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 5 lenders originated 7 USDA loans during 2022. The total origination value was $3,285,000, with an average USDA loan value of $469,286.

Salinas USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Salinas averaged 6.32% for the week of 2024-02-16, compared to the national average (all USDA variants) of 6.685% for the same period.

Salinas's average USDA mortgage closing costs are $9,435.

The average rate for the prior week (2024-02-09) was 6.16% and one month ago for the week of 2024-01-12, the average rate was 5.98%.

The average rate one year ago was 5.81%.

For refis of the same type during the week of 2024-02-16, the average rate was 4.99%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
AMERICAN PACIFIC MORTGAGE CORPORATION 3 4.00% $10,467
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.50% $5,405
CALIBER HOME LOANS, INC. 1 4.88% $12,636
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.99% $9,214
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.38% $27,693

The top Salinas USDA lender as defined by loan originations is AMERICAN PACIFIC MORTGAGE CORPORATION, with 3 USDA loans originated. Their average total fees are $10,467, which is $5,062 higher than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

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 (7.4%) $2,034,492 (9.8%) 3.45 557
2018-02-01 $995,000 (9.1%) $2,070,744 (-1.0%) 3.61 573
2018-03-01 $984,500 (6.2%) $1,967,445 (-7.1%) 3.45 613
2018-04-01 $936,450 (-0.3%) $2,069,506 (1.3%) 3.17 655
2018-05-01 $955,500 (2.5%) $2,063,554 (3.6%) 3.19 672
2018-06-01 $975,000 (2.6%) $2,110,917 (2.9%) 3.25 676
2018-07-01 $935,451 (-2.5%) $1,970,267 (-4.0%) 3.12 737
2018-08-01 $886,000 (-6.7%) $2,002,435 (-0.9%) 2.97 762
2018-09-01 $892,500 (-5.6%) $2,022,100 (1.3%) 3.00 797
2018-10-01 $862,175 (-7.6%) $1,945,527 (-0.1%) 2.92 818
2018-11-01 $851,694 (-9.6%) $1,935,578 (0.4%) 2.89 805
2018-12-01 $869,500 (-7.5%) $1,949,092 (-2.5%) 3.00 740
2019-01-01 $854,750 (-8.2%) $1,991,187 (-2.1%) 2.95 656
2019-02-01 $910,000 (-8.5%) $2,045,070 (-1.2%) 3.07 690
2019-03-01 $937,857 (-4.7%) $2,051,776 (4.3%) 3.07 702
2019-04-01 $992,000 (5.9%) $2,075,899 (0.3%) 3.15 710
2019-05-01 $996,750 (4.3%) $2,020,378 (-2.1%) 3.12 734
2019-06-01 $1,095,000 (12.3%) $2,157,119 (2.2%) 3.42 793
2019-07-01 $1,115,000 (19.2%) $2,156,219 (9.4%) 3.49 803
2019-08-01 $1,161,364 (31.1%) $2,221,273 (10.9%) 3.68 806
2019-09-01 $1,140,909 (27.8%) $2,148,596 (6.3%) 3.65 803
2019-10-01 $1,124,750 (30.5%) $2,084,645 (7.2%) 3.63 796
2019-11-01 $1,098,000 (28.9%) $2,113,554 (9.2%) 3.60 718
2019-12-01 $1,000,000 (15.0%) $2,107,268 (8.1%) 3.33 611
2020-01-01 $999,999 (17.0%) $2,044,437 (2.7%) 3.34 529
2020-02-01 $1,150,000 (26.4%) $2,245,289 (9.8%) 3.76 556
2020-03-01 $1,137,000 (21.2%) $2,194,233 (6.9%) 3.56 578
2020-04-01 $1,089,000 (9.8%) $2,115,161 (1.9%) 3.41 585
2020-05-01 $995,000 (-0.2%) $2,025,381 (0.3%) 3.02 640
2020-06-01 $1,066,750 (-2.6%) $2,135,686 (-1.0%) 3.14 594
2020-07-01 $1,192,250 (6.9%) $2,256,238 (4.6%) 3.46 503
2020-08-01 $1,290,000 (11.1%) $2,473,904 (11.4%) 3.70 438
2020-09-01 $1,296,500 (13.6%) $2,539,168 (18.2%) 3.71 412
2020-10-01 $1,295,000 (15.1%) $2,568,295 (23.2%) 3.71 402
2020-11-01 $1,345,250 (22.5%) $2,609,349 (23.5%) 3.93 387
2020-12-01 $1,328,250 (32.8%) $2,782,940 (32.1%) 3.95 347
2021-01-01 $1,295,000 (29.5%) $2,871,440 (40.5%) 3.87 316
2021-02-01 $1,271,200 (10.5%) $2,891,331 (28.8%) 3.70 298
2021-03-01 $1,293,500 (13.8%) $2,899,752 (32.2%) 3.67 274
2021-04-01 $1,192,500 (9.5%) $2,730,254 (29.1%) 3.23 286
2021-05-01 $1,199,000 (20.5%) $2,665,909 (31.6%) 3.19 286
2021-06-01 $1,174,500 (10.1%) $2,549,472 (19.4%) 3.09 307
2021-07-01 $1,125,000 (-5.6%) $2,582,685 (14.5%) 2.97 317
2021-08-01 $1,199,250 (-7.0%) $2,789,901 (12.8%) 3.20 346
2021-09-01 $1,149,000 (-11.4%) $2,687,940 (5.9%) 3.06 332
2021-10-01 $1,099,500 (-15.1%) $2,707,348 (5.4%) 2.93 326
2021-11-01 $1,072,500 (-20.3%) $2,665,995 (2.2%) 2.87 266
2021-12-01 $1,030,500 (-22.4%) $2,785,968 (0.1%) 2.79 209
2022-01-01 $1,099,000 (-15.1%) $3,111,250 (8.4%) 2.97 173
2022-02-01 $1,017,500 (-20.0%) $2,880,408 (-0.4%) 2.65 196
2022-03-01 $1,099,500 (-15.0%) $2,850,103 (-1.7%) 2.75 205
2022-04-01 $995,000 (-16.6%) $2,535,232 (-7.1%) 2.37 270
2022-05-01 $949,500 (-20.8%) $2,418,675 (-9.3%) 2.17 325
2022-06-01 $998,900 (-15.0%) $2,391,296 (-6.2%) 2.22 367
2022-07-01 $998,900 (-11.2%) $2,306,391 (-10.7%) 2.25 411
2022-08-01 $989,666 (-17.5%) $2,356,382 (-15.5%) 2.29 455
2022-09-01 $961,200 (-16.3%) $2,391,513 (-11.0%) 2.25 441
2022-10-01 $899,990 (-18.2%) $2,322,467 (-14.2%) 2.12 421
2022-11-01 $918,500 (-14.4%) $2,284,580 (-14.3%) 2.21 425
2022-12-01 $944,500 (-8.4%) $2,392,096 (-14.1%) 2.33 354
2023-01-01 $974,500 (-11.3%) $2,440,474 (-21.6%) 2.41 325
2023-02-01 $1,233,500 (21.2%) $2,715,315 (-5.7%) 2.98 303
2023-03-01 $1,249,500 (13.6%) $2,705,511 (-5.1%) 2.95 296
2023-04-01 $1,300,000 (30.7%) $2,738,616 (8.0%) 3.02 273
2023-05-01 $1,397,500 (47.2%) $2,758,903 (14.1%) 3.17 304
2023-06-01 $1,399,749 (40.1%) $2,634,036 (10.2%) 3.15 315
2023-07-01 $1,395,000 (39.7%) $2,512,836 (9.0%) 3.17 339
2023-08-01 $1,399,000 (41.4%) $2,597,331 (10.2%) 3.21 378
2023-09-01 $1,300,000 (35.3%) $2,498,010 (4.5%) 3.03 363
2023-10-01 $1,262,250 (40.3%) $2,537,179 (9.2%) 2.97 362
2023-11-01 $1,242,000 (35.2%) $2,516,854 (10.2%) 2.96 370
2023-12-01 $1,196,500 (26.7%) $2,500,363 (4.5%) 2.92 343
Salinas's median listing price for 2023-12-01 was $1,196,500, a difference of $252,000 (26.7%) versus the prior year and $-45,500 versus the prior month.

Salinas's median listing price comes in at 292% of the national average.

Salinas's average listing price for 2023-12-01 was $2,500,363, a difference of $108,267 (4.5%) versus the prior year and $-16,491 versus the prior month.

For the 2023-12-01 period, Salinas had 343 MLS listings, a difference of -27 listings (-7%) versus the prior month and -11 listings (-3%) 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 83 days 2,020 sqft
2018-02-01 62 days 2,026 sqft
2018-03-01 47 days 1,991 sqft
2018-04-01 51 days 1,984 sqft
2018-05-01 52 days 1,963 sqft
2018-06-01 55 days 1,976 sqft
2018-07-01 55 days 1,948 sqft
2018-08-01 57 days 1,937 sqft
2018-09-01 57 days 1,941 sqft
2018-10-01 60 days 1,937 sqft
2018-11-01 69 days 1,906 sqft
2018-12-01 80 days 1,843 sqft
2019-01-01 87 days 1,801 sqft
2019-02-01 75 days 1,855 sqft
2019-03-01 60 days 1,902 sqft
2019-04-01 57 days 1,974 sqft
2019-05-01 59 days 2,012 sqft
2019-06-01 59 days 2,095 sqft
2019-07-01 63 days 2,101 sqft
2019-08-01 67 days 2,129 sqft
2019-09-01 75 days 2,126 sqft
2019-10-01 80 days 2,124 sqft
2019-11-01 88 days 2,164 sqft
2019-12-01 99 days 2,147 sqft
2020-01-01 92 days 2,109 sqft
2020-02-01 65 days 2,127 sqft
2020-03-01 53 days 2,126 sqft
2020-04-01 65 days 2,081 sqft
2020-05-01 72 days 2,070 sqft
2020-06-01 76 days 2,111 sqft
2020-07-01 61 days 2,114 sqft
2020-08-01 56 days 2,160 sqft
2020-09-01 57 days 2,148 sqft
2020-10-01 57 days 2,155 sqft
2020-11-01 59 days 2,152 sqft
2020-12-01 59 days 2,185 sqft
2021-01-01 59 days 2,133 sqft
2021-02-01 60 days 2,085 sqft
2021-03-01 52 days 2,034 sqft
2021-04-01 51 days 1,991 sqft
2021-05-01 40 days 1,965 sqft
2021-06-01 41 days 2,005 sqft
2021-07-01 39 days 1,978 sqft
2021-08-01 39 days 1,941 sqft
2021-09-01 40 days 1,935 sqft
2021-10-01 47 days 1,876 sqft
2021-11-01 52 days 1,879 sqft
2021-12-01 73 days 1,798 sqft
2022-01-01 57 days 1,842 sqft
2022-02-01 26 days 1,800 sqft
2022-03-01 30 days 1,936 sqft
2022-04-01 26 days 1,808 sqft
2022-05-01 26 days 1,757 sqft
2022-06-01 31 days 1,815 sqft
2022-07-01 37 days 1,838 sqft
2022-08-01 42 days 1,807 sqft
2022-09-01 47 days 1,848 sqft
2022-10-01 51 days 1,833 sqft
2022-11-01 59 days 1,815 sqft
2022-12-01 71 days 1,862 sqft
2023-01-01 79 days 1,855 sqft
2023-02-01 60 days 1,910 sqft
2023-03-01 47 days 1,915 sqft
2023-04-01 45 days 1,887 sqft
2023-05-01 39 days 1,959 sqft
2023-06-01 39 days 1,996 sqft
2023-07-01 41 days 2,005 sqft
2023-08-01 46 days 2,006 sqft
2023-09-01 46 days 1,992 sqft
2023-10-01 53 days 1,910 sqft
2023-11-01 57 days 1,868 sqft
2023-12-01 63 days 1,854 sqft
Salinas's median listing age (time on market) for 2023-12-01 was 63 days. This is -11% shorter than the same period one year ago.

Salinas's median square footage for active listings during the 2023-12-01 period was 1,854 sqft. One year prior, the average listing was 1,862 sqft.