Providence USDA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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.

Providence's 25 lenders originated 48 USDA loans during 2021. The total origination value was $15,460,000, with an average USDA loan value of $322,083.

Providence USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Providence averaged 6.36% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Providence's average USDA mortgage closing costs are $8,190.

The average rate for the prior week (2023-01-20) was 6.35% and one month ago for the week of 2022-12-23, the average rate was 6.38%.

The average rate one year ago was 3.53%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.94%.

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

Providence 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 Providence level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
RESIDENTIAL MORTGAGE SERVICES, INC. 5 2.53% $6,446
NEWREZ LLC 4 2.66% $8,145
MOVEMENT MORTGAGE, LLC 4 3.03% $7,544
FIRST HOME MORTGAGE CORPORATION 3 2.83% $7,275
Envision Bank 3 2.58% $6,927
EQUITY RESOURCES, INC. 3 2.63% $8,153
Bank of England 2 2.50% $7,655
Sierra Pacific Mortgage Company, Inc. 2 2.75% $7,369
NORTHPOINT MORTGAGE, INC. 2 3.38% $6,602
Northpointe Bank 2 2.75% $6,900
PLAZA HOME MORTGAGE, INC. 1 3.13% $16,704
Prosperity Home Mortgage, LLC 1 2.88% $6,845
Shamrock Home Loans, Inc. 1 2.63% $6,940
STEARNS LENDING, LLC 1 2.25% $5,604
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $7,670
UNITED WHOLESALE MORTGAGE, LLC 1 3.00% $8,111
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $8,151
EMM LOANS LLC 1 2.50% $4,986
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $7,513
First Guaranty Mortgage Corporation 1 2.38% $7,054
FREEDOM MORTGAGE CORPORATION 1 3.25% $4,116
GENEVA FINANCIAL, LLC 1 2.75% $7,570
GUARANTEED RATE, INC. 1 3.38% $8,459
HOME POINT FINANCIAL CORPORATION 1 2.88% $6,064
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $7,588

The top Providence USDA lender as defined by loan originations is RESIDENTIAL MORTGAGE SERVICES, INC., with 5 USDA loans originated. Their average total fees are $6,446, which is $1,699 lower than the next largest lender, NEWREZ LLC.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Providence (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 $339,900 (6.4%) $534,035 (6.1%) 1.26 3,680
2018-02-01 $349,450 (7.4%) $544,558 (7.1%) 1.27 3,510
2018-03-01 $359,000 (6.4%) $546,441 (4.7%) 1.26 3,545
2018-04-01 $369,000 (5.5%) $555,680 (2.4%) 1.25 3,765
2018-05-01 $372,400 (6.4%) $558,783 (2.4%) 1.24 4,164
2018-06-01 $369,900 (2.8%) $558,188 (0.6%) 1.23 4,806
2018-07-01 $370,000 (3.1%) $566,792 (1.6%) 1.23 5,134
2018-08-01 $369,000 (5.5%) $553,132 (0.4%) 1.24 5,353
2018-09-01 $364,900 (4.3%) $547,484 (0.6%) 1.22 5,561
2018-10-01 $352,500 (0.9%) $535,174 (-0.1%) 1.19 5,697
2018-11-01 $349,900 (0.3%) $534,839 (1.4%) 1.19 5,499
2018-12-01 $349,900 (2.9%) $521,359 (-0.7%) 1.21 4,956
2019-01-01 $349,900 (2.9%) $524,274 (-1.8%) 1.21 4,391
2019-02-01 $357,400 (2.3%) $545,059 (0.1%) 1.21 4,090
2019-03-01 $366,371 (2.1%) $552,193 (1.1%) 1.20 4,181
2019-04-01 $377,000 (2.2%) $563,066 (1.3%) 1.20 4,322
2019-05-01 $379,950 (2.0%) $573,959 (2.7%) 1.19 4,617
2019-06-01 $384,900 (4.1%) $579,191 (3.8%) 1.20 4,764
2019-07-01 $387,000 (4.6%) $587,175 (3.6%) 1.21 4,803
2019-08-01 $378,898 (2.7%) $582,557 (5.3%) 1.20 4,818
2019-09-01 $377,394 (3.4%) $580,367 (6.0%) 1.21 4,828
2019-10-01 $378,230 (7.3%) $580,010 (8.4%) 1.22 4,825
2019-11-01 $379,900 (8.6%) $584,943 (9.4%) 1.25 4,445
2019-12-01 $369,900 (5.7%) $559,923 (7.4%) 1.23 3,843
2020-01-01 $367,400 (5.0%) $557,586 (6.4%) 1.23 3,438
2020-02-01 $380,000 (6.3%) $580,897 (6.6%) 1.24 3,139
2020-03-01 $399,000 (8.9%) $608,613 (10.2%) 1.25 3,106
2020-04-01 $399,000 (5.8%) $619,271 (10.0%) 1.25 3,082
2020-05-01 $399,900 (5.3%) $640,751 (11.6%) 1.22 3,028
2020-06-01 $427,450 (11.1%) $685,914 (18.4%) 1.26 2,813
2020-07-01 $427,350 (10.4%) $699,280 (19.1%) 1.24 2,567
2020-08-01 $429,900 (13.5%) $719,394 (23.5%) 1.23 2,377
2020-09-01 $421,950 (11.8%) $743,018 (28.0%) 1.21 2,328
2020-10-01 $419,000 (10.8%) $734,976 (26.7%) 1.20 2,341
2020-11-01 $409,450 (7.8%) $726,033 (24.1%) 1.20 2,201
2020-12-01 $409,950 (10.8%) $735,707 (31.4%) 1.22 1,873
2021-01-01 $429,900 (17.0%) $795,933 (42.8%) 1.28 1,604
2021-02-01 $415,450 (9.3%) $797,604 (37.3%) 1.21 1,330
2021-03-01 $399,900 (0.2%) $770,439 (26.6%) 1.13 1,348
2021-04-01 $401,700 (0.7%) $785,591 (26.9%) 1.09 1,324
2021-05-01 $399,900 (0.0%) $770,124 (20.2%) 1.06 1,397
2021-06-01 $421,950 (-1.3%) $780,372 (13.8%) 1.11 1,648
2021-07-01 $429,000 (0.4%) $771,185 (10.3%) 1.13 1,919
2021-08-01 $435,950 (1.4%) $748,364 (4.0%) 1.16 2,055
2021-09-01 $434,925 (3.1%) $733,607 (-1.3%) 1.16 2,100
2021-10-01 $439,900 (5.0%) $695,350 (-5.4%) 1.17 2,059
2021-11-01 $432,450 (5.6%) $708,934 (-2.4%) 1.15 1,815
2021-12-01 $424,725 (3.6%) $708,665 (-3.7%) 1.15 1,443
2022-01-01 $449,900 (4.7%) $760,876 (-4.4%) 1.22 1,132
2022-02-01 $449,700 (8.2%) $751,776 (-5.8%) 1.17 1,041
2022-03-01 $435,950 (9.0%) $736,462 (-4.4%) 1.09 1,021
2022-04-01 $471,977 (17.5%) $721,886 (-8.1%) 1.13 1,129
2022-05-01 $469,225 (17.3%) $708,639 (-8.0%) 1.07 1,432
2022-06-01 $477,000 (13.1%) $714,171 (-8.5%) 1.06 1,736
2022-07-01 $479,900 (11.9%) $727,838 (-5.6%) 1.09 2,061
2022-08-01 $472,450 (8.4%) $756,815 (1.1%) 1.09 2,042
2022-09-01 $477,375 (9.8%) $776,717 (5.9%) 1.12 1,910
2022-10-01 $469,900 (6.8%) $769,855 (10.7%) 1.11 1,976
2022-11-01 $474,950 (9.8%) $745,561 (5.2%) 1.14 1,955
2022-12-01 $469,900 (10.6%) $743,362 (4.9%) 1.17 1,704
Providence's median listing price for 2022-12-01 was $469,900, a difference of $45,175 (10.6%) versus the prior year and $-5,050 versus the prior month.

Providence's median listing price comes in at 117% of the national average.

Providence's average listing price for 2022-12-01 was $743,362, a difference of $34,697 (4.9%) versus the prior year and $-2,199 versus the prior month.

For the 2022-12-01 period, Providence had 1,704 MLS listings, a difference of -251 listings (-13%) versus the prior month and 261 listings (18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Providence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 87 days 1,676 sqft
2018-02-01 83 days 1,692 sqft
2018-03-01 57 days 1,715 sqft
2018-04-01 50 days 1,733 sqft
2018-05-01 43 days 1,738 sqft
2018-06-01 40 days 1,725 sqft
2018-07-01 46 days 1,728 sqft
2018-08-01 51 days 1,711 sqft
2018-09-01 52 days 1,700 sqft
2018-10-01 54 days 1,698 sqft
2018-11-01 58 days 1,682 sqft
2018-12-01 71 days 1,673 sqft
2019-01-01 79 days 1,667 sqft
2019-02-01 77 days 1,678 sqft
2019-03-01 62 days 1,691 sqft
2019-04-01 47 days 1,710 sqft
2019-05-01 46 days 1,735 sqft
2019-06-01 47 days 1,754 sqft
2019-07-01 52 days 1,748 sqft
2019-08-01 53 days 1,725 sqft
2019-09-01 53 days 1,712 sqft
2019-10-01 52 days 1,709 sqft
2019-11-01 60 days 1,728 sqft
2019-12-01 74 days 1,681 sqft
2020-01-01 79 days 1,676 sqft
2020-02-01 70 days 1,697 sqft
2020-03-01 51 days 1,737 sqft
2020-04-01 56 days 1,731 sqft
2020-05-01 64 days 1,750 sqft
2020-06-01 53 days 1,800 sqft
2020-07-01 50 days 1,768 sqft
2020-08-01 44 days 1,773 sqft
2020-09-01 34 days 1,751 sqft
2020-10-01 33 days 1,720 sqft
2020-11-01 42 days 1,691 sqft
2020-12-01 54 days 1,693 sqft
2021-01-01 58 days 1,697 sqft
2021-02-01 54 days 1,646 sqft
2021-03-01 42 days 1,628 sqft
2021-04-01 31 days 1,596 sqft
2021-05-01 29 days 1,567 sqft
2021-06-01 24 days 1,597 sqft
2021-07-01 29 days 1,600 sqft
2021-08-01 26 days 1,609 sqft
2021-09-01 30 days 1,645 sqft
2021-10-01 29 days 1,638 sqft
2021-11-01 32 days 1,617 sqft
2021-12-01 49 days 1,569 sqft
2022-01-01 47 days 1,590 sqft
2022-02-01 39 days 1,596 sqft
2022-03-01 33 days 1,570 sqft
2022-04-01 26 days 1,600 sqft
2022-05-01 23 days 1,606 sqft
2022-06-01 23 days 1,618 sqft
2022-07-01 29 days 1,600 sqft
2022-08-01 34 days 1,620 sqft
2022-09-01 40 days 1,642 sqft
2022-10-01 37 days 1,644 sqft
2022-11-01 39 days 1,649 sqft
2022-12-01 47 days 1,658 sqft
Providence's median listing age (time on market) for 2022-12-01 was 47 days. This is -5% shorter than the same period one year ago.

Providence's median square footage for active listings during the 2022-12-01 period was 1,658 sqft. One year prior, the average listing was 1,569 sqft.