Portland USDA Loan Rates, Closing Costs & Stats

PORTLAND-SOUTH PORTLAND, ME

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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.

    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 6.15% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.49% and one month ago for the week of 2024-11-08, the average rate was 6.7%.

    The average rate one year ago was 7.07%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.63%.

    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
    2024-05-01 $673,125 (8.0%) $944,314 (11.3%) 1.52 912
    2024-06-01 $664,750 (6.4%) $951,434 (8.6%) 1.49 1,095
    2024-07-01 $649,500 (4.1%) $927,459 (5.1%) 1.48 1,328
    2024-08-01 $645,000 (5.5%) $885,473 (3.1%) 1.50 1,389
    2024-09-01 $642,125 (7.0%) $885,237 (1.7%) 1.51 1,443
    2024-10-01 $629,000 (4.8%) $881,101 (0.7%) 1.48 1,537
    2024-11-01 $615,000 (2.5%) $865,630 (-1.9%) 1.48 1,534
    Portland's median listing price for 2024-11-01 was $615,000, a difference of $15,025 (2.5%) versus the prior year and $-14,000 versus the prior month.

    Portland's median listing price comes in at 148% of the national average.

    Portland's average listing price for 2024-11-01 was $865,630, a difference of $-16,398 (-1.9%) versus the prior year and $-15,471 versus the prior month.

    For the 2024-11-01 period, Portland had 1,534 MLS listings, a difference of -3 listings (0%) versus the prior month and 470 listings (44%) 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
    2024-05-01 33 days 1,744 sqft
    2024-06-01 32 days 1,736 sqft
    2024-07-01 39 days 1,752 sqft
    2024-08-01 45 days 1,728 sqft
    2024-09-01 49 days 1,748 sqft
    2024-10-01 52 days 1,740 sqft
    2024-11-01 61 days 1,729 sqft
    Portland's median listing age (time on market) for 2024-11-01 was 61 days. This is 38% longer than the same period one year ago.

    Portland's median square footage for active listings during the 2024-11-01 period was 1,729 sqft. One year prior, the average listing was 1,780 sqft.