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 29 lenders originated 102 USDA loans during 2022. The total origination value was $38,100,000, with an average USDA loan value of $373,529.

Provo USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Provo averaged 6.38% for the week of 2024-03-01, compared to the national average (all USDA variants) of 6.729% for the same period.

Provo's average USDA mortgage closing costs are $6,962.

The average rate for the prior week (2024-02-23) was 6.23% and one month ago for the week of 2024-01-26, the average rate was 5.79%.

The average rate one year ago was 6.15%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.34%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 19 3.77% $6,211
FIRST COLONY MORTGAGE CORPORATION 14 4.00% $9,604
UNITED WHOLESALE MORTGAGE, LLC 13 4.52% $11,462
SECURITY HOME MORTGAGE, LLC. 11 4.00% $9,076
HOME POINT FINANCIAL CORPORATION 10 3.46% $11,144
SECURITYNATIONAL MORTGAGE COMPANY 4 3.84% $10,233
CALIBER HOME LOANS, INC. 3 3.10% $7,562
AXIA FINANCIAL, LLC 2 4.56% $9,117
DIRECT MORTGAGE, CORP. 2 4.00% $14,833
PENNYMAC LOAN SERVICES, LLC 2 3.06% $13,058
CANOPY MORTGAGE, LLC 2 3.06% $8,468
BROKER SOLUTIONS, INC. 2 4.19% $11,979
CORNERSTONE HOME LENDING, INC. 2 4.00% $11,560
SUN AMERICAN MORTGAGE COMPANY 1 2.25% $8,492
Utah Mortgage Loan Corporation 1 3.00% $13,941
VERITAS FUNDING, LLC 1 4.88% $10,807
Zions Bank 1 4.00% $7,272
CARDINAL FINANCIAL 1 5.63% $21,377
Century Mortgage Company DBA Century Lending Company 1 4.50% $7,380
CITYWIDE HOME LOANS, LLC 1 4.50% $7,227
CMG MORTGAGE, INC. 1 2.99% $6,210
EVERETT FINANCIAL, INC. 1 4.13% $5,724
HOMESIDE FINANCIAL, LLC 1 4.25% $10,729
INTERCAP LENDING INC. 1 4.38% $19,397
MICHIGAN MUTUAL, INC. 1 3.13% $6,865
MOUNTAIN WEST FINANCIAL, INC. 1 4.88% $10,160
NBH Bank 1 2.50% $4,379
PLAZA HOME MORTGAGE, INC. 1 5.75% $10,613
RANLIFE, INC. 1 3.99% $8,278

The top Provo USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 19 USDA loans originated. Their average total fees are $6,211, which is $3,393 lower than the next largest lender, FIRST COLONY MORTGAGE CORPORATION.

The lowest fee Provo USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,211), SECURITY HOME MORTGAGE, LLC. ($9,076), FIRST COLONY MORTGAGE CORPORATION ($9,604), HOME POINT FINANCIAL CORPORATION ($11,144) and UNITED WHOLESALE MORTGAGE, LLC ($11,462).

The lowest rate Provo USDA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (3.46%), DHI MORTGAGE COMPANY, LTD. (3.77%), SECURITY HOME MORTGAGE, LLC. (4.00%), FIRST COLONY MORTGAGE CORPORATION (4.00%) and UNITED WHOLESALE MORTGAGE, LLC (4.52%).


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 $370,411 (7.6%) $523,530 (5.2%) 1.37 1,467
2018-02-01 $383,425 (8.8%) $532,133 (4.0%) 1.39 1,406
2018-03-01 $393,000 (7.7%) $541,100 (2.5%) 1.38 1,402
2018-04-01 $395,090 (5.4%) $549,307 (2.3%) 1.34 1,512
2018-05-01 $398,950 (7.9%) $545,852 (2.1%) 1.33 1,678
2018-06-01 $399,810 (6.9%) $534,017 (0.5%) 1.33 1,911
2018-07-01 $398,900 (7.5%) $532,606 (3.4%) 1.33 1,923
2018-08-01 $398,238 (10.1%) $529,346 (5.4%) 1.33 2,006
2018-09-01 $389,950 (6.9%) $520,414 (5.6%) 1.31 2,091
2018-10-01 $387,055 (6.1%) $505,724 (0.8%) 1.31 2,291
2018-11-01 $380,975 (3.6%) $499,779 (-2.6%) 1.29 2,321
2018-12-01 $379,900 (3.0%) $494,576 (-4.2%) 1.31 2,218
2019-01-01 $381,400 (3.0%) $481,203 (-8.1%) 1.32 2,056
2019-02-01 $387,089 (1.0%) $477,634 (-10.2%) 1.31 2,028
2019-03-01 $395,843 (0.7%) $493,139 (-8.9%) 1.29 2,052
2019-04-01 $401,343 (1.6%) $513,318 (-6.6%) 1.27 2,101
2019-05-01 $399,000 (0.0%) $517,419 (-5.2%) 1.25 2,181
2019-06-01 $399,990 (0.1%) $526,718 (-1.4%) 1.25 2,278
2019-07-01 $407,220 (2.1%) $532,661 (0.0%) 1.27 2,311
2019-08-01 $405,027 (1.7%) $527,571 (-0.3%) 1.28 2,305
2019-09-01 $402,143 (3.1%) $521,785 (0.3%) 1.29 2,285
2019-10-01 $397,875 (2.8%) $512,963 (1.4%) 1.28 2,272
2019-11-01 $395,155 (3.7%) $514,908 (3.0%) 1.30 2,009
2019-12-01 $399,797 (5.2%) $526,964 (6.6%) 1.33 1,792
2020-01-01 $409,106 (7.3%) $526,596 (9.4%) 1.37 1,634
2020-02-01 $429,000 (10.8%) $549,361 (15.0%) 1.40 1,401
2020-03-01 $430,925 (8.9%) $560,647 (13.7%) 1.35 1,449
2020-04-01 $416,468 (3.8%) $510,586 (-0.5%) 1.30 1,834
2020-05-01 $426,990 (7.0%) $545,307 (5.4%) 1.30 1,726
2020-06-01 $438,710 (9.7%) $583,858 (10.9%) 1.29 1,421
2020-07-01 $453,433 (11.4%) $607,531 (14.1%) 1.31 1,176
2020-08-01 $470,495 (16.2%) $665,741 (26.2%) 1.35 1,015
2020-09-01 $495,490 (23.2%) $703,359 (34.8%) 1.42 871
2020-10-01 $504,995 (26.9%) $814,567 (58.8%) 1.45 708
2020-11-01 $522,475 (32.2%) $898,995 (74.6%) 1.53 581
2020-12-01 $545,745 (36.5%) $917,466 (74.1%) 1.62 500
2021-01-01 $534,444 (30.6%) $978,869 (85.9%) 1.60 404
2021-02-01 $529,950 (23.5%) $1,085,859 (97.7%) 1.54 310
2021-03-01 $510,425 (18.5%) $1,025,177 (82.9%) 1.45 357
2021-04-01 $541,750 (30.1%) $1,015,124 (98.8%) 1.47 436
2021-05-01 $550,000 (28.8%) $957,815 (75.7%) 1.46 550
2021-06-01 $547,450 (24.8%) $887,914 (52.1%) 1.44 712
2021-07-01 $544,950 (20.2%) $839,987 (38.3%) 1.44 851
2021-08-01 $550,575 (17.0%) $855,893 (28.6%) 1.47 879
2021-09-01 $537,119 (8.4%) $838,551 (19.2%) 1.43 913
2021-10-01 $539,900 (6.9%) $861,239 (5.7%) 1.44 847
2021-11-01 $546,950 (4.7%) $891,802 (-0.8%) 1.46 753
2021-12-01 $559,675 (2.6%) $953,207 (3.9%) 1.52 582
2022-01-01 $559,450 (4.7%) $943,434 (-3.6%) 1.51 469
2022-02-01 $590,000 (11.3%) $1,014,800 (-6.5%) 1.53 428
2022-03-01 $592,238 (16.0%) $964,803 (-5.9%) 1.48 462
2022-04-01 $619,000 (14.3%) $968,049 (-4.6%) 1.48 678
2022-05-01 $617,400 (12.3%) $855,307 (-10.7%) 1.41 1,232
2022-06-01 $608,789 (11.2%) $824,474 (-7.1%) 1.36 1,700
2022-07-01 $589,900 (8.3%) $791,646 (-5.8%) 1.33 2,169
2022-08-01 $571,915 (3.9%) $757,555 (-11.5%) 1.32 2,326
2022-09-01 $558,015 (3.9%) $742,636 (-11.4%) 1.30 2,351
2022-10-01 $549,900 (1.9%) $747,324 (-13.2%) 1.29 2,419
2022-11-01 $549,900 (0.5%) $747,133 (-16.2%) 1.32 2,289
2022-12-01 $550,000 (-1.7%) $747,637 (-21.6%) 1.36 2,070
2023-01-01 $561,560 (0.4%) $762,957 (-19.1%) 1.39 1,722
2023-02-01 $554,950 (-5.9%) $780,639 (-23.1%) 1.34 1,518
2023-03-01 $574,995 (-2.9%) $808,090 (-16.2%) 1.36 1,409
2023-04-01 $589,443 (-4.8%) $822,619 (-15.0%) 1.37 1,357
2023-05-01 $599,997 (-2.8%) $829,175 (-3.1%) 1.36 1,430
2023-06-01 $599,450 (-1.5%) $839,871 (1.9%) 1.35 1,553
2023-07-01 $599,990 (1.7%) $859,701 (8.6%) 1.36 1,616
2023-08-01 $591,675 (3.5%) $839,796 (10.9%) 1.36 1,747
2023-09-01 $579,900 (3.9%) $826,947 (11.4%) 1.35 1,851
2023-10-01 $569,188 (3.5%) $813,483 (8.9%) 1.34 1,842
2023-11-01 $573,986 (4.4%) $832,263 (11.4%) 1.37 1,776
2023-12-01 $569,990 (3.6%) $842,343 (12.7%) 1.39 1,535
2024-01-01 $574,650 (2.3%) $834,235 (9.3%) 1.40 1,378
Provo's median listing price for 2024-01-01 was $574,650, a difference of $13,090 (2.3%) versus the prior year and $4,660 versus the prior month.

Provo's median listing price comes in at 140% of the national average.

Provo's average listing price for 2024-01-01 was $834,235, a difference of $71,278 (9.3%) versus the prior year and $-8,108 versus the prior month.

For the 2024-01-01 period, Provo had 1,378 MLS listings, a difference of -157 listings (-10%) versus the prior month and -344 listings (-20%) 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 49 days 3,387 sqft
2018-02-01 48 days 3,443 sqft
2018-03-01 26 days 3,467 sqft
2018-04-01 32 days 3,483 sqft
2018-05-01 31 days 3,463 sqft
2018-06-01 32 days 3,423 sqft
2018-07-01 31 days 3,431 sqft
2018-08-01 32 days 3,400 sqft
2018-09-01 43 days 3,340 sqft
2018-10-01 41 days 3,319 sqft
2018-11-01 41 days 3,282 sqft
2018-12-01 54 days 3,259 sqft
2019-01-01 56 days 3,251 sqft
2019-02-01 51 days 3,260 sqft
2019-03-01 47 days 3,307 sqft
2019-04-01 44 days 3,334 sqft
2019-05-01 41 days 3,263 sqft
2019-06-01 44 days 3,250 sqft
2019-07-01 45 days 3,266 sqft
2019-08-01 47 days 3,242 sqft
2019-09-01 50 days 3,215 sqft
2019-10-01 52 days 3,173 sqft
2019-11-01 53 days 3,153 sqft
2019-12-01 56 days 3,169 sqft
2020-01-01 60 days 3,236 sqft
2020-02-01 54 days 3,368 sqft
2020-03-01 45 days 3,302 sqft
2020-04-01 39 days 3,178 sqft
2020-05-01 44 days 3,219 sqft
2020-06-01 46 days 3,273 sqft
2020-07-01 47 days 3,352 sqft
2020-08-01 39 days 3,363 sqft
2020-09-01 30 days 3,387 sqft
2020-10-01 37 days 3,301 sqft
2020-11-01 41 days 3,470 sqft
2020-12-01 44 days 3,556 sqft
2021-01-01 42 days 3,454 sqft
2021-02-01 19 days 3,179 sqft
2021-03-01 7 days 2,965 sqft
2021-04-01 9 days 3,089 sqft
2021-05-01 11 days 2,943 sqft
2021-06-01 15 days 2,961 sqft
2021-07-01 17 days 2,883 sqft
2021-08-01 18 days 2,953 sqft
2021-09-01 22 days 2,846 sqft
2021-10-01 24 days 2,702 sqft
2021-11-01 24 days 2,815 sqft
2021-12-01 41 days 2,912 sqft
2022-01-01 47 days 3,008 sqft
2022-02-01 29 days 2,958 sqft
2022-03-01 25 days 2,846 sqft
2022-04-01 23 days 2,898 sqft
2022-05-01 20 days 2,858 sqft
2022-06-01 29 days 2,896 sqft
2022-07-01 38 days 2,798 sqft
2022-08-01 46 days 2,751 sqft
2022-09-01 51 days 2,693 sqft
2022-10-01 58 days 2,714 sqft
2022-11-01 71 days 2,731 sqft
2022-12-01 86 days 2,773 sqft
2023-01-01 89 days 2,844 sqft
2023-02-01 86 days 2,824 sqft
2023-03-01 58 days 2,935 sqft
2023-04-01 55 days 3,019 sqft
2023-05-01 45 days 3,103 sqft
2023-06-01 41 days 3,028 sqft
2023-07-01 47 days 3,100 sqft
2023-08-01 45 days 2,994 sqft
2023-09-01 46 days 2,964 sqft
2023-10-01 57 days 2,864 sqft
2023-11-01 59 days 2,913 sqft
2023-12-01 67 days 2,854 sqft
2024-01-01 66 days 2,821 sqft
Provo's median listing age (time on market) for 2024-01-01 was 66 days. This is -26% shorter than the same period one year ago.

Provo's median square footage for active listings during the 2024-01-01 period was 2,821 sqft. One year prior, the average listing was 2,844 sqft.