Salem USDA Loan Rates, Closing Costs & Stats

Salem, OH

  • 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.

    Salem's 13 lenders originated 28 USDA loans during 2023. The total origination value was $3,330,000, with an average USDA loan value of $118,929.

    Salem USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Salem averaged 6.42% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Salem's average USDA mortgage closing costs are $3,857.

    The average rate for the prior week (2024-12-06) was 6.56% and one month ago for the week of 2024-11-08, the average rate was 6.57%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-12-13, the average rate was 7.12%.

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

    Salem 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 Salem level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.61% $2,521
    First Commonwealth Bank 2 6.68% $5,137
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $5,103
    RAPID MORTGAGE COMPANY 2 6.19% $7,200
    GUILD MORTGAGE COMPANY 1 6.13% $5,758
    Hometown Equity Mortgage, LLC 1 7.63% $5,682
    Ixonia Bank 1 6.25% $5,228
    NEWREZ LLC 1 5.75% $4,138
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $6,047
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 6.38% $5,366
    CARDINAL FINANCIAL 1 5.75% $7,057
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $2,325
    Equity Prime Mortgage LLC 1 6.25% $5,254

    The top Salem USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 10 USDA loans originated. Their average total fees are $2,521, which is $2,615 lower than the next largest lender, First Commonwealth Bank.

    The lowest fee Salem USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($2,521), .

    The lowest rate Salem USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.61%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salem (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 $97,900 (-0.3%) $121,227 (-0.8%) 0.00 318
    2018-02-01 $99,925 (2.1%) $122,195 (-0.9%) 0.00 304
    2018-03-01 $99,700 (-0.2%) $123,924 (-1.1%) 0.00 294
    2018-04-01 $107,450 (3.8%) $128,953 (0.1%) 0.00 287
    2018-05-01 $112,575 (7.5%) $134,335 (3.3%) 0.00 299
    2018-06-01 $118,750 (18.0%) $139,077 (8.6%) 0.00 310
    2018-07-01 $119,900 (14.2%) $149,485 (11.8%) 0.00 326
    2018-08-01 $119,900 (17.9%) $155,671 (16.1%) 0.00 341
    2018-09-01 $119,900 (20.0%) $158,218 (17.7%) 0.00 339
    2018-10-01 $119,900 (14.5%) $163,467 (24.4%) 0.00 326
    2018-11-01 $120,425 (14.7%) $167,991 (30.0%) 0.00 295
    2018-12-01 $119,900 (20.0%) $164,882 (31.0%) 0.00 267
    2019-01-01 $119,900 (22.5%) $164,185 (35.4%) 0.00 250
    2019-02-01 $119,900 (20.0%) $161,943 (32.5%) 0.00 221
    2019-03-01 $121,571 (21.9%) $166,516 (34.4%) 0.00 217
    2019-04-01 $130,000 (21.0%) $171,173 (32.7%) 0.00 225
    2019-05-01 $125,000 (11.0%) $169,116 (25.9%) 0.00 236
    2019-06-01 $129,000 (8.6%) $167,387 (20.4%) 0.00 240
    2019-07-01 $123,925 (3.4%) $159,679 (6.8%) 0.00 238
    2019-08-01 $123,414 (2.9%) $159,168 (2.3%) 0.00 261
    2019-09-01 $121,184 (1.1%) $160,768 (1.6%) 0.00 276
    2019-10-01 $119,575 (-0.3%) $159,792 (-2.3%) 0.00 288
    2019-11-01 $104,950 (-12.9%) $156,772 (-6.7%) 0.00 289
    2019-12-01 $99,900 (-16.7%) $156,947 (-4.8%) 0.00 264
    2020-01-01 $99,900 (-16.7%) $154,959 (-5.6%) 0.00 248
    2020-02-01 $98,500 (-17.9%) $160,901 (-0.6%) 0.00 224
    2020-03-01 $109,450 (-10.0%) $170,203 (2.2%) 0.00 223
    2020-04-01 $109,950 (-15.4%) $176,710 (3.2%) 0.00 203
    2020-05-01 $127,500 (2.0%) $182,980 (8.2%) 0.00 196
    2020-06-01 $132,450 (2.7%) $189,206 (13.0%) 0.00 178
    2020-07-01 $137,500 (11.0%) $189,916 (18.9%) 0.00 178
    2020-08-01 $130,950 (6.1%) $193,599 (21.6%) 0.00 166
    2020-09-01 $127,000 (4.8%) $187,124 (16.4%) 0.00 153
    2020-10-01 $126,500 (5.8%) $197,734 (23.7%) 0.00 150
    2020-11-01 $129,225 (23.1%) $208,172 (32.8%) 0.00 142
    2020-12-01 $127,175 (27.3%) $203,070 (29.4%) 0.00 136
    2021-01-01 $105,900 (6.0%) $188,876 (21.9%) 0.00 117
    2021-02-01 $110,000 (11.7%) $191,662 (19.1%) 0.00 112
    2021-03-01 $121,825 (11.3%) $212,425 (24.8%) 0.00 114
    2021-04-01 $135,000 (22.8%) $218,745 (23.8%) 0.00 113
    2021-05-01 $131,000 (2.8%) $202,901 (10.9%) 0.00 120
    2021-06-01 $134,700 (1.7%) $198,662 (5.0%) 0.00 132
    2021-07-01 $133,700 (-2.8%) $193,426 (1.9%) 0.00 148
    2021-08-01 $142,000 (8.4%) $198,922 (2.8%) 0.00 171
    2021-09-01 $134,225 (5.7%) $192,708 (3.0%) 0.00 173
    2021-10-01 $128,400 (1.5%) $188,295 (-4.8%) 0.00 182
    2021-11-01 $129,900 (0.5%) $199,018 (-4.4%) 0.00 155
    2021-12-01 $115,000 (-9.6%) $186,449 (-8.2%) 0.00 140
    2022-01-01 $114,900 (8.5%) $190,787 (1.0%) 0.00 121
    2022-02-01 $122,825 (11.7%) $196,213 (2.4%) 0.00 107
    2022-03-01 $124,925 (2.5%) $188,408 (-11.3%) 0.00 105
    2022-04-01 $159,000 (17.8%) $210,817 (-3.6%) 0.00 93
    2022-05-01 $170,725 (30.3%) $233,346 (15.0%) 0.00 104
    2022-06-01 $176,225 (30.8%) $240,879 (21.3%) 0.00 111
    2022-07-01 $161,500 (20.8%) $226,126 (16.9%) 0.00 132
    2022-08-01 $157,400 (10.9%) $216,075 (8.6%) 0.00 144
    2022-09-01 $146,850 (9.4%) $196,391 (1.9%) 0.00 164
    2022-10-01 $142,000 (10.6%) $193,471 (2.8%) 0.00 159
    2022-11-01 $136,175 (4.8%) $181,054 (-9.0%) 0.00 164
    2022-12-01 $129,950 (13.0%) $182,250 (-2.3%) 0.00 152
    2023-01-01 $134,850 (17.4%) $183,558 (-3.8%) 0.00 130
    2023-02-01 $146,500 (19.3%) $193,397 (-1.4%) 0.00 108
    2023-03-01 $152,225 (21.9%) $207,385 (10.1%) 0.00 110
    2023-04-01 $140,000 (-12.0%) $181,051 (-14.1%) 0.00 114
    2023-05-01 $149,450 (-12.5%) $201,319 (-13.7%) 0.00 126
    2023-06-01 $174,900 (-0.8%) $240,539 (-0.1%) 0.00 127
    2023-07-01 $172,400 (6.8%) $244,455 (8.1%) 0.00 122
    2023-08-01 $183,125 (16.3%) $243,605 (12.7%) 0.00 138
    2023-09-01 $188,700 (28.5%) $241,932 (23.2%) 0.00 158
    2023-10-01 $177,475 (25.0%) $230,408 (19.1%) 0.00 181
    2023-11-01 $177,000 (30.0%) $241,210 (33.2%) 0.00 204
    2023-12-01 $169,900 (30.7%) $236,903 (30.0%) 0.00 199
    2024-01-01 $164,250 (21.8%) $242,091 (31.9%) 0.00 177
    2024-02-01 $159,925 (9.2%) $242,499 (25.4%) 0.00 173
    2024-03-01 $162,500 (6.8%) $249,621 (20.4%) 0.00 166
    2024-04-01 $174,450 (24.6%) $259,677 (43.4%) 0.00 157
    2024-05-01 $195,000 (30.5%) $263,624 (31.0%) 0.00 147
    2024-06-01 $191,950 (9.8%) $250,919 (4.3%) 0.00 154
    2024-07-01 $181,000 (5.0%) $243,002 (-0.6%) 0.00 169
    2024-08-01 $180,000 (-1.7%) $238,135 (-2.3%) 0.00 178
    2024-09-01 $190,700 (1.1%) $250,244 (3.4%) 0.00 165
    2024-10-01 $189,000 (6.5%) $245,824 (6.7%) 0.00 170
    2024-11-01 $175,000 (-1.1%) $235,184 (-2.5%) 0.00 178
    Salem's median listing price for 2024-11-01 was $175,000, a difference of $-2,000 (-1.1%) versus the prior year and $-14,000 versus the prior month.

    Salem's median listing price comes in at 0% of the national average.

    Salem's average listing price for 2024-11-01 was $235,184, a difference of $-6,026 (-2.5%) versus the prior year and $-10,640 versus the prior month.

    For the 2024-11-01 period, Salem had 178 MLS listings, a difference of 8 listings (5%) versus the prior month and -26 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,443 sqft
    2018-02-01 0 days 1,419 sqft
    2018-03-01 0 days 1,462 sqft
    2018-04-01 0 days 1,465 sqft
    2018-05-01 0 days 1,500 sqft
    2018-06-01 0 days 1,518 sqft
    2018-07-01 0 days 1,616 sqft
    2018-08-01 0 days 1,595 sqft
    2018-09-01 0 days 1,608 sqft
    2018-10-01 0 days 1,674 sqft
    2018-11-01 0 days 1,699 sqft
    2018-12-01 0 days 1,628 sqft
    2019-01-01 0 days 1,619 sqft
    2019-02-01 0 days 1,644 sqft
    2019-03-01 0 days 1,629 sqft
    2019-04-01 0 days 1,658 sqft
    2019-05-01 0 days 1,559 sqft
    2019-06-01 0 days 1,619 sqft
    2019-07-01 0 days 1,603 sqft
    2019-08-01 0 days 1,612 sqft
    2019-09-01 0 days 1,623 sqft
    2019-10-01 0 days 1,627 sqft
    2019-11-01 0 days 1,601 sqft
    2019-12-01 0 days 1,601 sqft
    2020-01-01 0 days 1,589 sqft
    2020-02-01 0 days 1,556 sqft
    2020-03-01 0 days 1,564 sqft
    2020-04-01 0 days 1,593 sqft
    2020-05-01 0 days 1,632 sqft
    2020-06-01 0 days 1,620 sqft
    2020-07-01 0 days 1,640 sqft
    2020-08-01 0 days 1,624 sqft
    2020-09-01 0 days 1,566 sqft
    2020-10-01 0 days 1,592 sqft
    2020-11-01 0 days 1,607 sqft
    2020-12-01 0 days 1,536 sqft
    2021-01-01 0 days 1,550 sqft
    2021-02-01 0 days 1,486 sqft
    2021-03-01 0 days 1,563 sqft
    2021-04-01 0 days 1,590 sqft
    2021-05-01 0 days 1,569 sqft
    2021-06-01 0 days 1,518 sqft
    2021-07-01 0 days 1,569 sqft
    2021-08-01 0 days 1,592 sqft
    2021-09-01 0 days 1,554 sqft
    2021-10-01 0 days 1,508 sqft
    2021-11-01 0 days 1,511 sqft
    2021-12-01 0 days 1,492 sqft
    2022-01-01 0 days 1,469 sqft
    2022-02-01 0 days 1,539 sqft
    2022-03-01 0 days 1,517 sqft
    2022-04-01 0 days 1,541 sqft
    2022-05-01 0 days 1,540 sqft
    2022-06-01 0 days 1,533 sqft
    2022-07-01 0 days 1,515 sqft
    2022-08-01 0 days 1,491 sqft
    2022-09-01 0 days 1,461 sqft
    2022-10-01 0 days 1,446 sqft
    2022-11-01 0 days 1,417 sqft
    2022-12-01 0 days 1,445 sqft
    2023-01-01 0 days 1,471 sqft
    2023-02-01 0 days 1,488 sqft
    2023-03-01 0 days 1,530 sqft
    2023-04-01 0 days 1,476 sqft
    2023-05-01 0 days 1,482 sqft
    2023-06-01 0 days 1,533 sqft
    2023-07-01 0 days 1,593 sqft
    2023-08-01 0 days 1,616 sqft
    2023-09-01 0 days 1,600 sqft
    2023-10-01 0 days 1,510 sqft
    2023-11-01 0 days 1,545 sqft
    2023-12-01 0 days 1,536 sqft
    2024-01-01 0 days 1,518 sqft
    2024-02-01 0 days 1,525 sqft
    2024-03-01 0 days 1,494 sqft
    2024-04-01 0 days 1,556 sqft
    2024-05-01 0 days 1,558 sqft
    2024-06-01 0 days 1,556 sqft
    2024-07-01 0 days 1,545 sqft
    2024-08-01 0 days 1,595 sqft
    2024-09-01 0 days 1,581 sqft
    2024-10-01 0 days 1,555 sqft
    2024-11-01 0 days 1,573 sqft
    Salem's median listing age (time on market) for 2024-11-01 was 0 days.

    Salem's median square footage for active listings during the 2024-11-01 period was 1,573 sqft. One year prior, the average listing was 1,545 sqft.