Providence USDA Loan Rates, Closing Costs & Stats

PROVIDENCE-WARWICK, RI-MA

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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.

    Providence's 6 lenders originated 9 USDA loans during 2023. The total origination value was $3,195,000, with an average USDA loan value of $355,000.

    Providence USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Providence averaged 6.02% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Providence's average USDA mortgage closing costs are $8,319.

    The average rate for the prior week (2024-12-06) was 6.26% and one month ago for the week of 2024-11-08, the average rate was 6.37%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.5%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.75% $9,208
    NFM, INC. 2 6.88% $10,924
    UNITED WHOLESALE MORTGAGE, LLC 2 6.18% $9,114
    CROSSCOUNTRY MORTGAGE, LLC 1 5.50% $22,737
    GUILD MORTGAGE COMPANY 1 6.50% $9,785
    RADIUS FINANCIAL GROUP INC. 1 5.63% $10,829

    The top Providence USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 2 USDA loans originated. Their average total fees are $9,208, which is $1,717 lower than the next largest lender, NFM, INC..

    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%) $534,011 (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%) $546,532 (4.7%) 1.26 3,544
    2018-04-01 $369,000 (5.5%) $555,644 (2.4%) 1.25 3,764
    2018-05-01 $372,400 (6.4%) $558,752 (2.4%) 1.24 4,163
    2018-06-01 $369,900 (2.8%) $558,162 (0.5%) 1.23 4,805
    2018-07-01 $370,000 (3.1%) $566,792 (1.5%) 1.24 5,134
    2018-08-01 $369,000 (5.5%) $553,123 (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 (-0.6%) 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%) $545,053 (0.1%) 1.21 4,090
    2019-03-01 $366,329 (2.0%) $552,153 (1.0%) 1.20 4,181
    2019-04-01 $376,950 (2.2%) $562,932 (1.3%) 1.20 4,320
    2019-05-01 $379,950 (2.0%) $574,088 (2.7%) 1.19 4,607
    2019-06-01 $384,900 (4.1%) $579,424 (3.8%) 1.20 4,746
    2019-07-01 $387,125 (4.6%) $587,934 (3.7%) 1.21 4,781
    2019-08-01 $379,655 (2.9%) $583,451 (5.5%) 1.20 4,796
    2019-09-01 $379,286 (3.9%) $581,372 (6.2%) 1.21 4,806
    2019-10-01 $379,491 (7.7%) $581,105 (8.6%) 1.22 4,803
    2019-11-01 $379,900 (8.6%) $586,359 (9.6%) 1.25 4,421
    2019-12-01 $369,900 (5.7%) $561,295 (7.7%) 1.23 3,819
    2020-01-01 $367,450 (5.0%) $558,991 (6.6%) 1.23 3,416
    2020-02-01 $383,900 (7.4%) $582,604 (6.9%) 1.26 3,116
    2020-03-01 $399,000 (8.9%) $610,476 (10.6%) 1.25 3,082
    2020-04-01 $399,000 (5.9%) $621,271 (10.4%) 1.25 3,057
    2020-05-01 $399,900 (5.3%) $643,074 (12.0%) 1.22 3,000
    2020-06-01 $429,450 (11.6%) $688,611 (18.8%) 1.27 2,788
    2020-07-01 $427,450 (10.4%) $702,182 (19.4%) 1.24 2,542
    2020-08-01 $429,900 (13.2%) $722,876 (23.9%) 1.23 2,351
    2020-09-01 $422,450 (11.4%) $747,197 (28.5%) 1.21 2,303
    2020-10-01 $419,900 (10.7%) $738,887 (27.2%) 1.20 2,319
    2020-11-01 $409,950 (7.9%) $730,090 (24.5%) 1.20 2,180
    2020-12-01 $415,000 (12.2%) $739,930 (31.8%) 1.23 1,852
    2021-01-01 $431,900 (17.5%) $802,372 (43.5%) 1.29 1,581
    2021-02-01 $422,400 (10.0%) $804,758 (38.1%) 1.23 1,305
    2021-03-01 $399,900 (0.2%) $777,177 (27.3%) 1.13 1,323
    2021-04-01 $404,850 (1.5%) $792,910 (27.6%) 1.10 1,301
    2021-05-01 $399,900 (0.0%) $776,211 (20.7%) 1.06 1,377
    2021-06-01 $424,450 (-1.2%) $785,799 (14.1%) 1.12 1,625
    2021-07-01 $429,900 (0.6%) $775,235 (10.4%) 1.13 1,897
    2021-08-01 $438,900 (2.1%) $752,452 (4.1%) 1.17 2,033
    2021-09-01 $437,400 (3.5%) $737,726 (-1.3%) 1.17 2,077
    2021-10-01 $439,900 (4.8%) $699,042 (-5.4%) 1.17 2,034
    2021-11-01 $434,425 (6.0%) $713,147 (-2.3%) 1.16 1,789
    2021-12-01 $427,450 (3.0%) $713,188 (-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%) $743,918 (-4.3%) 1.11 997
    2022-04-01 $474,999 (17.3%) $728,039 (-8.2%) 1.13 1,105
    2022-05-01 $472,450 (18.1%) $713,657 (-8.1%) 1.08 1,409
    2022-06-01 $480,450 (13.2%) $718,337 (-8.6%) 1.07 1,712
    2022-07-01 $479,950 (11.6%) $731,672 (-5.6%) 1.08 2,036
    2022-08-01 $475,000 (8.2%) $761,143 (1.2%) 1.10 2,017
    2022-09-01 $479,900 (9.7%) $781,272 (5.9%) 1.12 1,886
    2022-10-01 $474,500 (7.9%) $774,346 (10.8%) 1.12 1,952
    2022-11-01 $474,975 (9.3%) $749,847 (5.2%) 1.14 1,930
    2022-12-01 $475,000 (11.1%) $754,928 (5.9%) 1.17 1,647
    2023-01-01 $475,000 (5.6%) $764,435 (-0.6%) 1.18 1,445
    2023-02-01 $498,000 (8.9%) $819,999 (7.9%) 1.20 1,283
    2023-03-01 $514,450 (16.3%) $908,745 (22.2%) 1.21 1,169
    2023-04-01 $529,900 (11.6%) $903,595 (24.1%) 1.23 1,219
    2023-05-01 $539,950 (14.3%) $923,440 (29.4%) 1.22 1,257
    2023-06-01 $549,900 (14.5%) $925,065 (28.8%) 1.24 1,378
    2023-07-01 $550,000 (14.6%) $959,477 (31.1%) 1.25 1,369
    2023-08-01 $549,900 (15.8%) $938,213 (23.3%) 1.26 1,480
    2023-09-01 $550,000 (14.6%) $942,668 (20.7%) 1.28 1,544
    2023-10-01 $539,450 (13.7%) $908,756 (17.4%) 1.27 1,700
    2023-11-01 $526,750 (10.9%) $863,141 (15.1%) 1.25 1,748
    2023-12-01 $499,900 (5.2%) $826,604 (9.5%) 1.22 1,585
    2024-01-01 $504,900 (6.3%) $820,028 (7.3%) 1.23 1,308
    2024-02-01 $499,900 (0.4%) $815,143 (-0.6%) 1.20 1,179
    2024-03-01 $499,950 (-2.8%) $820,652 (-9.7%) 1.18 1,170
    2024-04-01 $524,450 (-1.0%) $873,266 (-3.4%) 1.22 1,210
    2024-05-01 $585,725 (8.5%) $957,697 (3.7%) 1.32 1,468
    2024-06-01 $599,000 (8.9%) $970,838 (5.0%) 1.35 1,693
    2024-07-01 $586,200 (6.6%) $962,651 (0.3%) 1.34 1,792
    2024-08-01 $573,700 (4.3%) $977,981 (4.2%) 1.33 1,875
    2024-09-01 $567,500 (3.2%) $951,060 (0.9%) 1.34 2,048
    2024-10-01 $552,500 (2.4%) $926,175 (1.9%) 1.30 2,082
    2024-11-01 $539,900 (2.5%) $900,498 (4.3%) 1.30 2,008
    Providence's median listing price for 2024-11-01 was $539,900, a difference of $13,150 (2.5%) versus the prior year and $-12,600 versus the prior month.

    Providence's median listing price comes in at 130% of the national average.

    Providence's average listing price for 2024-11-01 was $900,498, a difference of $37,357 (4.3%) versus the prior year and $-25,677 versus the prior month.

    For the 2024-11-01 period, Providence had 2,008 MLS listings, a difference of -74 listings (-4%) versus the prior month and 260 listings (15%) 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 81 days 1,676 sqft
    2018-02-01 76 days 1,693 sqft
    2018-03-01 51 days 1,715 sqft
    2018-04-01 45 days 1,733 sqft
    2018-05-01 39 days 1,738 sqft
    2018-06-01 38 days 1,725 sqft
    2018-07-01 45 days 1,729 sqft
    2018-08-01 47 days 1,711 sqft
    2018-09-01 50 days 1,700 sqft
    2018-10-01 52 days 1,698 sqft
    2018-11-01 56 days 1,682 sqft
    2018-12-01 66 days 1,673 sqft
    2019-01-01 75 days 1,667 sqft
    2019-02-01 72 days 1,678 sqft
    2019-03-01 58 days 1,692 sqft
    2019-04-01 45 days 1,713 sqft
    2019-05-01 45 days 1,737 sqft
    2019-06-01 45 days 1,761 sqft
    2019-07-01 51 days 1,749 sqft
    2019-08-01 51 days 1,726 sqft
    2019-09-01 50 days 1,714 sqft
    2019-10-01 49 days 1,710 sqft
    2019-11-01 57 days 1,728 sqft
    2019-12-01 70 days 1,682 sqft
    2020-01-01 74 days 1,678 sqft
    2020-02-01 65 days 1,700 sqft
    2020-03-01 48 days 1,739 sqft
    2020-04-01 52 days 1,734 sqft
    2020-05-01 60 days 1,754 sqft
    2020-06-01 47 days 1,800 sqft
    2020-07-01 46 days 1,773 sqft
    2020-08-01 39 days 1,776 sqft
    2020-09-01 30 days 1,755 sqft
    2020-10-01 31 days 1,727 sqft
    2020-11-01 39 days 1,696 sqft
    2020-12-01 51 days 1,698 sqft
    2021-01-01 54 days 1,699 sqft
    2021-02-01 48 days 1,648 sqft
    2021-03-01 37 days 1,631 sqft
    2021-04-01 29 days 1,600 sqft
    2021-05-01 28 days 1,572 sqft
    2021-06-01 22 days 1,599 sqft
    2021-07-01 26 days 1,600 sqft
    2021-08-01 24 days 1,612 sqft
    2021-09-01 29 days 1,646 sqft
    2021-10-01 26 days 1,638 sqft
    2021-11-01 31 days 1,620 sqft
    2021-12-01 47 days 1,574 sqft
    2022-01-01 43 days 1,596 sqft
    2022-02-01 39 days 1,600 sqft
    2022-03-01 31 days 1,574 sqft
    2022-04-01 24 days 1,604 sqft
    2022-05-01 22 days 1,608 sqft
    2022-06-01 22 days 1,619 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 45 days 1,664 sqft
    2023-01-01 53 days 1,632 sqft
    2023-02-01 45 days 1,652 sqft
    2023-03-01 41 days 1,665 sqft
    2023-04-01 35 days 1,664 sqft
    2023-05-01 31 days 1,709 sqft
    2023-06-01 31 days 1,911 sqft
    2023-07-01 35 days 1,910 sqft
    2023-08-01 30 days 1,892 sqft
    2023-09-01 36 days 1,885 sqft
    2023-10-01 34 days 1,871 sqft
    2023-11-01 36 days 1,848 sqft
    2023-12-01 45 days 1,807 sqft
    2024-01-01 54 days 1,826 sqft
    2024-02-01 38 days 1,800 sqft
    2024-03-01 36 days 1,806 sqft
    2024-04-01 29 days 1,810 sqft
    2024-05-01 19 days 1,885 sqft
    2024-06-01 23 days 1,903 sqft
    2024-07-01 32 days 1,881 sqft
    2024-08-01 32 days 1,884 sqft
    2024-09-01 35 days 1,862 sqft
    2024-10-01 36 days 1,835 sqft
    2024-11-01 41 days 1,814 sqft
    Providence's median listing age (time on market) for 2024-11-01 was 41 days. This is 15% longer than the same period one year ago.

    Providence's median square footage for active listings during the 2024-11-01 period was 1,814 sqft. One year prior, the average listing was 1,848 sqft.