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
-0.37%
for the week of 2023-11-24, compared to the national average (all USDA variants) of
0% for the same period.
Providence's average USDA mortgage closing costs are $8,227.
The average rate for the prior week (2023-11-17) was
6.72% and
one month ago for the week of 2023-10-20, the
average rate was 7.14%.
The average rate one year ago was 6.28%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.54%.
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%) | $553,123 (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%) | $545,059 (0.1%) | 1.21 | 4,090 |
| 2019-03-01 | $366,329 (2.0%) | $552,160 (1.1%) | 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%) | $574,002 (2.7%) | 1.19 | 4,606 |
| 2019-06-01 | $384,900 (4.1%) | $579,321 (3.8%) | 1.20 | 4,745 |
| 2019-07-01 | $387,125 (4.6%) | $587,901 (3.7%) | 1.21 | 4,782 |
| 2019-08-01 | $379,655 (2.9%) | $583,432 (5.5%) | 1.20 | 4,797 |
| 2019-09-01 | $379,286 (3.9%) | $581,351 (6.2%) | 1.21 | 4,806 |
| 2019-10-01 | $379,491 (7.7%) | $581,082 (8.6%) | 1.22 | 4,803 |
| 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 (8.9%) | $610,479 (10.6%) | 1.25 | 3,082 |
| 2020-04-01 | $399,000 (5.9%) | $621,255 (10.4%) | 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 (18.9%) | 1.27 | 2,789 |
| 2020-07-01 | $427,450 (10.4%) | $702,136 (19.4%) | 1.24 | 2,543 |
| 2020-08-01 | $429,900 (13.2%) | $722,819 (23.9%) | 1.23 | 2,353 |
| 2020-09-01 | $422,450 (11.4%) | $746,989 (28.5%) | 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%) | 1.14 | 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 |
| 2023-05-01 | $539,950 (14.3%) | $923,458 (29.4%) | 1.22 | 1,256 |
| 2023-06-01 | $549,900 (14.5%) | $925,013 (28.8%) | 1.24 | 1,379 |
| 2023-07-01 | $550,000 (14.6%) | $959,477 (31.2%) | 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 |
Providence's median listing price comes in at 127% of the national average.
Providence's average listing price for 2023-10-01 was $908,756, a difference of $134,410 (17.4%) versus the prior year and $-33,912 versus the prior month.
For the 2023-10-01 period, Providence had 1,700 MLS listings, a difference of 156 listings (10%) versus the prior month and -252 listings (-13%) 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 | 1,692 sqft |
| 2018-03-01 | 51 days | 1,714 sqft |
| 2018-04-01 | 45 days | 1,733 sqft |
| 2018-05-01 | 39 days | 1,737 sqft |
| 2018-06-01 | 38 days | 1,725 sqft |
| 2018-07-01 | 45 days | 1,728 sqft |
| 2018-08-01 | 47 days | 1,711 sqft |
| 2018-09-01 | 50 days | 1,700 sqft |
| 2018-10-01 | 52 days | 1,699 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 | 1,712 sqft |
| 2019-05-01 | 45 days | 1,737 sqft |
| 2019-06-01 | 45 days | 1,761 sqft |
| 2019-07-01 | 51 days | 1,750 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 | 1,681 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 | 1,777 sqft |
| 2020-09-01 | 30 days | 1,754 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 | 1,700 sqft |
| 2021-02-01 | 48 days | 1,650 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 | 1,601 sqft |
| 2021-07-01 | 26 days | 1,600 sqft |
| 2021-08-01 | 24 days | 1,613 sqft |
| 2021-09-01 | 29 days | 1,649 sqft |
| 2021-10-01 | 26 days | 1,639 sqft |
| 2021-11-01 | 31 days | 1,622 sqft |
| 2021-12-01 | 47 days | 1,575 sqft |
| 2022-01-01 | 43 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 | 22 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 | 45 days | 1,664 sqft |
| 2023-01-01 | 53 days | 1,632 sqft |
| 2023-02-01 | 45 days | 1,651 sqft |
| 2023-03-01 | 41 days | 1,665 sqft |
| 2023-04-01 | 35 days | 1,664 sqft |
| 2023-05-01 | 31 days | 1,708 sqft |
| 2023-06-01 | 31 days | 1,912 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 |
Providence's median square footage for active listings during the 2023-10-01 period was 1,871 sqft. One year prior, the average listing was 1,648 sqft.