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 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.