Portland USDA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

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.

Portland's 22 lenders originated 52 USDA loans during 2023. The total origination value was $15,910,000, with an average USDA loan value of $305,962.

Portland USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Portland averaged 6.59% for the week of 2024-05-24, compared to the national average (all USDA variants) of 6.738% for the same period.

Portland's average USDA mortgage closing costs are $5,783.

The average rate for the prior week (2024-05-17) was 6.57% and one month ago for the week of 2024-04-19, the average rate was 6.81%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.16%.

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

Portland 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 Portland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Bangor Savings Bank 9 5.63% $6,899
GUILD MORTGAGE COMPANY 4 5.75% $8,962
NORWICH COMMERCIAL GROUP, INC. 3 5.55% $7,877
NORTHPOINT MORTGAGE, INC. 3 5.32% $7,788
DAS Acquisition Company, LLC 2 5.23% $7,515
CMG MORTGAGE, INC. 2 7.00% $8,120
Equity Prime Mortgage LLC 1 6.75% $11,356
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.50% $8,914
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $6,613
MEGASTAR FINANCIAL CORP. 1 5.50% $7,859
Mortgage Research Center, LLC 1 5.50% $9,490
SIS BANCORP, MHC 1 5.50% $5,859
The Camden National Bank 1 5.95% $5,675
TOTAL MORTGAGE SERVICES, LLC 1 5.50% $7,793
UNITED WHOLESALE MORTGAGE, LLC 1 6.12% $9,318
American Mortgage & Equity Consultants, Inc. 1 6.75% $12,706
University Credit Union 1 5.50% $7,358
Bar Harbor Bank & Trust 1 5.50% $6,842
Citizens Bank 1 6.50% $5,725
CUSO MORTGAGE CORPORATION 1 5.95% $7,944
EMBRACE HOME LOANS, INC. 1 5.50% $6,907
ENVOY MORTGAGE, LTD 1 7.50% $13,763

The top Portland USDA lender as defined by loan originations is Bangor Savings Bank, with 9 USDA loans originated. Their average total fees are $6,899, which is $2,063 lower than the next largest lender, GUILD MORTGAGE COMPANY.

The lowest fee Portland USDA lenders (with over 10 loans originated) are .

The lowest rate Portland USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Portland (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 $342,500 (5.4%) $485,060 (7.9%) 1.27 1,968
2018-02-01 $349,800 (5.9%) $486,831 (5.7%) 1.27 1,829
2018-03-01 $350,000 (3.0%) $495,079 (4.6%) 1.23 1,831
2018-04-01 $359,925 (4.1%) $511,348 (4.5%) 1.22 1,945
2018-05-01 $364,850 (4.3%) $505,992 (3.9%) 1.22 2,246
2018-06-01 $366,500 (4.8%) $505,380 (3.8%) 1.22 2,602
2018-07-01 $366,900 (4.9%) $507,395 (2.5%) 1.23 2,799
2018-08-01 $359,000 (3.3%) $502,038 (1.8%) 1.20 2,965
2018-09-01 $355,000 (3.2%) $493,262 (0.2%) 1.19 3,048
2018-10-01 $351,875 (3.5%) $490,332 (0.0%) 1.19 2,945
2018-11-01 $354,999 (4.6%) $492,641 (1.3%) 1.20 2,759
2018-12-01 $349,000 (2.7%) $484,836 (-0.7%) 1.20 2,441
2019-01-01 $349,450 (2.0%) $480,011 (-1.0%) 1.21 2,070
2019-02-01 $357,425 (2.2%) $494,834 (1.6%) 1.21 1,984
2019-03-01 $366,429 (4.7%) $506,236 (2.3%) 1.20 1,946
2019-04-01 $377,250 (4.8%) $518,611 (1.4%) 1.20 1,932
2019-05-01 $383,450 (5.1%) $526,172 (4.0%) 1.20 2,122
2019-06-01 $388,250 (5.9%) $531,085 (5.1%) 1.21 2,433
2019-07-01 $389,450 (6.2%) $540,263 (6.5%) 1.22 2,571
2019-08-01 $387,882 (8.1%) $539,163 (7.4%) 1.23 2,601
2019-09-01 $386,205 (8.8%) $537,710 (9.0%) 1.24 2,551
2019-10-01 $384,950 (9.4%) $537,947 (9.7%) 1.24 2,487
2019-11-01 $385,000 (8.5%) $546,055 (10.8%) 1.26 2,210
2019-12-01 $385,713 (10.5%) $549,183 (13.3%) 1.29 1,751
2020-01-01 $395,000 (13.0%) $548,034 (14.2%) 1.32 1,510
2020-02-01 $399,000 (11.6%) $557,594 (12.7%) 1.31 1,401
2020-03-01 $399,450 (9.0%) $571,349 (12.9%) 1.25 1,455
2020-04-01 $405,000 (7.4%) $566,833 (9.3%) 1.27 1,512
2020-05-01 $415,000 (8.2%) $585,052 (11.2%) 1.26 1,526
2020-06-01 $414,950 (6.9%) $595,023 (12.0%) 1.22 1,611
2020-07-01 $427,450 (9.8%) $608,768 (12.7%) 1.24 1,561
2020-08-01 $424,950 (9.6%) $605,902 (12.4%) 1.22 1,413
2020-09-01 $424,250 (9.9%) $607,735 (13.0%) 1.22 1,363
2020-10-01 $417,500 (8.5%) $590,632 (9.8%) 1.20 1,339
2020-11-01 $425,000 (10.4%) $590,677 (8.2%) 1.24 1,191
2020-12-01 $441,400 (14.4%) $597,642 (8.8%) 1.31 978
2021-01-01 $438,500 (11.0%) $612,446 (11.8%) 1.31 751
2021-02-01 $437,500 (9.7%) $624,166 (11.9%) 1.27 629
2021-03-01 $438,152 (9.7%) $608,812 (6.6%) 1.24 614
2021-04-01 $448,898 (10.8%) $651,749 (15.0%) 1.22 649
2021-05-01 $459,900 (10.8%) $661,625 (13.1%) 1.22 733
2021-06-01 $474,713 (14.4%) $685,899 (15.3%) 1.25 902
2021-07-01 $479,450 (12.2%) $667,944 (9.7%) 1.27 1,093
2021-08-01 $465,225 (9.5%) $649,746 (7.2%) 1.24 1,113
2021-09-01 $450,000 (6.1%) $649,998 (7.0%) 1.20 1,064
2021-10-01 $465,000 (11.4%) $687,644 (16.4%) 1.24 943
2021-11-01 $482,100 (13.4%) $722,467 (22.3%) 1.29 770
2021-12-01 $493,250 (11.8%) $746,101 (24.8%) 1.34 597
2022-01-01 $498,950 (13.8%) $742,811 (21.3%) 1.35 495
2022-02-01 $532,000 (21.6%) $729,384 (16.9%) 1.38 437
2022-03-01 $521,225 (19.0%) $715,114 (17.5%) 1.30 469
2022-04-01 $525,000 (17.0%) $724,748 (11.2%) 1.25 567
2022-05-01 $532,500 (15.8%) $720,773 (8.9%) 1.22 718
2022-06-01 $544,000 (14.6%) $730,869 (6.6%) 1.21 888
2022-07-01 $549,900 (14.7%) $732,893 (9.7%) 1.24 1,088
2022-08-01 $549,950 (18.2%) $729,522 (12.3%) 1.27 1,090
2022-09-01 $542,000 (20.4%) $743,449 (14.4%) 1.27 1,037
2022-10-01 $549,000 (18.1%) $737,174 (7.2%) 1.29 1,006
2022-11-01 $542,000 (12.4%) $736,401 (1.9%) 1.30 946
2022-12-01 $551,750 (11.9%) $752,445 (0.9%) 1.36 808
2023-01-01 $584,775 (17.2%) $735,776 (-1.0%) 1.45 656
2023-02-01 $590,000 (10.9%) $769,548 (5.5%) 1.42 589
2023-03-01 $619,000 (18.8%) $829,590 (16.0%) 1.46 574
2023-04-01 $628,700 (19.8%) $847,820 (17.0%) 1.46 630
2023-05-01 $623,175 (17.0%) $848,468 (17.7%) 1.41 728
2023-06-01 $625,000 (14.9%) $875,841 (19.8%) 1.40 783
2023-07-01 $623,800 (13.4%) $882,708 (20.4%) 1.42 883
2023-08-01 $611,350 (11.2%) $858,625 (17.7%) 1.40 982
2023-09-01 $599,900 (10.7%) $870,420 (17.1%) 1.40 1,107
2023-10-01 $599,950 (9.3%) $874,809 (18.7%) 1.41 1,104
2023-11-01 $599,975 (10.7%) $882,028 (19.8%) 1.43 1,064
2023-12-01 $599,900 (8.7%) $878,491 (16.8%) 1.46 859
2024-01-01 $615,000 (5.2%) $875,680 (19.0%) 1.50 666
2024-02-01 $604,900 (2.5%) $854,749 (11.1%) 1.46 657
2024-03-01 $622,700 (0.6%) $912,739 (10.0%) 1.47 673
2024-04-01 $649,948 (3.4%) $901,309 (6.3%) 1.51 750
Portland's median listing price for 2024-04-01 was $649,948, a difference of $21,248 (3.4%) versus the prior year and $27,248 versus the prior month.

Portland's median listing price comes in at 151% of the national average.

Portland's average listing price for 2024-04-01 was $901,309, a difference of $53,489 (6.3%) versus the prior year and $-11,430 versus the prior month.

For the 2024-04-01 period, Portland had 750 MLS listings, a difference of 77 listings (11%) versus the prior month and 120 listings (19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Portland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 101 days 1,800 sqft
2018-02-01 107 days 1,792 sqft
2018-03-01 75 days 1,791 sqft
2018-04-01 50 days 1,800 sqft
2018-05-01 43 days 1,796 sqft
2018-06-01 44 days 1,800 sqft
2018-07-01 51 days 1,817 sqft
2018-08-01 59 days 1,815 sqft
2018-09-01 64 days 1,800 sqft
2018-10-01 71 days 1,800 sqft
2018-11-01 76 days 1,800 sqft
2018-12-01 88 days 1,764 sqft
2019-01-01 103 days 1,736 sqft
2019-02-01 106 days 1,741 sqft
2019-03-01 83 days 1,753 sqft
2019-04-01 52 days 1,764 sqft
2019-05-01 42 days 1,780 sqft
2019-06-01 40 days 1,800 sqft
2019-07-01 47 days 1,789 sqft
2019-08-01 54 days 1,780 sqft
2019-09-01 61 days 1,787 sqft
2019-10-01 67 days 1,791 sqft
2019-11-01 72 days 1,790 sqft
2019-12-01 84 days 1,762 sqft
2020-01-01 89 days 1,737 sqft
2020-02-01 86 days 1,694 sqft
2020-03-01 59 days 1,704 sqft
2020-04-01 55 days 1,739 sqft
2020-05-01 59 days 1,765 sqft
2020-06-01 40 days 1,764 sqft
2020-07-01 43 days 1,754 sqft
2020-08-01 40 days 1,742 sqft
2020-09-01 34 days 1,707 sqft
2020-10-01 34 days 1,715 sqft
2020-11-01 45 days 1,720 sqft
2020-12-01 62 days 1,711 sqft
2021-01-01 70 days 1,707 sqft
2021-02-01 43 days 1,662 sqft
2021-03-01 24 days 1,664 sqft
2021-04-01 17 days 1,678 sqft
2021-05-01 15 days 1,707 sqft
2021-06-01 16 days 1,736 sqft
2021-07-01 22 days 1,766 sqft
2021-08-01 27 days 1,747 sqft
2021-09-01 31 days 1,715 sqft
2021-10-01 34 days 1,730 sqft
2021-11-01 43 days 1,743 sqft
2021-12-01 58 days 1,698 sqft
2022-01-01 46 days 1,612 sqft
2022-02-01 29 days 1,636 sqft
2022-03-01 21 days 1,633 sqft
2022-04-01 12 days 1,657 sqft
2022-05-01 14 days 1,707 sqft
2022-06-01 17 days 1,777 sqft
2022-07-01 23 days 1,773 sqft
2022-08-01 32 days 1,769 sqft
2022-09-01 38 days 1,756 sqft
2022-10-01 42 days 1,776 sqft
2022-11-01 46 days 1,691 sqft
2022-12-01 57 days 1,680 sqft
2023-01-01 67 days 1,684 sqft
2023-02-01 61 days 1,674 sqft
2023-03-01 53 days 1,663 sqft
2023-04-01 27 days 1,664 sqft
2023-05-01 24 days 1,670 sqft
2023-06-01 23 days 1,762 sqft
2023-07-01 28 days 1,786 sqft
2023-08-01 29 days 1,740 sqft
2023-09-01 31 days 1,736 sqft
2023-10-01 37 days 1,758 sqft
2023-11-01 44 days 1,780 sqft
2023-12-01 59 days 1,748 sqft
2024-01-01 75 days 1,743 sqft
2024-02-01 54 days 1,681 sqft
2024-03-01 46 days 1,682 sqft
2024-04-01 42 days 1,686 sqft
Portland's median listing age (time on market) for 2024-04-01 was 42 days. This is 54% longer than the same period one year ago.

Portland's median square footage for active listings during the 2024-04-01 period was 1,686 sqft. One year prior, the average listing was 1,664 sqft.