Phoenix USDA Loan Rates, Closing Costs & Stats

PHOENIX-MESA-CHANDLER, AZ

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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.

    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.