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 18 lenders originated 40 USDA loans during 2023. The total origination value was $8,220,000, with an average USDA loan value of $205,500.

    Roanoke USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Roanoke averaged 7.13% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Roanoke's average USDA mortgage closing costs are $4,908.

    The average rate for the prior week (2024-04-12) was 6.79% and one month ago for the week of 2024-03-15, the average rate was 6.47%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.24%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Alcova Mortgage LLC 8 6.70% $2,358
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.53% $7,251
    UNION HOME MORTGAGE CORP. 4 6.66% $6,517
    Plains Commerce Bank 3 5.63% $11,188
    Blue Ridge Bank 3 6.42% $5,755
    Atlantic Union Bank 2 5.88% $10,972
    MOVEMENT MORTGAGE, LLC 2 6.94% $8,867
    Renasant Bank 2 6.31% $5,265
    GUARANTEED RATE, INC. 1 6.50% $12,198
    GUILD MORTGAGE COMPANY 1 7.13% $7,817
    Mortgage Research Center, LLC 1 7.50% $3,525
    Truist 1 6.25% $7,191
    First-Citizens Bank & Trust Company 1 6.38% $6,379
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $8,446
    CARDINAL FINANCIAL 1 6.75% $11,977
    SWBC MORTGAGE CORPORATION 1 6.63% $2,980
    First Reliance Bank 1 7.00% $5,402
    Flagstar Bank, FSB 1 7.25% $13,293

    The top Roanoke USDA lender as defined by loan originations is Alcova Mortgage LLC, with 8 USDA loans originated. Their average total fees are $2,358, which is $4,892 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

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

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

    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%) $335,605 (5.6%) 0.89 1,372
    2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
    2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
    2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
    2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
    2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
    2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
    2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
    2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
    2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
    2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
    2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
    2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
    2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
    2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
    2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
    2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
    2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
    2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
    2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
    2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
    2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
    2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
    2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
    2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
    2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
    2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
    2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
    2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
    2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
    2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
    2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
    2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
    2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
    2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
    2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
    2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
    2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
    2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
    2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
    2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
    2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
    2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
    2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
    2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
    2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
    2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
    2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
    2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
    2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
    2022-03-01 $325,065 (10.2%) $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 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
    2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
    2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
    2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
    2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
    2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
    2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
    2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
    2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
    2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
    2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
    2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
    2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
    2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
    2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
    2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
    2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
    2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
    2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
    2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
    2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
    2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
    Roanoke's median listing price for 2024-03-01 was $350,000, a difference of $-18,950 (-5.1%) versus the prior year and $7,501 versus the prior month.

    Roanoke's median listing price comes in at 82% of the national average.

    Roanoke's average listing price for 2024-03-01 was $483,897, a difference of $-29,726 (-5.8%) versus the prior year and $17,314 versus the prior month.

    For the 2024-03-01 period, Roanoke had 436 MLS listings, a difference of -5 listings (-1%) versus the prior month and 96 listings (28%) 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 91 days 2,060 sqft
    2018-02-01 84 days 2,062 sqft
    2018-03-01 66 days 2,110 sqft
    2018-04-01 58 days 2,136 sqft
    2018-05-01 53 days 2,153 sqft
    2018-06-01 60 days 2,160 sqft
    2018-07-01 70 days 2,151 sqft
    2018-08-01 72 days 2,156 sqft
    2018-09-01 72 days 2,156 sqft
    2018-10-01 74 days 2,119 sqft
    2018-11-01 79 days 2,127 sqft
    2018-12-01 82 days 2,100 sqft
    2019-01-01 93 days 2,089 sqft
    2019-02-01 95 days 2,121 sqft
    2019-03-01 79 days 2,149 sqft
    2019-04-01 57 days 2,166 sqft
    2019-05-01 55 days 2,175 sqft
    2019-06-01 61 days 2,168 sqft
    2019-07-01 67 days 2,157 sqft
    2019-08-01 70 days 2,154 sqft
    2019-09-01 71 days 2,141 sqft
    2019-10-01 72 days 2,131 sqft
    2019-11-01 73 days 2,142 sqft
    2019-12-01 80 days 2,116 sqft
    2020-01-01 89 days 2,066 sqft
    2020-02-01 82 days 2,121 sqft
    2020-03-01 54 days 2,133 sqft
    2020-04-01 57 days 2,144 sqft
    2020-05-01 71 days 2,200 sqft
    2020-06-01 62 days 2,196 sqft
    2020-07-01 58 days 2,161 sqft
    2020-08-01 57 days 2,200 sqft
    2020-09-01 54 days 2,198 sqft
    2020-10-01 55 days 2,150 sqft
    2020-11-01 60 days 2,175 sqft
    2020-12-01 66 days 2,160 sqft
    2021-01-01 67 days 2,131 sqft
    2021-02-01 64 days 2,147 sqft
    2021-03-01 47 days 2,092 sqft
    2021-04-01 42 days 2,005 sqft
    2021-05-01 40 days 2,007 sqft
    2021-06-01 40 days 2,026 sqft
    2021-07-01 43 days 2,005 sqft
    2021-08-01 45 days 1,977 sqft
    2021-09-01 52 days 2,002 sqft
    2021-10-01 49 days 2,019 sqft
    2021-11-01 64 days 2,006 sqft
    2021-12-01 61 days 2,014 sqft
    2022-01-01 84 days 2,031 sqft
    2022-02-01 64 days 2,005 sqft
    2022-03-01 38 days 1,942 sqft
    2022-04-01 35 days 1,934 sqft
    2022-05-01 32 days 2,021 sqft
    2022-06-01 34 days 2,056 sqft
    2022-07-01 40 days 2,031 sqft
    2022-08-01 42 days 1,947 sqft
    2022-09-01 46 days 1,977 sqft
    2022-10-01 40 days 2,008 sqft
    2022-11-01 44 days 1,977 sqft
    2022-12-01 54 days 1,960 sqft
    2023-01-01 60 days 2,006 sqft
    2023-02-01 63 days 2,008 sqft
    2023-03-01 50 days 2,044 sqft
    2023-04-01 44 days 2,117 sqft
    2023-05-01 43 days 2,113 sqft
    2023-06-01 42 days 2,100 sqft
    2023-07-01 43 days 2,094 sqft
    2023-08-01 45 days 2,082 sqft
    2023-09-01 43 days 1,980 sqft
    2023-10-01 45 days 1,979 sqft
    2023-11-01 50 days 1,980 sqft
    2023-12-01 59 days 1,939 sqft
    2024-01-01 63 days 1,914 sqft
    2024-02-01 61 days 1,906 sqft
    2024-03-01 46 days 1,908 sqft
    Roanoke's median listing age (time on market) for 2024-03-01 was 46 days. This is -8% shorter than the same period one year ago.

    Roanoke's median square footage for active listings during the 2024-03-01 period was 1,908 sqft. One year prior, the average listing was 2,044 sqft.