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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.