Roanoke USDA Loan Rates, Closing Costs & Stats

ROANOKE, VA

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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.

    Roanoke's 31 lenders originated 95 USDA loans during 2022. The total origination value was $18,385,000, with an average USDA loan value of $193,526.

    Roanoke USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Roanoke averaged 6.13% for the week of 2023-03-17, compared to the national average (all USDA variants) of 6.497% for the same period.

    Roanoke's average USDA mortgage closing costs are $4,831.

    The average rate for the prior week (2023-03-10) was 6.55% and one month ago for the week of 2023-02-10, the average rate was 6.11%.

    The average rate one year ago was 3.8%.

    For refis of the same type during the week of 2023-03-17, the average rate was 5.15%.

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

    Roanoke 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 Roanoke level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Alcova Mortgage LLC 25 5.00% $3,545
    Renasant Bank 9 4.28% $4,453
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 5.45% $7,679
    SWBC MORTGAGE CORPORATION 6 5.10% $5,229
    EMBRACE HOME LOANS, INC. 5 5.15% $7,496
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 4.90% $7,762
    INTERCOASTAL MORTGAGE COMPANY 4 3.13% $6,385
    UNION HOME MORTGAGE CORP. 4 5.50% $6,166
    FREEDOM FIRST 3 3.21% $6,106
    Truist 3 3.13% $5,201
    American National Bank and Trust Company 2 4.81% $7,769
    MOVEMENT MORTGAGE, LLC 2 5.25% $7,369
    First Heritage Mortgage, LLC 1 3.62% $8,949
    First National Bank of Pennsylvania 1 2.50% $6,134
    Flagstar Bank, FSB 1 5.38% $13,709
    Blue Ridge Bank 1 4.99% $6,640
    George Mason Mortgage, LLC 1 4.50% $17,303
    GUARANTY HOME MORTGAGE CORPORATION 1 4.38% $5,430
    Hometown Lenders, Inc. 1 3.63% $7,436
    Bank of England 1 3.38% $7,912
    MASON MCDUFFIE MORTGAGE CORPORATION 1 3.25% $4,802
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.88% $8,094
    PENNYMAC LOAN SERVICES, LLC 1 3.00% $4,119
    Prosperity Home Mortgage, LLC 1 4.63% $4,912
    Atlantic Union Bank 1 5.50% $7,593
    Atlantic Coast Mortgage, LLC 1 5.88% $11,801
    The Federal Savings Bank 1 5.63% $5,860
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.00% $7,220
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 4.75% $7,207
    Citizens Bank 1 3.75% $4,998
    FBC MORTGAGE, LLC 1 3.50% $7,923

    The top Roanoke USDA lender as defined by loan originations is Alcova Mortgage LLC, with 25 USDA loans originated. Their average total fees are $3,545, which is $908 lower than the next largest lender, Renasant Bank.

    The lowest fee Roanoke USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($3,545), .

    The lowest rate Roanoke USDA lenders (with over 10 loans originated) are Alcova Mortgage LLC (5.00%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Roanoke (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 $239,925 (9.3%) $335,660 (5.7%) 0.89 1,372
    2018-02-01 $248,963 (13.2%) $336,857 (5.1%) 0.90 1,371
    2018-03-01 $249,000 (10.4%) $339,332 (4.0%) 0.87 1,423
    2018-04-01 $252,487 (7.5%) $349,775 (4.4%) 0.86 1,479
    2018-05-01 $254,925 (6.5%) $355,508 (5.8%) 0.85 1,602
    2018-06-01 $263,750 (7.7%) $368,236 (9.1%) 0.88 1,583
    2018-07-01 $261,150 (7.5%) $367,783 (8.3%) 0.87 1,601
    2018-08-01 $259,950 (8.3%) $363,744 (7.3%) 0.87 1,618
    2018-09-01 $254,950 (4.9%) $364,784 (5.7%) 0.86 1,588
    2018-10-01 $249,838 (4.1%) $355,054 (2.6%) 0.84 1,575
    2018-11-01 $254,950 (9.1%) $361,398 (8.3%) 0.86 1,490
    2018-12-01 $249,700 (4.1%) $357,558 (4.1%) 0.86 1,378
    2019-01-01 $252,063 (5.1%) $354,795 (5.7%) 0.87 1,275
    2019-02-01 $256,975 (3.2%) $361,362 (7.3%) 0.87 1,234
    2019-03-01 $266,429 (7.0%) $368,792 (8.7%) 0.87 1,241
    2019-04-01 $273,929 (8.5%) $372,236 (6.4%) 0.87 1,256
    2019-05-01 $288,450 (13.2%) $374,640 (5.4%) 0.90 1,274
    2019-06-01 $288,000 (9.2%) $370,014 (0.5%) 0.90 1,309
    2019-07-01 $282,425 (8.2%) $371,720 (1.1%) 0.88 1,293
    2019-08-01 $278,564 (7.2%) $373,705 (2.7%) 0.88 1,263
    2019-09-01 $276,559 (8.5%) $378,758 (3.8%) 0.88 1,247
    2019-10-01 $275,223 (10.2%) $380,898 (7.3%) 0.89 1,236
    2019-11-01 $279,000 (9.4%) $385,472 (6.7%) 0.91 1,202
    2019-12-01 $275,925 (10.5%) $381,466 (6.7%) 0.92 1,085
    2020-01-01 $269,925 (7.1%) $379,724 (7.0%) 0.90 1,014
    2020-02-01 $276,750 (7.7%) $391,763 (8.4%) 0.90 937
    2020-03-01 $275,950 (3.6%) $390,150 (5.8%) 0.86 953
    2020-04-01 $279,950 (2.2%) $387,847 (4.2%) 0.88 986
    2020-05-01 $295,000 (2.3%) $408,262 (9.0%) 0.90 865
    2020-06-01 $307,438 (6.8%) $419,941 (13.5%) 0.90 826
    2020-07-01 $298,822 (5.8%) $412,203 (10.9%) 0.87 736
    2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
    2020-09-01 $286,000 (3.4%) $416,344 (9.9%) 0.82 695
    2020-10-01 $274,950 (-0.1%) $403,698 (6.0%) 0.79 674
    2020-11-01 $272,473 (-2.3%) $411,912 (6.9%) 0.79 628
    2020-12-01 $268,055 (-2.9%) $400,957 (5.1%) 0.80 568
    2021-01-01 $273,700 (1.4%) $398,276 (4.9%) 0.82 485
    2021-02-01 $287,488 (3.9%) $422,989 (8.0%) 0.83 372
    2021-03-01 $296,088 (7.3%) $429,357 (10.1%) 0.84 354
    2021-04-01 $292,713 (4.6%) $419,213 (8.1%) 0.79 357
    2021-05-01 $282,950 (-4.1%) $399,920 (-2.0%) 0.75 389
    2021-06-01 $290,238 (-5.6%) $404,853 (-3.6%) 0.76 451
    2021-07-01 $289,950 (-3.0%) $391,519 (-5.0%) 0.76 494
    2021-08-01 $280,725 (-6.3%) $395,314 (-5.3%) 0.74 518
    2021-09-01 $289,950 (1.4%) $397,421 (-4.6%) 0.77 474
    2021-10-01 $292,950 (6.6%) $406,482 (0.7%) 0.78 498
    2021-11-01 $289,975 (6.4%) $410,571 (-0.3%) 0.77 447
    2021-12-01 $303,099 (13.1%) $428,614 (6.9%) 0.82 364
    2022-01-01 $317,950 (16.2%) $440,248 (10.5%) 0.86 298
    2022-02-01 $327,200 (13.8%) $461,309 (9.1%) 0.85 266
    2022-03-01 $325,065 (9.8%) $453,828 (5.7%) 0.81 259
    2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
    2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
    2022-06-01 $342,975 (18.2%) $499,277 (23.3%) 0.76 416
    2022-07-01 $349,000 (20.4%) $486,450 (24.3%) 0.78 451
    2022-08-01 $326,200 (16.2%) $465,701 (17.8%) 0.75 418
    2022-09-01 $340,713 (17.5%) $470,118 (18.3%) 0.79 419
    2022-10-01 $337,925 (15.4%) $446,658 (9.9%) 0.80 452
    2022-11-01 $331,225 (14.2%) $448,959 (9.4%) 0.79 458
    2022-12-01 $339,950 (12.2%) $451,579 (5.4%) 0.84 429
    2023-01-01 $346,600 (9.0%) $476,800 (8.3%) 0.85 423
    2023-02-01 $349,950 (7.0%) $499,166 (8.2%) 0.84 362
    Roanoke's median listing price for 2023-02-01 was $349,950, a difference of $22,750 (7.0%) versus the prior year and $3,350 versus the prior month.

    Roanoke's median listing price comes in at 84% of the national average.

    Roanoke's average listing price for 2023-02-01 was $499,166, a difference of $37,857 (8.2%) versus the prior year and $22,366 versus the prior month.

    For the 2023-02-01 period, Roanoke had 362 MLS listings, a difference of -61 listings (-14%) versus the prior month and 96 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 100 days 2,060 sqft
    2018-02-01 97 days 2,063 sqft
    2018-03-01 78 days 2,110 sqft
    2018-04-01 66 days 2,136 sqft
    2018-05-01 62 days 2,153 sqft
    2018-06-01 68 days 2,158 sqft
    2018-07-01 77 days 2,150 sqft
    2018-08-01 80 days 2,155 sqft
    2018-09-01 81 days 2,156 sqft
    2018-10-01 82 days 2,119 sqft
    2018-11-01 87 days 2,125 sqft
    2018-12-01 95 days 2,094 sqft
    2019-01-01 103 days 2,085 sqft
    2019-02-01 107 days 2,114 sqft
    2019-03-01 89 days 2,148 sqft
    2019-04-01 66 days 2,166 sqft
    2019-05-01 64 days 2,176 sqft
    2019-06-01 69 days 2,168 sqft
    2019-07-01 74 days 2,156 sqft
    2019-08-01 76 days 2,154 sqft
    2019-09-01 78 days 2,141 sqft
    2019-10-01 80 days 2,131 sqft
    2019-11-01 83 days 2,142 sqft
    2019-12-01 90 days 2,116 sqft
    2020-01-01 99 days 2,062 sqft
    2020-02-01 96 days 2,118 sqft
    2020-03-01 65 days 2,132 sqft
    2020-04-01 65 days 2,144 sqft
    2020-05-01 78 days 2,200 sqft
    2020-06-01 71 days 2,193 sqft
    2020-07-01 65 days 2,160 sqft
    2020-08-01 64 days 2,200 sqft
    2020-09-01 58 days 2,198 sqft
    2020-10-01 58 days 2,152 sqft
    2020-11-01 62 days 2,175 sqft
    2020-12-01 70 days 2,160 sqft
    2021-01-01 71 days 2,131 sqft
    2021-02-01 68 days 2,148 sqft
    2021-03-01 53 days 2,092 sqft
    2021-04-01 45 days 2,005 sqft
    2021-05-01 41 days 2,007 sqft
    2021-06-01 40 days 2,026 sqft
    2021-07-01 44 days 2,006 sqft
    2021-08-01 45 days 1,977 sqft
    2021-09-01 53 days 1,999 sqft
    2021-10-01 51 days 2,017 sqft
    2021-11-01 66 days 2,004 sqft
    2021-12-01 64 days 2,013 sqft
    2022-01-01 88 days 2,032 sqft
    2022-02-01 76 days 2,008 sqft
    2022-03-01 45 days 1,942 sqft
    2022-04-01 39 days 1,934 sqft
    2022-05-01 35 days 2,021 sqft
    2022-06-01 36 days 2,058 sqft
    2022-07-01 42 days 2,036 sqft
    2022-08-01 44 days 1,947 sqft
    2022-09-01 47 days 1,975 sqft
    2022-10-01 43 days 2,007 sqft
    2022-11-01 46 days 1,969 sqft
    2022-12-01 56 days 1,960 sqft
    2023-01-01 61 days 2,006 sqft
    2023-02-01 65 days 2,007 sqft
    Roanoke's median listing age (time on market) for 2023-02-01 was 65 days. This is -15% shorter than the same period one year ago.

    Roanoke's median square footage for active listings during the 2023-02-01 period was 2,007 sqft. One year prior, the average listing was 2,008 sqft.