Salem USDA Loan Rates, Closing Costs & Stats

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 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 6.61% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.64% and one month ago for the week of 2024-03-08, the average rate was 6.69%.

The average rate one year ago was 6%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.91%.

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.