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 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 6.62% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.55% and one month ago for the week of 2024-03-08, the average rate was 6.31%.

The average rate one year ago was 6.42%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.9%.

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
Providence's median listing price for 2024-03-01 was $499,950, a difference of $-14,500 (-2.8%) versus the prior year and $50 versus the prior month.

Providence's median listing price comes in at 118% of the national average.

Providence's average listing price for 2024-03-01 was $820,652, a difference of $-88,093 (-9.7%) versus the prior year and $5,509 versus the prior month.

For the 2024-03-01 period, Providence had 1,170 MLS listings, a difference of -9 listings (-1%) versus the prior month and 1 listings (0%) 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
Providence's median listing age (time on market) for 2024-03-01 was 36 days. This is -14% shorter than the same period one year ago.

Providence's median square footage for active listings during the 2024-03-01 period was 1,806 sqft. One year prior, the average listing was 1,665 sqft.