Salinas USDA Loan Rates, Closing Costs & Stats

SALINAS, CA

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.

Salinas's 10 lenders originated 13 USDA loans during 2021. The total origination value was $5,655,000, with an average USDA loan value of $435,000.

Salinas USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Salinas averaged 6.17% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Salinas's average USDA mortgage closing costs are $9,052.

The average rate for the prior week (2022-11-25) was 6.71% and one month ago for the week of 2022-10-28, the average rate was 6.98%.

The average rate one year ago was 3.47%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.01%.

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

Salinas 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 Salinas level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Sierra Pacific Mortgage Company, Inc. 2 2.56% $8,284
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.25% $9,937
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $7,678
HOME POINT FINANCIAL CORPORATION 1 2.75% $7,917
Hometown Equity Mortgage, LLC 1 2.50% $7,944
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.00% $12,529
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $8,803
Prosperity Home Mortgage, LLC 1 2.63% $10,074
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $5,534
CALIBER HOME LOANS, INC. 1 2.75% $8,679

The top Salinas USDA lender as defined by loan originations is Sierra Pacific Mortgage Company, Inc., with 2 USDA loans originated. Their average total fees are $8,284, which is $1,654 lower than the next largest lender, AMERICAN PACIFIC MORTGAGE CORPORATION.

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

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


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Salinas (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 $931,050 (7.2%) $2,034,550 (9.7%) 3.45 557
2018-02-01 $995,000 (8.6%) $2,071,713 (-1.0%) 3.61 572
2018-03-01 $980,000 (5.8%) $1,965,706 (-7.2%) 3.44 613
2018-04-01 $933,250 (-0.6%) $2,067,904 (1.2%) 3.16 655
2018-05-01 $945,923 (1.6%) $2,061,974 (3.6%) 3.16 672
2018-06-01 $965,000 (1.6%) $2,111,105 (2.9%) 3.22 676
2018-07-01 $922,500 (-3.8%) $1,968,788 (-4.1%) 3.08 737
2018-08-01 $882,495 (-7.1%) $2,003,072 (-0.9%) 2.95 762
2018-09-01 $889,000 (-5.9%) $2,022,816 (1.3%) 2.98 797
2018-10-01 $857,200 (-8.2%) $1,944,286 (-0.2%) 2.90 818
2018-11-01 $849,000 (-9.8%) $1,934,309 (0.4%) 2.88 805
2018-12-01 $867,000 (-7.8%) $1,947,672 (-2.6%) 2.99 740
2019-01-01 $852,500 (-8.4%) $1,990,829 (-2.2%) 2.94 655
2019-02-01 $910,000 (-8.5%) $2,045,931 (-1.2%) 3.07 690
2019-03-01 $937,857 (-4.3%) $2,051,776 (4.4%) 3.07 703
2019-04-01 $992,000 (6.3%) $2,075,941 (0.4%) 3.15 712
2019-05-01 $995,222 (5.2%) $2,018,928 (-2.1%) 3.11 736
2019-06-01 $1,095,000 (13.5%) $2,153,182 (2.0%) 3.42 796
2019-07-01 $1,102,500 (19.5%) $2,151,551 (9.3%) 3.45 806
2019-08-01 $1,157,359 (31.2%) $2,216,755 (10.7%) 3.66 809
2019-09-01 $1,139,157 (28.1%) $2,145,028 (6.0%) 3.64 805
2019-10-01 $1,112,500 (29.8%) $2,081,803 (7.1%) 3.59 798
2019-11-01 $1,093,500 (28.8%) $2,110,404 (9.1%) 3.59 720
2019-12-01 $999,999 (15.3%) $2,103,517 (8.0%) 3.33 613
2020-01-01 $999,775 (17.3%) $2,040,318 (2.5%) 3.34 531
2020-02-01 $1,149,000 (26.3%) $2,240,606 (9.5%) 3.76 558
2020-03-01 $1,137,000 (21.2%) $2,190,122 (6.7%) 3.56 580
2020-04-01 $1,088,250 (9.7%) $2,110,049 (1.6%) 3.41 588
2020-05-01 $990,372 (-0.5%) $2,019,870 (0.1%) 3.01 643
2020-06-01 $1,062,500 (-3.0%) $2,130,436 (-1.1%) 3.13 597
2020-07-01 $1,173,500 (6.4%) $2,248,852 (4.5%) 3.40 506
2020-08-01 $1,282,000 (10.8%) $2,464,188 (11.2%) 3.67 441
2020-09-01 $1,295,000 (13.7%) $2,528,877 (17.9%) 3.71 415
2020-10-01 $1,290,000 (16.0%) $2,557,468 (22.9%) 3.70 405
2020-11-01 $1,312,250 (20.0%) $2,597,813 (23.1%) 3.83 390
2020-12-01 $1,317,750 (31.8%) $2,768,405 (31.6%) 3.92 350
2021-01-01 $1,295,000 (29.5%) $2,854,750 (39.9%) 3.87 319
2021-02-01 $1,246,750 (8.5%) $2,873,154 (28.2%) 3.62 301
2021-03-01 $1,285,000 (13.0%) $2,886,900 (31.8%) 3.65 276
2021-04-01 $1,181,000 (8.5%) $2,719,137 (28.9%) 3.20 289
2021-05-01 $1,195,000 (20.7%) $2,650,791 (31.2%) 3.16 289
2021-06-01 $1,172,250 (10.3%) $2,535,755 (19.0%) 3.09 310
2021-07-01 $1,100,000 (-6.3%) $2,556,536 (13.7%) 2.90 319
2021-08-01 $1,196,000 (-6.7%) $2,764,672 (12.2%) 3.19 348
2021-09-01 $1,124,500 (-13.2%) $2,662,852 (5.3%) 3.00 334
2021-10-01 $1,087,000 (-15.7%) $2,681,295 (4.8%) 2.90 328
2021-11-01 $1,054,750 (-19.6%) $2,650,690 (2.0%) 2.82 269
2021-12-01 $1,021,000 (-22.5%) $2,758,020 (-0.4%) 2.77 212
2022-01-01 $1,099,000 (-15.1%) $3,079,826 (7.9%) 2.97 176
2022-02-01 $984,000 (-21.1%) $2,855,258 (-0.6%) 2.56 199
2022-03-01 $1,098,250 (-14.5%) $2,824,154 (-2.2%) 2.75 208
2022-04-01 $992,000 (-16.0%) $2,502,873 (-8.0%) 2.37 274
2022-05-01 $949,250 (-20.6%) $2,409,748 (-9.1%) 2.17 327
2022-06-01 $998,850 (-14.8%) $2,386,235 (-5.9%) 2.22 369
2022-07-01 $998,800 (-9.2%) $2,298,457 (-10.1%) 2.26 414
2022-08-01 $988,444 (-17.4%) $2,347,205 (-15.1%) 2.28 459
2022-09-01 $962,500 (-14.4%) $2,389,229 (-10.3%) 2.25 443
2022-10-01 $899,990 (-17.2%) $2,318,337 (-13.5%) 2.12 423
2022-11-01 $918,500 (-12.9%) $2,282,536 (-13.9%) 2.21 427
Salinas's median listing price for 2022-11-01 was $918,500, a difference of $-136,250 (-12.9%) versus the prior year and $18,510 versus the prior month.

Salinas's median listing price comes in at 221% of the national average.

Salinas's average listing price for 2022-11-01 was $2,282,536, a difference of $-368,154 (-13.9%) versus the prior year and $-35,801 versus the prior month.

For the 2022-11-01 period, Salinas had 427 MLS listings, a difference of 4 listings (1%) versus the prior month and 158 listings (59%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Salinas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 2,020 sqft
2018-02-01 67 days 2,029 sqft
2018-03-01 50 days 1,991 sqft
2018-04-01 53 days 1,983 sqft
2018-05-01 54 days 1,963 sqft
2018-06-01 59 days 1,974 sqft
2018-07-01 58 days 1,948 sqft
2018-08-01 59 days 1,939 sqft
2018-09-01 59 days 1,941 sqft
2018-10-01 64 days 1,937 sqft
2018-11-01 73 days 1,906 sqft
2018-12-01 85 days 1,843 sqft
2019-01-01 90 days 1,806 sqft
2019-02-01 79 days 1,858 sqft
2019-03-01 66 days 1,902 sqft
2019-04-01 63 days 1,974 sqft
2019-05-01 63 days 2,018 sqft
2019-06-01 64 days 2,095 sqft
2019-07-01 66 days 2,103 sqft
2019-08-01 73 days 2,136 sqft
2019-09-01 84 days 2,134 sqft
2019-10-01 90 days 2,133 sqft
2019-11-01 95 days 2,172 sqft
2019-12-01 107 days 2,153 sqft
2020-01-01 96 days 2,113 sqft
2020-02-01 75 days 2,131 sqft
2020-03-01 57 days 2,135 sqft
2020-04-01 70 days 2,084 sqft
2020-05-01 75 days 2,075 sqft
2020-06-01 84 days 2,117 sqft
2020-07-01 67 days 2,124 sqft
2020-08-01 65 days 2,171 sqft
2020-09-01 65 days 2,157 sqft
2020-10-01 63 days 2,174 sqft
2020-11-01 66 days 2,173 sqft
2020-12-01 63 days 2,198 sqft
2021-01-01 64 days 2,146 sqft
2021-02-01 64 days 2,102 sqft
2021-03-01 61 days 2,041 sqft
2021-04-01 62 days 2,001 sqft
2021-05-01 44 days 1,977 sqft
2021-06-01 44 days 2,015 sqft
2021-07-01 43 days 1,983 sqft
2021-08-01 43 days 1,944 sqft
2021-09-01 41 days 1,942 sqft
2021-10-01 50 days 1,898 sqft
2021-11-01 56 days 1,887 sqft
2021-12-01 80 days 1,828 sqft
2022-01-01 60 days 1,851 sqft
2022-02-01 29 days 1,824 sqft
2022-03-01 30 days 1,951 sqft
2022-04-01 27 days 1,816 sqft
2022-05-01 28 days 1,757 sqft
2022-06-01 32 days 1,817 sqft
2022-07-01 37 days 1,843 sqft
2022-08-01 43 days 1,809 sqft
2022-09-01 48 days 1,855 sqft
2022-10-01 53 days 1,840 sqft
2022-11-01 62 days 1,820 sqft
Salinas's median listing age (time on market) for 2022-11-01 was 62 days. This is 10% longer than the same period one year ago.

Salinas's median square footage for active listings during the 2022-11-01 period was 1,820 sqft. One year prior, the average listing was 1,887 sqft.