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%.
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 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 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.
