Provo USDA Loans

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 5% for the week of 2022-05-13, compared to the national average (all USDA variants) of 5.294% for the same period.

The average rate for the prior week (2022-05-06) was 5.23% and one month ago for the week of 2022-04-08, the average rate was 4.59%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.88%.

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 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. Total Fees
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 $368,900 (7.2%) $522,797 (4.8%) 1.36 1,449
2018-02-01 $379,950 (8.3%) $530,538 (3.7%) 1.37 1,390
2018-03-01 $389,900 (7.6%) $534,101 (0.7%) 1.35 1,381
2018-04-01 $391,648 (5.9%) $547,968 (1.7%) 1.31 1,482
2018-05-01 $397,335 (8.2%) $541,491 (1.1%) 1.32 1,655
2018-06-01 $399,720 (7.4%) $530,511 (-0.6%) 1.33 1,894
2018-07-01 $398,845 (7.8%) $530,135 (3.3%) 1.33 1,908
2018-08-01 $398,975 (10.4%) $529,055 (5.5%) 1.33 1,992
2018-09-01 $389,950 (7.8%) $520,532 (5.7%) 1.30 2,065
2018-10-01 $386,400 (6.5%) $505,703 (1.6%) 1.29 2,245
2018-11-01 $383,400 (4.9%) $499,824 (-1.8%) 1.29 2,275
2018-12-01 $380,000 (3.4%) $494,744 (-3.7%) 1.30 2,180
2019-01-01 $380,700 (3.2%) $480,582 (-8.1%) 1.31 2,012
2019-02-01 $385,450 (1.5%) $478,269 (-9.9%) 1.29 1,972
2019-03-01 $394,900 (1.3%) $496,286 (-7.1%) 1.29 1,975
2019-04-01 $401,900 (2.6%) $519,147 (-5.3%) 1.27 1,994
2019-05-01 $398,500 (0.3%) $522,549 (-3.5%) 1.23 2,077
2019-06-01 $399,900 (0.1%) $533,478 (0.6%) 1.23 2,161
2019-07-01 $407,500 (2.2%) $538,335 (1.6%) 1.27 2,181
2019-08-01 $397,957 (-0.3%) $519,267 (-1.9%) 1.25 2,509
2019-09-01 $394,457 (1.2%) $511,759 (-1.7%) 1.25 2,531
2019-10-01 $399,950 (3.5%) $527,897 (4.4%) 1.28 2,113
2019-11-01 $401,370 (4.7%) $531,385 (6.3%) 1.30 1,871
2019-12-01 $403,450 (6.2%) $542,277 (9.6%) 1.35 1,675
2020-01-01 $418,450 (9.9%) $546,056 (13.6%) 1.40 1,529
2020-02-01 $429,900 (11.5%) $556,608 (16.4%) 1.39 1,340
2020-03-01 $432,450 (9.5%) $568,298 (14.5%) 1.35 1,385
2020-04-01 $416,445 (3.6%) $514,889 (-0.8%) 1.30 1,732
2020-05-01 $425,000 (6.7%) $551,576 (5.6%) 1.29 1,629
2020-06-01 $437,450 (9.4%) $593,052 (11.2%) 1.28 1,352
2020-07-01 $451,950 (10.9%) $618,523 (14.9%) 1.30 1,127
2020-08-01 $478,500 (20.2%) $679,131 (30.8%) 1.37 962
2020-09-01 $508,400 (28.9%) $723,991 (41.5%) 1.45 818
2020-10-01 $520,000 (30.0%) $833,251 (57.8%) 1.49 683
2020-11-01 $531,570 (32.4%) $914,420 (72.1%) 1.52 564
2020-12-01 $544,450 (35.0%) $917,546 (69.2%) 1.60 498
2021-01-01 $539,900 (29.0%) $988,802 (81.1%) 1.59 398
2021-02-01 $534,250 (24.3%) $1,162,194 (108.8%) 1.54 308
2021-03-01 $521,450 (20.6%) $1,137,339 (100.1%) 1.46 328
2021-04-01 $549,816 (32.0%) $1,110,645 (115.7%) 1.48 417
2021-05-01 $559,000 (31.5%) $1,042,774 (89.1%) 1.47 528
2021-06-01 $549,950 (25.7%) $935,613 (57.8%) 1.43 692
2021-07-01 $547,000 (21.0%) $893,396 (44.4%) 1.42 780
2021-08-01 $550,000 (14.9%) $897,738 (32.2%) 1.45 849
2021-09-01 $535,000 (5.2%) $848,378 (17.2%) 1.41 883
2021-10-01 $538,000 (3.5%) $876,018 (5.1%) 1.42 813
2021-11-01 $544,450 (2.4%) $904,587 (-1.1%) 1.43 737
2021-12-01 $553,750 (1.7%) $956,232 (4.2%) 1.48 574
2022-01-01 $565,000 (4.7%) $989,717 (0.1%) 1.51 464
2022-02-01 $587,650 (10.0%) $1,067,691 (-8.1%) 1.50 402
2022-03-01 $593,664 (13.9%) $985,642 (-13.3%) 1.47 450
2022-04-01 $612,250 (11.4%) $955,538 (-14.0%) 1.44 668
Provo's median listing price for 2022-04-01 was $612,250, a difference of $62,434 (11.4%) versus the prior year and $18,586 versus the prior month.

Provo's median listing price comes in at 144% of the national average.

Provo's average listing price for 2022-04-01 was $955,538, a difference of $-155,107 (-14.0%) versus the prior year and $-30,104 versus the prior month.

For the 2022-04-01 period, Provo had 668 MLS listings, a difference of 218 listings (48%) versus the prior month and 251 listings (60%) 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 3,379 sqft
2018-02-01 49 days 3,442 sqft
2018-03-01 26 days 3,501 sqft
2018-04-01 32 days 3,480 sqft
2018-05-01 33 days 3,474 sqft
2018-06-01 33 days 3,488 sqft
2018-07-01 32 days 3,448 sqft
2018-08-01 33 days 3,408 sqft
2018-09-01 44 days 3,340 sqft
2018-10-01 42 days 3,333 sqft
2018-11-01 42 days 3,294 sqft
2018-12-01 54 days 3,294 sqft
2019-01-01 57 days 3,268 sqft
2019-02-01 51 days 3,264 sqft
2019-03-01 53 days 3,327 sqft
2019-04-01 44 days 3,354 sqft
2019-05-01 42 days 3,287 sqft
2019-06-01 44 days 3,264 sqft
2019-07-01 46 days 3,299 sqft
2019-08-01 53 days 3,188 sqft
2019-09-01 57 days 3,171 sqft
2019-10-01 54 days 3,229 sqft
2019-11-01 55 days 3,249 sqft
2019-12-01 57 days 3,227 sqft
2020-01-01 60 days 3,305 sqft
2020-02-01 57 days 3,391 sqft
2020-03-01 49 days 3,325 sqft
2020-04-01 39 days 3,203 sqft
2020-05-01 44 days 3,224 sqft
2020-06-01 50 days 3,313 sqft
2020-07-01 51 days 3,369 sqft
2020-08-01 43 days 3,450 sqft
2020-09-01 33 days 3,485 sqft
2020-10-01 39 days 3,431 sqft
2020-11-01 44 days 3,520 sqft
2020-12-01 48 days 3,568 sqft
2021-01-01 56 days 3,454 sqft
2021-02-01 27 days 3,223 sqft
2021-03-01 12 days 2,994 sqft
2021-04-01 10 days 3,147 sqft
2021-05-01 10 days 3,040 sqft
2021-06-01 15 days 2,978 sqft
2021-07-01 16 days 2,898 sqft
2021-08-01 19 days 2,971 sqft
2021-09-01 22 days 2,850 sqft
2021-10-01 24 days 2,736 sqft
2021-11-01 25 days 2,817 sqft
2021-12-01 40 days 2,941 sqft
2022-01-01 51 days 3,050 sqft
2022-02-01 31 days 3,035 sqft
2022-03-01 28 days 2,887 sqft
2022-04-01 25 days 2,911 sqft
Provo's median listing age (time on market) for 2022-04-01 was 25 days. This is 163% longer than the same period one year ago.

Provo's median square footage for active listings during the 2022-04-01 period was 2,911 sqft. One year prior, the average listing was 3,147 sqft.