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 13 lenders originated 16 USDA loans during 2022. The total origination value was $5,020,000, with an average USDA loan value of $313,750.

Providence USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Providence averaged 6.16% for the week of 2023-05-26, compared to the national average (all USDA variants) of 6.63% for the same period.

Providence's average USDA mortgage closing costs are $8,227.

The average rate for the prior week (2023-05-19) was 6.2% and one month ago for the week of 2023-04-21, the average rate was 6.01%.

The average rate one year ago was 4.93%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.29%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
PROVINCE MORTGAGE ASSOCIATES, INC. 2 4.69% $7,654
GUILD MORTGAGE COMPANY 2 5.88% $8,542
UNITED WHOLESALE MORTGAGE, LLC 2 3.50% $9,811
EVERETT FINANCIAL, INC. 1 3.25% $4,704
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.49% $7,591
CALIBER HOME LOANS, INC. 1 3.75% $4,050
Nations Lending Corporation 1 4.25% $3,354
NORTHPOINT MORTGAGE, INC. 1 5.63% $6,337
NORWICH COMMERCIAL GROUP, INC. 1 4.75% $18,565
TOTAL MORTGAGE SERVICES, LLC 1 3.50% $12,883
MOVEMENT MORTGAGE, LLC 1 4.13% $7,479
Eastern Bank 1 3.75% $8,181
EQUITY RESOURCES, INC. 1 2.63% $16,767

The top Providence USDA lender as defined by loan originations is PROVINCE MORTGAGE ASSOCIATES, INC., with 2 USDA loans originated. Their average total fees are $7,654, which is $888 lower than the next largest lender, GUILD MORTGAGE COMPANY.

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%) 1.24 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%) 1.23 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 $369,900 (3.0%) $553,914 (1.4%) 1.23 4,058
2019-04-01 $377,000 (2.2%) $563,100 (1.3%) 1.20 4,315
2019-05-01 $379,950 (2.0%) $574,165 (2.8%) 1.19 4,606
2019-06-01 $384,900 (4.1%) $579,677 (3.9%) 1.20 4,745
2019-07-01 $387,125 (4.6%) $587,901 (3.7%) 1.21 4,782
2019-08-01 $389,900 (5.7%) $596,121 (7.8%) 1.22 4,730
2019-09-01 $389,744 (6.8%) $602,563 (10.1%) 1.23 4,321
2019-10-01 $379,450 (7.7%) $580,851 (8.5%) 1.22 4,804
2019-11-01 $379,900 (8.6%) $586,226 (9.6%) 1.25 4,421
2019-12-01 $369,900 (5.7%) $561,197 (7.6%) 1.23 3,819
2020-01-01 $367,450 (5.0%) $558,946 (6.6%) 1.23 3,414
2020-02-01 $383,700 (7.4%) $582,606 (6.9%) 1.26 3,115
2020-03-01 $399,000 (7.9%) $610,479 (10.2%) 1.25 3,082
2020-04-01 $399,000 (5.8%) $621,255 (10.3%) 1.25 3,058
2020-05-01 $399,900 (5.3%) $642,895 (12.0%) 1.22 3,004
2020-06-01 $429,450 (11.6%) $688,571 (18.8%) 1.27 2,789
2020-07-01 $427,450 (10.4%) $702,136 (19.4%) 1.24 2,543
2020-08-01 $429,900 (10.3%) $722,819 (21.3%) 1.23 2,353
2020-09-01 $422,450 (8.4%) $746,989 (24.0%) 1.21 2,304
2020-10-01 $419,900 (10.7%) $738,920 (27.2%) 1.20 2,317
2020-11-01 $409,500 (7.8%) $730,099 (24.5%) 1.20 2,177
2020-12-01 $413,750 (11.9%) $740,130 (31.9%) 1.23 1,849
2021-01-01 $431,900 (17.5%) $802,270 (43.5%) 1.29 1,580
2021-02-01 $422,400 (10.1%) $804,545 (38.1%) 1.23 1,306
2021-03-01 $399,900 (0.2%) $776,799 (27.2%) 1.13 1,324
2021-04-01 $404,763 (1.4%) $792,424 (27.6%) 1.10 1,300
2021-05-01 $399,900 (0.0%) $776,013 (20.7%) 1.06 1,373
2021-06-01 $422,625 (-1.6%) $785,721 (14.1%) 1.11 1,623
2021-07-01 $429,900 (0.6%) $775,704 (10.5%) 1.13 1,896
2021-08-01 $438,625 (2.0%) $752,895 (4.2%) 1.17 2,032
2021-09-01 $436,900 (3.4%) $737,960 (-1.2%) 1.17 2,077
2021-10-01 $439,900 (4.8%) $699,443 (-5.3%) 1.17 2,036
2021-11-01 $434,425 (6.1%) $713,576 (-2.3%) 1.16 1,791
2021-12-01 $427,450 (3.3%) $713,774 (-3.6%) 1.16 1,419
2022-01-01 $450,000 (4.2%) $769,271 (-4.1%) 1.22 1,113
2022-02-01 $457,400 (8.3%) $759,805 (-5.6%) 1.19 1,017
2022-03-01 $442,225 (10.6%) $743,895 (-4.2%) 1.11 997
2022-04-01 $474,999 (17.4%) $727,988 (-8.1%) 1.13 1,104
2022-05-01 $472,450 (18.1%) $713,797 (-8.0%) 1.08 1,407
2022-06-01 $480,450 (13.7%) $718,239 (-8.6%) 1.07 1,711
2022-07-01 $479,900 (11.6%) $731,528 (-5.7%) 1.08 2,037
2022-08-01 $475,000 (8.3%) $761,008 (1.1%) 1.10 2,018
2022-09-01 $479,900 (9.8%) $781,272 (5.9%) 1.12 1,886
2022-10-01 $474,500 (7.9%) $774,346 (10.7%) 1.12 1,952
2022-11-01 $475,000 (9.3%) $749,736 (5.1%) 1.14 1,931
2022-12-01 $475,000 (11.1%) $754,807 (5.8%) 1.17 1,647
2023-01-01 $475,000 (5.6%) $764,435 (-0.6%) 1.18 1,445
2023-02-01 $498,125 (8.9%) $819,646 (7.9%) 1.20 1,284
2023-03-01 $512,900 (16.0%) $908,437 (22.1%) 1.21 1,170
2023-04-01 $529,900 (11.6%) $903,595 (24.1%) 1.23 1,220
Providence's median listing price for 2023-04-01 was $529,900, a difference of $54,901 (11.6%) versus the prior year and $17,000 versus the prior month.

Providence's median listing price comes in at 123% of the national average.

Providence's average listing price for 2023-04-01 was $903,595, a difference of $175,607 (24.1%) versus the prior year and $-4,842 versus the prior month.

For the 2023-04-01 period, Providence had 1,220 MLS listings, a difference of 50 listings (4%) versus the prior month and 116 listings (11%) 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 1,714 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 1,712 sqft
2018-09-01 52 days 1,700 sqft
2018-10-01 54 days 1,699 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 1,692 sqft
2019-04-01 47 days 1,710 sqft
2019-05-01 46 days 1,736 sqft
2019-06-01 46 days 1,754 sqft
2019-07-01 52 days 1,750 sqft
2019-08-01 63 days 1,769 sqft
2019-09-01 65 days 1,757 sqft
2019-10-01 52 days 1,712 sqft
2019-11-01 59 days 1,728 sqft
2019-12-01 74 days 1,681 sqft
2020-01-01 78 days 1,678 sqft
2020-02-01 68 days 1,700 sqft
2020-03-01 51 days 1,739 sqft
2020-04-01 56 days 1,734 sqft
2020-05-01 64 days 1,754 sqft
2020-06-01 52 days 1,800 sqft
2020-07-01 50 days 1,773 sqft
2020-08-01 43 days 1,777 sqft
2020-09-01 33 days 1,754 sqft
2020-10-01 33 days 1,727 sqft
2020-11-01 41 days 1,696 sqft
2020-12-01 52 days 1,698 sqft
2021-01-01 57 days 1,700 sqft
2021-02-01 53 days 1,650 sqft
2021-03-01 40 days 1,631 sqft
2021-04-01 31 days 1,600 sqft
2021-05-01 29 days 1,572 sqft
2021-06-01 23 days 1,601 sqft
2021-07-01 29 days 1,600 sqft
2021-08-01 25 days 1,613 sqft
2021-09-01 30 days 1,649 sqft
2021-10-01 28 days 1,639 sqft
2021-11-01 32 days 1,622 sqft
2021-12-01 49 days 1,575 sqft
2022-01-01 45 days 1,596 sqft
2022-02-01 39 days 1,600 sqft
2022-03-01 31 days 1,573 sqft
2022-04-01 25 days 1,604 sqft
2022-05-01 23 days 1,607 sqft
2022-06-01 22 days 1,618 sqft
2022-07-01 29 days 1,602 sqft
2022-08-01 33 days 1,621 sqft
2022-09-01 39 days 1,645 sqft
2022-10-01 36 days 1,648 sqft
2022-11-01 38 days 1,650 sqft
2022-12-01 46 days 1,664 sqft
2023-01-01 53 days 1,632 sqft
2023-02-01 45 days 1,651 sqft
2023-03-01 42 days 1,665 sqft
2023-04-01 36 days 1,664 sqft
Providence's median listing age (time on market) for 2023-04-01 was 36 days. This is 44% longer than the same period one year ago.

Providence's median square footage for active listings during the 2023-04-01 period was 1,664 sqft. One year prior, the average listing was 1,604 sqft.