Salem USDA Loans

SALEM, OR

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 40 lenders originated 148 USDA loans during 2021. The total origination value was $48,380,000, with an average USDA loan value of $326,892.

Salem USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Salem averaged 5.13% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.11% and one month ago for the week of 2022-04-15, the average rate was 5.01%.

The average rate one year ago was 2.95%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.01%.

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 and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salem level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
GUILD MORTGAGE COMPANY 14 2.73% $8,912
LPMC, LLC 9 2.89% $7,153
CALIBER HOME LOANS, INC. 9 2.82% $6,789
GENEVA FINANCIAL, LLC 8 2.91% $8,724
Willamette Valley Bank 8 2.88% $7,719
HOME POINT FINANCIAL CORPORATION 6 2.71% $6,744
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.12% $7,099
FINANCE OF AMERICA MORTGAGE LLC 6 2.75% $8,655
MOVEMENT MORTGAGE, LLC 6 2.88% $8,744
Umpqua Bank 5 2.70% $6,992
CHURCHILL MORTGAGE CORPORATION 5 2.88% $7,618
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.63% $8,979
PACIFIC RESIDENTIAL MORTGAGE, LLC 4 3.25% $10,179
ACADEMY MORTGAGE CORPORATION 4 2.69% $9,274
Summit Mortgage Corporation 4 3.06% $10,658
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.47% $7,962
CROSSCOUNTRY MORTGAGE, LLC 4 3.00% $8,768
DHI MORTGAGE COMPANY, LTD. 3 2.67% $7,404
LOANDEPOT.COM, LLC 3 2.67% $10,501
UNITED WHOLESALE MORTGAGE, LLC 3 2.70% $10,407
Commerce Home Mortgage, Inc. 3 2.75% $7,869
SUMMIT MORTGAGE CORPORATION 2 3.06% $6,009
MANN FINANCIAL INC. 2 2.75% $10,392
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 3.31% $8,901
RANLIFE, INC. 2 3.06% $9,248
Colten Mortgage, LLC 1 2.88% $5,719
EAGLE HOME MORTGAGE, LLC 1 3.25% $7,386
U.S. Bank 1 3.25% $6,434
Wells Fargo Bank 1 3.25% $7,871
FREEDOM MORTGAGE CORPORATION 1 2.88% $6,866
CENTRAL WILLAMETTE Credit Union 1 3.00% $8,994
CANOPY MORTGAGE, LLC 1 2.50% $8,724
BROKER SOLUTIONS, INC. 1 3.25% $4,541
MORTGAGE EXPRESS, LLC 1 2.38% $6,282
PLAZA HOME MORTGAGE, INC. 1 2.88% $13,504
STEARNS LENDING, LLC 1 2.50% $9,914
SUMMIT FUNDING, INC. 1 3.13% $8,715
SWBC MORTGAGE CORPORATION 1 3.13% $4,191
UNITED MORTGAGE CORP. 1 2.88% $9,401
CMG MORTGAGE, INC. 1 2.25% $7,354

The top Salem USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 14 USDA loans originated. Their average total fees are $8,912, which is $1,758 higher than the next largest lender, LPMC, LLC.

The lowest fee Salem USDA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($8,912), .

The lowest rate Salem USDA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (2.73%), .


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 $384,950 (35.1%) $504,971 (34.3%) 1.42 933
2018-02-01 $384,945 (32.1%) $497,773 (30.3%) 1.39 923
2018-03-01 $379,900 (27.9%) $485,585 (24.5%) 1.31 947
2018-04-01 $385,000 (26.3%) $505,771 (25.9%) 1.29 997
2018-05-01 $398,950 (29.8%) $504,267 (24.9%) 1.33 1,122
2018-06-01 $394,900 (29.5%) $494,477 (25.2%) 1.32 1,186
2018-07-01 $398,750 (9.3%) $496,069 (6.7%) 1.33 1,276
2018-08-01 $379,950 (5.6%) $469,809 (0.8%) 1.27 1,517
2018-09-01 $375,900 (4.5%) $462,908 (-1.1%) 1.26 1,608
2018-10-01 $372,900 (-1.1%) $456,885 (-4.3%) 1.25 1,623
2018-11-01 $364,950 (-3.5%) $444,090 (-8.3%) 1.22 1,638
2018-12-01 $369,900 (-4.2%) $446,519 (-10.9%) 1.27 1,545
2019-01-01 $367,000 (-4.7%) $439,844 (-12.9%) 1.27 1,418
2019-02-01 $362,450 (-5.8%) $427,023 (-14.2%) 1.21 1,369
2019-03-01 $366,657 (-3.5%) $428,472 (-11.8%) 1.19 1,392
2019-04-01 $368,707 (-4.2%) $431,215 (-14.7%) 1.16 1,457
2019-05-01 $369,450 (-7.4%) $434,839 (-13.8%) 1.14 1,573
2019-06-01 $369,900 (-6.3%) $436,074 (-11.8%) 1.14 1,725
2019-07-01 $374,950 (-6.0%) $437,898 (-11.7%) 1.17 1,789
2019-08-01 $375,000 (-1.3%) $445,432 (-5.2%) 1.18 1,740
2019-09-01 $375,000 (-0.2%) $456,545 (-1.4%) 1.19 1,690
2019-10-01 $379,900 (1.9%) $460,521 (0.8%) 1.21 1,708
2019-11-01 $383,400 (5.1%) $463,939 (4.5%) 1.24 1,587
2019-12-01 $384,450 (3.9%) $470,338 (5.3%) 1.28 1,365
2020-01-01 $387,450 (5.6%) $478,308 (8.7%) 1.29 1,190
2020-02-01 $389,990 (7.6%) $482,290 (12.9%) 1.26 1,098
2020-03-01 $407,175 (11.1%) $505,855 (18.1%) 1.27 1,062
2020-04-01 $399,900 (8.5%) $490,217 (13.7%) 1.25 1,176
2020-05-01 $419,900 (13.7%) $511,280 (17.6%) 1.27 1,082
2020-06-01 $430,000 (16.3%) $538,418 (23.5%) 1.26 908
2020-07-01 $429,950 (14.7%) $547,700 (25.1%) 1.23 844
2020-08-01 $430,000 (14.7%) $556,533 (24.9%) 1.23 764
2020-09-01 $449,995 (20.0%) $583,753 (27.9%) 1.29 633
2020-10-01 $439,000 (15.6%) $569,358 (23.6%) 1.25 637
2020-11-01 $454,475 (18.5%) $602,169 (29.8%) 1.30 530
2020-12-01 $435,000 (13.2%) $600,801 (27.7%) 1.28 438
2021-01-01 $448,000 (15.6%) $608,113 (27.1%) 1.32 383
2021-02-01 $450,000 (15.4%) $602,677 (25.0%) 1.29 324
2021-03-01 $427,450 (5.0%) $565,187 (11.7%) 1.20 341
2021-04-01 $433,250 (8.3%) $585,419 (19.4%) 1.16 380
2021-05-01 $445,000 (6.0%) $566,984 (10.9%) 1.17 452
2021-06-01 $468,448 (8.9%) $591,425 (9.9%) 1.22 523
2021-07-01 $449,950 (4.7%) $596,763 (9.0%) 1.17 637
2021-08-01 $472,450 (9.9%) $601,357 (8.1%) 1.24 766
2021-09-01 $467,400 (3.9%) $607,226 (4.0%) 1.23 860
2021-10-01 $449,900 (2.5%) $602,025 (5.7%) 1.18 843
2021-11-01 $452,500 (-0.4%) $620,889 (3.1%) 1.19 719
2021-12-01 $477,450 (9.8%) $642,836 (7.0%) 1.27 570
2022-01-01 $489,000 (9.2%) $705,786 (16.1%) 1.30 422
2022-02-01 $495,800 (10.2%) $732,407 (21.5%) 1.26 404
2022-03-01 $512,420 (19.9%) $718,311 (27.1%) 1.27 433
2022-04-01 $512,900 (18.4%) $672,800 (14.9%) 1.21 532
Salem's median listing price for 2022-04-01 was $512,900, a difference of $79,650 (18.4%) versus the prior year and $480 versus the prior month.

Salem's median listing price comes in at 121% of the national average.

Salem's average listing price for 2022-04-01 was $672,800, a difference of $87,381 (14.9%) versus the prior year and $-45,511 versus the prior month.

For the 2022-04-01 period, Salem had 532 MLS listings, a difference of 99 listings (23%) versus the prior month and 152 listings (40%) 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 70 days 2,159 sqft
2018-02-01 56 days 2,119 sqft
2018-03-01 40 days 2,074 sqft
2018-04-01 37 days 2,084 sqft
2018-05-01 32 days 2,094 sqft
2018-06-01 35 days 2,064 sqft
2018-07-01 43 days 2,111 sqft
2018-08-01 37 days 2,055 sqft
2018-09-01 44 days 2,019 sqft
2018-10-01 52 days 2,016 sqft
2018-11-01 53 days 2,000 sqft
2018-12-01 61 days 2,004 sqft
2019-01-01 72 days 1,982 sqft
2019-02-01 61 days 1,944 sqft
2019-03-01 49 days 1,984 sqft
2019-04-01 45 days 1,994 sqft
2019-05-01 43 days 1,988 sqft
2019-06-01 39 days 1,988 sqft
2019-07-01 41 days 1,985 sqft
2019-08-01 46 days 2,000 sqft
2019-09-01 49 days 2,015 sqft
2019-10-01 51 days 2,038 sqft
2019-11-01 55 days 2,048 sqft
2019-12-01 65 days 2,001 sqft
2020-01-01 72 days 2,001 sqft
2020-02-01 69 days 1,988 sqft
2020-03-01 43 days 2,046 sqft
2020-04-01 44 days 2,016 sqft
2020-05-01 49 days 2,127 sqft
2020-06-01 44 days 2,228 sqft
2020-07-01 39 days 2,198 sqft
2020-08-01 39 days 2,164 sqft
2020-09-01 42 days 2,224 sqft
2020-10-01 36 days 2,128 sqft
2020-11-01 47 days 2,158 sqft
2020-12-01 56 days 2,046 sqft
2021-01-01 49 days 2,092 sqft
2021-02-01 36 days 1,984 sqft
2021-03-01 29 days 1,893 sqft
2021-04-01 23 days 1,880 sqft
2021-05-01 17 days 1,948 sqft
2021-06-01 21 days 1,970 sqft
2021-07-01 22 days 1,940 sqft
2021-08-01 24 days 1,946 sqft
2021-09-01 29 days 1,911 sqft
2021-10-01 33 days 1,845 sqft
2021-11-01 37 days 1,894 sqft
2021-12-01 44 days 1,932 sqft
2022-01-01 52 days 1,968 sqft
2022-02-01 33 days 1,913 sqft
2022-03-01 27 days 1,912 sqft
2022-04-01 23 days 1,864 sqft
Salem's median listing age (time on market) for 2022-04-01 was 23 days. This is 0% longer than the same period one year ago.

Salem's median square footage for active listings during the 2022-04-01 period was 1,864 sqft. One year prior, the average listing was 1,880 sqft.