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%.
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 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 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.
