Rockford USDA Loans

ROCKFORD, IL

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.

Rockford's 9 lenders originated 10 USDA loans during 2021. The total origination value was $1,580,000, with an average USDA loan value of $158,000.

Rockford USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Rockford averaged 5.37% 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 5.41% and one month ago for the week of 2022-04-08, the average rate was 5.17%.

The average rate one year ago was 3.18%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.33%.

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

Rockford 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 Rockford level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
PLAZA HOME MORTGAGE, INC. 2 2.44% $5,031
Barrington Bank & Trust Company, N.A. 1 3.25% $5,141
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.38% $5,852
Equity Prime Mortgage LLC 1 3.25% $5,286
FIRST CENTENNIAL MORTGAGE CORPORATION 1 3.50% $5,547
FLAT BRANCH MORTGAGE, INC. 1 3.13% $4,895
GUARANTEED RATE, INC. 1 3.00% $5,712
Bank of England 1 3.13% $9,923
TOWNE MORTGAGE COMPANY 1 3.75% $4,069

The top Rockford USDA lender as defined by loan originations is PLAZA HOME MORTGAGE, INC., with 2 USDA loans originated. Their average total fees are $5,031, which is $109 lower than the next largest lender, Barrington Bank & Trust Company, N.A..

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rockford (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 $129,900 (10.1%) $168,756 (11.3%) 0.48 1,319
2018-02-01 $133,500 (14.6%) $172,106 (17.6%) 0.48 1,191
2018-03-01 $135,000 (9.4%) $177,921 (15.7%) 0.47 1,097
2018-04-01 $140,950 (8.5%) $187,651 (18.9%) 0.47 1,060
2018-05-01 $145,900 (12.3%) $189,610 (17.1%) 0.49 1,182
2018-06-01 $149,900 (10.7%) $193,536 (14.7%) 0.50 1,342
2018-07-01 $149,000 (6.5%) $189,847 (6.8%) 0.50 1,467
2018-08-01 $146,500 (5.8%) $189,959 (7.9%) 0.49 1,521
2018-09-01 $144,900 (3.6%) $188,857 (7.8%) 0.48 1,551
2018-10-01 $139,900 (3.6%) $183,811 (7.8%) 0.47 1,556
2018-11-01 $138,450 (-1.0%) $183,990 (6.4%) 0.46 1,439
2018-12-01 $130,000 (-3.6%) $176,949 (2.2%) 0.45 1,374
2019-01-01 $134,450 (3.5%) $176,244 (4.4%) 0.46 1,268
2019-02-01 $134,900 (1.1%) $176,816 (2.7%) 0.45 1,174
2019-03-01 $139,286 (3.2%) $184,341 (3.6%) 0.45 1,099
2019-04-01 $146,750 (4.1%) $193,412 (3.1%) 0.46 1,023
2019-05-01 $149,800 (2.7%) $196,854 (3.8%) 0.46 1,119
2019-06-01 $155,000 (3.4%) $203,465 (5.1%) 0.48 1,238
2019-07-01 $155,000 (4.0%) $204,129 (7.5%) 0.48 1,402
2019-08-01 $154,957 (5.8%) $196,680 (3.5%) 0.49 1,491
2019-09-01 $153,450 (5.9%) $193,488 (2.5%) 0.49 1,584
2019-10-01 $150,950 (7.9%) $192,438 (4.7%) 0.48 1,658
2019-11-01 $149,000 (7.6%) $188,196 (2.3%) 0.48 1,605
2019-12-01 $142,000 (9.2%) $184,570 (4.3%) 0.47 1,453
2020-01-01 $139,900 (4.1%) $181,854 (3.2%) 0.47 1,323
2020-02-01 $149,000 (10.5%) $187,914 (6.3%) 0.48 1,195
2020-03-01 $147,450 (5.9%) $192,627 (4.5%) 0.46 1,097
2020-04-01 $150,000 (2.2%) $196,471 (1.6%) 0.47 1,064
2020-05-01 $159,900 (6.7%) $207,282 (5.3%) 0.48 950
2020-06-01 $169,900 (9.6%) $211,715 (4.1%) 0.50 876
2020-07-01 $172,400 (11.2%) $216,469 (6.1%) 0.49 801
2020-08-01 $169,900 (9.6%) $220,931 (12.3%) 0.49 731
2020-09-01 $174,950 (14.0%) $225,002 (16.3%) 0.50 704
2020-10-01 $159,999 (6.0%) $208,067 (8.1%) 0.46 752
2020-11-01 $154,950 (4.0%) $203,052 (7.9%) 0.44 751
2020-12-01 $142,950 (0.7%) $193,600 (4.9%) 0.42 648
2021-01-01 $135,000 (-3.5%) $197,552 (8.6%) 0.40 515
2021-02-01 $135,950 (-8.8%) $206,666 (10.0%) 0.39 364
2021-03-01 $147,000 (-0.3%) $216,656 (12.5%) 0.41 310
2021-04-01 $163,700 (9.1%) $227,452 (15.8%) 0.44 285
2021-05-01 $169,900 (6.3%) $226,824 (9.4%) 0.45 385
2021-06-01 $172,400 (1.5%) $229,465 (8.4%) 0.45 565
2021-07-01 $167,000 (-3.1%) $230,508 (6.5%) 0.43 636
2021-08-01 $164,950 (-2.9%) $222,964 (0.9%) 0.43 779
2021-09-01 $167,450 (-4.3%) $223,238 (-0.8%) 0.44 787
2021-10-01 $169,900 (6.2%) $220,040 (5.8%) 0.45 796
2021-11-01 $158,100 (2.0%) $213,697 (5.2%) 0.42 725
2021-12-01 $149,900 (4.9%) $205,032 (5.9%) 0.40 653
2022-01-01 $147,900 (9.6%) $201,295 (1.9%) 0.39 526
2022-02-01 $137,450 (1.1%) $203,539 (-1.5%) 0.35 372
2022-03-01 $142,500 (-3.1%) $220,569 (1.8%) 0.35 330
2022-04-01 $165,000 (0.8%) $236,879 (4.1%) 0.39 356
Rockford's median listing price for 2022-04-01 was $165,000, a difference of $1,300 (0.8%) versus the prior year and $22,500 versus the prior month.

Rockford's median listing price comes in at 39% of the national average.

Rockford's average listing price for 2022-04-01 was $236,879, a difference of $9,427 (4.1%) versus the prior year and $16,310 versus the prior month.

For the 2022-04-01 period, Rockford had 356 MLS listings, a difference of 26 listings (8%) versus the prior month and 71 listings (25%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rockford (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 74 days 1,826 sqft
2018-02-01 75 days 1,820 sqft
2018-03-01 64 days 1,868 sqft
2018-04-01 48 days 1,920 sqft
2018-05-01 39 days 1,952 sqft
2018-06-01 40 days 1,980 sqft
2018-07-01 46 days 1,960 sqft
2018-08-01 49 days 1,916 sqft
2018-09-01 57 days 1,940 sqft
2018-10-01 60 days 1,873 sqft
2018-11-01 60 days 1,852 sqft
2018-12-01 64 days 1,800 sqft
2019-01-01 75 days 1,764 sqft
2019-02-01 80 days 1,763 sqft
2019-03-01 70 days 1,763 sqft
2019-04-01 53 days 1,733 sqft
2019-05-01 43 days 1,728 sqft
2019-06-01 43 days 1,792 sqft
2019-07-01 44 days 1,879 sqft
2019-08-01 46 days 1,880 sqft
2019-09-01 52 days 1,869 sqft
2019-10-01 53 days 1,866 sqft
2019-11-01 57 days 1,850 sqft
2019-12-01 66 days 1,788 sqft
2020-01-01 79 days 1,736 sqft
2020-02-01 74 days 1,767 sqft
2020-03-01 52 days 1,777 sqft
2020-04-01 58 days 1,815 sqft
2020-05-01 66 days 1,872 sqft
2020-06-01 51 days 1,963 sqft
2020-07-01 47 days 2,015 sqft
2020-08-01 45 days 1,962 sqft
2020-09-01 43 days 1,951 sqft
2020-10-01 38 days 1,860 sqft
2020-11-01 39 days 1,821 sqft
2020-12-01 50 days 1,715 sqft
2021-01-01 59 days 1,696 sqft
2021-02-01 59 days 1,688 sqft
2021-03-01 46 days 1,669 sqft
2021-04-01 39 days 1,772 sqft
2021-05-01 25 days 1,852 sqft
2021-06-01 24 days 1,842 sqft
2021-07-01 30 days 1,846 sqft
2021-08-01 30 days 1,675 sqft
2021-09-01 37 days 1,670 sqft
2021-10-01 39 days 1,668 sqft
2021-11-01 46 days 1,649 sqft
2021-12-01 49 days 1,604 sqft
2022-01-01 52 days 1,605 sqft
2022-02-01 49 days 1,600 sqft
2022-03-01 39 days 1,607 sqft
2022-04-01 29 days 1,690 sqft
Rockford's median listing age (time on market) for 2022-04-01 was 29 days. This is -26% shorter than the same period one year ago.

Rockford's median square footage for active listings during the 2022-04-01 period was 1,690 sqft. One year prior, the average listing was 1,772 sqft.