982 sqft
2021-03-01 30 days 1,977 sqft
2021-04-01 28 days 1,972 sqft
2021-05-01 28 days 1,992 sqft
2021-06-01 26 days 1,986 sqft
2021-07-01 27 days 1,989 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 1,980 sqft
2022-03-01 29 days 1,940 sqft
2022-04-01 24 days 1,963 sqft
2022-05-01 22 days 1,976 sqft
2022-06-01 24 days 1,972 sqft
2022-07-01 30 days 1,942 sqft
2022-08-01 38 days 1,915 sqft
2022-09-01 47 days 1,904 sqft
2022-10-01 51 days 1,907 sqft
2022-11-01 58 days 1,910 sqft
2022-12-01 70 days 1,897 sqft
2023-01-01 74 days 1,917 sqft
2023-02-01 62 days 1,937 sqft
2023-03-01 51 days 1,975 sqft
2023-04-01 51 days 2,010 sqft
Phoenix's median listing age (time on market) for 2023-04-01 was 51 days. This is 113% longer than the same period one year ago.

Phoenix's median square footage for active listings during the 2023-04-01 period was 2,010 sqft. One year prior, the average listing was 1,963 sqft.