Salem USDA Loan Rates, Closing Costs & Stats

SALEM, OR

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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.

    Salem's 6 lenders originated 7 USDA loans during 2023. The total origination value was $2,335,000, with an average USDA loan value of $333,571.

    Salem USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Salem averaged 6.67% for the week of 2024-04-19, compared to the national average (all USDA variants) of 6.863% for the same period.

    Salem's average USDA mortgage closing costs are $7,677.

    The average rate for the prior week (2024-04-12) was 6.52% and one month ago for the week of 2024-03-15, the average rate was 6.6%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    GUILD MORTGAGE COMPANY 2 6.38% $14,734
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $14,064
    GENEVA FINANCIAL, LLC 1 5.50% $15,978
    LEADERONE FINANCIAL CORPORATION 1 5.88% $16,963
    Sierra Pacific Mortgage Company, Inc. 1 5.00% $14,503
    Willamette Valley Bank 1 5.50% $12,428

    The top Salem USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 2 USDA loans originated. Their average total fees are $14,734, which is $670 higher than the next largest lender, AMERICAN FINANCIAL NETWORK, INC..

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

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

    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 $377,425 (36.6%) $492,987 (35.6%) 1.40 714
    2018-02-01 $377,450 (34.3%) $486,422 (32.0%) 1.37 712
    2018-03-01 $374,900 (32.3%) $478,838 (28.6%) 1.32 740
    2018-04-01 $384,175 (30.2%) $499,384 (29.3%) 1.30 763
    2018-05-01 $389,450 (31.1%) $496,079 (28.1%) 1.30 857
    2018-06-01 $385,900 (29.8%) $488,871 (29.3%) 1.29 924
    2018-07-01 $394,700 (12.2%) $487,251 (10.3%) 1.32 978
    2018-08-01 $375,450 (5.3%) $461,644 (2.0%) 1.26 1,168
    2018-09-01 $369,900 (5.7%) $450,427 (0.4%) 1.24 1,235
    2018-10-01 $367,450 (0.0%) $448,628 (-2.8%) 1.24 1,236
    2018-11-01 $362,200 (-2.1%) $438,794 (-6.5%) 1.23 1,223
    2018-12-01 $364,900 (-3.1%) $443,344 (-9.0%) 1.26 1,130
    2019-01-01 $367,450 (-2.6%) $440,820 (-10.6%) 1.27 1,065
    2019-02-01 $362,450 (-4.0%) $423,227 (-13.0%) 1.22 1,025
    2019-03-01 $364,371 (-2.8%) $423,621 (-11.5%) 1.19 1,035
    2019-04-01 $365,000 (-5.0%) $425,952 (-14.7%) 1.16 1,063
    2019-05-01 $365,175 (-6.2%) $429,796 (-13.4%) 1.14 1,141
    2019-06-01 $365,000 (-5.4%) $428,623 (-12.3%) 1.14 1,253
    2019-07-01 $369,900 (-6.3%) $429,676 (-11.8%) 1.16 1,317
    2019-08-01 $373,609 (-0.5%) $434,708 (-5.8%) 1.18 1,299
    2019-09-01 $371,523 (0.4%) $443,484 (-1.5%) 1.19 1,288
    2019-10-01 $372,682 (1.4%) $453,796 (1.2%) 1.20 1,253
    2019-11-01 $380,450 (5.0%) $462,231 (5.3%) 1.25 1,126
    2019-12-01 $380,000 (4.1%) $467,497 (5.5%) 1.27 978
    2020-01-01 $387,475 (5.5%) $474,112 (7.6%) 1.29 852
    2020-02-01 $389,900 (7.6%) $480,831 (13.6%) 1.28 794
    2020-03-01 $404,975 (11.1%) $501,706 (18.4%) 1.27 770
    2020-04-01 $399,450 (9.4%) $481,605 (13.1%) 1.25 833
    2020-05-01 $414,900 (13.6%) $503,742 (17.2%) 1.26 767
    2020-06-01 $423,925 (16.1%) $516,805 (20.6%) 1.25 668
    2020-07-01 $429,450 (16.1%) $532,956 (24.0%) 1.24 632
    2020-08-01 $425,000 (13.8%) $540,325 (24.3%) 1.22 578
    2020-09-01 $438,075 (17.9%) $553,802 (24.9%) 1.26 496
    2020-10-01 $419,999 (12.7%) $542,943 (19.6%) 1.20 498
    2020-11-01 $429,900 (13.0%) $559,831 (21.1%) 1.26 418
    2020-12-01 $424,500 (11.7%) $568,387 (21.6%) 1.26 344
    2021-01-01 $444,500 (14.7%) $608,697 (28.4%) 1.33 294
    2021-02-01 $449,300 (15.2%) $597,622 (24.3%) 1.31 255
    2021-03-01 $427,400 (5.5%) $569,909 (13.6%) 1.21 275
    2021-04-01 $433,625 (8.6%) $597,237 (24.0%) 1.17 299
    2021-05-01 $450,000 (8.5%) $572,892 (13.7%) 1.20 355
    2021-06-01 $462,218 (9.0%) $591,684 (14.5%) 1.22 418
    2021-07-01 $449,950 (4.8%) $597,008 (12.0%) 1.19 509
    2021-08-01 $462,104 (8.7%) $596,846 (10.5%) 1.23 573
    2021-09-01 $463,500 (5.8%) $619,073 (11.8%) 1.24 625
    2021-10-01 $450,000 (7.1%) $621,742 (14.5%) 1.20 622
    2021-11-01 $454,475 (5.7%) $633,856 (13.2%) 1.21 530
    2021-12-01 $482,975 (13.8%) $663,040 (16.7%) 1.31 438
    2022-01-01 $496,475 (11.7%) $730,178 (20.0%) 1.34 345
    2022-02-01 $499,000 (11.1%) $765,098 (28.0%) 1.30 326
    2022-03-01 $509,950 (19.3%) $744,159 (30.6%) 1.28 348
    2022-04-01 $506,630 (16.8%) $686,111 (14.9%) 1.21 414
    2022-05-01 $509,998 (13.3%) $660,496 (15.3%) 1.17 503
    2022-06-01 $504,945 (9.2%) $645,544 (9.1%) 1.12 619
    2022-07-01 $499,900 (11.1%) $617,545 (3.4%) 1.13 815
    2022-08-01 $499,000 (8.0%) $607,389 (1.8%) 1.15 897
    2022-09-01 $497,000 (7.2%) $604,679 (-2.3%) 1.16 935
    2022-10-01 $489,225 (8.7%) $567,286 (-8.8%) 1.15 975
    2022-11-01 $484,945 (6.7%) $570,383 (-10.0%) 1.17 954
    2022-12-01 $489,000 (1.3%) $589,835 (-11.0%) 1.21 838
    2023-01-01 $491,998 (-0.9%) $589,971 (-19.2%) 1.22 727
    2023-02-01 $497,000 (-0.4%) $596,657 (-22.0%) 1.20 646
    2023-03-01 $500,724 (-1.8%) $614,653 (-17.4%) 1.18 642
    2023-04-01 $506,140 (-0.1%) $627,086 (-8.6%) 1.18 604
    2023-05-01 $507,450 (-0.5%) $633,381 (-4.1%) 1.15 639
    2023-06-01 $503,868 (-0.2%) $621,945 (-3.7%) 1.13 748
    2023-07-01 $525,000 (5.0%) $631,180 (2.2%) 1.19 819
    2023-08-01 $517,474 (3.7%) $632,566 (4.2%) 1.19 864
    2023-09-01 $495,000 (-0.4%) $610,032 (0.9%) 1.15 881
    2023-10-01 $489,450 (0.1%) $606,533 (6.9%) 1.15 905
    2023-11-01 $481,450 (-0.7%) $603,261 (5.8%) 1.15 875
    2023-12-01 $475,000 (-2.9%) $599,052 (1.6%) 1.16 809
    2024-01-01 $481,995 (-2.0%) $611,083 (3.6%) 1.18 728
    2024-02-01 $489,220 (-1.6%) $614,220 (2.9%) 1.18 684
    2024-03-01 $499,000 (-0.3%) $625,846 (1.8%) 1.17 712
    Salem's median listing price for 2024-03-01 was $499,000, a difference of $-1,724 (-0.3%) versus the prior year and $9,780 versus the prior month.

    Salem's median listing price comes in at 117% of the national average.

    Salem's average listing price for 2024-03-01 was $625,846, a difference of $11,193 (1.8%) versus the prior year and $11,626 versus the prior month.

    For the 2024-03-01 period, Salem had 712 MLS listings, a difference of 28 listings (4%) versus the prior month and 70 listings (11%) 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 69 days 2,099 sqft
    2018-02-01 53 days 2,058 sqft
    2018-03-01 38 days 2,032 sqft
    2018-04-01 39 days 2,037 sqft
    2018-05-01 31 days 2,070 sqft
    2018-06-01 33 days 2,030 sqft
    2018-07-01 41 days 2,079 sqft
    2018-08-01 36 days 2,031 sqft
    2018-09-01 43 days 1,994 sqft
    2018-10-01 55 days 1,996 sqft
    2018-11-01 56 days 1,968 sqft
    2018-12-01 66 days 1,971 sqft
    2019-01-01 73 days 1,949 sqft
    2019-02-01 55 days 1,932 sqft
    2019-03-01 48 days 1,956 sqft
    2019-04-01 45 days 1,951 sqft
    2019-05-01 41 days 1,928 sqft
    2019-06-01 37 days 1,950 sqft
    2019-07-01 40 days 1,955 sqft
    2019-08-01 45 days 1,990 sqft
    2019-09-01 50 days 1,999 sqft
    2019-10-01 52 days 2,018 sqft
    2019-11-01 57 days 2,027 sqft
    2019-12-01 68 days 2,005 sqft
    2020-01-01 75 days 1,993 sqft
    2020-02-01 67 days 1,995 sqft
    2020-03-01 45 days 2,023 sqft
    2020-04-01 46 days 1,989 sqft
    2020-05-01 52 days 2,076 sqft
    2020-06-01 45 days 2,144 sqft
    2020-07-01 35 days 2,157 sqft
    2020-08-01 33 days 2,053 sqft
    2020-09-01 37 days 2,097 sqft
    2020-10-01 38 days 2,017 sqft
    2020-11-01 55 days 2,029 sqft
    2020-12-01 57 days 1,989 sqft
    2021-01-01 37 days 2,084 sqft
    2021-02-01 30 days 1,956 sqft
    2021-03-01 19 days 1,873 sqft
    2021-04-01 19 days 1,868 sqft
    2021-05-01 15 days 1,880 sqft
    2021-06-01 18 days 1,944 sqft
    2021-07-01 22 days 1,933 sqft
    2021-08-01 24 days 1,938 sqft
    2021-09-01 28 days 1,907 sqft
    2021-10-01 31 days 1,851 sqft
    2021-11-01 37 days 1,872 sqft
    2021-12-01 44 days 1,932 sqft
    2022-01-01 52 days 1,952 sqft
    2022-02-01 28 days 1,896 sqft
    2022-03-01 27 days 1,908 sqft
    2022-04-01 22 days 1,864 sqft
    2022-05-01 25 days 1,912 sqft
    2022-06-01 23 days 1,897 sqft
    2022-07-01 29 days 1,855 sqft
    2022-08-01 36 days 1,901 sqft
    2022-09-01 46 days 1,899 sqft
    2022-10-01 48 days 1,842 sqft
    2022-11-01 55 days 1,812 sqft
    2022-12-01 71 days 1,848 sqft
    2023-01-01 83 days 1,846 sqft
    2023-02-01 84 days 1,863 sqft
    2023-03-01 56 days 1,890 sqft
    2023-04-01 50 days 1,851 sqft
    2023-05-01 34 days 1,871 sqft
    2023-06-01 33 days 1,805 sqft
    2023-07-01 40 days 1,865 sqft
    2023-08-01 45 days 1,865 sqft
    2023-09-01 51 days 1,824 sqft
    2023-10-01 55 days 1,815 sqft
    2023-11-01 58 days 1,790 sqft
    2023-12-01 71 days 1,781 sqft
    2024-01-01 79 days 1,733 sqft
    2024-02-01 73 days 1,746 sqft
    2024-03-01 50 days 1,815 sqft
    Salem's median listing age (time on market) for 2024-03-01 was 50 days. This is -10% shorter than the same period one year ago.

    Salem's median square footage for active listings during the 2024-03-01 period was 1,815 sqft. One year prior, the average listing was 1,890 sqft.