Provo USDA Loan Rates, Closing Costs & Stats

PROVO-OREM, UT

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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.

    Provo's 52 lenders originated 356 USDA loans during 2021. The total origination value was $128,100,000, with an average USDA loan value of $359,831.

    Provo USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Provo averaged 6.2% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

    Provo's average USDA mortgage closing costs are $6,828.

    The average rate for the prior week (2023-01-20) was 5.99% and one month ago for the week of 2022-12-23, the average rate was 6.32%.

    The average rate one year ago was 3.67%.

    For refis of the same type during the week of 2023-01-27, the average rate was 6.18%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Provo 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 Provo level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    FIRST COLONY MORTGAGE CORPORATION 63 2.50% $5,444
    SECURITYNATIONAL MORTGAGE COMPANY 32 2.64% $9,136
    DHI MORTGAGE COMPANY, LTD. 26 2.62% $5,647
    CALIBER HOME LOANS, INC. 21 2.73% $7,022
    ACADEMY MORTGAGE CORPORATION 17 2.91% $9,986
    INTERCAP LENDING INC. 14 2.96% $8,967
    HOME POINT FINANCIAL CORPORATION 14 2.62% $7,440
    UNITED WHOLESALE MORTGAGE, LLC 12 2.73% $8,512
    SECURITY HOME MORTGAGE, LLC. 11 2.51% $8,580
    STEARNS LENDING, LLC 11 2.70% $7,967
    CANOPY MORTGAGE, LLC 10 2.44% $6,545
    DIRECT MORTGAGE, CORP. 8 2.53% $14,312
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 2.71% $8,279
    CORNERSTONE HOME LENDING, INC. 6 2.77% $8,280
    MY MOVE MORTGAGE, LLC 6 2.52% $7,131
    RANLIFE, INC. 6 2.85% $10,229
    AXIA FINANCIAL, LLC 6 2.58% $6,983
    NBH Bank 5 2.40% $6,342
    GUARANTEED RATE, INC. 5 2.58% $8,931
    CITYWIDE HOME LOANS, LLC 4 2.75% $10,844
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.00% $8,115
    Flagstar Bank, FSB 4 2.37% $8,136
    HOMESIDE FINANCIAL, LLC 3 2.92% $7,318
    UTAH COMMUNITY 3 2.50% $6,026
    Cache Valley Bank 3 2.42% $3,306
    Plains Commerce Bank 3 2.75% $8,064
    HOMEAMERICAN MORTGAGE CORPORATION 3 2.29% $3,563
    FINANCE OF AMERICA MORTGAGE LLC 2 2.44% $8,442
    MOUNTAIN WEST FINANCIAL, INC. 2 3.19% $4,993
    CROSSCOUNTRY MORTGAGE, LLC 2 3.31% $8,457
    Northpointe Bank 2 2.63% $9,577
    Paramount Residential Mortgage Group, Inc. 2 3.38% $7,454
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.88% $18,750
    Century Mortgage Company DBA Century Lending Company 2 2.38% $7,466
    BROKER SOLUTIONS, INC. 2 2.56% $10,670
    Bank of England 2 3.00% $7,439
    SUN AMERICAN MORTGAGE COMPANY 2 2.75% $6,221
    VERITAS FUNDING, LLC 2 2.50% $7,092
    GOLDENWEST 1 2.38% $5,560
    Utah Mortgage Loan Corporation 1 2.50% $7,901
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.25% $10,995
    Zions Bancorporation, N.A. 1 2.25% $6,071
    EAGLE HOME MORTGAGE, LLC 1 2.50% $6,692
    CYPRUS Federal Credit Union 1 2.50% $7,758
    LEADERONE FINANCIAL CORPORATION 1 2.38% $5,947
    Wells Fargo Bank 1 3.13% $5,341
    WESTERN EXPRESS LENDING 1 2.50% $4,631
    CHURCHILL MORTGAGE CORPORATION 1 3.25% $7,586
    NEWREZ LLC 1 2.13% $9,337
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $5,351
    AMERICAN FINANCIAL NETWORK, INC. 1 3.50% $6,117
    GUILD MORTGAGE COMPANY 1 2.50% $7,758

    The top Provo USDA lender as defined by loan originations is FIRST COLONY MORTGAGE CORPORATION, with 63 USDA loans originated. Their average total fees are $5,444, which is $3,692 lower than the next largest lender, SECURITYNATIONAL MORTGAGE COMPANY.

    The lowest fee Provo USDA lenders (with over 10 loans originated) are FIRST COLONY MORTGAGE CORPORATION ($5,444), DHI MORTGAGE COMPANY, LTD. ($5,647), CANOPY MORTGAGE, LLC ($6,545), CALIBER HOME LOANS, INC. ($7,022) and HOME POINT FINANCIAL CORPORATION ($7,440).

    The lowest rate Provo USDA lenders (with over 10 loans originated) are CANOPY MORTGAGE, LLC (2.44%), FIRST COLONY MORTGAGE CORPORATION (2.50%), SECURITY HOME MORTGAGE, LLC. (2.51%), HOME POINT FINANCIAL CORPORATION (2.62%) and DHI MORTGAGE COMPANY, LTD. (2.62%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Provo (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 $370,400 (7.6%) $522,392 (5.1%) 1.37 1,476
    2018-02-01 $383,175 (8.7%) $531,089 (3.9%) 1.39 1,413
    2018-03-01 $392,900 (7.7%) $540,174 (2.5%) 1.38 1,407
    2018-04-01 $395,090 (6.0%) $548,406 (2.3%) 1.34 1,519
    2018-05-01 $398,845 (7.9%) $545,021 (2.2%) 1.33 1,683
    2018-06-01 $399,610 (7.0%) $533,662 (0.7%) 1.33 1,915
    2018-07-01 $398,698 (7.8%) $531,994 (3.4%) 1.33 1,929
    2018-08-01 $397,925 (9.6%) $528,875 (5.5%) 1.33 2,011
    2018-09-01 $389,926 (6.9%) $519,713 (5.6%) 1.31 2,099
    2018-10-01 $386,130 (5.8%) $505,301 (1.0%) 1.30 2,298
    2018-11-01 $381,000 (3.4%) $499,534 (-2.3%) 1.29 2,329
    2018-12-01 $379,900 (3.0%) $494,598 (-3.9%) 1.31 2,222
    2019-01-01 $381,400 (3.0%) $481,224 (-7.9%) 1.32 2,059
    2019-02-01 $387,650 (1.2%) $477,867 (-10.0%) 1.31 2,036
    2019-03-01 $396,086 (0.8%) $493,431 (-8.7%) 1.30 2,060
    2019-04-01 $402,611 (1.9%) $513,767 (-6.3%) 1.28 2,110
    2019-05-01 $399,000 (0.0%) $516,994 (-5.1%) 1.25 2,195
    2019-06-01 $399,990 (0.1%) $525,621 (-1.5%) 1.25 2,300
    2019-07-01 $407,495 (2.2%) $531,782 (0.0%) 1.28 2,333
    2019-08-01 $405,091 (1.8%) $526,754 (-0.4%) 1.28 2,330
    2019-09-01 $402,227 (3.2%) $521,048 (0.3%) 1.29 2,317
    2019-10-01 $398,500 (3.2%) $512,419 (1.4%) 1.29 2,305
    2019-11-01 $398,655 (4.6%) $514,335 (3.0%) 1.31 2,035
    2019-12-01 $399,900 (5.3%) $526,275 (6.4%) 1.33 1,823
    2020-01-01 $409,900 (7.5%) $525,654 (9.2%) 1.37 1,661
    2020-02-01 $428,495 (10.5%) $547,911 (14.7%) 1.40 1,424
    2020-03-01 $430,450 (8.7%) $559,044 (13.3%) 1.35 1,470
    2020-04-01 $416,247 (3.4%) $510,137 (-0.7%) 1.30 1,855
    2020-05-01 $427,445 (7.1%) $544,614 (5.3%) 1.30 1,745
    2020-06-01 $437,900 (9.5%) $582,012 (10.7%) 1.29 1,439
    2020-07-01 $453,000 (11.2%) $605,260 (13.8%) 1.31 1,194
    2020-08-01 $469,595 (15.9%) $662,251 (25.7%) 1.35 1,031
    2020-09-01 $494,500 (22.9%) $698,846 (34.1%) 1.42 886
    2020-10-01 $500,000 (25.5%) $807,753 (57.6%) 1.43 721
    2020-11-01 $521,748 (30.9%) $888,807 (72.8%) 1.52 594
    2020-12-01 $539,249 (34.9%) $904,023 (71.8%) 1.60 514
    2021-01-01 $529,900 (29.3%) $955,494 (81.8%) 1.58 418
    2021-02-01 $524,972 (22.5%) $1,048,239 (91.3%) 1.53 333
    2021-03-01 $502,241 (16.7%) $999,485 (78.8%) 1.43 374
    2021-04-01 $536,644 (28.9%) $992,787 (94.6%) 1.45 454
    2021-05-01 $548,900 (28.4%) $941,361 (72.9%) 1.45 568
    2021-06-01 $544,683 (24.4%) $877,300 (50.7%) 1.43 728
    2021-07-01 $539,799 (19.2%) $834,257 (37.8%) 1.42 868
    2021-08-01 $548,500 (16.8%) $849,444 (28.3%) 1.46 897
    2021-09-01 $534,925 (8.2%) $831,468 (19.0%) 1.43 930
    2021-10-01 $535,000 (7.0%) $852,647 (5.6%) 1.43 865
    2021-11-01 $542,425 (4.0%) $881,551 (-0.8%) 1.45 771
    2021-12-01 $552,475 (2.5%) $939,306 (3.9%) 1.50 601
    2022-01-01 $553,558 (4.5%) $931,924 (-2.5%) 1.50 483
    2022-02-01 $580,975 (10.7%) $997,674 (-4.8%) 1.51 447
    2022-03-01 $586,675 (16.8%) $952,489 (-4.7%) 1.47 476
    2022-04-01 $612,250 (14.1%) $958,347 (-3.5%) 1.46 692
    2022-05-01 $614,093 (11.9%) $850,961 (-9.6%) 1.40 1,246
    2022-06-01 $600,902 (10.3%) $821,092 (-6.4%) 1.34 1,715
    2022-07-01 $589,900 (9.3%) $789,542 (-5.4%) 1.33 2,183
    2022-08-01 $567,798 (3.5%) $755,543 (-11.1%) 1.31 2,341
    2022-09-01 $555,000 (3.8%) $740,611 (-10.9%) 1.30 2,366
    2022-10-01 $549,900 (2.8%) $745,716 (-12.5%) 1.29 2,433
    2022-11-01 $549,900 (1.4%) $745,284 (-15.5%) 1.32 2,303
    2022-12-01 $549,900 (-0.5%) $743,457 (-20.9%) 1.37 2,093
    Provo's median listing price for 2022-12-01 was $549,900, a difference of $-2,575 (-0.5%) versus the prior year and $0 versus the prior month.

    Provo's median listing price comes in at 137% of the national average.

    Provo's average listing price for 2022-12-01 was $743,457, a difference of $-195,849 (-20.9%) versus the prior year and $-1,827 versus the prior month.

    For the 2022-12-01 period, Provo had 2,093 MLS listings, a difference of -210 listings (-9%) versus the prior month and 1,492 listings (248%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 52 days 3,384 sqft
    2018-02-01 49 days 3,437 sqft
    2018-03-01 29 days 3,466 sqft
    2018-04-01 32 days 3,483 sqft
    2018-05-01 33 days 3,463 sqft
    2018-06-01 34 days 3,422 sqft
    2018-07-01 32 days 3,422 sqft
    2018-08-01 33 days 3,398 sqft
    2018-09-01 43 days 3,338 sqft
    2018-10-01 42 days 3,317 sqft
    2018-11-01 42 days 3,282 sqft
    2018-12-01 54 days 3,259 sqft
    2019-01-01 57 days 3,251 sqft
    2019-02-01 52 days 3,265 sqft
    2019-03-01 48 days 3,310 sqft
    2019-04-01 45 days 3,336 sqft
    2019-05-01 43 days 3,265 sqft
    2019-06-01 44 days 3,250 sqft
    2019-07-01 46 days 3,263 sqft
    2019-08-01 48 days 3,241 sqft
    2019-09-01 50 days 3,218 sqft
    2019-10-01 54 days 3,179 sqft
    2019-11-01 54 days 3,158 sqft
    2019-12-01 58 days 3,174 sqft
    2020-01-01 61 days 3,240 sqft
    2020-02-01 57 days 3,366 sqft
    2020-03-01 46 days 3,299 sqft
    2020-04-01 40 days 3,178 sqft
    2020-05-01 45 days 3,219 sqft
    2020-06-01 49 days 3,272 sqft
    2020-07-01 50 days 3,348 sqft
    2020-08-01 40 days 3,360 sqft
    2020-09-01 31 days 3,365 sqft
    2020-10-01 37 days 3,300 sqft
    2020-11-01 42 days 3,463 sqft
    2020-12-01 47 days 3,509 sqft
    2021-01-01 47 days 3,441 sqft
    2021-02-01 21 days 3,155 sqft
    2021-03-01 8 days 2,927 sqft
    2021-04-01 9 days 3,048 sqft
    2021-05-01 11 days 2,906 sqft
    2021-06-01 16 days 2,927 sqft
    2021-07-01 18 days 2,857 sqft
    2021-08-01 19 days 2,943 sqft
    2021-09-01 23 days 2,814 sqft
    2021-10-01 25 days 2,691 sqft
    2021-11-01 25 days 2,807 sqft
    2021-12-01 42 days 2,875 sqft
    2022-01-01 53 days 2,983 sqft
    2022-02-01 33 days 2,938 sqft
    2022-03-01 27 days 2,825 sqft
    2022-04-01 25 days 2,878 sqft
    2022-05-01 22 days 2,850 sqft
    2022-06-01 30 days 2,888 sqft
    2022-07-01 39 days 2,792 sqft
    2022-08-01 49 days 2,742 sqft
    2022-09-01 53 days 2,690 sqft
    2022-10-01 60 days 2,708 sqft
    2022-11-01 73 days 2,726 sqft
    2022-12-01 89 days 2,762 sqft
    Provo's median listing age (time on market) for 2022-12-01 was 89 days. This is 112% longer than the same period one year ago.

    Provo's median square footage for active listings during the 2022-12-01 period was 2,762 sqft. One year prior, the average listing was 2,875 sqft.