Provo USDA Loans

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 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.