Provo USDA Loan Rates, Closing Costs & Stats

PROVO-OREM, UT

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.