Salem USDA Loans

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 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.