Reno USDA Loan Rates, Closing Costs & Stats

RENO, NV

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Reno's 10 lenders originated 24 USDA loans during 2021. The total origination value was $9,670,000, with an average USDA loan value of $402,917.

    Reno USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Reno averaged 6.16% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

    Reno's average USDA mortgage closing costs are $8,021.

    The average rate for the prior week (2023-01-20) was 6.25% and one month ago for the week of 2022-12-23, the average rate was 6.48%.

    The average rate one year ago was 3.83%.

    For refis of the same type during the week of 2023-01-27, the average rate was 5.81%.

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

    Reno 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 Reno level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 4 2.78% $10,310
    SUMMIT FUNDING, INC. 2 3.31% $7,675
    HOME POINT FINANCIAL CORPORATION 2 2.69% $8,148
    MOVEMENT MORTGAGE, LLC 2 2.50% $6,641
    BROKER SOLUTIONS, INC. 2 3.06% $8,602
    ISERVE RESIDENTIAL LENDING, LLC 1 2.25% $9,226
    Hometown Lenders, Inc. 1 3.25% $7,099
    FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $8,283
    Flagstar Bank, FSB 1 2.75% $7,077
    CELEBRITY HOME LOANS, LLC 1 2.75% $11,384

    The top Reno USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 4 USDA loans originated. Their average total fees are $10,310, which is $2,635 higher than the next largest lender, SUMMIT FUNDING, INC..

    The lowest fee Reno USDA lenders (with over 10 loans originated) are .

    The lowest rate Reno USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Reno (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 $487,175 (13.2%) $1,196,170 (36.7%) 1.81 804
    2018-02-01 $490,009 (12.0%) $1,196,764 (32.2%) 1.78 774
    2018-03-01 $498,248 (15.1%) $1,140,870 (29.5%) 1.75 781
    2018-04-01 $516,782 (18.8%) $1,134,098 (29.9%) 1.75 859
    2018-05-01 $487,000 (8.9%) $1,057,689 (20.9%) 1.63 974
    2018-06-01 $480,000 (6.3%) $1,024,597 (17.1%) 1.60 1,087
    2018-07-01 $469,000 (-0.2%) $967,089 (-0.9%) 1.56 1,388
    2018-08-01 $450,000 (-1.9%) $924,927 (-2.7%) 1.51 1,588
    2018-09-01 $449,000 (-6.3%) $891,702 (-9.0%) 1.51 1,715
    2018-10-01 $429,450 (-8.5%) $856,172 (-13.5%) 1.45 1,805
    2018-11-01 $426,450 (-12.5%) $858,402 (-17.1%) 1.45 1,744
    2018-12-01 $424,000 (-13.5%) $861,306 (-20.1%) 1.46 1,639
    2019-01-01 $427,450 (-12.3%) $911,122 (-23.8%) 1.48 1,429
    2019-02-01 $433,633 (-11.5%) $953,502 (-20.3%) 1.46 1,312
    2019-03-01 $450,657 (-9.6%) $970,826 (-14.9%) 1.47 1,259
    2019-04-01 $460,706 (-10.9%) $969,572 (-14.5%) 1.46 1,261
    2019-05-01 $455,675 (-6.4%) $921,217 (-12.9%) 1.42 1,462
    2019-06-01 $470,000 (-2.1%) $910,868 (-11.1%) 1.47 1,633
    2019-07-01 $472,223 (0.7%) $911,557 (-5.7%) 1.48 1,794
    2019-08-01 $467,909 (4.0%) $919,331 (-0.6%) 1.48 1,810
    2019-09-01 $466,273 (3.9%) $934,535 (4.8%) 1.49 1,748
    2019-10-01 $465,000 (8.3%) $958,379 (11.9%) 1.50 1,680
    2019-11-01 $465,000 (9.0%) $1,006,078 (17.2%) 1.52 1,489
    2019-12-01 $472,200 (11.4%) $1,074,799 (24.8%) 1.57 1,238
    2020-01-01 $479,950 (12.3%) $1,138,427 (25.0%) 1.60 1,060
    2020-02-01 $519,900 (19.9%) $1,239,134 (30.0%) 1.70 896
    2020-03-01 $505,688 (12.2%) $1,208,551 (24.5%) 1.58 928
    2020-04-01 $484,450 (5.2%) $1,061,953 (9.5%) 1.52 1,154
    2020-05-01 $498,250 (9.3%) $1,076,924 (16.9%) 1.51 1,172
    2020-06-01 $539,398 (14.8%) $1,218,191 (33.7%) 1.59 1,057
    2020-07-01 $552,500 (17.0%) $1,070,394 (17.4%) 1.60 911
    2020-08-01 $544,000 (16.3%) $1,071,989 (16.6%) 1.56 819
    2020-09-01 $564,863 (21.1%) $1,085,744 (16.2%) 1.62 735
    2020-10-01 $555,000 (19.4%) $1,198,513 (25.1%) 1.59 653
    2020-11-01 $535,000 (15.1%) $1,190,683 (18.4%) 1.56 525
    2020-12-01 $549,716 (16.4%) $1,221,882 (13.7%) 1.63 418
    2021-01-01 $550,000 (14.6%) $1,201,484 (5.5%) 1.64 369
    2021-02-01 $508,000 (-2.3%) $1,030,142 (-16.9%) 1.48 324
    2021-03-01 $499,000 (-1.3%) $1,054,960 (-12.7%) 1.42 361
    2021-04-01 $507,450 (4.8%) $901,724 (-15.1%) 1.37 576
    2021-05-01 $539,900 (8.4%) $979,688 (-9.0%) 1.43 434
    2021-06-01 $582,500 (8.0%) $1,044,201 (-14.3%) 1.53 443
    2021-07-01 $599,900 (8.6%) $1,064,240 (-0.6%) 1.58 567
    2021-08-01 $599,432 (10.2%) $1,111,427 (3.7%) 1.60 686
    2021-09-01 $599,000 (6.0%) $1,107,229 (2.0%) 1.60 772
    2021-10-01 $624,900 (12.6%) $1,118,515 (-6.7%) 1.67 766
    2021-11-01 $622,500 (16.4%) $1,169,574 (-1.8%) 1.66 655
    2021-12-01 $620,000 (12.8%) $1,203,806 (-1.5%) 1.68 478
    2022-01-01 $642,000 (16.7%) $1,308,873 (8.9%) 1.74 387
    2022-02-01 $639,950 (26.0%) $1,402,300 (36.1%) 1.66 355
    2022-03-01 $639,963 (28.3%) $1,403,189 (33.0%) 1.60 400
    2022-04-01 $684,950 (35.0%) $1,247,320 (38.3%) 1.63 568
    2022-05-01 $681,998 (26.3%) $1,202,051 (22.7%) 1.56 867
    2022-06-01 $672,000 (15.4%) $1,175,548 (12.6%) 1.50 1,289
    2022-07-01 $639,448 (6.6%) $1,113,598 (4.6%) 1.45 1,593
    2022-08-01 $632,500 (5.5%) $1,087,053 (-2.2%) 1.46 1,666
    2022-09-01 $622,225 (3.9%) $1,069,620 (-3.4%) 1.46 1,613
    2022-10-01 $599,950 (-4.0%) $1,076,908 (-3.7%) 1.41 1,607
    2022-11-01 $599,700 (-3.7%) $1,118,649 (-4.4%) 1.44 1,450
    2022-12-01 $599,250 (-3.4%) $1,146,152 (-4.8%) 1.50 1,193
    Reno's median listing price for 2022-12-01 was $599,250, a difference of $-20,750 (-3.4%) versus the prior year and $-450 versus the prior month.

    Reno's median listing price comes in at 150% of the national average.

    Reno's average listing price for 2022-12-01 was $1,146,152, a difference of $-57,654 (-4.8%) versus the prior year and $27,503 versus the prior month.

    For the 2022-12-01 period, Reno had 1,193 MLS listings, a difference of -257 listings (-18%) versus the prior month and 715 listings (150%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 83 days 2,355 sqft
    2018-02-01 60 days 2,329 sqft
    2018-03-01 47 days 2,274 sqft
    2018-04-01 46 days 2,319 sqft
    2018-05-01 39 days 2,147 sqft
    2018-06-01 39 days 2,128 sqft
    2018-07-01 40 days 2,110 sqft
    2018-08-01 43 days 2,084 sqft
    2018-09-01 47 days 2,076 sqft
    2018-10-01 53 days 2,030 sqft
    2018-11-01 61 days 2,009 sqft
    2018-12-01 73 days 2,010 sqft
    2019-01-01 81 days 1,989 sqft
    2019-02-01 75 days 2,020 sqft
    2019-03-01 61 days 2,079 sqft
    2019-04-01 45 days 2,138 sqft
    2019-05-01 39 days 2,109 sqft
    2019-06-01 42 days 2,157 sqft
    2019-07-01 45 days 2,128 sqft
    2019-08-01 50 days 2,116 sqft
    2019-09-01 57 days 2,144 sqft
    2019-10-01 63 days 2,160 sqft
    2019-11-01 68 days 2,128 sqft
    2019-12-01 78 days 2,184 sqft
    2020-01-01 79 days 2,192 sqft
    2020-02-01 65 days 2,279 sqft
    2020-03-01 42 days 2,193 sqft
    2020-04-01 42 days 2,117 sqft
    2020-05-01 46 days 2,186 sqft
    2020-06-01 50 days 2,279 sqft
    2020-07-01 48 days 2,303 sqft
    2020-08-01 44 days 2,199 sqft
    2020-09-01 35 days 2,216 sqft
    2020-10-01 46 days 2,143 sqft
    2020-11-01 53 days 2,091 sqft
    2020-12-01 58 days 2,098 sqft
    2021-01-01 54 days 2,091 sqft
    2021-02-01 37 days 1,910 sqft
    2021-03-01 19 days 1,865 sqft
    2021-04-01 18 days 1,845 sqft
    2021-05-01 28 days 1,855 sqft
    2021-06-01 30 days 1,924 sqft
    2021-07-01 29 days 2,002 sqft
    2021-08-01 30 days 1,988 sqft
    2021-09-01 33 days 1,942 sqft
    2021-10-01 38 days 2,081 sqft
    2021-11-01 42 days 2,036 sqft
    2021-12-01 51 days 2,028 sqft
    2022-01-01 53 days 2,022 sqft
    2022-02-01 34 days 2,012 sqft
    2022-03-01 28 days 2,005 sqft
    2022-04-01 26 days 2,105 sqft
    2022-05-01 25 days 2,063 sqft
    2022-06-01 30 days 2,060 sqft
    2022-07-01 37 days 2,025 sqft
    2022-08-01 49 days 2,033 sqft
    2022-09-01 58 days 2,024 sqft
    2022-10-01 63 days 2,015 sqft
    2022-11-01 70 days 2,017 sqft
    2022-12-01 84 days 2,005 sqft
    Reno's median listing age (time on market) for 2022-12-01 was 84 days. This is 66% longer than the same period one year ago.

    Reno's median square footage for active listings during the 2022-12-01 period was 2,005 sqft. One year prior, the average listing was 2,028 sqft.